Fisker Just Got Crushed, but There's 1 Reason to Be Optimistic About The EV Stock
It's taken years for Fisker (NYSE: FSR) to reach a material production level, but the big moment is finally here as the company just reported meaningful revenue for the first time in its history.
In its third-quarter earnings report, Fisker reported production of 4,725 vehicles and delivered 1,097 vehicles. The gap between production and deliveries was mainly due to logistics challenges, though management said it had improved its logistics network and delivered more than 1,200 vehicles in October.
Despite achieving the milestone of material deliveries and revenue, Fisker stock still fell double digits on the earnings report after hours on Monday. It reported revenue of $71.8 million, which was well short of the analyst consensus of $109 million, and its per-share loss of $0.27 was worse than expectations of a loss of $0.19. On a generally accepted accounting principles (GAAP) basis, the company reported a $91 million net loss. It also cut its production target for the year from at least 20,000 vehicles to 13,000-17,000.
Source Fool.com
