James Bond won't like this: Aston Martin slips deeper into crisis after reporting a massive profit drop

• Aston Martin Lagonda stock sank as much as 16% on Tuesday, dragged lower after the automaker announced a massive profit drop for its first year as a publicly traded firm.
• The company, which builds the sports cars preferred by fictional spy James Bond, revised its fiscal 2019 earnings to land between 130 million pounds ($171 million) and 140 million pounds ($184 million).
• The lower end of Aston's new range reflects a 47% drop year-over-year.
• The automaker is betting big on its new DBX model to drive customer growth and boost revenue in 2020. The firm announced it already has 1,800 early orders for its first-ever SUV, and the preorder strength helped Aston secure an additional $100 million loan.
• Watch Aston Martin trade live here.

Aston Martin Lagonda stock tanked as much as 16% on Tuesday, pulled lower as the embattled luxury automaker posted a massive profit drop in its first year as a publicly traded company.

The automaker's adjusted earnings for 2019 are expected to fall between 130 million pounds ($171 million) and 140 million pounds ($184 million), compared to the 247 million pounds ($324) reported in the year prior, the company said in a Tuesday statement. The lower end of Aston's new range reflects a 47% earnings drop year-over-year.

Core wholesales fell 7% year-over-year to 5,809 vehicles, the company added.

The company, which makes the cars preferred by fictional spy James Bond, has seen its stock price tumble more than 70% since going public in October 2018. Brexit uncertainty and shakeup across the automotive industry contributed to the prolonged drop.

Aston also cited the late December rally in the British pound as a hurdle. The pound's strength created a foreign exchange "headwind" for the company, as a stronger currency can cut into revenue sourced abroad.

"From a trading perspective, 2019 has been a very disappointing year," CEO Andy Palmer said in the statement. "We are taking a series of actions to manage the business through this difficult period."

Aston is betting big on its recently introduced DBX model to serve as a fresh revenue driver and attract new customers. The SUV is a first for the company, and will play a crucial role in driving the firm to its goal of doubling annual sales to 14,000 vehicles by 2023.

Preorders for the new SUV are the "one bright spot" at Aston, Palmer told Bloomberg in an interview. The company already has 1,800 orders for the DBX, according to the Tuesday release. The early sales strength helped Aston secure an additional $100 million loan.

"Whilst we are disappointed with trading performance in 2019, our focus is now on revitalizing the business, launching DBX and ensuring profitable growth in the medium-term," Palmer said.

The automaker is still in talks with potential investors, and new funding could involve an equity investment in the firm, according to the statement. Aston's raising additional capital is "long overdue," Sanford Bernstein analyst Max Warburton wrote in a note seen by Bloomberg.

"It's extraordinary to see how much the Aston Martin equity story has unravelled since the IPO," the analyst wrote.

Aston Martin stock traded at 439.80 pence ($5.78) per share at 10:30 a.m. ET Tuesday, down roughly 16% year-to-date.

The automaker has three "buy" ratings, seven "hold" ratings, and two "sell" ratings from analysts, with a consensus price target of 501.64 pence ($6.60).

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