Fisker reports narrower quarterly loss, says EV production remains on track

Fisker Inc. late Thursday reported a narrower quarterly loss than Wall Street expected and said it remains on track to start producing its first vehicle by next year. Fisker said it lost $46.2 million, or 16 cents a share, in the second quarter, compared with a loss of $1.8 million, or 2 cents a share, in the year-ago quarter. Analysts polled by FactSet expected a loss of 24 cents a share for the quarter. Fisker is a pre-revenue company. The electric-car maker said the development of its Fisker Ocean, an all-electric SUV, is on track, with start of production expected in November 2022, ramping up to the production of more than 5,000 vehicles a month by 2023. The timing is "based on rigorous sourcing activity, a comprehensive prototype and testing plan, and entrance into a detailed manufacturing agreement that incorporates full planning and launch phase to SOP and a seamless ramp-up to high-volume production at (Magna International Inc.'s) world-class manufacturing facility in Europe which is on target to be carbon-neutral in 2022," Fisker said. The company ended the quarter with $962 million in cash and equivalents and no debt, but increased its full-year operating expenses and capital expenditures guidance to a range between $490 million and $530 million. That compared with a previous guidance of between $450 million and $510 million. The increase is related to a "refinement" of expenses with its prototypes, Fisker said. The stock traded 0.8% lower in the extended session after ending the regular trading day up 5.2%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

Fisker reports narrower quarterly loss, says EV production remains on track
Fisker Inc. late Thursday reported a narrower quarterly loss than Wall Street expected and said it remains on track to start producing its first vehicle by next year. Fisker said it lost $46.2 million, or 16 cents a share, in the second quarter, compared with a loss of $1.8 million, or 2 cents a share, in the year-ago quarter. Analysts polled by FactSet expected a loss of 24 cents a share for the quarter. Fisker is a pre-revenue company. The electric-car maker said the development of its Fisker Ocean, an all-electric SUV, is on track, with start of production expected in November 2022, ramping up to the production of more than 5,000 vehicles a month by 2023. The timing is "based on rigorous sourcing activity, a comprehensive prototype and testing plan, and entrance into a detailed manufacturing agreement that incorporates full planning and launch phase to SOP and a seamless ramp-up to high-volume production at (Magna International Inc.'s) world-class manufacturing facility in Europe which is on target to be carbon-neutral in 2022," Fisker said. The company ended the quarter with $962 million in cash and equivalents and no debt, but increased its full-year operating expenses and capital expenditures guidance to a range between $490 million and $530 million. That compared with a previous guidance of between $450 million and $510 million. The increase is related to a "refinement" of expenses with its prototypes, Fisker said. The stock traded 0.8% lower in the extended session after ending the regular trading day up 5.2%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.