What a wild roller-coaster ride this week has been for Fisker (FSRN -12.70%) stock! Until the market's closing on Thursday, shares of the electric vehicle (EV) start-up had surged 28.8% at its highest point, according to data provided by S&P Global Market Intelligence. The EV stock plunged more than 40% on Friday, though, and was down 35% for the week as of 10 a.m. ET Friday.

Investors who expected to see some glimmer of hope in Fisker's numbers and were betting on the languishing stock ahead of earnings were in for a rude shock today when the company issued a "going concern" warning. The stock attracted some brutal analyst downgrades after earnings.

Fisker is in trouble

Fisker announced its preliminary numbers this morning. It produced 4,789 units and delivered 3,818 units of Fisker Ocean SUVs in the fourth quarter. In 2023, it produced 10,193 but delivered under 5,000 units. It generated $273 million in revenue in 2023 but suffered a net loss of $762 million.

Fisker said it expects to deliver 20,000 to 22,000 Ocean SUVs this year. While that still sounds encouraging, Fisker confessed it is preparing for "another difficult year," and things have now come to a point where the company has "substantial doubt about its ability to continue as a going concern."

In other words, Fisker's cash balance isn't enough to find its day-to-day operations for the next 12 months. Fisker also said it will be unable to file its annual report with the Securities and Exchange Commission within the stipulated time.

Although Fisker said it is already negotiating with a "large automaker" to jointly develop and manufacture EVs, with a potential for investment in Fisker as well, the company will still require debt or a stock sale to raise funds to run its operations.

Is there any hope left for Fisker stock?

Fisker remains optimistic about the EV market. The company believes its asset-light, contract-manufacturing business model should help it scale up production quickly if demand for EVs becomes more robust than expected in 2024.

Then again, none of Fisker's optimism matters if it doesn't have the money to produce, which is where things stand now. With the global EV market slowing down anyway, Fisker's uphill climb could be steeper than expected. That's also what some analysts believe.

Analysts at Citi, for instance, slashed their price target on Fisker stock to $0.80 per share from $4 a share this morning. Remember, Fisker already received a delisting warning from the New York Stock Exchange last week, and today's massive drop in its share price will only make things tougher for the company.