Fisker shares went into reverse on Tuesday after the electric vehicle (EV) manufacturer reported an earnings miss and slashed production guidance for its Ocean EV.
For the quarter ended in March, the company posted a loss of $120.6 million or a loss per share of $0.38, above Wall Street’s expectations of a loss per share of $0.28, per Zacks.
Revenue came in at $198,000, above the $12,000 reported in the year-ago quarter, but falling well short of the Street’s expectation of about $2.5 million.
Fisker also lowered its 2023 production guidance to 32,000 to 36,000 units from earlier guidance of 42,400, citing supply chain challenges and updated homologation (vehicle approval) timing.
The company said it expects to produce 1,400 to 1,700 vehicles in the second quarter followed by a steep ramp-up in 3Q to a monthly run rate of approximately 6,000 vehicles for the rest of the year.
After falling by more than double digits in pre-market trading, Fisker shares were trading down 6.8% at US$6.17 on Tuesday morning.
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