Why Fisker Stock Is Putting The Pedal To The Floor Monday Morning

Fisker Inc FSR shares are trading higher Monday after the EV maker reported financial results that came in ahead of its expectations. 

What Happened: Fisker reported fourth-quarter revenue of $306,000, up from $41,000 year-over-year. The company reported a fourth-quarter loss of 54 cents per share, which missed average analyst estimates of 42 cents per share, according to Benzinga Pro.

Full-year 2022 total spending came in at $702 million, below the company's anticipated range of $715 million to $790 million. Fisker ended the quarter with $736 million in cash, ahead of its expectations.

As of Feb. 24, Fisker said it had approximately 65,000 reservations for its Ocean SUV.

"This year we have continued to refine our vehicles, with a particular focus on software, as we prepare for deliveries," said Henrik Fisker, chairman and CEO of Fisker.

"The ability to initially sell the Ocean in the US and seven European launch markets is unprecedented and a major de-risking strategy that we implemented from the outset. This approach offers the opportunity to increase sales and shift vehicles to whichever market has the strongest growth," Fisker added.

Fisker maintained its 2023 production target of "up to" 42,400 units. The company projects that operating expenses and capital expenditures will be between $535 million and $610 million. Fisker is targeting a gross margin range of 8% to 12%, as well as "potentially positive" EBITDA for 2023.

See Also: Nio, XPeng Shares Are On The Move Today: Here's What's Going On

FSR Price Action: Fisker has a 52-week high of $14.74 and a 52-week low of $5.58. 
The stock was up 10.2% at $6.26 at the time of writing, according to Benzinga Pro.

Photo: courtesy of Fisker.