By Sabela Ojea

 

Fisker said it delayed the publication of its 10-Q earnings filing by a month after identifying material weaknesses in its internal controls.

The electric-vehicle startup on Wednesday said the Securities and Exchange Commission filing was also filed late because of accounting personnel changes, material adjustments to financial information and increased business complexity and transactional volume.

The Manhattan Beach, Calif.-based startup's preliminary results, released on Nov. 13, included about $20 million of expenses that were incorrectly recorded primarily as selling, general and administrative expenses, but were associated with production set-up activities.

Other inventory adjustments were recorded, resulting in a $4.0 million increase in its net loss, the company added.

 

Write to Sabela Ojea at sabela.ojea@wsj.com

 

(END) Dow Jones Newswires

November 22, 2023 18:58 ET (23:58 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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