Shares of Fisker (FSR) are down 13% after the electric vehicle start-up reported a worse-than-expected financial loss for this year’s third quarter and weak delivery numbers.
Fisker and its manufacturing partner, Canada’s Magna International (MG), built 4,725 Ocean electric SUVs in the third quarter but delivered only 1,097 to customers.
The company said in a previous statement that it plans to deliver 300 Oceans per day by year’s end. It’s not clear if Fisker is on track to meet that target.
For Q3, Fisker reported a net loss of $91 million U.S., or $0.27 U.S. per share, wider than the $0.19 U.S. loss that was expected by Wall Street analysts.
Revenue for the latest quarter came in at $71.8 million U.S. Analysts had expected revenue of $109 million U.S.
The company’s latest results were an improvement from a year ago when Fisker reported a net loss of $149.3 million U.S., or $0.49 U.S. per share, and revenue of only $14,000 U.S.
Fisker said it had $625 million U.S. in cash on hand as of Sept. 30. Company executives didn’t provide any forward guidance.
In recent weeks, Fisker’s chief technology analyst and chief accounting officer have both left the company. No explanation was given for their departures.
Prior to today (Nov. 14), the stock of Fisker had declined 40% this year to trade at $4.11 U.S. per share.