Fisker sees continued strong demand for its
Ocean and delivered more cars in October than the entire third
quarter.
- Fisker now delivering in ten countries, expected to add two
more markets later this month as operational momentum accelerates
in Q4 2023.
- Opened flagship US Lounge at The Grove in Los Angeles and first
east-coast Lounge in New York City. Fisker customer locations now
open in ten countries, with additional customer facilities opening
soon, including a Fisker Lounge in Shanghai, China in January
2024.
- Q3 2023 was Fisker’s first quarter with meaningful automotive
sales revenue. Total revenue in the quarter was $71.8 million,
gross margin was -17% on a GAAP basis (adjusted gross margin was
9%), and EPS was ($0.27), compared to ($0.49) in the prior
year.
- Raised $450 million in gross proceeds during the third quarter,
bolstering quarter-end cash, cash equivalents, and restricted cash
to $625 million; this excludes $50 million in VAT receivables,
which Fisker is still waiting to receive. An additional $550
million in gross proceeds is available as part of the recent
convertible notes transaction.
- 4,725 vehicles were produced and 1,097 vehicles were delivered
in Q3 2023. Deliveries have accelerated as Fisker begins optimizing
last mile logistics and expanding its delivery infrastructure to
achieve further scale effects in Q4 and beyond. The Company
delivered over 1,200 vehicles in October, exceeding the entire Q3
delivery volume. Over 3,000 vehicles delivered globally to date and
hundreds more en route to consumers.
Fisker Inc. (NYSE: FSR) (“Fisker”), driven by a mission to
create the world’s most emotional and sustainable electric
vehicles, today announced its financial results for the third
quarter ended September 30, 2023.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20231113826797/en/
Fisker Inc. (NYSE: FSR) (“Fisker”),
driven by a mission to create the world’s most emotional and
sustainable electric vehicles, today announced its financial
results for the third quarter ended Sept. 30, 2023. (Photo:
Business Wire)
“The third quarter was very significant for Fisker as we
delivered 1,097 Fisker Ocean vehicles to customers across two
continents, which represents the largest delivery volume for any
US-based EV OEM in their first full quarter of deliveries. We are
rapidly scaling our delivery infrastructure to support even higher
volumes of deliveries of our class-leading product to our loyal
customers. We are gaining momentum and delivered more units in the
month of October than in all of the third quarter,” stated Henrik
Fisker, Chairman and Chief Executive Officer of Fisker.
“We are pleased to hear the excitement and positive reviews from
our early adopter customers, and at the same time we are also
incorporating feedback for areas of improvement. As a
software-driven product, we are continually improving the vehicle
via over-the-air updates to provide the best experience for our
customers,” continued Fisker.
Recent Updates:
- The Company expanded US and European deliveries of the Fisker
Ocean One with 1,097 completed in Q3, up from 11 in Q2. Deliveries
have accelerated as Fisker begins optimizing last mile logistics
and expanding its delivery infrastructure. The Company delivered
over 1,200 vehicles in October exceeding the entire Q3 delivery
volume.
- Fisker adjusted pricing on all trim levels and opened calendar
year 2024 orders. Current US pricing by trim is as follows: Ocean
Extreme $61,499, the Ultra $52,999, and the Sport $38,999 as Fisker
made its first change since initial trim pricings were introduced
in 2020 and 2021. Fisker also adjusted pricing in Europe and
Canada, narrowing the gap between the Ultra and the Extreme.
- 4,725 Fisker Ocean vehicles were produced in Q3 2023, up from
1,022 in Q2 2023, which included the impact from the summer holiday
production shutdown.
- Since Q2, Fisker initiated deliveries in seven additional
European countries, including right-hand drive United Kingdom, and
expanded US deliveries into over 30 new states. Deliveries expected
to start later this quarter in Canada and the Netherlands followed
by Spain, Portugal, and Italy in Q1 2024.
- Fisker opened its flagship Lounge in Los Angeles and its New
York City Lounge, which complement its customer facilities in
Austria, Denmark, France, Germany, Norway, Sweden, and the United
Kingdom. The Company plans to open additional locations across
multiple states, and expects to have a dozen facilities open by
yearend 2023 in North America and a similar amount in Europe.
Fisker also announced it will open a Lounge in Shanghai, China in
January 2024.
- Vehicle test drive events expanded globally, ranging from
Fisker Lounges and Centers+ to pop-up test drive events in over a
dozen cities in Europe and North America.
- In September, Fisker bolstered its balance sheet by executing
$170 million in aggregate principal ($150 million in gross
proceeds) of 0% senior unsecured convertible notes due 2025. This
investment was in addition to the July convertible notes offering
of $340 million in aggregate principal ($300 million in gross
proceeds). As part of the transaction, Fisker may now offer up to
an additional $623.3 million in aggregate principal ($550 million
in gross proceeds) in 0% senior unsecured convertible notes.
- Fisker initiated over-the-air software updates bringing product
enhancements and new features to owners based on customer feedback
and Fisker’s product rollout strategy. OTA update 1.10 recently
completed, which included optimization to ESP system, improved
traction control on surface changing roads, refinement to regen
braking, improved energy management and connectivity for remote
functions along with some other tweaks.
- Published second annual ESG report demonstrating how
environmental and social efforts are authentically ingrained in its
culture to build the world’s most emotional and sustainable
vehicles. Additionally, Fisker is hosting a sustainability
roundtable on November 18th to elaborate on its ESG
initiatives.
- Concurrent with IAA Mobility 2023, Fisker held the European
premiere of future products including the Rōnin and PEAR in Munich,
Germany which followed the US unveiling of the same models at
Fisker’s inaugural “Product Vision Day” event in California.
- Fisker will host a journalist event during the Los Angeles Auto
Show this week where it will show the PEAR vehicle and its Alaska
EV pick up.
- Announced expanded charging options for North American
consumers as Fisker will adopt the North American Charging Standard
(NACS) on its first vehicles in 2025 and signed an agreement with
Tesla to provide customers with access to the Tesla Supercharger
network of over 12,000 Supercharger stations in the United States
and Canada.
- Fisker expanded its global team which totaled more than 1,300
as November 13, 2023, with recent growth focused on sales and
service areas to support the delivery and ownership
experience.
Third Quarter 2023 Financial Highlights:
- Revenue totaled $71.8 million compared to revenue of $825
thousand last quarter.
- Gross margin was -17% on a GAAP basis; adjusted gross margin
was 9%, which excludes an inventory valuation adjustment associated
with lower levels of production during the ramp-up phase which we
expect to continue until we reach full production.
- Loss from operations totaled $99.6 million, including $6.1
million of stock-based compensation expense.
- Net loss totaled $91.0 million and $0.27 loss per share.
Weighted average shares outstanding totaled 343.1 million for the
three months ended September 30, 2023.
- Net cash used in operating activities totaled $308.2 million
and capital expenditures totaled $30.5 million.
- Cash and cash equivalents and restricted cash was $625.4
million as of September 30, 2023; this excludes $50.5 million in
VAT receivables which Fisker expects to receive as refunds or to
monetize against vehicle sales taxes.
2023 Business Outlook:
The following information reflects Fisker’s expectations for key
non-GAAP operating expenses and capital expenditures for full-year
2023. Fisker is projecting the total of these items to be within a
range of $565 million to $640 million1.
Key Expense Item
USD, millions
Research & Development (Non-GAAP)1
$ 160 - 190
Selling, General, and Administrative (Non-GAAP)1
$ 180 - 210
Capital Expenditures
$ 225 - 240
Total
$ 565 - 640
1 Excludes stock-based compensation expense. A reconciliation to
the corresponding GAAP amount is not provided as the quantification
of stock-based compensation excluded from the non-GAAP measure,
which may be significant, cannot be reasonably calculated or
predicted without unreasonable efforts. The Non-GAAP adjustment for
stock-based compensation expense requires additional inputs such as
number of shares granted and market price volatilities that are not
currently ascertainable and cannot be reasonably estimated.
Conference Call
Information
Fisker Inc. will host a conference call to discuss the results
at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) today, November
13, 2023. The live audio webcast will be accessible on Fisker’s
Investor Relations website at https://investors.fiskerinc.com. A
recording of the webcast will also be available following the
conference call.
Use of Non-GAAP Financial Measures (Unaudited)
This press release and the accompanying tables references
certain non-generally accepted accounting principles in the United
States (GAAP) financial measures, including adjusted gross margin,
non-GAAP selling, general, and administrative expense, non-GAAP
research and development expense and non-GAAP total operating
expenses. These non-GAAP financial measures differ from their
directly comparable GAAP financial measures due to adjustments made
to exclude inventory valuation adjustments or stock-based
compensation expense. None of these non-GAAP financial measures is
a substitute for or superior to measures of financial performance
prepared in accordance with GAAP and should not be considered as an
alternative to any other performance measures derived in accordance
with GAAP.
Fisker believes that presenting these non-GAAP financial
measures provides useful supplemental information to investors
about Fisker in understanding and evaluating its operating results,
enhancing the overall understanding of its past performance and
future prospects, and allowing for greater transparency with
respect to key financial metrics used by its management in
financial and operational-decision making. However, there are a
number of limitations related to the use of non-GAAP measures and
their nearest GAAP equivalents. For example, other companies may
calculate non-GAAP measures differently, or may use other measures
to calculate their financial performance, and therefore any
non-GAAP measures Fisker uses may not be directly comparable to
similarly titled measures of other companies. Therefore, both GAAP
financial measures of Fisker’s financial performance and the
respective non-GAAP measures should be considered together. Please
see the reconciliation of non-GAAP financial measures to the most
directly comparable GAAP measure in the tables below.
Disclosure Information
Fisker uses the investor relations section on its website as a
means of complying with its disclosure obligations under Regulation
FD. It also uses various social media channels as a means of
disclosing information about Fisker and its products to its
customers, investors and the public (e.g., @fiskerinc on Twitter,
Facebook, Instagram, YouTube, TikTok and LinkedIn). Accordingly,
investors should monitor Fisker’s investor relations website and
these social media channels in addition to following Fisker’s press
releases, SEC filings, and public conference calls and
webcasts.
About Fisker Inc.
California-based Fisker Inc. is revolutionizing the automotive
industry by developing the most emotionally desirable and
eco-friendly electric vehicles on Earth. Passionately driven by a
vision of a clean future for all, the company is on a mission to
become the No. 1 e-mobility service provider with the world’s most
sustainable vehicles. To learn more, visit www.FiskerInc.com – and
enjoy exclusive content across Fisker’s social media channels:
Facebook, Instagram, Twitter, YouTube,
and LinkedIn.
Download the revolutionary new Fisker mobile app from the App
Store or Google Play store.
Forward-Looking Statements
This press release includes forward-looking statements, which
are subject to the “safe harbor” provisions of the U.S. Private
Securities Litigation Reform Act of 1995. These statements may be
identified by words such as “feel,” “believes,” expects,”
“estimates,” “projects,” “intends,” “should,” “is to be,” or the
negative of such terms, or other comparable terminology and
include, among other things, the statements quoted by our Chief
Executive Officer, the timing of start of production and delivery
of the Fisker PEAR, the sufficiency of our cash to fund production
launch of the Fisker Ocean, and statements regarding Fisker’s
future performance under “2023 Business Outlook,” the reported
financial results for the third quarter of 2023, which are subject
to completion of Fisker’s internal review, and other future events
that involve risks and uncertainties. Such forward-looking
statements are not guarantees of future performance and are subject
to risks and uncertainties, which could cause actual results to
differ materially from the forward-looking statements contained
herein due to many factors, including, but not limited to: Fisker’s
limited operating history; Fisker’s ability to enter into
additional manufacturing and other contracts with Magna, or other
OEMs or tier-one suppliers in order to execute on its business
plan; the risk that OEM and supply partners do not meet agreed upon
timelines or experience capacity constraints; Fisker may experience
significant delays in the design, manufacture, regulatory approval,
launch and financing of its vehicles; Fisker’s ability to execute
its business model, including market acceptance of its planned
products and services; Fisker’s inability to retain key personnel
and to hire additional personnel; competition in the electric
vehicle market; Fisker’s inability to develop a sales distribution
network; and the ability to protect its intellectual property
rights; and those factors discussed in Fisker’s Annual Report on
Form 10-K, under the heading “Risk Factors,” filed with the
Securities and Exchange Commission (the “SEC”), as supplemented by
Quarterly Reports on Form 10-Q, and other reports and documents
Fisker files from time to time with the SEC. Any forward-looking
statements speak only as of the date on which they are made, and
Fisker undertakes no obligation to update any forward-looking
statement to reflect events or circumstances after the date of this
press release.
Third Quarter 2023 Financial
Results*
Fisker Inc. and Subsidiaries
Unaudited Condensed Consolidated
Statements of Operations
(amounts in thousands, except share and
per share data)
Three Months Ended September 30, 2023 June
30, 2023 September 30, 2022 Revenue
$
71,800
$
825
$
14
Costs of goods sold
83,920
760
6
Gross margin
(12,120
)
65
8
Operating costs and expenses: Selling, general and
administrative
78,022
42,267
22,102
Research and development
9,423
45,982
117,885
Total operating costs and expenses
87,445
88,249
139,987
Loss from operations
(99,565
)
(88,184
)
(139,979
)
Other income (expense): Other income (expense)
(2,288
)
(260
)
270
Interest income
6,395
6,581
3,075
Interest expense
(4,928
)
(4,605
)
(4,693
)
Foreign currency gain/(loss)
11,068
3,800
(7,285
)
Unrealized gain/(loss) recognized on equity securities
(530
)
340
(730
)
Fair value adjustment of 2025 notes and derivative liability
725
-
-
Total other income (expense)
10,442
5,856
(9,363
)
Net loss before income taxes
(89,123
)
(82,328
)
(149,342
)
Provision for income taxes
(1,835
)
(279
)
-
Net loss
$
(90,958
)
$
(82,607
)
$
(149,342
)
Basic and Diluted net loss per share
$
(0.27
)
$
(0.25
)
$
(0.49
)
Basic and Diluted weighted average common shares outstanding
343,101,845
335,888,051
303,224,595
Fisker Inc. and Subsidiaries
Unaudited Condensed Consolidated
Balance Sheets
(amounts in thousands, except share and
per share data)
As of: September 30, 2023 December 31,
2022 Current assets: Cash and cash equivalents
$
527,442
$
736,549
Restricted cash
97,954
-
Inventory
549,914
4,276
Prepaid expenses and other current assets
284,840
87,489
Equity investment
2,220
3,140
Total current assets
1,462,370
831,454
Non-current assets: Property and equipment, net
566,748
387,137
Intangible assets
228,819
246,922
Right of use asset, net
78,739
33,424
Other non-current assets
54,371
16,489
Total noncurrent assets
928,677
683,972
Total assets
$
2,391,047
$
1,515,426
Current liabilities: Accounts payable
$
455,183
$
58,871
Accrued expenses
398,959
264,925
Lease liabilities (short term)
17,825
7,085
Total current liabilities
871,967
330,881
Non-current liabilities: Customer deposits
16,359
15,334
Lease liabilities
51,723
27,884
2025 Convertible notes and derivative liability
446,275
660,822
2026 Convertible notes
662,118
-
Total non-current liabilities
1,176,475
704,040
Total liabilities
2,048,442
1,034,921
Stockholder's equity
342,605
480,505
Total liabilities and equity
$
2,391,047
$
1,515,426
Fisker Inc. and Subsidiaries
Unaudited Condensed Consolidated
Statements of Cash Flows
(amounts in thousands, except share and
per share data)
Three Months Ended September 30,
2023
2022
Cash flows from Operating Activities Net loss
$
(90,958
)
$
(149,342
)
Stock-based compensation
6,076
11,166
Depreciation and Amortization
10,167
628
Accretion of debt issuance costs
435
422
Unrealized (gain)/loss recognized on equity securities
530
730
Change in operating assets and liabilities
(226,267
)
40,200
Other operating activities
(8,151
)
10,234
Net cash used in operating activities
(308,168
)
(85,962
)
Cash flows from Investing Activities Funding of notes
receivable
(7,700
)
-
Purchase of property and equipment
(30,526
)
(57,345
)
Net cash used in investing activities
(38,226
)
(57,345
)
Cash flows from Financing Activities Proceeds from the
issuance of 2025 convertible notes
450,000
-
Proceeds from exercise of stock options
26
67
Proceeds from stock issuance under "At-the-market" offering
-
117,970
Payments for "At-the-market" issuance costs
(18
)
(1,952
)
Payments/proceeds with tax authorities for statutory tax
withholdings
-
(21
)
Net cash provided by financing activities
450,008
116,064
Net increase / (decrease) in cash and cash equivalents
103,614
(27,243
)
Cash and cash equivalents and restricted cash, beginning of period
521,782
851,939
Cash and cash equivalents and restricted cash, end of period
$
625,396
$
824,696
Fisker Inc. and Subsidiaries
Unaudited Reconciliation of GAAP to
Non-GAAP Financials Measures
(amounts in thousands, except share and
per share data)
Adjusted Gross Margin
Three Months Ended September 30, 2023 June 30,
2023 September 30, 2022 Revenue
$
71,800
$
825
$
14
Cost of goods sold (GAAP)
83,920
760
6
Inventory valuation adjustment
18,226
-
-
Cost of goods sold (non-GAAP)
65,694
-
-
Adjusted gross margin (non-GAAP)
$
6,106
$
-
$
-
Adjusted gross margin % (non-GAAP)
9
%
N/A
N/A
*The financial results discussed herein are presented on a
preliminary basis; final data will be included in Fisker’s
Quarterly Report on Form 10-Q for the period ended September 30,
2023
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231113826797/en/
Fisker Inc. Communications
Frank Boroch, VP, Investor Relations & Treasury
fboroch@fiskerinc.com
Matthew DeBord, Sr. Director, Communications Strategy &
Storytelling mdebord@fiskerinc.com
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