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Earnings Results: Fisker says electric SUV reservations jump 50% to 45,000 in Q1

Fisker Inc. stock fell more than 1% in after-hours trading Wednesday after the electric-vehicle maker reported a slightly wider-than-expected quarterly loss, saying it is making progress toward getting its EV to market “while navigating the volatile supply-chain environment.”

Fisker
FSR,
+3.84%

said it lost $122 million, or 41 cents a share, in the first quarter, compared with $177 million, or 63 cents a share, in the year-ago period.

FactSet consensus called for EPS of 39 cents a share for Fisker, which hasn’t seen sales yet and is expected to report revenue on the deliveries of its first vehicles at the end of the year.

The Fisker Ocean is on schedule to start production in November, Chief Executive Hendrik Fisker said in a statement. He thanked employees and suppliers for making progress while the supply-chain-related problems continued.

Fisker said it will start taking pre-orders for a limited edition of the Ocean, an electric luxury SUV, on July 1.

The program’s test and validation phase is “progressing well,” with 23 out of 55 complete Ocean prototypes built, Fisker said.

Reservations continued “at an elevated pace,” totaling more than 45,000 as of Monday, including 1,600 fleet reservations, the company said. That suggests up to $2.5 billion in “potential” revenue, the company said.

That’s growth of 50% from about 30,000 reservations revealed at Fisker’s last earnings call in February.

The EV maker kept its expectations of operational expenses between $435 million and $500 million, including between $330 million and $380 million in research and development.

Shares of Fisker ended the regular trading day up 3.8%. The stock has lost nearly 10% this year, matching the decline of the S&P 500 index
SPX,
+2.99%

in the same period.

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