Fisker Inc. Announces Preliminary Q4 and Full Year 2023 Results*
-
Fisker is in negotiations with a large automaker for a potential transaction which could include an investment in Fisker, joint development of one or more electric vehicle platforms, and
North America manufacturing. The closing of any transaction would be subject to satisfaction of important conditions, including completion of due diligence and negotiation and execution of appropriate definitive agreements. -
Fisker reports preliminary Q4 2023 total revenue of
$200.1 million , an increase of$128.3 million from Q3 2023. Both full year 2023 total revenue, which was$272.9 million , and the fourth quarter total revenue exclude$44.6 million of deferred revenue that will be recognized in future periods. -
Fisker’s Q4 2023 gross margin was -35%.Fisker’s Q4 2023 earnings per share was a loss of
$1.23 , reflecting a combination of operating losses and anon-cash fair value adjustment related to its 2025 notes. For the full year 2023, Fisker’s earnings per share was a loss of$2.22 . -
Fisker Ocean production was 4,789 units in Q4 2023, and vehicles delivered to customers totaled 3,818. For full year 2023, 10,193 Fisker Oceans were produced, and 4,929 vehicles were delivered. -
Fisker’s Dealer Partner model, announced in
January 2024 , has received over 250 expressions of interest from dealers inNorth America andEurope . 13 dealers have signed dealer agreements. -
Cash, cash equivalents, and restricted cash totaled
$395.9 million as ofDecember 31, 2023 . The carrying value of completed vehicles in Fisker’s inventory and raw materials was approximately$530 million as ofDecember 31, 2023 .
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240229468923/en/
“2023 was a challenging year for Fisker, including delays with suppliers and other issues that prevented us from delivering the Ocean SUV as quickly as we had expected,” Chairman and CEO
“Since announcing the Dealer Partner model, we have received more than 250 indications of interest from dealers worldwide. I believe this approach is a win for everyone: the customer is expected to benefit from superior service; dealers gain access to an American EV-only brand with a
“On the strategic front, Fisker is in negotiations with a large automaker for a potential transaction which could include an investment in Fisker, joint development of one or more electric vehicle platforms, and
Substantial Doubt About Fisker’s Ability to Continue as a Going Concern
Fisker expects its capital expenditures and working capital requirements to decrease during 2024 and beyond as it enters the second year of Ocean production. The company’s business plan is highly dependent on the successful transition to its new Dealer Partner model in 2024. Furthermore, to the extent Fisker’s current resources are insufficient to satisfy its requirements over the next 12 months, the company will need to seek additional equity or debt financing, and there can be no assurance that Fisker will be successful in these efforts. If the financing is not available, or if the terms of financing are less desirable than Fisker expects, the company may be forced to decrease its planned level of investment in product development, scale back its operations including further headcount reductions, and reduce production of the
To address potential liquidity issues, Fisker is already taking action. The company is currently in discussions with an existing noteholder about potentially making an additional investment in the company. The use of proceeds, if a transaction is consummated, is expected to be for general corporate purposes, vehicle production and the ongoing transition to a dealer-focused sales model. In addition, Fisker intends to reduce its workforce by approximately 15%. Headcount reductions are predominantly related to the change in sales strategy from direct-to-consumer to a Dealer Partner model. In addition, the company is streamlining operations, including reducing its physical footprint and overall expenses.
Form 10-K Status
Fisker is unable to file its Annual Report on Form 10-K for the year ended
Preliminary Fourth Quarter 2023 Financial Highlights
Fisker’s total revenue was
Fisker’s net loss for the quarter was
2024 Business Outlook
Fisker is targeting combined sales directly to consumers and dealers of approximately 20,000 – 22,000 vehicles in 2024. Average selling prices (ASPs) for 2024 are expected to be in the range of
The following information reflects Fisker’s expectations for key non-GAAP operating expenses and capital expenditures for full-year 2024. Fisker is projecting the total of these items to be within a range of
Key Expense Item |
USD, millions |
|||||
Research & Development (Non-GAAP)1 |
|
|||||
Selling, General, and Administrative (Non-GAAP)1 |
|
|||||
Capital Expenditures |
|
|||||
Total |
|
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.
Reflecting the recent conversions of a portion of 2025 senior convertible notes to equity and stock-based compensation, 456,780,116 shares of the company’s Class A common stock are outstanding as of
Conference Call Information
Use of Non-GAAP Financial Measures (Unaudited)
This press release and the accompanying tables references certain non-generally accepted accounting principles in
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,
About
Download the revolutionary new Fisker mobile app from the
Forward-Looking Statements
This press release includes forward-looking statements, which are subject to the "safe harbor" provisions of the US 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 quote from our chief executive officer, statements regarding any potential future automotive original equipment manufacturer (or equipment or part manufacturer) transactions and other future events that involve risks and uncertainties. Such forward-looking statements are not guarantees of future performance or future events 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 continue as a going concern; Fisker's ability to enter into additional manufacturing and other contracts with Magna, OEMs, or tier-one suppliers in order to execute on its business plan; Fisker’s ability to satisfy conditions to completion of the potential transaction with a large automaker that it is currently negotiating; 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 or dealership 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
Unaudited Condensed Consolidated Statements of Operations (amounts in thousands, except share and per share data) |
|||||||||
Twelve Months Ended |
|||||||||
|
2023 |
|
|
2022 |
|
||||
Revenue |
$ |
272,893 |
|
$ |
342 |
|
|||
Costs of goods sold |
|
375,836 |
|
|
263 |
|
|||
Gross margin |
|
(102,943 |
) |
|
79 |
|
|||
Operating costs and expenses: | |||||||||
Selling, general and administrative |
|
216,972 |
|
|
106,416 |
|
|||
Research and development |
|
97,176 |
|
|
423,907 |
|
|||
Total operating costs and expenses |
|
314,148 |
|
|
530,323 |
|
|||
Loss from operations |
|
(417,091 |
) |
|
(530,244 |
) |
|||
Other income (expense): | |||||||||
Other expense, net |
|
(13,095 |
) |
|
(119 |
) |
|||
Interest income |
|
24,190 |
|
|
10,378 |
|
|||
Interest expense |
|
(18,745 |
) |
|
(18,426 |
) |
|||
Unrealized (loss) gain recognized on equity securities |
|
(1,791 |
) |
|
(6,860 |
) |
|||
Change in fair value measurements |
|
(327,822 |
) |
|
- |
|
|||
Foreign currency (loss) gain |
|
(5,389 |
) |
|
(2,039 |
) |
|||
Total other expense |
|
(342,652 |
) |
|
(17,067 |
) |
|||
Net loss before income taxes |
|
(759,744 |
) |
|
(547,311 |
) |
|||
Provision for income taxes |
|
(2,243 |
) |
|
(185 |
) |
|||
Net loss |
$ |
(761,987 |
) |
$ |
(547,496 |
) |
|||
Basic and Diluted net loss per share |
$ |
(2.22 |
) |
$ |
(1.80 |
) |
|||
Basic and Diluted weighted average common shares outstanding |
|
343,978,989 |
|
|
303,366,068 |
|
Unaudited Condensed Consolidated Balance Sheets (amounts in thousands, except share and per share data) |
|||||||
As of: | |||||||
|
|
||||||
Current assets: | |||||||
Cash and cash equivalents |
$ |
325,452 |
$ |
736,549 |
|||
Restricted cash |
70,447 |
- |
|||||
Inventory |
|
538,889 |
|
4,276 |
|||
Accounts receivable |
|
19,592 |
|
- |
|||
Prepaid expenses and other current assets |
|
135,575 |
|
87,488 |
|||
Equity investment |
|
1,350 |
|
3,140 |
|||
Total current assets |
|
1,091,304 |
|
831,453 |
|||
Non-current assets: | |||||||
Property and equipment, net |
|
575,407 |
|
387,137 |
|||
Intangible assets |
|
220,743 |
|
246,922 |
|||
Right of use asset, net |
|
90,686 |
|
33,424 |
|||
Other non-current assets |
|
27,224 |
|
16,489 |
|||
Total non-current assets |
|
914,060 |
|
683,973 |
|||
Total assets |
$ |
2,005,364 |
$ |
1,515,426 |
|||
Current liabilities: | |||||||
Accounts payable |
$ |
165,345 |
$ |
58,872 |
|||
Accrued expenses |
|
375,684 |
|
260,063 |
|||
Customer deposits |
|
25,184 |
|
4,860 |
|||
Deferred revenue |
|
17,724 |
|
- |
|||
Lease liabilities |
|
15,049 |
|
7,085 |
|||
Total current liabilities |
|
598,985 |
|
330,879 |
|||
Non-current liabilities: | |||||||
Non-current lease liabilities |
|
65,723 |
|
27,884 |
|||
Other non-current liabilities |
|
6,935 |
|
15,334 |
|||
Convertible senior notes |
|
1,226,943 |
|
- |
|||
Deferred revenue, non-current |
|
26,897 |
|
- |
|||
Total non-current liabilities |
|
1,326,499 |
|
704,041 |
|||
Total liabilities |
|
1,925,484 |
|
1,034,920 |
|||
Stockholder's equity |
|
79,880 |
|
480,506 |
|||
Total liabilities and equity |
$ |
2,005,364 |
$ |
1,515,426 |
*The financial results discussed herein are presented on a preliminary basis; final data will be included in Fisker’s Annual Report on Form 10-K for the period ended
View source version on businesswire.com: https://www.businesswire.com/news/home/20240229468923/en/
egoldstein@fiskerinc.com
mdebord@fiskerinc.com
Source: