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Fisker Down after Q1 Earnings Miss, Pares Production Forecast
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Fisker Down after Q1 Earnings Miss, Pares Production Forecast

Shares of the automotive company, Fisker (NYSE: FSR) inched down in morning trading at the time of publishing on Tuesday morning after the company reported a wider-than-expected loss in Q1 of $0.38 per share versus $0.41 in the same period last year but wider than analysts’ expectations of a loss of $0.31 per share.

Fisker posted revenues of $198,000 in Q1 versus $12,000 in the same period last year and below consensus estimates of $5.3 million.

More disappointingly, the company also pared down its production forecast for FY23 to be in the range of 32,000 to 36,000 vehicles and below its prior forecast of 42,400 vehicles. Fisker added that while it expects to produce between 1,400 and 1,700 vehicles in Q2, it depends on whether its “suppliers and partners can support this volume and ramp.” The company anticipates its FY23 gross margin to be in the range of 8% to 12% while adjusted EBITDA could be potentially positive “provided input costs do not change dramatically.”

Analysts remain sidelined about FSR stock with a Hold consensus rating based on two Buys, one Hold, and two Sells.

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