Fisker shares up 30% on profit potential and ‘game changer’ charging deal

Mark Matousek/Business Insider
  • Fisker shares jumped 30% on Monday following updates from the EV maker. 
  • The company said it expects to make a profit this year and it reached a deal for access to charging stations in North America. 
  • Reservations for its Ocean SUV rose in the fourth quarter. 

Fisker shares shot up by a third Monday as a profitability call by the electric vehicle maker and an agreement for charging stations appeared to take precedence over a quarterly loss that missed expectations. 

The stock jumped as much as 36% to $7.75, a more than two-week high, then pared the advance to close by a still-hefty 30% at $7.41. 

The surge came after the release of the company’s fourth-quarter financial results. In it, Fisker reiterated its 2023 production target of up to 42,400 units, offering a contrast to last week’s weak production goal from EV rival Lucid as it deals with supply-chain problems. 

Fisker also said it had about 65,000 reservations for its Ocean SUV, up from 62,000 at the end of October. 

In addition, management forecast “potentially positive” earnings before interest, taxes, depreciation, and amortization for 2023.

“Our reservations keep rising. We’re going to have a profit this year, which is very unusual for a startup EV company,” CEO Henrik Fisker said on Fox Business on Monday. 

The company also said Monday it has a deal with ChargePoint under which Fisker EV owners will have access to more than 210,000 active ports and more than 400,000 roaming ports in North America. 

Referring to rival Tesla, Fisker told Fox Business the company run by Elon Musk has 7,000 chargers in the US. For its part, Tesla says it has more than 40,000 Superchargers worldwide.

ChargePoint and their affiliates has 400,000…so I think it’s definitely game-changer. It’s going to be super-easy for you to charge your Fisker Ocean,” Fisker said. 

Fisker did post a per-share loss of $0.54 a share for the fourth quarter, wider than the loss of $0.47 a share a year ago and worse than the loss of $0.41 a share expected in a FactSet poll of analysts.

Fisker’s stock’s value was hit hard last year, with its market capitalization knocked back 51% to $2.26 billion.

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