Fisker Inc. late Wednesday reported a quarterly loss that was wider than Wall Street expected, but kept some of its milestones unchanged, including the start of production of its electric SUV, and gave more details about its expected sales pace.
lost $149.3 million, or 49 cents a share, compared with a loss of $110 million, or 37 cents a share, in the year-ago period. The shares rose immediately after the report, but finished the extended session down 5%.
Analysts polled by FactSet expected the auto maker to report a GAAP loss of 42 cents a share for the quarter. Fisker is a pre-revenue company.
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Fisker said that the start of production of the Ocean luxury electric SUV is on track for Nov. 17.
The company plans to make 42,400 Fisker Oceans through the end of 2023, with busier production months starting in the second quarter of 2023.
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“We are making deliberate choices on how to best deploy capital and structure our assembly volumes for a successful ramp,” Chief Executive Henrik Fisker said in a statement.
Fisker said it expects to deliver a “small” commercial fleet of 15 Oceans in December, with retail deliveries expected to start after February.
Fisker had orders for more than 62,000 Ocean vehicles as of Oct. 31, and saw a “double digit” increase in order for the premium trims in recent months, the company said.
The company ended the quarter with cash and equivalents of $824.7 million, reflecting about $116 million raised from Fisker’s $350 million at-the-market equity program in the quarter.
It projected operational expenses between $435 million and $500 million, and capital expenditures between $280 million and $290 million.
Shares of Fisker have lost nearly 50% so far this year, compared with losses of around 21% for the S&P 500 index
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