Earnings Results: Fisker’s Q3 loss widens; sourcing secured for upcoming Ocean SUV
Fisker Inc. late Wednesday reported wider losses for its third quarter and said the start of production of its Fisker Ocean remains on track, with the luxury electric SUV’s “critical sourcing phase” largely complete.
said it lost $110 million, or 37 cents a share, in the quarter, compared with a loss of $46 million, or 16 cents a share, in the year-ago period and a FactSet consensus of a loss of 34 cents a share.
The stock rose 1.7% in the extended session, after ending the regular trading day up 1.9%.
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“We continued to make rapid progress in Q3 2021 on our core focus, achieving program milestones that ensure we execute Fisker Ocean SUV on time and with several segment-leading features,” Chief Executive Henrik Fisker said in a statement.
“We are now fully engaged with industrialization, including an extensive prototyping phase that has been steadily ramping up,” he said.
Fisker will reveal details about the vehicle and kick off the SUV’s marketing phase at the Los Angeles Auto Show in two weeks, he said.
The company guided for full-year 2021 operating expenses and capital expenditures in a range between $490 million and $530 million, which is consistent with its prior expectations, it said.
The Ocean is expected to have a low base price, around $37,500, and a range of up to 300 miles. Fisker reiterated that it expects to start producing the Ocean in November 2022 for a 2023 ramp-up in production.
The electric-vehicle maker, based in Los Angeles, went public in October 2020. It has inked deals with manufacturers in a bid to become what Wall Street has dubbed the “Apple of autos,” with a focus on design .