Shares of Fisker Inc. FSR gained 1.8% in premarket trading Monday, as the electric-vehicle maker reported a wider-than-expected loss and revenue that came up short, but maintained its 2023 production targets. Net losses widened to $170.1 million, or 54 cents a share, from $138.4 million, or 47 cents a share, in the year-ago period. Revenue rose to $306,000 from $41,000. The FactSet consensus was for a per-share loss of 41 cents and revenue of $1.1 million. The company said it had over $736 million in cash at the end of 2022, which was more than expected. The company still expects to product 42,400 vehicles in 2023, and expects total expenses of $535 million to $610 million, which is less than 2022 total spending of $702 million. The stock has tumbled 24.1% over the past three months through Friday, while the S&P 500 SPX has lost 1.4%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.