EV company, Fisker’s (NYSE: FSR) losses narrowed in Q2 to $0.25 per share as compared to a loss of $0.38 per share in the same period last year while analysts were expecting a loss of $0.28 per share.
Don't Miss our Black Friday Offers:
- Unlock your investing potential with TipRanks Premium - Now At 40% OFF!
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
The company generated revenues of $825,000 in Q2 as compared to $10,000 in the same period last year but fell short of Street estimates of $48.89 million.
Henrik Fisker, Fisker’s Chairman and CEO commented, “Our second quarter marked an important milestone for Fisker as we started deliveries of our first Fisker Ocean vehicles to customers. 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.”
Looking forward, Fisker expects to produce between 20,000 units and 23,000 units this year, “provided Fisker’s suppliers and partners can support this volume and ramp.” In FY23, the company has forecasted a gross margin in the range of 8% to 12%.
Analysts are sidelined about FSR stock with a Hold consensus rating based on three Buys and two Sells.
