Fisker has posted its Q1 2023 earnings and the report was full of bad news for the fledgling automaker. The company’s financials came in far under Wall Street’s expectations, and its previously announced production guidance for its first electric vehicle (EV), the Ocean SUV, has been lowered.
According to Fisker’s report they pulled in just $190,000 in revenue in the first three months of the year. That figure wasn’t even close to analyst expectations, which was anticipating revenue of $14.4 million, according to data from Refinitiv. That translated into a net loss of $120.6 million, or $0.38 per share, also a miss from the $0.30 per share expected by Wall Street.
Burning through cash as such a rapid rate has left Fisker with $652.5 million in cash or cash equivalents as of the end of the quarter. The company did not specify how long they expect that to last while they ramp production of the Ocean SUV.
The bad news continued beyond the financials with Fisker lowering its Ocean production guidance, now down from 42,400 to between 32,000 and 36,000 units “provided all partners deliver,” the company explained. The number of reservations for the Ocean stands at about 65,000, largely unchanged from the last time it reported that metric. It also said it has more than 6,000 reservations for the Pear EV.
Fisker started deliveries of the Ocean SUV last week, handing over the first EV to a customer in Denmark. That customer didn’t have the car for long as just days later it was rendered inoperable due to software bugs. The second delivery went to CEO Henrik Fisker.
Fisker’s bleak financial report is not the first from a fledgling EV maker this week. On Monday Lucid published its Q1 report, and while by not as much as Fisker, it too posted an earnings miss and lowered its already low production guidance. Rivian on the other hand bucked the trend and posted a mostly positive earnings report on Tuesday.