Fisker Inc (NYSE: FSR) reported third-quarter financial results Monday after the close. Here's a look at the key highlights from the quarter.
Q3 Earnings: Fisker reported third-quarter revenue of $71.8 million, which was up from $825,000 in the second quarter. The consensus estimate for third-quarter revenue was $109.029 million, according to Benzinga Pro. The company reported a quarterly loss of 27 cents per share, which improved from a loss of 45 cents per share in the prior year's quarter.
Gross margin in the third quarter was negative 17% on a GAAP basis and 9% on an adjusted basis.
Net cash used in operating activities was $308.2 million in the third quarter. The company ended the quarter with $625.4 million in cash, equivalents and restricted cash.
Fisker said it produced 4,725 vehicles in the third quarter and delivered 1,097 vehicles. The company noted that it delivered more cars in October than it did during the entire third quarter.
"We are rapidly scaling our delivery infrastructure to support even higher volumes of deliveries of our class-leading product to our loyal customers. We are gaining momentum," said Henrik Fisker, chairman and CEO of Fisker.
"We are pleased to hear the excitement and positive reviews from our early adopter customers, and at the same time we are also incorporating feedback for areas of improvement."
Full-year 2023 capital expenditures are expected to be between $225 million and $240 million. Including research and development, as well as selling general and administrative expenses, total costs are expected to be between $565 million and $640 million for the year.
Management will hold a conference call to discuss these results at 5 p.m. ET.
FSR Price Action: Fisker shares were down 9.22% after hours at $3.74 at the time of publication, according to Benzinga Pro.