LOS ANGELES–(BUSINESS WIRE)–#EVs–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 fourth quarter and fiscal year ended December 31, 2022.
“Thank you to all our stakeholders, teams, and partners for the amazing progress we made in 2022. This year we have continued to refine our vehicles, with a particular focus on software, as we prepare for deliveries,” stated Henrik Fisker, Chairman and Chief Executive Officer of Fisker.
“We are the first startup to homologate two continents simultaneously. We have completed over 250 various tests and the teams are submitting these results continuously to regulatory authorities. The ability to initially sell the Ocean in the US and seven European launch markets is unprecedented and a major de-risking strategy that we implemented from the outset. This approach offers the opportunity to increase sales and shift vehicles to whichever market has the strongest growth,” continued Fisker.
“Launching a high-quality Fisker Ocean with class-leading range, innovations, and features is our number one priority. We have finalized our EPA and WLTP testing and our internal findings show longer range for the Fisker Ocean than we initially projected. These results reinforce our expectation that, at the time of launch, the Fisker Ocean will have the longest range of any SUV/Crossover priced below $70,000. We are excited to get the Ocean in the hands of our loyal customers shortly after the homologation process is complete,” Fisker stated. “I’m looking forward to the launch of the next generation website and app this week that will further improve and enhance the customer experience.”
Fourth Quarter 2022 Business Highlights:
Recent Updates:
Fourth Quarter 2022 Financial Highlights:
2023 Business Outlook
We maintain our 2023 production target of up to 42,400 units, provided the supply chain delivers per our forecast and we receive homologation in a timely manner. The following information reflects Fisker’s expectations for key non-GAAP operating expenses and capital expenditures for the full-year 2023. Fisker is projecting the total of these items to be within a range of $535 million to $610 million. Fisker targets a gross margin range of 8-12% and potentially positive EBITDA for 2023.
| Expense item | USD, 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 5:30a.m. Pacific Time (8:30a.m. Eastern Time) today, February 27, 2023. 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 “2023 Business Outlook,” the reported financial results for the fourth 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.
Fourth 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 Dec 31, | Twelve Months Ended Dec 31, | ||||||||||||||
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
||||
| Revenue |
$ |
306 |
|
$ |
41 |
|
$ |
342 |
|
$ |
106 |
|
|||
| Costs of goods sold |
|
238 |
|
|
40 |
|
|
263 |
|
|
88 |
|
|||
| Gross margin |
|
68 |
|
|
1 |
|
|
79 |
|
|
18 |
|
|||
| Operating costs and expenses: | |||||||||||||||
| General and administrative |
|
44,802 |
|
|
18,385 |
|
|
106,417 |
|
|
42,398 |
|
|||
| Research and development |
|
133,400 |
|
|
115,049 |
|
|
423,907 |
|
|
286,856 |
|
|||
| Total operating costs and expenses |
|
178,202 |
|
|
133,434 |
|
|
530,324 |
|
|
329,254 |
|
|||
| Loss from operations |
|
(178,134 |
) |
|
(133,433 |
) |
|
(530,245 |
) |
|
(329,236 |
) |
|||
| Other income (expense): | |||||||||||||||
| Other income (expense) |
|
433 |
|
|
(304 |
) |
|
(119 |
) |
|
(402 |
) |
|||
| Interest income |
|
5,685 |
|
|
212 |
|
|
10,378 |
|
|
627 |
|
|||
| Interest expense |
|
(4,599 |
) |
|
(4,399 |
) |
|
(18,426 |
) |
|
(6,546 |
) |
|||
| Changes in fair value – embedded derivative |
|
– |
|
|
– |
|
|
– |
|
|
(138,436 |
) |
|||
| Unrealized loss recognized on equity securities |
|
(1,220 |
) |
|
(6,860 |
) |
|
– |
|
||||||
| Foreign currency gain (loss) |
|
7,916 |
|
|
(493 |
) |
|
(2,039 |
) |
|
2,667 |
|
|||
| Total other income (expense) |
|
8,215 |
|
|
(4,984 |
) |
|
(17,066 |
) |
|
(142,090 |
) |
|||
| Net loss before income taxes |
|
(169,919 |
) |
|
(138,417 |
) |
|
(547,311 |
) |
$ |
(471,326 |
) |
|||
| Provision for income taxes |
|
(185 |
) |
|
(15 |
) |
|
(185 |
) |
|
(15 |
) |
|||
| Net loss |
$ |
(170,104 |
) |
$ |
(138,432 |
) |
$ |
(547,496 |
) |
$ |
(471,341 |
) |
|||
| Basic and Diluted net loss per share |
$ |
(0.54 |
) |
$ |
(0.47 |
) |
$ |
(1.80 |
) |
$ |
(1.61 |
) |
|||
| Basic and Diluted weighted average common shares outstanding |
|
314,891,794 |
|
|
296,706,320 |
|
|
303,366,068 |
|
|
292,004,136 |
|
|||
Fisker Inc. and Subsidiaries
Unaudited Condensed Consolidated Balance Sheets
(amounts in thousands, except share and per share data)
| As of: | |||||
| December 31, 2022 | December 31, 2021 | ||||
| Current assets: | |||||
| Cash and cash equivalents |
$ |
736,549 |
$ |
1,202,439 |
|
| Prepaid expenses and other current assets |
|
91,765 |
|
30,423 |
|
| Equity investment |
|
3,140 |
|
– |
|
| Total current assets |
|
831,454 |
|
1,232,862 |
|
| Non-current assets: | |||||
| Property and equipment, net |
|
387,137 |
|
85,643 |
|
| Intangible assets |
|
252,922 |
|
231,525 |
|
| Right of use asset, net |
|
33,424 |
|
18,285 |
|
| Other non-current assets |
|
16,489 |
|
24,637 |
|
| Total noncurrent assets |
|
689,972 |
|
360,090 |
|
| Total assets |
$ |
1,521,426 |
$ |
1,592,952 |
|
| Current liabilities: | |||||
| Accounts payable |
$ |
58,871 |
$ |
28,143 |
|
| Accrued expenses |
|
264,925 |
|
79,634 |
|
| Lease liabilities (short term) |
|
7,085 |
|
4,552 |
|
| Total current liabilities |
|
330,881 |
|
112,329 |
|
| Non-current liabilities: | |||||
| Customer deposits |
|
15,334 |
|
6,300 |
|
| Lease liabilities |
|
27,884 |
|
14,933 |
|
| Convertible notes |
|
660,822 |
|
659,348 |
|
| Total non-current liabilities |
|
704,040 |
|
680,581 |
|
| Total liabilities |
|
1,034,921 |
|
792,910 |
|
| Stockholder’s equity (deficit) |
|
486,505 |
|
800,042 |
|
| Total liabilities and equity |
$ |
1,521,426 |
$ |
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 Dec 31, | Twelve Months Ended Dec 31, | ||||||||||||||
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
||||
| Cash flows from Operating Activities | |||||||||||||||
| Net loss |
$ |
(170,104 |
) |
$ |
(138,432 |
) |
$ |
(547,496 |
) |
$ |
(471,341 |
) |
|||
| Stock-based comp |
|
2,176 |
|
|
1,544 |
|
|
19,602 |
|
|
5,622 |
|
|||
| Depreciation and Amortization |
|
6,073 |
|
|
301 |
|
|
7,285 |
|
|
699 |
|
|||
| Accretion of debt issuance costs |
|
427 |
|
|
219 |
|
|
1,474 |
|
|
373 |
|
|||
| Change in fair value of derivatives |
|
– |
|
|
– |
|
|
– |
|
|
138,436 |
|
|||
| Unrealized loss recognized on equity securities |
|
1,220 |
|
|
– |
|
|
6,860 |
|
|
– |
|
|||
| Change in operating assets and liabilities |
|
57,018 |
|
|
(5,644 |
) |
|
51,300 |
|
|
23,834 |
|
|||
| Other operating activities |
|
(7,917 |
) |
|
1,117 |
|
|
8,438 |
|
|
1,107 |
|
|||
| Net cash used in operating activities |
|
(111,107 |
) |
|
(140,895 |
) |
|
(452,537 |
) |
|
(301,270 |
) |
|||
| Cash flows from Investing Activities | |||||||||||||||
| Purchase of equity securities |
|
– |
|
|
– |
|
|
(10,000 |
) |
|
– |
|
|||
| Purchase of property and equipment |
|
(33,733 |
) |
|
(52,557 |
) |
|
(190,989 |
) |
|
(134,386 |
) |
|||
| Net cash used in investing activities |
|
(33,733 |
) |
|
(52,557 |
) |
|
(200,989 |
) |
|
(134,386 |
) |
|||
| Cash flows from Financing Activities | |||||||||||||||
| Proceeds from convertible notes / equity security |
|
– |
|
|
– |
|
|
– |
|
|
667,500 |
|
|||
| Payments for debt issuance costs |
|
– |
|
|
– |
|
|
– |
|
|
(8,523 |
) |
|||
| Payments for capped call option |
|
– |
|
|
– |
|
|
– |
|
|
(96,788 |
) |
|||
| Proceeds from exercise of warrants/stock options |
|
– |
|
|
– |
|
|
– |
|
|
89,023 |
|
|||
| Payments for stock issuance costs and redemption of unexercised warrants |
|
– |
|
|
– |
|
|
(22 |
) |
||||||
| Proceeds from exercise of stock options |
|
8 |
|
|
457 |
|
|
2,154 |
|
|
5,616 |
|
|||
| Payments to tax authorities for statutory tax withholdings |
|
(126 |
) |
|
(4,977 |
) |
|
(1,562 |
) |
|
(9,869 |
) |
|||
| Proceeds from stock issuance under “At-the-market” offering |
|
57,954 |
|
|
– |
|
|
190,492 |
|
|
– |
|
|||
| Payments for “At-the-market” issuance costs |
|
(1,143 |
) |
|
– |
|
|
(3,448 |
) |
|
– |
|
|||
| Net cash provided by financing activities |
|
56,693 |
|
|
(4,520 |
) |
|
187,636 |
|
|
646,937 |
|
|||
| Net increase / (decrease) in cash and cash equivalents |
|
(88,147 |
) |
|
(197,972 |
) |
|
(465,890 |
) |
|
211,281 |
|
|||
| Cash and cash equivalents, beginning of period |
|
824,696 |
|
|
1,400,411 |
|
|
1,202,439 |
|
|
991,158 |
|
|||
| Cash and cash equivalents, end of period |
$ |
736,549 |
|
$ |
1,202,439 |
|
$ |
736,549 |
|
$ |
1,202,439 |
|
|||
GAAP Loss from Operations to Non-GAAP Adjusted Loss from Operations
(Unaudited, amounts in thousands, except share and per share data)
| Three Months Ended | Twelve Months Ended | ||||||||||||||
| December 31, 2022 | December 31, 2021 | December 31, 2022 | December 31, 2021 | ||||||||||||
| GAAP Loss from operations |
$ |
(178,134 |
) |
$ |
(133,433 |
) |
$ |
(530,245 |
) |
$ |
(329,236 |
) |
|||
| Add: stock-based compensation |
|
2,176 |
|
|
1,544 |
|
|
19,602 |
|
|
5,622 |
|
|||
| Non-GAAP Adjusted loss from operations |
$ |
(175,958 |
) |
$ |
(131,889 |
) |
$ |
(510,643 |
) |
$ |
(323,614 |
) |
|||
Source: Fisker Inc.
Contacts
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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