© Reuters. The emblem of Fisker Automotive is pictured on a automobile on the 2022 Paris Auto Show in Paris, France, October 18, 2022. REUTERS/Stephane Mahe
(Reuters) -Electric-vehicle startup Fisker (NYSE:) reported a larger-than-expected loss for the third quarter on Monday and flagged weak point within the firm’s inside management over monetary reporting.
The firm’s shares fell almost 10% to $3.72 after the bell.
“In the course of completing the preparation of the report, the company determined that it has material weaknesses in the company’s internal control over financial reporting,” Fisker mentioned.
Fisker had delayed its outcomes from Nov. 8, blaming the delay on completion of economic statements and associated disclosures on departure of former chief accounting officer.
The EV firm reported a lack of $91 million, in contrast with a lack of $149.3 million a yr earlier. Analysts had been anticipating a lack of $75 million, based on Visible Alpha.
Demand for electrical automobiles within the United States has slowed in latest quarters as persistent inflation and excessive rates of interest drive shoppers to drag again on big-ticket purchases.
EV makers have resorted to cost cuts after market chief Tesla (NASDAQ:) began a profit-sapping value battle in January to stoke demand.
Fisker mentioned manufacturing totaled 4,725 Ocean SUVs within the third quarter and the corporate delivered 1,097 automobiles.
The California-based firm reported income of $71.8 million within the quarter ended Sept. 30, in contrast with analysts’ estimates of $82.97 million.