Fisker Inc FSR shares are trading lower Thursday after the company reported third-quarter financial results.
Fisker reported a third-quarter net loss of 49 cents per share, which missed average analyst estimates for a loss of 43 cents per share, according to Benzinga Pro.
The company said it ended the quarter with $824.7 million in cash and equivalents.
"Fisker is delivering on our SOP commitment despite a challenging environment due to our focused collaboration with all of our partners and suppliers. We are making deliberate choices on how to best deploy capital and structure our assembly volumes for a successful ramp," said Henrik Fisker, chairman and CEO of Fisker.
Fisker affirmed that it will start production of its flagship Ocean EV on Nov. 17. The company expects to produce more than 300 vehicles in the first quarter before ramping up production to more than 8,000 in the second quarter.
FSR Price Action: Fisker has a 52-week high of $18.20 and a 52-week low of $7.30.
The stock was down 4.22% at $7.72 at time of publication.
Photo: courtesy of Fisker.
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