Henrik Fisker stands with the Fisker Ocean electrical car after it was unveiled on the Manhattan Beach Pier forward of the Los Angeles Auto Show and AutoMobilityLA on November 16, 2021 in Manhattan Beach, California.
Patrick T. Fallon | AFP | Getty Images
Electric car startup Fisker on Tuesday reported a wider first-quarter loss than anticipated and reduce its production guidance for the complete 12 months, each of which it blamed on final minute snags because it begins production of its Ocean SUV.
But CEO Henrik Fisker instructed CNBC that the corporate expects regulatory approval to start deliveries of the Ocean within the U.S. earlier than the tip of May. The firm started delivering autos to prospects in Europe final week.
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Shares had been down about 16% in premarket buying and selling after the information.
Here are the important thing numbers from Fisker’s first-quarter earnings report, along with consensus Wall Street estimates as reported by Refinitiv:
- Loss per share: 38 cents, versus a lack of 30 cents anticipated.
- Revenue: About $198,000, versus $14.4 million anticipated.
Fisker’s web loss for the quarter was $120.6 million, or 38 cents per share, a wider-than-expected quantity that Fisker attributed to greater analysis and growth bills that it is not anticipating to repeat. A 12 months in the past, Fisker reported a net loss of $122.1 million, or 41 cents a share, with no income.
Fisker had $652.5 million in money remaining as of March 31, down from $736.5 million on the finish of 2022. The firm raised about $47 million through direct inventory gross sales through the quarter, it stated.
Fisker stated it had about 65,000 reservations for the Ocean as of May 8, roughly the identical quantity it had when it reported its fourth-quarter results in February. It has over 6,000 reservations for its upcoming second mannequin, a lower-cost EV known as the Pear that might be constructed by Foxconn on the former Lordstown Motors plant in Ohio beginning in 2025.
Fisker now expects its manufacturing companion, Magna International, to construct 32,000 to 36,000 Oceans at its Austrian contract-manufacturing plant this 12 months, down from 42,400 in its earlier guidance.
It stated it expects to construct 1,400 to 1,700 autos within the second quarter, assuming its suppliers ramp up as anticipated. After that, it expects to shortly improve production within the third quarter to a run fee of about 6,000 autos per thirty days for the remainder of 2023.
“We are able to go full pace on production subsequent week,” Henrik Fisker instructed CNBC’s Phil LeBeau on Tuesday. “[By the] finish of this month, we’re already going to provide 55 vehicles a day.”