Electric vehicle startup Fisker has reported a third-quarter loss that surpassed Wall Street's expectations, stating that it delivered approximately 1,100 Ocean electric SUVs in the same period. However, the company noted that deliveries have gained speed since the end of the quarter, with over 1,200 Oceans delivered in October and "hundreds" more on the way to customers. Following the news, Fisker shares dropped more than 10% in after-hours trading.

The company revealed that it, in partnership with manufacturing firm Magna International, produced 4,725 Ocean SUVs during the third quarter, out of which 1,097 units were delivered to customers. In comparison, Fisker had manufactured 1,022 Oceans in the second quarter of 2023. CEO Henrik Fisker expressed confidence in their delivery infrastructure, stating that they are scaling rapidly to support higher volumes of their leading product.

Fisker's net loss for the quarter amounted to $91 million, or 27 cents per share, wider than the 19 cents per share expected by analysts. Revenue for the period reached $71.8 million, falling short of Wall Street's revenue projection of $109 million. However, due to limited analyst coverage, direct comparisons to projected revenue were not made by CNBC. In the same quarter of the previous year, Fisker reported a net loss of $149.3 million or 49 cents per share, with revenue of approximately $14,000.

The electric vehicle startup ended the quarter with $625 million in cash and cash equivalents, compared to $521.8 million at the close of the second quarter. Fisker raised an additional $300 million through a convertible note offering in July, followed by $150 million in September. The company did not provide an immediate update on its production guidance for the full year but had previously announced an expectation for Magna to manufacture 20,000 to 23,000 Oceans by the end of this year at its Austria-based plant.

Fisker had planned to release its third-quarter results on November 8 but abruptly postponed the report, citing the departure of its chief accounting officer on October 27 and the appointment of a new officer on November 6 as reasons for the delay in completing financial statements and related disclosures. No explanation was provided for the departure of the chief accounting officer. Additionally, Fisker's chief technology officer, Burkhard Huhnke, also left the company in October for personal reasons, according to regulatory filings. David King, a senior engineer who previously led the vehicle-body engineering team, was appointed as the new chief technology officer on November 3.

Fisker's third-quarter earnings report marked a challenging period for the electric vehicle company, which is now focusing on accelerating its delivery efforts and optimizing its financial performance as it continues to navigate the competitive EV market.