- Fisker Inc FSR Shares fell Tuesday morning after their poor performance in the first quarter. The company also reduced its production volume forecast for 2023.
- FSR reports Revenue for the first quarter of FY23 of $198,000 versus $12,000, missing the consensus of $14.35 million.
- Total operating costs and expenses decreased 1.4% to $121.6 million.
- Operating loss for the quarter decreased to $(121.6) million from $(123.45) million in the prior year.
- The company had $657 million in cash and cash equivalents as of March 31, 2023. Cash used in operations during the quarter totaled $($83.7) million.
- Earnings per share of $(0.38) missed analyst consensus of $(0.30).
- outlook: Fisker lowers its 2023 production target to 32,000-36,000 units from 42,400 units. This adjustment reflects the updated timing of approval, supply chain maturity and ramp readiness progress.
- Q2 production is expected to be 1,400 – 1,700 vehicles.
- The Company expects fiscal 23 operating and capital expenditures to be in the range of $535 million to $610 million.
- The company continues to forecast annual gross margin of 8-12% and potentially positive EBITDA for 2023.
- Price promotion: FSR shares are trading down 15.7% at $5.58 on the last check Tuesday premarket.
- Photo via company
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