- \n
- \nFisker began inaugural deliveries of Fisker Ocean Ones in Austria, Denmark, Germany, and the US with deliveries starting in Norway and Sweden shortly.<\/p>\n<\/li>\n
- \nFisker Ocean One and Extreme achieved EPA range of 360 miles, which is the longest range of any new electric SUV in its class1<\/sup>.<\/p>\n<\/li>\n
- \nOpened new customer locations in London, Oslo, and Stockholm, with additional customer facilities opening in North America and Europe this year.<\/p>\n<\/li>\n
- \nQ2 2023 was Fisker\u2019s first quarter with automotive sales revenue. First vehicles delivered achieved a 7.5% gross margin; excluding early-stage investor vehicles, gross margin was 18.5%. EPS was ($0.25), compared to ($0.36) in the prior year.<\/p>\n<\/li>\n
- \nRaised $300 million in gross proceeds from convertible bond offering in July, with potential to double proceeds in 12-months, bolstering quarter-end cash, cash equiv., and restricted cash to $822 million on a proforma basis; this excludes $33 million in VAT receivables.<\/p>\n<\/li>\n
- \nFisker published its Life Cycle Assessment (LCA) report, highlighting that the Fisker Ocean had the lowest published carbon footprint of any electric SUV.<\/p>\n<\/li>\n
- \nFisker held its \u201cProduct Vision Day\u201d event on August 3, 2023, where it showcased its product lineup and how it plans to disrupt and innovate in every market segment it enters.<\/p>\n<\/li>\n
- \n1,022 vehicles produced in Q2 2023 and 1,009 produced in July, which had fewer working hours due to the planned Magna Steyr annual summer shutdown. Calendar 2023 production forecast updated to a range of 20,000-23,000 units due to a short-term capacity constraint at one supplier.<\/p>\n<\/li>\n<\/ul>\n
LOS ANGELES–(BUSINESS WIRE<\/a>)–
\nFisker Inc. (NYSE: FSR) (\u201cFisker\u201d), driven by a mission to create the world\u2019s most emotional and sustainable electric vehicles, today announced its financial results for the second quarter ended June 30, 2023.<\/p>\nThis press release features multimedia. View the full release here: https:\/\/www.businesswire.com\/news\/home\/20230804532764\/en\/<\/a><\/p>\n
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<\/p>\nFisker Inc. (NYSE: FSR) (\u201cFisker\u201d), driven by a mission to create the world\u2019s most emotional and sustainable electric vehicles, today announced its financial results for the second quarter ended June 30, 2023. Fisker began inaugural deliveries of Fisker Ocean Ones in Austria, Denmark, Germany, and the US with deliveries starting in Norway and Sweden shortly. (Photo: Business Wire)<\/p>\n<\/div>\n
\n\u201cOur second quarter marked an important milestone for Fisker as we started deliveries of our first Fisker Ocean vehicles to customers. We are currently in a quarter that truly marks the inflection for Fisker \u2013 our business model has now been proven, by the fact that we are already making a positive profit margin on the first vehicles we are selling,\u201d stated Henrik Fisker, Chairman and Chief Executive Officer of Fisker.<\/p>\n
\n\u201cFeedback from our first customers and the numerous members of the media who have now reviewed the Fisker Ocean has been quite positive, and we are not slowing down. We unveiled our future product vision to investors, the press, and our customers and are excited to enter a range of new vehicle segments, including pickup trucks. We look forward to getting more and more vehicles into the hands of our loyal customers so they can experience the unique and class-leading features of the Ocean,\u201d continued Fisker.<\/p>\n
Recent Updates:<\/b><\/p>\n
- \n
- \nFisker achieved an EPA estimated total range of 360 miles for the Fisker Ocean Extreme on 20-inch wheels, exceeding Fisker\u2019s previous estimates. The EPA values confirm the Fisker Ocean Extreme has the longest range of any new electric SUV under $200,000 sold in the US today.<\/p>\n<\/li>\n
- \nThe Fisker Ocean Extreme received EPA Certificate of Conformity and California Air Resources Board Executive Order, approving it for sale and delivery in the US at the end of May.<\/p>\n<\/li>\n
- \n1,022 Fisker Ocean vehicles were produced in Q2 2023. A couple of suppliers had challenges ramping to targeted Q2 levels, but the company is intently focused on working with all suppliers to swiftly ramp. In July, 1,009 Fisker Oceans were produced up from 741 units in June while the assembly rate per day reached 140 at the end of July, up from 80 per day at the end of June. July had reduced shifts and fewer working days due to the planned Magna Steyr annual summer shutdown.<\/p>\n<\/li>\n
- \nFisker updates 2023 production outlook to 20,000-23,000 units as a key supplier required additional time to ramp their capacity to meet our 2H 2023 timeline.<\/p>\n<\/li>\n
- \nThe Company began US and European deliveries of the Fisker Ocean One in California, Denmark and Germany with 11 customer deliveries completed in 2Q partly due to a later start in the quarter, logistics optimization, and extra time required to accumulate appropriate quantities for efficient transport.<\/p>\n<\/li>\n
- \nFisker recently opened customer facilities in London, Oslo and Stockholm. The Company plans to open additional locations in Los Angeles, Neuss\/Duesseldorf, Paris, Frankfurt, Arizona, Maryland, New York, and Tennessee, and is in negotiations on a few dozen other properties across North America and Europe. Vehicle test drive events began recently.<\/p>\n<\/li>\n
- \nBolstered the company\u2019s balance sheet with a successful offering of $340 million in aggregate principal of 0% senior unsecured convertible notes due 2025 to an institutional investor, with the potential to increase the aggregate principal amount of the notes to $680 million. The transaction resulted in gross proceeds of $300 million to Fisker.<\/p>\n<\/li>\n
- \nPublished Fisker Ocean LCA report which highlights unprecedented sustainability through 5 phases of the vehicle\u2019s life, from raw materials to vehicle \u201cend of use.\u201d With the lowest published carbon footprint of any electric SUV, the Fisker Ocean LCA is yet another testament to how sustainability has been built into the company from the beginning.<\/p>\n<\/li>\n
- \nCompleted first large-scale media event with production vehicles in Vienna, Austria where two dozen media correspondents put the Ocean vehicles through the paces.<\/p>\n<\/li>\n
- \nFisker held its inaugural \u201cProduct Vision Day\u201d event on August 3, 2023, where it showcased its future product lineup and its vision of a Clean Future for All. Fisker believes this exciting lineup of EVs, combined with its innovation, design, and company-wide commitment to environmental responsibility, will resonate with consumers globally. Fisker opened reservations for the Ronin and Alaska.<\/p>\n<\/li>\n
- \nAnnounced the company will produce 100 Fisker Ocean Extreme Vigyan Edition vehicles for the India market. Fisker expects to complete the homologation process for India by September and to commence deliveries in Q4 2023.<\/p>\n<\/li>\n
- \nThe company expects to open a delivery center in China in 2023 and expects to begin deliveries of the Fisker Ocean in China in 1H 2024.<\/p>\n<\/li>\n
- \nFisker continues to expand its internal technical capabilities and our global team now totals more than 1,000 as of August 3, 2023.<\/p>\n<\/li>\n<\/ul>\n
Second Quarter 2023 Financial Highlights:<\/b><\/p>\n
- \n
- \nRevenue totaled $825 thousand compared to revenue of $10 thousand in the second quarter of 2022.<\/p>\n<\/li>\n
- \nGross margin was 7.5% on a reported basis, and 18.5% excluding discounted early-stage investor deliveries.<\/p>\n<\/li>\n
- \nLoss from operations totaled $87.9 million, including $9.0 million of stock-based compensation expense.<\/p>\n<\/li>\n
- \nNet loss totaled $85.5 million and $0.25 loss per share. Weighted average shares outstanding totaled 335.9 million for the three months ended June 30, 2023.<\/p>\n<\/li>\n
- \nNet cash used in operating activities totaled $128.1 million and capital expenditures totaled 91.3 million.<\/p>\n<\/li>\n
- \nCash and cash equivalents and restricted cash was $521.8 million as of June 30, 2023; this excludes $300 million in gross proceeds from the July convertible note offering and $33.4 million in VAT receivables which we expect to receive as refunds or to monetize against vehicle sales taxes.<\/p>\n<\/li>\n<\/ul>\n
2023 Business Outlook<\/b><\/p>\n
\nFisker expects to produce 20,000-23,000 units in 2023, provided Fisker\u2019s suppliers and partners can support this volume and ramp. The following information reflects Fisker\u2019s 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 million. Fisker anticipates an 8-12% gross margin range for full year 2023, provided input costs do not change dramatically.<\/p>\n
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