Fisker (FSR) Q3 2023 earnings report

  • Electric vehicle startup Fisker on Monday reported a third-quarter loss that was larger than Wall Street had expected.
  • It said it only delivered about 1,100 Ocean electric SUVs in the third quarter.
  • But it said deliveries had accelerated since the end of the quarter, with more than 1,200 Ocean vessels delivered in October and “hundreds” more now on their way to customers.

Fisker begins deliveries of its Ocean SUV electric vehicle in the second quarter of 2023.

Courtesy: Fisker

Electric vehicle startup Fisker on Monday reported a third-quarter loss that was larger than Wall Street had expected, and said it only delivered about 1,100 Ocean electric SUVs in the third quarter.

But it said deliveries had accelerated since the end of the quarter, with more than 1,200 Ocean vessels delivered in October and “hundreds” more now on their way to customers.

Fisker shares fell more than 10% in after-hours trading immediately after the news.

The company said it and its manufacturing partner, Magna International, built 4,725 Oceans in the third quarter and delivered 1,097 to customers. Fisker produced 1,022 Oceans in the second quarter of 2023.

“We are rapidly scaling up our delivery infrastructure to support greater volumes of deliveries of our flagship product to our loyal customers,” CEO Henrik Fisker said in a statement. “We are gaining momentum and delivered more units in October than in the entire third quarter.”

The company said in a statement on September 26 that it expects to deliver 300 oceans per day before the end of 2023.

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This news came as part of Fisker’s third-quarter earnings a report Monday.

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Fisker stock fell after third-quarter results.

Fisker’s net loss for the quarter was $91 million, or 27 cents per share, more than the 19 cents Wall Street analysts had expected in a poll by LSEG, formerly known as Refinitiv.

Revenues for the period were $71.8 million. Wall Street was expecting revenue of $109 million, but CNBC did not compare reported revenue to expectations due to weak analyst coverage.

A year ago, Fisker reported a net loss of $149.3 million, or 49 cents per share, on revenue of about $14,000.

Fisker had $625 million in cash and cash equivalents on hand as of September 30, versus $521.8 million as of June 30. The electric car maker raised an additional $300 million through a convertible bond offering in July, and another $150 million in September.

Fisker did not immediately update its production guidance for the full year. It said in August that it expects Magna to build 20,000 to 23,000 Oceans at its contract manufacturing plant in Austria by the end of the year.

Fisker had originally planned to report third-quarter results last week, before US markets open on November 8. But suddenly it decided to announce its results for the third quarter. Delayed Its report early that morning said the departure of the chief accounting officer on October 27 and the appointment of a new one on November 6 had “delayed the completion of the financial statements and related disclosures.”

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Fisker did not explain the reason for the departure of its chief accounting officer.

Burkhard Honke, Fisker’s chief technology officer, also left the company in late October for “personal reasons,” according to a regulatory filing. Deposit. The company appointed David King, a senior engineer who previously led the vehicle body engineering team, to the position on November 3.

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