Fisker shares down Q3 earnings material weakness

Stocks in electric vehicle startups Fisker The company’s shares fell in premarket trading Tuesday after a disappointing earnings report and a regulatory filing raised concerns about the company’s previous financial statements.

The stock fell more than 17% from its previous closing price of $4.11 per share.

Fisker reported third-quarter results Monday afternoon, but the results weren’t what Wall Street had hoped for. Revenue was $71.8 million and net loss was $91 million, or 27 cents per share, below Wall Street expectations.

But there’s more.in custody on monday night Archive Fisker said after the earnings report that it “determined that there were material deficiencies in the company’s internal controls over financial reporting” following the sudden departure of its chief accounting officer in October.

The company said the weaknesses would delay its Q10 quarterly report.

Fisker originally planned to announce third-quarter results before the U.S. stock market opened on November 8.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 has yet to explain the departure of its former chief accounting officer or why its earnings report was delayed, though Chief Financial Officer Geeta Gupta-Fisker said on an earnings call on Monday that the company In terms of global expansion, the third quarter is “very complicated.”

Monday’s filing raised the possibility that the company may be forced to restate some of its past financial reports.

Fisker noted that “significant shortcomings” will be discussed in detail in the upcoming 10-quarter report, and Gupta-Fisker said the company is actively hiring more financial experts. It did not say when investors could file the 10-Q report.