Fisker Inc (NYSE:FSR) shares fell back 14%, to $3.53, after the EV firm reported a wider-than-expected third-quarter loss.
It reported a loss of $0.27 per share, compared to a loss of $0.19 expected by analysts. Revenue of $71.8 million fell well short of the $109 million expected by analysts.
Fisker said it delivered about 1,100 of its Ocean electric SUVs in the period, which analysts found underwhelming, though the company noted that deliveries have accelerated in the current quarter.
The company built 4,725 Oceans in the quarter along with its manufacturing partner Magna International (TSX:MG).
“We are rapidly scaling our delivery infrastructure to support even higher volumes of deliveries of our class-leading product to our loyal customers,” CEO Henrik Fisker said in a statement.
“We are gaining momentum and delivered more units in the month of October than in all of the third quarter.”
In New York, Fisker stock was down 57 cents or 13.8%, changing hands at $3.54.