What's Going On With Fisker Stock After Hours?

Fisker Inc FSR reported preliminary fourth-quarter financial results after the market close on Thursday. Here’s a rundown of the report.

Q4 Earnings: Fisker reported preliminary fourth-quarter revenue of $200.1 million, an increase of $128.3 million from the prior year’s quarter. The company reported a preliminary net loss of $1.23 per share.

Fisker said it produced 4,789 vehicles in the fourth quarter and delivered 3,818 vehicles. 

As of Dec. 31, the company had $395.9 million in cash, equivalents and restricted cash. The carrying value of completed vehicles in Fisker’s inventory and raw materials was approximately $530 million at the end of the year.

“2023 was a challenging year for Fisker, including delays with suppliers and other issues that prevented us from delivering the Ocean SUV as quickly as we had expected … As a result, we pivoted to a new Dealer Partner model at the end of 2023 and announced this strategic shift in early January 2024,” said Henrik Fisker, chairman and CEO of Fisker.

“The transition has been going well as we have signed up numerous Dealer Partners in the US and Europe. While we transition to the Dealer Partner model, our sales execution has been negatively impacted. However, we believe we are beginning to see the benefits of the Dealer Partner model as dealers have the potential to order more cars than we would have been able to sell to customers.”

Fisker said the company expects to conclude there is substantial doubt about its ability to continue as a going concern when its annual financial statements for 2023 are filed with the SEC.

Fisker noted that it’s currently in discussions with an existing noteholder about potentially making an additional investment in the company. The company also said it intends to reduce its workforce by approximately 15%.

Outlook: Fisker said it’s targeting combined sales directly to consumers and dealers of approximately 20,000 to 22,000 vehicles in 2024. Average selling prices for 2024 are expected to be between $56,000 and $62,000.

Fisker also noted that it’s in negotiations with a large automaker for a potential transaction which could include an investment in Fisker, joint development of one or more EV platforms and North America manufacturing.

Management will hold a conference call to discuss these results at 5 p.m. ET.

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FSR Price Action: Fisker shares were down 28.4% after hours at $52 cents at the time of writing, according to Benzinga Pro.

Photo: courtesy of Fisker.