Shares of electric vehicle maker, Fisker Inc (NYSE:FSR) gained as much as 2% in premarket Friday after the automaker posted its 2Q earnings results and first quarterly revenue from sales.
In the second quarter, the company's revenue reached $830,000, compared to revenue of $10,000 in the second quarter of 2022. The company managed to exceed expectations on the adjusted earnings per share (EPS) front, reporting a loss of ($0.25) per share, surpassing the analyst estimate of ($0.28). This performance showed improvement compared to the loss of 36 cents per share recorded in the same quarter last year.
Fisker has set ambitious production targets for 2023, aiming to manufacture between 20,000 and 23,000 units. However, the successful realization of these targets depends on the support and capabilities of Fisker's suppliers and partners, as production ramps up.
In terms of financial projections for the full year 2023, Fisker estimates its non-GAAP operating expenses and capital expenditures to fall within a range of $565 million to $640 million. Regarding profitability, Fisker is anticipating a gross margin range of 8-12% for the entire year 2023, assuming that input costs remain relatively stable without significant fluctuations.
Fisker Inc will host a conference call to discuss the results at 09:00 ET (13:00 GMT), today, August 4, 2023.
Shares of FSR are up 1.57% in premarket trading Friday.