Fisker Inc FSR reported second-quarter FY23 sales of $825,000, missing the analyst consensus of $20.40 million.
Total operating costs and expenses fell 27.6% to $87.9 million.
Q2 2023 marks Fisker's first quarter with automotive sales revenue. First vehicles delivered achieved a 7.5% gross margin; excluding early-stage investor vehicles, gross margin was 18.5%.
Operating loss for the quarter narrowed to $(87.9) million from $(121.6) million last year.
The company held $521.8 million in cash and equivalents as of June 30, 2023. Cash used in operating activities for the quarter totaled $(128.1) million.
EPS loss of $(0.25) beat the analyst consensus estimate of $(0.31).
"We are currently in a quarter that truly marks the inflection for Fisker – our business model has now been proven, by the fact that we are already making a positive profit margin on the first vehicles we are selling," said Chairman and CEO Henrik Fisker.
Outlook: Fisker updated its 2023 production outlook to 20,000-23,000 units as a key supplier required additional time to ramp their capacity to meet the 2H 2023 timeline. The company had expected calendar 2023 production volume of 32,000-36,000 vehicles earlier.
The company expects FY23 key non-GAAP operating expenses and capital expenditure of $565 million - $640 million (prior $535 million - $610 million).
Fisker still forecasts an 8-12% annual gross margin.
The company expects to open a delivery center in China in 2023 and begin deliveries of the Fisker Ocean in China in 1H 2024.
Price Action: FSR shares are trading lower by 5.70% at $5.99 on the last check Friday.
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