what happened
Shares of electric vehicle (EV) start Fisker (NYSE: FSR) jumped as much as 35.6% on Friday after the company announced its financial results in the fourth quarter of 2020. The stock ended the session with a gain of 32.5%.
Approximately
Fisker made no revenue, but the company reported a loss of $ 12.0 million, or $ 0.05 per share, and a cash of $ 991.2 million. Management also said bookings for the upcoming Fisker Ocean stand at 12,467, with the daily booking rate rising by 400% since mid-October 2020.
Fisher Ocean. Image source: Fisherman.
The company said it was on track to begin ocean production in Europe in the fourth quarter of 2022, with production at Foxconn a year later. Simply making progress with the manufacture of vehicles was enough for the investors of these EV shares to rejoice today.
Now what
As Fisker continues to earn revenue, investors are looking to make progress with the goal of becoming a viable automaker in the long run. The number of discussions is what I will look at the most, as it indicates that there will be a demand for products from the company. I do not want to take too much from this earnings report, as the revenue is still almost two years away, but for now we can see that Fisker is working on realizing his EV.
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