EV company Fisker lowered its production guidance for the second time this year on Friday morning, and reported a Q2 loss than beat the street's expectations while missing production targets.
Despite this, the company is starting to finally consistently produce vehicles, though not at the clip it hoped. The company aimed to produce 1,400 to 1,700 vehicles in the quarter, but was only able to crank out 1,022 units, which CNBC notes the company blamed on supply chain challenges. The same challenges, the report says, led to the company cutting its production forecast for the year.
The company had previously expected 32,000 to 36,000 Ocean vehicles to be built by its partner Magna in Australia, but Fisker now estimates they will make just 20,000 to 23,000 for the year.
While the company's loss of $0.25 per share beat the street's expectations, it posted a paltry $825,000 in revenue for the quarter. A year ago the company posted a loss of $0.36 per share and revenue of $10,000 for the quarter.
Also alarming is the fact that Fisker did not update shareholders on the number of reservations it had for its Ocean vehicle. This number was disclosed as 65,000 in May when the company reported Q1. Generally, companies only remove reporting metrics from filings and announcements for one reason: the numbers may not have the shine people expect them to.
CNBC noted that the company is still trying to get new models off the ground:
"Fisker at an event in California on Thursday presented three upcoming battery-electric models: The Pear, a small car expected to start at about $30,000 when it arrives in mid-2025; a high-end luxury sports car called the Ronin with an expected price of $385,000; and a new pickup truck called the Alaska, based on an extended version of the Ocean’s platform and due in 2025 with a starting price just over $45,000."
The company's forthcoming lower priced EV, called the Pear, is slated for production in 2025.
For now, Fisker is flush with cash. It has $521.8 million, down from $652.5 million last quarter, as a result of a recently completed $300 million financing round. But with EV competition now saturating the globe and names like Tesla and Rivian, joined by GM and Ford, all competing aggressively with one another (and slashing prices), it remains to be seen whether or not Fisker will ever truly ever get off the ground.
