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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”) -- designer and manufacturer of the world’s most emotion-stirring, eco-friendly electric vehicles and advanced mobility solutions -- today announced its financial results for the fourth quarter and fiscal year ended December 31, 2020.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210225006211/en/
Fisker Inc. (NYSE: FSR) (“Fisker”) -- designer and manufacturer of the world’s most emotion-stirring, eco-friendly electric vehicles and advanced mobility solutions -- today announced its financial results for the fourth quarter and fiscal year ended December 31, 2020. The Fisker Ocean remains on track for Q4 2022 start of production. Technology decisions enable greater range, acceleration, advanced driving assistance, and overall more content than initially planned. (Photo: Business Wire)
“Fisker’s vision to reimagine the automotive company came to life in Q4, including securing funding to fully support the Fisker Ocean program development, hiring key talent, and progressing on key program milestones,” stated Henrik Fisker, Chairman and Chief Executive Officer. “We are now in full execution mode on the FM29 platform and Ocean program, and our partnership with Magna International Inc. (Magna) is strong. We are confident of an on-time start of production next year (Q4 2022) at Magna Steyr’s facilities in Europe and a systematic ramp up to full production in 2023. I believe that the Ocean and future Fisker vehicles will be differentiated and stand out to our customers through design, unique features, and optimized sustainability. Key to our strategy is our asset-light development process, rapid decision-making and flat organization structure, enabling identification and implementation of advanced technologies as late as 18 months before production launch. In an industry where technology is changing so rapidly, we believe this is a significant advantage over the traditional product development process where most manufacturers typically freeze design, technology, and attributes 2.5 – 3 years before launch.”
Fourth Quarter 2020 Business Highlights:
Recent Updates:
Fourth Quarter 2020 Financial Highlights:
2021 Business Outlook
The following information reflects Fisker’s expectations for key non-GAAP operating expenses and capital expenditures in full-year 2021. Spending is expected to be roughly equivalent by quarter. The ramp-up in spending in Q1 2021 versus prior periods is a reflection that the concept and sourcing work in the second half of 2020 was successful and the Ocean program development is now in high gear.
Expense itemUSD, millions
Research & Development (Non-GAAP)1185-205
Selling, General & Administrative (Non-GAAP)125-35
Total Operating Expenses (Non-GAAP)1210-240
Capital Expenditures
210-240
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 at this time without unreasonable efforts. The Non-GAAP adjustment for stock-based compensation expense requires additional inputs such as number of shares granted and market price that are not currently ascertainable.
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. The live audio webcast along with supplemental information will be accessible on the Company’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-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 generally accepted accounting principles in the United States (GAAP) and should not be considered as an alternative to any other performance measures derived in accordance with GAAP.
The Company believes that presenting these non-GAAP financial measures provides useful supplemental information to investors about the Company 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 the Company 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 the company and its products to its customers, investors and the public (e.g., @fiskerinc, @fiskerofficial, #fiskerinc, #henrikfisker and #fisker on Twitter, Facebook, Instagram, YouTube, TikTok and LinkedIn). Accordingly, investors should monitor Fisker's investor relations website and 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 quotations of our Chief Executive Officer and statements regarding the Company's future performance under " 2021 Business Outlook," the reported financial results for the fourth quarter and fiscal year, which are subject to completion of the Company’s audit, 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: the completion of procedures and controls associated with Fisker’s year-end financial reporting, including all the customary reviews, audit and approvals; 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 Registration Statement on Form S-1 (No. 333-249981) under the heading “Risk Factors,” filed with the Securities and Exchange Commission (the “SEC”) 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.
Unaudited Condensed Consolidated Statements of OperationsThree Months Ended Dec. 31,
Years Ended December 31,
2020
2019
2020
2019
Operating costs and expenses: General and administrative
$
14,216
$
743
$
22,272
$
3,626
Research and development
17,090
2,019
21,052
6,962
Total operating costs and expenses
31,306
2,763
43,324
10,588
Loss from operations
(31,306
)
(2,763
)
(43,324
)
(10,588
)
Other income (expense): Other income (expense)
196
(25
)
346
(33
)
Interest expense
(284
)
(158
)
(1,610
)
(178
)
Changes in fair value - convertible equity security & embedded derivative
19,356
(71
)
(10,053
)
(80
)
Total other income (expense)
19,269
(254
)
(11,317
)
(291
)
Net loss$
(12,037
)
$
(3,017
)
$
(54,641
)
$
(10,879
)
Basic and Diluted net loss per share$
(0.05
)
$
(0.03
)
$
(0.40
)
$
(0.10
)
Basic and Diluted weighted average common shares outstanding
223,116,142
105,388,078
135,034,921
105,343,914
Unaudited Condensed Consolidated Balance Sheets
As of December 31,
2020
2019
Current assets: Cash and cash equivalents
$
991,158
$
1,858
Prepaid expenses and other current assets
9,872
18
Total current assets
1,001,029
1,876
Non-current assets: Property and equipment, net
945
65
Right of use asset, net
2,548
135
Other non-current assets
1,329
-
Intangible asset
58,041
-
Total noncurrent assets
62,862
200
Total assets
$
1,063,892
$
2,076
Current liabilities: Accounts payable
$
5,158
$
2,135
Accrued expenses
7,408
928
Lease liabilities (short term)
655
144
Founders demand note payable
-
250
Total current liabilities
13,220
3,456
Non-current liabilities: Customer deposits
3,527
946
Bridge notes payable
-
3,797
Lease liabilities
1,912
-
Total non-current liabilities
5,439
4,743
Total liabilities
18,659
8,199
Temporary equity
-
11,021
Stockholder's equity (deficit)
1,045,232
(17,143
)
Total liabilities and equity$
1,063,892
$
2,076
Unaudited Condensed Consolidated Statements of Cash Flows
Three Months Ended Dec. 31,
Years Ended December 31,
2020
2019
2020
2019
Cash flows from Operating Activities Net loss
$
(12,037
)
$
(3,017
)
$
(54,641
)
$
(10,879
)
Stock-based comp
377
42
711
85
Depreciation and Amortization
51
6
77
25
Change in operating assets and liabilities
206
383
395
3,151
Other operating activities
(18,660
)
237
15,452
358
Net cash used in operating activities
(30,064
)
(2,349
)
(38,006
)
(7,260
)
Cash flows from Investing Activities Purchase of property and equipment
(453
)
-
(677
)
(14
)
Net cash used in investing activities
(453
)
-
(677
)
(14
)
Cash flows from Financing Activities Proceeds from issuance of bridge notes
-
2,496
5,372
3,579
Proceeds from issuance of convertible security
-
-
46,500
-
Proceeds from exercise of warrants / stock options
4
2
87
8
Proceeds from share issuance, net
976,694
-
976,023
-
Net cash provided by financing activities
976,699
2,498
1,027,982
3,586
Net increase / (decrease) in cash and cash equivalents
946,181
149
989,300
(3,688
)
Cash and cash equivalents, beginning of period
44,976
1,710
1,858
5,546
Cash and cash equivalents, end of period
$
991,158
$
1,858
$
991,158
$
1,858
GAAP Loss from Operations to Non-GAAP Adjusted Loss from Operations
Three Months Ended Dec. 31,
Years Ended December 31,
2020
2019
2020
2019
GAAP Loss from operations
$
(31,306
)
(2,763
)
(43,324
)
(10,588
)
Add: stock-based compensation
377
42
711
85
Non-GAAP Adjusted loss from operations
$
(30,929
)
$
(2,721
)
$
(42,613
)
$
(10,503
)
View source version on businesswire.com: https://www.businesswire.com/news/home/20210225006211/en/
Fisker Inc. Dan Galves, VP, Investor Relations dgalves@fiskerinc.com FiskerIR@icrinc.com
Simon Sproule, SVP, Communications 310.374.6177 Fisker@GoDRIVEN360.com
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