Fisker (FSR) earnings report Q3 2023

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

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

After the news broke, Fisker’s stock price fell more than 10% in after-hours trading.

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

“We are rapidly expanding our delivery infrastructure to support the delivery of more best-in-class products to our loyal customers,” CEO Henrik Fisker said in a statement. “Our momentum is building with October deliveries​ ​The volume is more than what was delivered in the third quarter.”

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

The news comes as part of Fisker’s third-quarter earnings Report on Monday.

Fisker’s net loss for the quarter was $91 million, or 27 cents per share, higher than the 19 cents expected by Wall Street analysts polled by LSEG (formerly Refinitiv).

Revenue for the period was $71.8 million. Wall Street had expected revenue of $109 million, but CNBC did not compare reported revenue to forecasts due to scant analyst coverage.

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

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

Fisker did not immediately update its full-year production guidance. The company said in August it expected Magna to produce 20,000 to 23,000 Oceans at its contract manufacturing plant in Austria by the end of the year.

Fisker originally planned to announce third-quarter results before the U.S. stock market opened on November 8 last week.but it suddenly Delay The company issued a report early that morning saying that its chief accounting officer resigned on October 27 and appointed a new chief accounting officer on November 6, “resulting in a delay in the completion of financial statements and related disclosures.”

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

Fisker’s chief technology officer Burkhard Huhnke also left the company at the end of October for “personal reasons,” according to regulators Archive. The company appointed senior engineer David King to the position on November 3, after previously leading its body engineering team.