Fisker Delivers Wider Q1 Losses; Lifts Annual Guidance on Spending

© Reuters.

By Yasin Ebrahim – Fisker reported Monday a wider-than-expected first-quarter loss and raised its outlook on full-year spending as the electric automaker looks to ramp-up the pace of research and development. 

Fisker (NYSE:) was down 2% in aftermarket action. 

Fisker reported a Q1 loss of $0.63 a share, missing estimates for a loss of $0.19 a share.    

The company said the majority of materials for its electric SUV, the Ocean, was now sourced, “improving cost visibility across the entire model range at targets previously communicated.”

Reservations total more than 16,000 as of May 17, with more than 50% of reservation-holders from outside the SUV segment, indicating a “potentially larger addressable market than expected,” it added.

Looking ahead, Fisker raised the full-year operating expense to a range of $240 million to $270 million, up from a previous guidance of expenses between $210 million and $240 million.

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