Shares of Fisker Inc. (NYSE:FSR) moved higher after an initial surge that was sold off during Wednesday’s after hours session following the release of the company’s Q4 earnings and updates regarding the Fisker Ocean.
The company reported in-line EPS with a beat on sales of $41 thousand, further establishing a “track-record of spending visibility and discipline.” Notably, this vision allowed management to maintain a strong year-end cash balance of $1.2 billion. Management highlighted their “continued laser focus on delivery of the Fisker Ocean as priority one” with ongoing progress currently undergoing the vehicle testing and certification process. Current cash balances are noted to be “sufficient to fund the production launch of Fisker Ocean in November 2022.”
Fisker Chairman and CEO Henrik Fisker had this to say regarding their current strategy with suppliers amidst the current severe supply constraints, “we work regularly in collaboration with key partners to identify and mitigate any issues.” Additionally, Fisker mentioned after numerous retail and commercial requests, the decision, “to open reservations for the 2024 Fisker PEAR.”
Fisker Inc. is an e-mobility service provider that is developing emotionally desirable and eco-friendly electric vehicles. The company is passionately driven by a clean future for all.
At the time of publication, shares of Fisker were trading 4.50% higher during after hours at $13.48. The stock has a 52-week low of $9.61 and a 52-week high of $31.96.
