On Tuesday, the electric vehicle startup Fisker revealed a larger-than-anticipated loss for the first quarter and reduced its production projection for the full year, citing delays in the manufacture of its Ocean SUV as the cause.
Ocean deliveries in the United States are expected to begin by the end of May, according to CEO Henrik Fisker’s interview with CNBC. Vehicle deliveries to European consumers started last week.
After the news broke, Fisker’s stock price plummeted, and it finished the day down nearly 7%.
Taken conjunction with Refinitiv’s reporting of the consensus Wall Street estimate, below are the most important figures from Fisker’s first-quarter earnings report:
- Per-share loss of 38 cents was wider than the projected loss of 30 cents.
- About $198,000 was earned compared to the predicted $14.4 million.
For the quarter, Fisker reported a net loss of $120.6 million, or 38 cents per share, which was significantly greater than the business had anticipated. This was mostly attributable to higher research and development expenses, which the firm does not expect to be repeated. Fisker lost $122.1 million (or 41 cents per share) last year and had no income.
Fisker (EV Startup) had $652.5 million in cash
As of the end of March, Fisker had $652.5 million in cash, down from $736.5 million at the end of 2022. During the reported quarter, the company raised approximately $47 million through direct stock sales.
On May 8, Fisker said that it had received nearly the same number of Ocean reservations as it had in February when it published its financial results for the previous quarter. Foxconn will begin production at the former Lordstown Motors plant in Ohio in 2025 on its second model, a cheaper electric vehicle (EV) named the Pear, for which more than 6,000 customers have already placed reservations.
Fisker has revised its 2018 production forecast for the Ocean it co-develops with Magna International to between 32,000 and 36,000 units from an initial projection of 42,400.
Assuming a normal supplier ramp-up, the company forecasted second-quarter production of 1,400 to 1,700 automobiles. It then plans to rapidly ramp up production in the third quarter, eventually reaching a monthly rate of around 6,000 vehicles by the end of 2023.
Henrik Fisker said on Tuesday that manufacturing can begin at full speed the following week in an interview with CNBC’s Phil LeBeau. To put it another way, “[By the] end of this month, we are already going to produce 55 cars a day.”