Electric vehicle startup Fisker (NYSE:FSR) on Friday reported a second-quarter loss that was narrower than expected, despite struggling 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.
Fisker now expects its manufacturing partner, Magna International (NYSE:MGA), 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.
Fisker’s net loss for the quarter was $85.5 million, or 25 cents per share, narrower than the 28 cents per share expected by Wall Street analysts, according to Refinitiv consensus estimates.
Revenue was just $825,000, as Fisker managed to deliver just 11 Oceans to customers before quarter-end following the production delays. Wall Street had been expecting revenue to come in at $159.3 million, but media outlets comparing reported revenue to projections because of thin analyst coverage.
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.
FSR shares retreated 46 cents, or 7.2%, to $5.89.
