FORTUNE — Troubled electric carmaker Fisker is expecting to generate around $200 million in 2012 revenue, Fortune has learned from multiple sources.

It’s a decent figure considering that the five-year-old company only began delivering actual vehicles in July 2011. But it’s also well short of what the company was promising prospective investors. For example, one source tells me that documents circulated last November by defunct broker-dealer Advanced Equities projected around $1.2 billion in 2012 sales. A subsequent projection from this past February had cut that figure to $400 million.

For contrast, rival Tesla Motors TSLA reports revenue of just $106 million through the first nine months of 2012 (although Q4 is expected to be its biggest quarter by far). Tesla founder and CEO Elon Musk also said recently that the company’s cash-flow turned positive in the last week of November.

Fisker spokesman Roger Ormisher declined to confirm the revenue figures, but did say that the company took issue with a recent Wall Street Journal article about the companies financial options. For example, he says that the company’s board did not review “the option of  seeking bankruptcy protection” as the WSJ claimed. He also stressed that Fisker had hired investment bank Evercore Partners to find a strategic partner, and not to find a buyer.

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These points, and others, were laid out in an email sent by Fisker to select investors after the WSJ article was posted.

Fisker has raised around $1 billion in private financing, including from Silicon Valley venture capital firms like Kleiner Perkins Caufield & Byers, New Enterprise Associates and Palo Alto Investors

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