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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Fisker Inc | NYSE:FSR | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.08965 | 0 | 01:00:00 |
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 first quarter ended March 31, 2023.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230509005561/en/
Company delivers first Fisker Ocean Ones in Copenhagen, Denmark and Munich, Germany, establishing delivery process to early customers. (Photo: Business Wire)
“It has been a fantastic weekend to have kicked off customer deliveries and opened our flagship Lounge in Munich yesterday. Now we are entering into a new era, becoming a revenue generating car company!” stated Henrik Fisker, Chairman and Chief Executive Officer of Fisker.
Recent Updates:
First Quarter 2023 Financial Highlights:
2023 Business Outlook
Four-stage supplier ramp up and vehicle assembly plan moves to right on updated homologation timing. Fisker expects to produce 1,400-1,700 vehicles in Q2, provided Fisker’s suppliers and partners can support this volume and ramp; Fisker also revises calendar 2023 production volume guidance to 32,000-36,000 vehicles. 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 $535 million to $610 million, consistent with its prior expectations last provided in the Q4 and Full Year 2022 Earnings Release. Fisker anticipates an 8-12% gross margin range for full year 2023 and potentially positive adjusted EBITDA1, provided input costs do not change dramatically.
Key Expense ItemUSD, millions
Research & Development (Non-GAAP)1$
160 - 190
Selling, General, and Administrative (Non-GAAP)1$
130 - 160
Capital Expenditures$
245 - 260
Total$
535 - 610
1Excludes 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 5:00 a.m. Pacific Time (8:00 a.m. Eastern Time) today, May 9, 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 non-GAAP adjusted loss from operations, 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 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 Ocean or 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 first 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.
First 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 March 31, 2023 December 31, 2022 March 31, 2022 Revenue$
198
$
306
$
12
Costs of goods sold
164
238
11
Gross margin
34
68
1
Operating costs and expenses: Selling, general and administrative (1)
44,648
44,802
21,992
Research and development (2)
76,999
133,400
101,460
Total operating costs and expenses
121,647
178,202
123,452
Loss from operations
(121,613
)
(178,134
)
(123,451
)
Other income (expense): Other income (expense)
(45
)
433
(371
)
Interest income
6,894
5,685
265
Interest expense
(4,601
)
(4,599
)
(4,383
)
Unrealized gain/(loss) recognized on equity securities
(730
)
(1,220
)
5,120
Foreign currency gain/(loss)
(401
)
7,916
746
Total other income (expense)
1,117
8,215
1,377
Net loss before income taxes
(120,496
)
(169,919
)
(122,074
)
Provision for income taxes
(59
)
(185
)
-
Net loss
$
(120,555
)
$
(170,104
)
$
(122,074
)
Basic and Diluted net loss per share$
(0.38
)
$
(0.54
)
$
(0.41
)
Basic and Diluted weighted average common shares outstanding
320,983,589
314,891,794
296,508,619
(1) Selling, general and administrative reconciliation GAAP selling, general and administrative
$
44,648
$
44,802
$
21,992
Stock-based compensation benefit/(expense)
657
(762
)
(1,773
)
Non-GAAP selling, general and administrative$
45,305
$
44,040
$
20,219
(2) Research and development reconciliation GAAP research and development
$
76,999
$
133,400
$
101,460
Stock-based compensation benefit/(expense)
985
(1,414
)
(3,292
)
Non-GAAP research and development$
77,984
$
131,986
$
98,168
Fisker Inc. and Subsidiaries
Unaudited Condensed Consolidated Balance Sheets
(amounts in thousands, except share and per share data)
As of: March 31, 2023 December 31, 2022 Current assets: Cash and cash equivalents$
652,534
$
736,549
Restricted cash
4,624
-
Prepaid expenses and other current assets
126,305
91,765
Equity investment
2,410
3,140
Total current assets
785,873
831,454
Non-current assets: Property and equipment, net
420,607
387,137
Intangible assets
241,322
246,922
Right of use asset, net
38,680
33,424
Other non-current assets
18,064
16,489
Total noncurrent assets
718,673
683,972
Total assets$
1,504,546
$
1,515,426
Current liabilities: Accounts payable$
68,317
$
58,871
Accrued expenses
310,710
264,925
Lease liabilities (short term)
7,323
7,085
Total current liabilities
386,350
330,881
Non-current liabilities: Customer deposits
15,669
15,334
Lease liabilities
33,587
27,884
Convertible notes
661,250
660,822
Total non-current liabilities
710,506
704,040
Total liabilities
1,096,856
1,034,921
Stockholder's equity
407,690
480,505
Total liabilities and equity$
1,504,546
$
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 March 31,2023
2022
Cash flows from Operating Activities Net loss$
(120,555
)
$
(122,074
)
Stock-based compensation
(1,642
)
5,065
Depreciation and Amortization
9,150
379
Accretion of debt issuance costs
428
204
Unrealized (gain)/loss recognized on equity securities
730
(5,120
)
Change in operating assets and liabilities
25,208
15,402
Other operating activities
2,939
156
Net cash used in operating activities
(83,742
)
(105,988
)
Cash flows from Investing Activities Purchase of equity securities
-
(10,000
)
Purchase of property and equipment
(45,748
)
(45,750
)
Net cash used in investing activities
(45,748
)
(55,750
)
Cash flows from Financing Activities Proceeds from exercise of stock options
2,788
1,861
Proceeds from stock issuance under "At-the-market" offering
47,986
-
Payments for "At-the-market" issuance costs
(675
)
-
Net cash provided by financing activities
50,099
1,861
Net increase / (decrease) in cash and cash equivalents
(79,391
)
(159,877
)
Cash and cash equivalents, beginning of period
736,549
1,202,439
Cash, cash equivalents and restricted cash, end of period
$
657,158
$
1,042,562
Source: Fisker Inc.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230509005561/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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