Fisker, The Electric Vehicle Startup, Saw Its Shares Take A Nosedive In Morning Trading On Tuesday. This Came After The Company Released Its Third-Quarter Results, Which Were Not Up To Par With What Wall Street Was Expecting. The Disappointing Earnings Report, Along With A Regulatory Filing, Caused Concerns About The Accuracy Of The Company’S Previous Financial Statements.
The Company’S Shares Plummeted By More Than 20% From Their Previous Closing Price Of $4.11 Per Share. Fisker’S Third-Quarter Revenue Stood At $71.8 Million, But It Reported A Net Loss Of $91 Million, Or 27 Cents Per Share, Falling Short Of The Street’S Expectations.
To Make Matters Worse, A Regulatory Filing On Monday Night Revealed That Fisker Had Identified ‘Material Weaknesses’ In Its Internal Control Over Financial Reporting. This Discovery Led To A Delay In The Filing Of Its Quarterly 10-Q Report.
Originally, Fisker Had Planned To Release Its Third-Quarter Results Before The U.S. Markets Opened On Nov. 8. However, The Company Abruptly Postponed The Report, Citing The Sudden Departure Of Its Chief Accounting Officer In October And The Subsequent Appointment Of A New Officer On Nov. 6. These Changes Caused A Delay In The Completion Of The Financial Statements And Related Disclosures.
The Departure Of The Former Chief Accounting Officer And The Delayed Earnings Report Have Left Many Questions Unanswered. CFO Geeta Gupta-Fisker Mentioned During Monday’S Earnings Call That The Third Quarter Was Particularly Challenging Due To The Company’S Global Expansion.
The Recent Regulatory Filing Has Raised Concerns About The Possibility Of Fisker Having To Restate Some Of Its Past Financial Reports. The Company Stated That The ‘Material Weaknesses’ Will Be Addressed In Detail In Its Upcoming 10-Q Report And Assured Investors That It Is Actively Recruiting Additional Financial Experts. However, No Timeline Was Provided For When The 10-Q Report Will Be Filed.
In Light Of These Developments, Fisker’S Future Remains Uncertain, And Investors Are Eagerly Awaiting Further Updates From The Company.
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