Fisker Inc. stock rose nearly 4% in the extended session Thursday after the electric-car startup reported a narrower-than-expected quarterly loss and said it remains on track to start making its luxury electric SUV by next year.
Fisker FSR, -4.43% said it lost $12 million in the fourth quarter, or 5 cents a share, compared with a loss of $3 million, or 3 cents a share, in the year-ago quarter. The quarterly loss was offset by a $19 million non-cash gain due to changes in fair value of convertible equity securities and derivatives, it said.
Analysts polled by FactSet had expected Fisker to report a loss of 6 cents a share in the quarter. Fisker is a pre-revenue company.
Fisker on Wednesday announced a deal with Foxconn Technology Group 2354, +0.99%, saying the two companies had signed a memorandum of understanding to make more than 250,00 vehicles a year. Chief Executive Henrik Fisker said the vehicles could be built in the U.S.
The MOU with Foxconn, widely known as the maker of Apple Inc.’s AAPL, -3.48% iPhones in addition to several noteworthy electronics for marquee global companies, got praise on the Street for diversifying Fisker’s manufacturing from auto-parts maker Magna International Inc. MGA, -5.19% and also brought focus to Fisker’s strategy of becoming the “Apple of autos,” emphasizing design rather than powertrains and other nitty gritty car-making aspects.
The company said Thursday it remains on track for a fourth-quarter 2022 start of production for its Ocean SUV at Magna’s European plant.
Fisker also guided for total operating expenses between $210 million and $240 million for the year, and an equal range for its capital expenditures.
Spending is expected to be roughly equivalent by quarter, it said.
“The ramp-up in spending in Q1 2021 versus prior periods is a reflection that the concept and sourcing work in the second half of 2020 was successful, and the Ocean program development is now in high gear,” it said.
The electric-car startup went public through a blank-check-company merger in October.
The stock has more than doubled from the IPO and has gained around 2% in the past three months, compared with an advance of around 6% for the S&P 500 index SPX, -2.45% in the same period.