Bulletin
Investor Alert

Earnings Results Archives | Email alerts

May 17, 2021, 9:07 p.m. EDT

Fisker stock falls after quarterly loss widens

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    Fisker Inc. (FSR)
  • X
    Sharp Corp. (6753)
  • X
    Foxconn Technology Co. Ltd. (2354)

or Cancel Already have a watchlist? Log In

By Claudia Assis

Fisker Inc. stock fell late Monday after the electric-car startup reported a larger quarterly loss and forecast a rise in expenses.

Fisker /zigman2/quotes/209924856/composite FSR -1.19% said it lost $176.8 million, or 63 cents a share, in the first quarter, compared with a loss of $1.13 million, or one penny a share, in the first quarter of 2020.

Adjusted for one-time items, Fisker lost $31.6 million, or 11 cents a share.

Shares fell 2.5% in after-hours trading.

Analysts surveyed by FactSet expected Fisker to report an adjusted loss of 17 cents a share. Fisker went public in October through a blank-check-company merger.

The startup said it had more than 16,000 reservations for its vehicles as of Monday.

“Confidence in our business model grows by the day,” Chief Executive Henrik Fisker said in a statement.

Fisker guided for operating expenses between $240 million and $270 million, mostly on higher R&D expenses, up from a previous guidance of expenses between $210 million and $240 million. It said it ended the quarter with cash and equivalents of $985.4 million, and zero debt.

In a separate press release Monday, Fisker said it has entered an agreement with Japan’s Sharp Corp. /zigman2/quotes/203224600/delayed JP:6753 +0.66% to develop technologies for “next-generation” in-vehicle screens and interfaces.

Fisker in February unveiled a deal with electronics-manufacturing heavyweight Foxconn Technology Group /zigman2/quotes/204111604/delayed TW:2354 +0.46% , a move viewed as a step toward diversifying the electric-vehicle maker’s production from Magna International Inc. /zigman2/quotes/204433886/composite MGA +1.87% and highlighting Fisker’s strategy of becoming the “Apple of autos.”

In the statement Monday, Fisker called its partnerships with Magna and Foxconn “undervalued.” That strategy “began as a way to de-risk production cost, timing, and quality, enabling Fisker to focus efforts on customer-facing areas,” it said. Adding Foxconn as another supplier created “a major supply-chain advantage as well,” it said.

“We are already seeing evidence of better access and pricing for high-value technology shared across programs (e.g., battery, high-performance chips, displays, etc.),” Fisker said.

Fisker shares are up about 9.7% over the past 12 months, but have lost 23% so far this year. That compares with gains of 45% and 10% for the S&P 500 index /zigman2/quotes/210599714/realtime SPX +0.58% in the past 12 months and year to date, respectively.

/zigman2/quotes/209924856/composite
US : U.S.: NYSE
$ 19.04
-0.23 -1.19%
Volume: 11.09M
June 24, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$5.69 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/203224600/delayed
JP : Japan: Tokyo
¥ 1,844.00
+12.00 +0.66%
Volume: 183,500
June 25, 2021 9:18a
P/E Ratio
21.05
Dividend Yield
1.63%
Market Cap
¥1266.77 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/204111604/delayed
TW : Taiwan
NT$ 65.40
+0.30 +0.46%
Volume: 2.95M
June 24, 2021 1:30p
P/E Ratio
17.81
Dividend Yield
2.75%
Market Cap
NT$92.08 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/204433886/composite
US : U.S.: NYSE
$ 94.67
+1.74 +1.87%
Volume: 1.66M
June 24, 2021 4:00p
P/E Ratio
25.85
Dividend Yield
1.82%
Market Cap
$28.07 billion
Rev. per Employee
$206,816
loading...
/zigman2/quotes/210599714/realtime
US : S&P US
4,266.49
+24.65 +0.58%
Volume: 1.87B
June 24, 2021 5:29p
loading...

Get news alerts on Fisker Inc. — or create your own.
This Story has 0 Comments
Be the first to comment
More News In
Industries

Story Conversation

Commenting FAQs »

Partner Center

Link to MarketWatch's Slice.