Fisker Stock Is Tumbling Tuesday: What's Going On?

Fisker Inc FSR shares are trading lower Tuesday after the company reported third-quarter financial results and cut its production forecast. Here's a rundown of the report. 

What Happened: Fisker reported third-quarter revenue of $71.8 million, versus the consensus estimate of $109.029 million, according to Benzinga Pro.

The EV maker reported a quarterly loss of 27 cents per share, which improved from a loss of 45 cents per share in the prior year's quarter.

Gross margin in the third quarter was negative 17% on a GAAP basis and 9% on an adjusted basis. 

Net cash used in operating activities was $308.2 million in the third quarter. The company ended the quarter with $625.4 million in cash, equivalents and restricted cash. 

Fisker said it produced 4,725 vehicles in the third quarter and delivered 1,097 vehicles. The company noted that it delivered more cars in October than it did during the entire third quarter. On the conference call, the company slashed its full-year production target to 13,000 to 17,000 vehicles versus its prior outlook of 20,000 to 23,000 vehicles, per Reuters.

"We are rapidly scaling our delivery infrastructure to support even higher volumes of deliveries of our class-leading product to our loyal customers. We are gaining momentum," said Henrik Fisker, chairman and CEO of Fisker.

"We are pleased to hear the excitement and positive reviews from our early adopter customers, and at the same time we are also incorporating feedback for areas of improvement."

Full-year 2023 capital expenditures are expected to be between $225 million and $240 million. Including research and development, as well as selling general and administrative expenses, total costs are expected to be between $565 million and $640 million for the year.

Following the print, Barclays analyst Dan Levy maintained Fisker with an Underweight rating and lowered the price target from $5 to $4.

See Also: Price Cut Strategy On High-End Trim Of Fisker Ocean Is Working, Says Fisker CEO

FSR Price Action: Fisker shares were down 19.5% at $3.31 at the time of writing, according to Benzinga Pro.

Photo: courtesy of Fisker.