Investors Prism Index Mover: Its Electric! Fisker (FSR) Contributes Gains in the IP Emerging EV Index
An interesting reaction from the markets today on EV company Fisker Inc. (FSR) recent earnings announcement. While the company announced a greater than expected loss and missed revenues, the stock price rose in pre-market and into the open surging 30% in Monday trade.
So, what’s creating the positive buzz? The company incited optimism amongst investors in its forward-looking production and sales forecasts for its new Ocean model which expects deliveries to begin in spring and plans to build 40,000+ vehicles in 2023. FSR reported rising demand for the Ocean with ~65k reservations which is a ~3k increase from its prior earnings report.
In addition to its gross margin forecasts for 2023 of 8% to 12%, Fisker also projected total operating expenses and capital spending of $535M – $610M which would be lower than the $702M it reported for 2022. CEO Fisker stated on Monday morning’s earnings call, “I want to say one thing that’s really the surprise here. And, Geeta, will go into details on that, and that is that we are going to be profitable this year…. And there is no other startup that I’m aware of that makes EVs that is profitable from the get-go from the first year. And I think that’s what I’m super excited about.”
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