Fisker’s third quarter 2023 business update reveals strong demand and global milestone of over 3000 Fisker Oceans delivered – Fiskerati

Fiskers third quarter 2023 business update reveals strong demand and

Fisker just released its third quarter 2023 earnings results with a business update and we have the latest details for you.

Today, Fisker released its Q3 2023 quarterly results and updated stakeholders. Fisker currently ships to ten countries and is expected to add two more markets later this month as operational momentum accelerates in the fourth quarter of 2023. The company opened its flagship US lounge at The Grove in Los Angeles and its first East Coast lounge in New York City. Fisker has customer locations open in ten countries, with additional customer facilities opening soon, including a Fisker Lounge in Shanghai, China, in January 2024.

The third quarter of 2023 marked Fisker’s first quarter of significant automotive sales. The quarter reported total revenues of $71.8 million, with gross margin of -17% on a GAAP basis (adjusted gross margin was 9%) and EPS of ($0.27) compared to (0 .49 US dollars) in the previous year. Fisker generated gross revenues of $450 million in the third quarter, increasing quarter-end cash, cash equivalents and restricted cash to $625 million, excluding sales tax receivables of $50 million that Fisker is still awaiting receipt of. Additional gross proceeds of $550 million are available as part of the recent convertible note transaction.

Fiskers third quarter 2023 business update reveals strong demand and

In the third quarter of 2023, Fisker produced 4,725 vehicles and delivered 1,097 vehicles. Deliveries have accelerated as Fisker begins to optimize last-mile logistics and expand its delivery infrastructure to achieve further economies of scale in the fourth quarter and beyond. The company delivered over 1,200 vehicles in October, surpassing its total third-quarter delivery volume, which is pretty impressive. To date, over 3,000 vehicles have been delivered worldwide and hundreds more Oceans are on their way to customers. Fisker stock closed the day at $4.11 per share, up $0.27 (+7.03%).

“The third quarter was significant for Fisker as we delivered 1,097 Fisker Ocean vehicles to customers on two continents, representing the largest delivery volume of any U.S.-based EV OEM in the first full quarter of deliveries. We are rapidly scaling our delivery infrastructure to support even greater delivery volumes of our world-class product to our loyal customers. We are gaining momentum and shipped more units in October than in the entire third quarter. We appreciate the enthusiasm and positive reviews from our early adopter customers, while also incorporating feedback on areas for improvement. As a software-driven product, we continually improve the vehicle via over-the-air updates to give our customers the best experience.”

1699935999 750 Fiskers third quarter 2023 business update reveals strong demand and Henrik Fisker, Chairman and CEO, Fisker Inc.

Business highlights

Fisker provided the following business highlights in its quarterly earnings release for the third quarter of 2023.

  • The company expanded deliveries of the Fisker Ocean One in the U.S. and Europe, with 1,097 units completed in the third quarter, up from 11 in the second quarter. Deliveries have accelerated as Fisker begins streamlining last-mile logistics and expanding its delivery infrastructure. The company delivered over 1,200 vehicles in October, exceeding the total delivery volume of the third quarter.
  • Fisker has adjusted prices for all trim levels and opened orders for the 2024 calendar year. Current US pricing by trim is as follows: Ocean Extreme $61,499, Ultra $52,999 and Sport $38,999, as Fisker made its first change since introducing initial trim pricing in 2020 and 2021. Fisker also adjusted prices in Europe and Canada, narrowing the gap between Ultra and Extreme.
  • 4,725 Fisker Ocean vehicles were produced in the third quarter of 2023, compared to 1,022 in the second quarter of 2023, which took into account the impact of the summer holiday production halt.
  • Since the second quarter, Fisker has initiated deliveries to seven additional European countries, including the right-wing United Kingdom, and expanded U.S. deliveries to over 30 new states. Deliveries are expected to begin in Canada and the Netherlands this quarter, followed by Spain, Portugal and Italy in the first quarter of 2024.
  • Fisker opened its flagship lounge in Los Angeles and its New York City Lounge, complementing its customer facilities in Austria, Denmark, France, Germany, Norway, Sweden and the United Kingdom. The company plans to open additional locations in multiple states and expects to have a dozen open in North America and a similar number in Europe by the end of 2023. Fisker also announced it will open a lounge in Shanghai, China in January 2024.
  • Vehicle test drive events expanded worldwide, ranging from Fisker Lounges and Centers+ to pop-up test drive events in over a dozen cities in Europe and North America.
  • In September, Fisker strengthened its balance sheet by executing $170 million aggregate principal amount (gross proceeds of $150 million) of 0% convertible senior unsecured notes due 2025. 300 million US dollars gross proceeds). As part of the transaction, Fisker will now be able to offer up to $623.3 million of aggregate principal amount (gross proceeds of $550 million) in 0% convertible senior unsecured notes.
  • Fisker initiated over-the-air software updates that brought product improvements and new features to owners based on customer feedback and Fisker’s product launch strategy. The recently completed OTA update 1.10 included an optimization of the ESP system, improved traction control on roads with changing surfaces, an improvement in regenerative braking, improved energy management and improved connectivity for remote functions, as well as some other optimizations.
  • Release of the second annual ESG report, showing how environmental and social efforts are authentically embedded in the company’s culture to build the world’s most emotional and sustainable vehicles. Additionally, Fisker will host a sustainability roundtable on November 18 to further explain its ESG initiatives.
  • Coinciding with IAA Mobility 2023, Fisker hosted the European premiere of future products, including Rōnin and PEAR, in Munich, Germany, followed by the US unveiling of the same models at Fisker’s first Product Vision Day event in California.
  • Fisker will host a journalist event during the Los Angeles Auto Show this week showcasing the PEAR vehicle and its Alaska EV pickup.
  • Announcing expanded charging options for North American consumers as Fisker launches the North American Charging Standard (NACS) for its first vehicles in 2025, and signed an agreement with Tesla to give customers access to the Tesla Supercharger network of over 12,000 Supercharger stations in the United States to allow states and Canada.
  • Fisker has expanded its global team, totaling more than 1,300 employees as of November 13, 2023, with recent growth focused on sales and service areas to support the delivery and ownership experience.

Financial highlights

  • Sales totaled $71.8 million, compared to sales of $825,000 last quarter.
  • Gross margin was -17% on a GAAP basis; Adjusted gross margin was 9%, which excludes an inventory valuation adjustment related to lower production levels during the ramp-up period, which we expect to continue until full production is achieved.
  • Operating losses totaled $99.6 million, including $6.1 million in stock-based compensation expense.
  • Net loss was $91.0 million and loss per share was $0.27. The weighted average shares outstanding totaled 343.1 million for the three months ended September 30, 2023.
  • Net cash used in operating activities totaled $308.2 million and capital expenditures totaled $30.5 million.
  • Cash and cash equivalents and restricted cash were $625.4 million as of September 30, 2023; This does not include sales tax receivables of $50.5 million that Fisker is expected to receive as refunds or to monetize with vehicle sales taxes.

Fisker’s second quarter 2023 earnings call

Later today, before the market opens, Fisker will hold its quarterly conference call at 6:00 a.m. Pacific time. Join us as we listen to Fisker’s third quarter 2023 conference call. We will stream the event live on our YouTube channel. After the conference call concludes, we will then discuss our key findings. Here is the latest list of questions shareholders have submitted to Fisker management. We are looking forward to your visit!

Reserve your Fisker Ocean

Reserve your Fisker Ocean, PEAR, Alaska or Ronin at https://fiskerinc.com/reserve using the referral code DDK87H.

1699936004 507 Fiskers third quarter 2023 business update reveals strong demand andFiskers third quarter 2023 business update reveals strong demand and

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