Fisker CEO says ‘we’re on a roll’ despite massively missing sales estimates in Q2

Fisker Inc (NYSE: FSR) lost roughly 8.0% this morning even though it reported a narrower-than-expected loss for its fiscal second quarter.

Fisker stock down on trimmed guidance

The sell-off is not unjustified, though, considering the EV startup disappointed on multiple fronts. To begin with, the California-based company trimmed its production guidance “again” on Friday.

It now expects to make 23,000 electric vehicles this year at the top end of its range – down from up to 36,000 it had guided for previously. On CNBC’s “Squawk Box” CEO Henrik Fisker said:

We got a supplier in Europe that went bankrupt a couple months ago. We had to figure that out. Now we’re down to just one supplier that we need to get back up to speed.

Nonetheless, the Chief Executive sounded positive for the long-term.

Fisker delivered only 11 vehicles in Q2

In its recently concluded quarter, Fisker delivered only 11 vehicles and generated $825,000 worth of sales in total, as per the press release.

Analysts had called for a sharply higher $48.9 million in quarterly sales instead. Still, CEO Fisker told CNBC today:

We only have half a year of production this year. We started delivering cars a couple months ago. What’s important is that we get to our goal of 300 cars a day. We’ll reach that within the next couple of months.

The New York listed firm now expects its full-year sales to fall between $565 million to $640 million – less than half the $1.3 billion that experts had forecast. The EV stock is now down more than 30% versus its year-to-date high.

Fisker reported narrower-than-expected loss

Fisker produced 1,022 vehicles in the second quarter – also shy of 1,400 to 1,700 it had originally planned. According to the Chief Executive, though:

I think we’re on the roll now. We’ve seen reservations go up in Europe. Converting hasn’t been a problem. We’re delivering, people love the vehicles. So, that’s been quite good.

The electric vehicles company lost 25 cents on a per-share basis in its recent quarter. Analysts had expected a wider 27 cents loss. CEO Fisker is also bullish on “Alaska” – the electric pickup truck the company teased recently.

Last month, the EV startup announced plans of raising additional capital (find out more).