Fisker (NYSE: FSR) announced 2Q 2021 results on Thursday that came in above the Street’s estimates. Specifically, FSR reported an EPS loss of $(0.16), better than the consensus estimate of ($0.24). On an operating basis, FSR generated a negligible amount of revenue in 2Q:21 of $27K, compared to the consensus of $0.

“We continued making steady progress in Q2 2021 on our key priorities -- appealing product, product lifetime profitability, on-time start of production, and streamlined program costs,” stated Henrik Fisker, Chairman and Chief Executive Officer of Fisker. “Fisker has grown significantly and our experienced team is consistently delivering to the planned engineering and supply chain timelines for the Fisker Ocean. We have now finalized the Ocean specifications list that is expected to offer benchmark performance and compelling features and attributes across the entire price range. We are excited to unveil the Fisker Ocean at the L.A. Auto Show on November 17, 2021.”

The company’s Ocean program remains on track as partnerships with Magna is expected to reach over 5k vehicles/month during 2023. Cowen analyst Jeffrey Osborne believes that the November LA Auto Show will serve as a catalyst.

“We remain focused on delivering our asset-light strategy and unique business model, progressing with our partners to further the concurrent development of two vehicle platforms and plans for sequential vehicle launches,” Fisker continued.

Concurrent with the unveiling of the Fisker Ocean at the LA Auto Show, FSR also developed an extensive marketing plan for both U.S. and Europe that will commence in November. The company also ramped up development work on their second platform vehicle, Fisker PEAR. The PEAR is a joint investment program with Foxconn.

By Michael Elkins | [email protected]