Fisker began deliveries of its battery-electric Ocean SUV within the second quarter of 2023.
Courtesy: Fisker
Electric vehicle startup Fisker on Friday reported a second-quarter loss that was narrower than expected, despite struggling to get the electrical Ocean SUV into full production in the course of the period amid supplier issues.
Shares of Fisker were down about 6% Friday.
Fisker produced just 1,022 Oceans within the second quarter, lower than the 1,400 to 1,700Â vehicles it had expected to make, and it cut its full-year production guidance in light of those lingering supply chain challenges.
Fisker now expects its manufacturing partner, Magna International, to construct 20,000 to 23,000 Oceans at its contract manufacturing plant in Austria in 2023. That is down significantly from 32,000 to 36,000 in its earlier guidance.
But, the corporate emphasized, the gross profit margin on the primary Oceans delivered was a positive 7.5%, and its net loss for the quarter narrowed 12 months over 12 months.
Fisker’s net loss for the quarter was $85.5 million, or 25 cents per share, narrower than the 28 cents per share expected by Wall Street analysts, in keeping with Refinitiv consensus estimates.
Revenue was just $825,000, as Fisker managed to deliver just 11 Oceans to customers before quarter-end following the production delays. Wall Street had been expecting revenue to are available at $159.3 million, but CNBC is not comparing reported revenue to projections due to thin analyst coverage.
A 12 months ago, Fisker reported a net lack of $106 million, or 36 cents a share, and about $10,000 in revenue.
Fisker had $521.8 million in money readily available as of June 30, versus $652.5 million as of March 31. The EV maker raised a further $300 million via a convertible note offering in July.
Fisker didn’t provide an update on the variety of reservations it has for the Ocean and its upcoming models. It had about 65,000 reservations for the Ocean when it reported its first-quarter leads to May. Fisker’s next model, a low-cost EV called the Pear, is predicted to enter production at a Foxconn plant in Ohio in 2025.
Fisker at an event in California on Thursday presented three upcoming battery-electric models: The Pear, a small automobile expected to start out at about $30,000 when it arrives in mid-2025; a high-end luxury sports automobile called the Ronin with an expected price of $385,000; and a recent pickup truck called the Alaska, based on an prolonged version of the Ocean’s platform and due in 2025 with a starting price just over $45,000.
Fisker had previously announced the Pear and Ronin, however the Alaska was shown for the primary time on Thursday. Fisker is now taking reservations for all three of the upcoming models.
The corporate also previewed a recent off-road package for the Ocean, called Force E. It’s expected to be available starting in the primary quarter of 2024. Pricing wasn’t announced.
