Fisker’s stock tanks 10% after EV maker widens loss, revenue falls short

Fisker Inc. shares plunged around 10% in the after-hours session Monday after the electric-vehicle maker widened its quarterly loss and reported sales that missed the mark, underscoring the difficulties of turning a profit in the EV world.

lost $91 million, or 27 cents a share, in the third quarter, compared with a loss of $149.3 million, or 49 cents a share, in the year-ago period.

Revenue rose to $71.8 million, from $14,000 a year ago and $825,000 in the second quarter.

Analysts polled by FactSet expected Fisker to report a loss of 23 cents a share on sales of $143.1 million.

Fisker kept its guidance for 2023 operating expenses and capital expenditures unchanged, between $565 million and $640 million, but removed language about gross margins.

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In August, the company said it expected gross margins between 8% and 12% for the year, “provided input costs do not change dramatically.”

The EV maker said the third quarter was its first quarter “with meaningful automotive sales revenue.”

Fisker is often dubbed the “Apple of autos,” and is focused on design and consumer interfaces while contracting out the manufacturing of cars.

The company said it produced 4,725 vehicles and sold 1,097 in the quarter. Deliveries “have accelerated as Fisker begins optimizing last-mile logistics and expanding its delivery infrastructure to achieve further scale effects in Q4 and beyond,” the company said in a statement.

“Over 3,000 vehicles delivered globally to date and hundreds more en route to consumers,” the company said.

On Monday, Fisker said it lowered its Fisker Ocean prices in the U.S. for the first time since it introduced the trim pricing in 2020 and 2021. Fisker also adjusted pricing in Europe and Canada, narrowing the gap between two trims.

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