Fisker's stock price drops 18% after the company reveals "material weaknesses" in its financial reporting.

• Fisker's shares dropped after the company missed third-quarter earnings estimates.
• The company announced on Monday evening that it would delay its 10-Q filing due to "material weaknesses" in its internal financial controls.

The stock price of an electric vehicle startup plummeted on Tuesday following an unprofitable earnings report and a regulatory filing that cast doubt on the company's past financial declarations.

The company's stock price dropped over 18% to end the day at $3.34 per share.

Wall Street had hoped for better results from Fisker, but on Monday afternoon, the company reported a net loss of $91 million, or 27 cents per share, on revenue of $71.8 million, which fell short of expectations.

Fisker announced that it discovered material weaknesses in its internal control over financial reporting after its chief accounting officer left in October.

Those weaknesses will delay its quarterly 10-Q filing, it said.

Fisker originally intended to release its third-quarter financial results before the U.S. markets opened on November 8. However, the company abruptly postponed its report early that morning, citing the departure of its chief accounting officer on October 27 and the appointment of a new one on November 6 as the reason for the delay in completing the financial statements and related disclosures.

Despite the company's failure to provide reasons for the departure of its former chief accounting officer and the delay of its earnings report, CFO Geeta Gupta-Fisker stated during Monday's earnings call that the third quarter was challenging due to the company's global expansion.

The possibility of the company being forced to restate some of its past financial reports arises from Monday's filing.

Fisker stated that the "material weaknesses" will be discussed in detail in the upcoming 10-Q report, and Gupta-Fisker revealed that the company is actively hiring additional financial experts. The 10-Q filing date was not specified.