Fisker experiences larger-than-anticipated losses and disappointing third-quarter deliveries.

• Fisker, an electric vehicle startup, reported a wider-than-expected third-quarter loss on Monday.
• In the third quarter, it delivered approximately 1,100 Ocean electric SUVs.
• Since quarter-end, deliveries have increased, with over 1,200 Oceans delivered in October and "hundreds" more on their way to customers.

On Monday, Fisker, an electric vehicle startup, announced a wider-than-expected third-quarter loss and revealed that it delivered approximately 1,100 Ocean electric SUVs in the third quarter.

Since quarter-end, deliveries have increased significantly, with over 1,200 Oceans delivered in October and numerous more on their way to customers.

Immediately following the news, Fisker shares experienced a decline of over 10% in after-hours trading.

In the third quarter of 2023, the company and its manufacturing partner constructed 4,725 Oceans and delivered 1,097 to customers. In the second quarter of the same year, Fisker produced 1,022 Oceans.

"Our CEO, Henrik Fisker, announced in a statement that we are quickly expanding our delivery infrastructure to accommodate increased volumes of our top-of-the-line product to our satisfied customers. Additionally, we experienced significant growth in October, surpassing the total number of units delivered in the third quarter."

The company announced on Sept. 26 that it anticipates delivering 300 Oceans per day by the end of 2023.

The news came as part of Fisker's third-quarter earnings report Monday.

Fisker's quarterly net loss of $91 million, or 27 cents per share, exceeded the 19 cents predicted by Wall Street analysts surveyed by LSEG, formerly known as Refinitiv.

The actual revenue for the period was $71.8 million, which was lower than the anticipated $109 million by Wall Street. However, CNBC is not comparing the reported revenue to projections due to limited analyst coverage.

Last year, Fisker recorded a net loss of $149.3 million, which amounted to 49 cents per share, along with revenue of approximately $14,000.

Fisker's cash and cash equivalents increased from $521.8 million on June 30 to $625 million on Sept. 30. The EV maker raised an additional $300 million through a convertible note offering in July and another $150 million in September.

Fisker did not promptly revise its full-year production forecast after Magna announced it would manufacture 20,000 to 23,000 Oceans at its Austrian plant by year-end.

Fisker originally intended to release its third-quarter financial results on Nov. 8, but it postponed the report early that morning due to the departure of its chief accounting officer on Oct. 27 and the appointment of a new one on Nov. 6, which delayed the completion of the financial statements and related disclosures.

Fisker didn't explain why its chief accounting officer left.

Burkhard Huhnke, Fisker's chief technology officer, left the company in late October for personal reasons. David King, a senior engineer who had previously led the vehicle-body engineering team, was appointed to the post on Nov. 3.