Shares of Fisker Inc. (FSR, +1.28%) rose 2.1% in premarket trading on Friday, following the release of their latest financial results. While the electric vehicle (EV) maker reported a narrower loss than anticipated, their revenue and EV production fell short of expectations. Additionally, Fisker lowered its full-year production outlook. However, the company did highlight positive profit margins on initial sales of their flagship vehicle, the Fisker Ocean electric sport-utility vehicle (SUV).
During the year-ago period, Fisker reported a net loss of $106.0 million, or 36 cents per share. However, the company managed to narrow its losses to $85.5 million, or 25 cents per share, which exceeded the FactSet per-share loss consensus of 30 cents. Although revenue increased from $10,000 to $825,000 year-over-year, it fell below the FactSet consensus of $20.7 million.
Electric Vehicle Production
Fisker revealed that it produced 1,022 EVs in the second quarter, which fell short of the company’s initial guidance of 1,400 to 1,700 vehicles. However, the company did achieve a production figure of 1,009 vehicles in July.
Revised Production Outlook
For the year 2023, Fisker has now revised its production guidance to range from 20,000 to 23,000 units. This adjustment marks a decrease from their previous estimate of 32,000 to 36,000 vehicles. In addition to revising their production outlook, Fisker has also raised their estimate for adjusted operating expenses and capital expenditures. The new range for these expenses is $565 million to $640 million, as compared to the earlier range of $535 million to $610 million.
Despite the mixed financial results, Fisker’s stock has experienced a 9.1% increase over the past three months, as of Thursday. This growth outperformed the Global X Autonomous and Electric Vehicles ETF (DRIV, -0.34%), which rallied 21.9%, and the S&P 500 (SPX, -0.25%), which advanced 10.9%.