Fisker (FSR) Q2 2023 earnings

Electric vehicle startup Fisker on Friday reported second-quarter revenue that fell far short of Wall Street’s expectations, after the company and its manufacturing partner struggled to get the electric Ocean SUV into full production during the period amid supplier issues.

Fisker produced just 1,022 Oceans in the second quarter, less than the 1,400 to 1,700 vehicles it had expected to make, and it cut its full-year production guidance in light of those lingering supply-chain challenges.

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Fisker now expects its manufacturing partner, Magna International, to build 20,000 to 23,000 Oceans at its contract-manufacturing plant in Austria in 2023. That’s down significantly from 32,000 to 36,000 in its earlier guidance.

But its loss for the period was narrower than expected, and the stock was up slightly in premarket trading following the news.

Here are the key numbers from Fisker’s second-quarter earnings report, together with consensus Wall Street estimates as reported by Refinitiv.

• Loss per share: 25 cents, versus 28 cents expected.
• Revenue: About $825,000, versus $159.3 million expected.

Fisker’s net loss for the quarter was $85.5 million, or 25 cents per share. Revenue was just $825,000, as Fisker managed to deliver just 11 Oceans to customers before quarter-end following the production delays. A year ago, Fisker reported a net loss of $106 million, or 36 cents a share, and about $10,000 in revenue.

Fisker had $521.8 million in cash on hand as of June 30, versus $652.5 million as of March 31. The EV maker raised an additional $300 million via a convertible note offering in July.

Fisker didn’t provide an update on the number 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 results in May. Fisker’s next model, a low-cost EV called the Pear, is expected to go into production at a Foxconn plant in Ohio in 2025.