Fisker stock rallies after losses narrow more than expected, and even as revenue and EV production missed

Shares of Fisker Inc.
FSR,
+1.28%
rose 2.1% in premarket trading Friday, after the electric vehicle maker reported a narrower-than-expected loss but revenue and EV production that missed, and lowered its full-year production outlook. The company started deliveries of the first Fisker Ocean electric sport-utility vehicle (SUV), and said it was making “positive profit margin” on the first vehicles sold. Net losses narrowed to $85.5 million, or 25 cents a share, from $106.0 million, or 36 cents a share, in the year-ago period. That beat the FactSet per-share loss consensus of 30 cents. Revenue was $825,000, up from $10,000 a year ago but below the FactSet consensus of $20.7 million. the company said it produced 1,022 EVs in the second quarter, well below the company’s guidance of 1,400 to 1,700 vehicles, but said it produced 1,009 vehicles in July. For 2023, the company cut its production guidance to 20,000 to 23,000 units from 32,000 to 36,000 vehicles, while raisings its estimate for adjusted operating expenses and capital expenditures to $565 million to $640 million from $535 million to $610 million. The stock has gained 9.1% over the past three months through Thursday, while the Global X Autonomous and Electric Vehicles ETF
DRIV,
-0.34%
has rallied 21.9% and the S&P 500
SPX,
-0.25%
has advanced 10.9%.