Saturday, July 20, 2024

Fisker’s Q3 2023 Business Update Reveals Strong Demand and Global Milestone of Over 3,000 Fisker Oceans

Fisker just dropped its quarterly results for Q3 2023 providing a business update and we have all the latest details for you.

Today, Fisker released its Q3 2023 quarterly results, updating shareholders. Fisker now delivers in ten countries and is expected to add two more markets later this month, with the pace of operations expected to accelerate in Q4 2023. The company opened its flagship US lounge at The Grove in Los Angeles and its first East Coast lounge in New York City. . Fisker has customer locations open in ten countries, with additional customer facilities opening soon, including a Fisker Lounge in Shanghai, China in January 2024.

Q3 2023 marked Fisker’s first quarter of meaningful auto sales revenue. Total revenue for the quarter was $71.8 million, -17% on a GAAP basis (adjusted gross margin was 9%), and EPS was ($0.27), versus ($0.49) in the prior year. Fisker posted $450 million in total revenue in the third quarter, with quarter-end cash, cash equivalents and controls totaling $625 million, excluding $50 million in VAT credits that Fisker is still waiting to receive. An additional $550 million in gross proceeds is available as part of the recent convertible notes transaction.

In Q3 2023, Fisker produced 4,725 vehicles and delivered 1,097 vehicles. Deliveries have accelerated as Fisker begins optimizing last-mile logistics and expands its delivery infrastructure to achieve more scale results in Q4 and beyond. The company delivered 1,200 vehicles in October, surpassing the entire Q3 delivery volume. To date, over 3,000 vehicles have been delivered globally, and hundreds more have been shipped to overseas customers. Fisker stock rose $0.27 (+7.03%) to end the day at $4.11 per share.

“The third quarter was a significant one for Fisker as we delivered 1,097 Fisker Ocean vehicles to customers on two continents, marking the largest delivery volume of any US-based EV OEM in their first full quarter of deliveries. To support the high volume of deliveries of our class-leading product to our loyal customers, We are rapidly scaling our delivery infrastructure. We delivered more units in October than we did in the third quarter. We are happy to hear the enthusiasm and positive reviews from our early customers, while also incorporating feedback for improvement. As a software-driven product, we continue to drive the vehicle through the air to provide a better experience for our customers. We are improving.

Henrik Fisker, President and CEO, Fisker Inc.

Business Highlights

Fisker provided the following business highlights during its quarterly earnings release for Q3 2023.

  • The company completed 1,097 Fisker Ocean One US and European deliveries in Q3, up from 11 in Q2. Deliveries are accelerated as Fisker begins to improve last mile logistics and expand its delivery infrastructure. The company delivered 1,200 vehicles in October.
  • Fisker has adjusted pricing across all trim levels and opened orders for calendar year 2024. Current US pricing is set at $61,499 for the Ocean Extreme, $52,999 for the Ultra and $38,999 for the Sport trim, as Fisker makes its first change since the initial trim prices were introduced in 2020 and 2021. Between Ultra and Extreme.
  • 4,725 Fisker Ocean vehicles were produced in Q3 2023, compared to 1,022 in Q2 2023, including the impact of the summer holiday production shutdown.
  • Beginning in Q2, Fisker began deliveries in seven additional European countries, including the right-hand drive United Kingdom, and expanded US deliveries to more than 30 new states. Deliveries are expected to begin later this quarter in Canada and the Netherlands, followed by Spain, Portugal and Italy in the first quarter of 2024.
  • Fisker opened its flagship lounge in Los Angeles and its New York City lounge, complementing its customer facilities in Austria, Denmark, France, Germany, Norway, Sweden and the United Kingdom. The company plans to open additional locations in several states and expects to open a dozen facilities in North America by the end of 2023, and a similar number in Europe. Fisker also announced the opening of a lounge in Shanghai, China in January 2024.
  • Vehicle test drive events have expanded globally, from Fisker Lounges and Centers+ to pop-up test drive events in over a dozen cities in Europe and North America.
  • In September, Fisker strengthened its balance sheet by executing $170 million in aggregate principal ($150 million in gross proceeds) of 0% senior unsecured convertible notes due 2025. The investment was in July convertible notes of $340 million in aggregate principal ($300 million in aggregate proceeds). As part of the transaction, Fisker may now issue up to an additional $623.3 million in aggregate principal ($550 million in gross proceeds) of 0% senior unsecured convertible notes.
  • Fisker has launched Airborne software updates that bring product improvements and new features to owners based on customer feedback and Fisker’s product release strategy. The OTA update 1.10 was completed recently, which includes an update to the ESP system, improved traction control on changing surface roads, refinements to regen braking, improved power management and connectivity for remote functions and some other changes.
  • The second annual ESG report was published demonstrating how environmental and social initiatives are truly rooted in its culture to create the world’s most sensitive and sustainable vehicles. Additionally, Fisker is hosting a sustainability roundtable on November 18Th to describe its ESG initiatives.
  • In conjunction with IAA Mobility 2023, Fisker hosted the European premiere of future products including the Ronin and Bear in Munich, Germany, following the US unveiling of the same models at Fisker’s inaugural “Product View Day” event in California.
  • Fisker will hold a press event this week during the Los Angeles Auto Show, where it will showcase the PEAR vehicle and its Alaska EV pickup.
  • Fisker announced expanded charging options for North American consumers as its first vehicles adopt the North American Charging Standard (NACS) in 2025 and signed an agreement with Tesla. States and Canada.
  • Fisker expanded its global team to more than 1,300 on November 13, 2023, with recent growth focused on sales and service areas to support the delivery and ownership experience.
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Financial highlights

  • Total revenue was $71.8 million, compared to revenue of $825,000 in the prior quarter.
  • Gross margin on a GAAP basis was -17%; Adjusted gross margin was 9%, excluding inventory valuation adjustments associated with lower levels of production during the ramp-up phase, which we expect to continue until we reach full production.
  • Loss from operations was $99.6 million, including $6.1 million of stock-based compensation expense.
  • Net loss was $91.0 million and a loss per share of $0.27. The average number of shares outstanding for the three months ended September 30, 2023 was 343.1 million.
  • Net cash used in operating activities totaled $308.2 million and capital expenditures totaled $30.5 million.
  • Cash and cash equivalents and restricted cash as of September 30, 2023 of $625.4 million; That excludes $50.5 million in VAT receivables, which Fisker expects to refund or offset against vehicle sales taxes.

Fisker’s Q2 2023 Earnings Call

Later today, before the market opens, Fisker will hold its quarterly conference call at 6:00 a.m. Pacific Time. Join us as we listen Fisker’s Q3 2023 Conference Call. We will be streaming the event live on our YouTube channel. Then, after the conference call, we’ll discuss our key points. Here it is Latest list of questions Submitted to Fisker management by shareholders. We look forward to you joining us!

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