Fisker reported weaker-than-expected fourth-quarter sales and told investors that it may not survive as a “going concern,” sending the stock down nearly 50% on Friday morning.

Thursday evening, the electric vehicle start-up announced fourth-quarter sales of about $200 million. Wall Street was looking for about $330 million, according to FactSet.

It produced 4,789 vehicles in the fourth quarter and delivered 3,818. For the full year, Fisker and its production partner Magna International made 10,193 Fisker Oceans, while 4,929 vehicles were delivered.

Fisker ended the year with almost $400 million in cash on its books. Cash use in 2024 was expected to total about $300 million, according to estimates aggregated by FactSet, but that call was based on sales of $1.9 billion. Fisker expects to sell 20,000 to 22,000 cars in 2024, which implies sales of closer to $900 million to $1 billion.

Fisker also projects key expenses will total roughly $330 to $390 million this year. It looks like the company will need more cash.

That is one reason Fisker included a ”going concern” warning in its news release, essentially saying that it can’t continue to operate as it has for the coming 12 months without a significant change.

The company’s news release pointed to one potential outcome. Fisker said it is in “negotiations with a large automaker for a potential transaction which could include an investment in Fisker, joint development of one or more electric vehicle platforms, and North America manufacturing.”

The identity of the auto maker isn’t known. Fisker didn’t immediately respond to a request for comment.

Fisker stock was down 45% on Friday morning at 40 cents a share. The S&P 500 and Nasdaq Composite added 0.3% and 0.4%, respectively.

Raymond James analyst Pavel Molchanov wrote Friday that the going-concern warning puts the development of future Fisker models in jeopardy. He rates the shares at Hold and doesn’t have a price target for the stock.