Fisker (FSR) earnings report Q3 2023

Electrical automobile startup Fisker on Monday reported a third-quarter loss that was wider than Wall Road anticipated, and stated it delivered solely about 1,100 Ocean electrical SUVs within the third quarter.

However, it stated, deliveries have accelerated since quarter-end, with over 1,200 Oceans delivered in October and “tons of” extra en path to clients now.

Fisker shares have been down greater than 10% in after-hours buying and selling instantly following the information.

The corporate stated it and its manufacturing companion, Magna International, constructed 4,725 Oceans within the third quarter and delivered 1,097 to clients. Fisker produced 1,022 Oceans within the second quarter of 2023.

“We’re quickly scaling our supply infrastructure to assist even increased volumes of deliveries of our class-leading product to our loyal clients,” CEO Henrik Fisker stated in a press release. “We’re gaining momentum and delivered extra models within the month of October than in the entire third quarter.”

The corporate stated in a press release on Sept. 26 that it anticipated to be delivering 300 Oceans per day earlier than the tip of 2023.

The information got here as a part of Fisker’s third-quarter earnings report Monday.

Fisker’s web loss for the quarter was $91 million, or 27 cents per share, wider than the 19 cents anticipated by Wall Road analysts polled by LSEG, previously often called Refinitiv.

Income for the interval was $71.8 million. Wall Road had been anticipating income of $109 million, however CNBC is not evaluating reported income to projections due to skinny analyst protection.

A yr in the past, Fisker reported a net loss of $149.3 million, or 49 cents per share, and income of about $14,000.

Fisker had $625 million in money and money equivalents readily available as of Sept. 30, versus $521.8 million as of June 30. The EV maker raised an additional $300 million by way of a convertible word providing in July, and one other $150 million in September.

Fisker did not instantly replace its manufacturing steerage for the complete yr. It stated in August that it anticipated Magna to construct 20,000 to 23,000 Oceans at its contract manufacturing plant in Austria by year-end.

Fisker had initially deliberate to report its third-quarter outcomes final week, earlier than the U.S. markets opened on Nov. 8. However it abruptly postponed its report early that morning, saying that the departure of its chief accounting officer on Oct. 27 and the appointment of a brand new one on Nov. 6 had “delayed the completion of the monetary statements and associated disclosures.”  

Fisker did not clarify why its chief accounting officer left.

Fisker’s chief expertise officer, Burkhard Huhnke, additionally left the corporate in late October for “private causes,” in response to a regulatory filing. The corporate named David King, a senior engineer who had beforehand led its vehicle-body engineering group, to the publish on Nov. 3.