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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”) -- passionate creator of the world’s most sustainable electric vehicles and advanced mobility solutions -- today announced its financial results for the third quarter ended September 30, 2022.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20221102005662/en/
Prototype Fisker Ocean on the production line at Magna Steyr's carbon-neutral factory in Graz, Austria. Fisker is on target for a start of global production on November 17, 2022. (Photo: Business Wire)
“Fisker is delivering on our SOP commitment despite a challenging environment due to our focused collaboration with all of our partners and suppliers. We are making deliberate choices on how to best deploy capital and structure our assembly volumes for a successful ramp,” stated Henrik Fisker, Chairman and Chief Executive Officer of Fisker.
“Last month at the Paris Auto Show, we unveiled several innovative and industry-first features in the Fisker Ocean including our unique interface. This is a very exciting time for Fisker, with the start of production for the Ocean just two weeks away. Thank you for your continued confidence in our team,” Fisker added.
Third Quarter 2022 Business Highlights:
Recent Updates:
Third Quarter 2022 Financial Highlights:
2022 Business Outlook
The following information reflects Fisker’s expectations for key non-GAAP operating expenses and capital expenditures for the full-year ending December 31, 2022. Fisker is projecting the total of these items to be at the lower end of the $715 million to $790 million range, driven by disciplined cost management, favorable FX and leveraging existing technical talent for more in-house PEAR development work.
Expense itemUSD, millions
Research & Development (Non-GAAP)1$ 330 - 380
Selling, General, and Administrative (Non-GAAP)1$ 105 - 120
Total Operating Expenses (Non-GAAP)1$ 435 - 500
Capital Expenditures$ 280 - 290
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 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) today, November 2, 2022. The live audio webcast, along with supplemental information, 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, @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 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 “2022 Business Outlook,” the reported financial results for the third quarter of 2022, 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 2022 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, 2022 June 30, 2022 September 30, 2021 Revenue$
14
$
10
$
15
Costs of goods sold
6
8
16
Gross margin
8
2
(1
)
Operating costs and expenses: General and administrative
22,102
17,521
10,273
Research and development
117,885
71,160
99,291
Total operating costs and expenses
139,987
88,681
109,564
Loss from operations
(139,979
)
(88,679
)
(109,565
)
Other income (expense): Other income (expense)
270
(452
)
(84
)
Interest income
3,075
1,353
155
Interest expense
(4,693
)
(4,751
)
(2,147
)
Foreign currency gain (loss)
(7,285
)
(3,417
)
1,797
Unrealized loss on equity investment
(730
)
(10,030
)
-
Total other income (expense)
(9,363
)
(17,297
)
(279
)
Net loss$
(149,342
)
$
(105,976
)
$
(109,844
)
Basic and Diluted net loss per share$
(0.49
)
$
(0.36
)
$
(0.37
)
Basic and Diluted weighted average common shares outstanding
303,224,595
298,269,801
296,133,530
Fisker Inc. and Subsidiaries
Unaudited Condensed Consolidated Balance Sheets (amounts in thousands, except share and per share data) As of: September 30,2022 December 31, 2021 Current assets: Cash and cash equivalents$
824,696
$
1,202,439
Prepaid expenses and other current assets
35,039
30,423
Equity investment
4,360
-
Total current assets
864,095
1,232,862
Non-current assets: Property and equipment, net
235,585
85,643
Intangible assets
251,609
231,525
Right of use asset, net
27,804
18,285
Other non-current assets
32,963
24,637
Total noncurrent assets
547,961
360,090
Total assets
$
1,412,056
$
1,592,952
Current liabilities: Accounts payable
$
18,277
$
28,143
Accrued expenses
99,433
79,634
Lease liabilities (short term)
5,876
4,552
Total current liabilities
123,586
112,329
Non-current liabilities: Customer deposits
14,153
6,300
Lease liabilities
23,234
14,933
Convertible notes
660,395
659,348
Total non-current liabilities
697,782
680,581
Total liabilities
821,368
792,910
Stockholder's equity (deficit)
590,688
800,042
Total liabilities and equity
$
1,412,056
$
1,592,952
Fisker Inc. and Subsidiaries
Unaudited Condensed Consolidated Statements of Cash Flows(amounts in thousands, except share and per share data)
Three Months Ended September 30,2022
2021
Cash flows from Operating Activities Net loss$
(149,342
)
$
(109,844
)
Stock-based compensation
11,166
1,043
Depreciation and Amortization
628
164
Accretion of debt issuance costs
422
153
Unrealized loss on equity investment
730
-
Change in operating assets and liabilities
40,200
5,838
Other operating activities
10,234
(804
)
Net cash used in operating activities
(85,962
)
(103,450
)
Cash flows from Investing Activities Purchase of property and equipment
(57,345
)
(15,838
)
Net cash used in investing activities
(57,345
)
(15,838
)
Cash flows from Financing Activities Proceeds from convertible notes
-
667,500
Payments for debt issuance costs
-
(8,523
)
Payments for capped call option
-
(96,788
)
Proceeds from exercise of stock options
67
35
Proceeds from the issuance of ATM equity
117,970
-
Payments for ATM issuance costs
(1,952
)
-
Payments to tax authorities for statutory holdings
(21
)
(4,891
)
Net cash provided by financing activities
116,064
557,333
Net decrease in cash and cash equivalents
(27,243
)
438,045
Cash and cash equivalents, beginning of period
851,939
962,366
Cash and cash equivalents, end of period
$
824,696
$
1,400,411
GAAP Loss from Operations to Non-GAAP Adjusted Loss from Operations (Unaudited, amounts in thousands, except share and per share data) Three Months Ended September 30, 2022 June 30, 2022 September 30, 2021 GAAP Loss from operations
$
(139,979
)
$
(88,679
)
$
(109,565
)
Add: stock-based compensation
11,166
1,195
1,043
Non-GAAP Adjusted loss from operations
$
(128,813
)
$
(87,484
)
$
(108,522
)
View source version on businesswire.com: https://www.businesswire.com/news/home/20221102005662/en/
Fisker Inc. Communications Frank Boroch, VP, Investor Relations & Treasury fboroch@fiskerinc.com
Matthew DeBord, Sr. Director, Communications Strategy & Storytelling mdebord@fiskerinc.com
Rebecca Lindland, Director, Communications rlindland@fiskerinc.com
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