- Q2 2021 operating results consistent with company expectations.
Cash balance of $962 million as of June 30, 2021.
- Fisker Ocean development remains on-track for expected November
17, 2022 start-of-production and full ramp up production volume
reaching over 5,000 assembled units per month during 2023.
- Fisker PEAR development accelerating. Collaboration of Fisker
team in US and Hon Hai Technology Group (Foxconn) and its
affiliates in Taiwan are making progress on concept engineering of
the FP28 platform and PEAR vehicle.
- Fisker’s unique asset-light strategy and capable partners
enable the company to work on multiple platforms and vehicles
concurrently to achieve sequential future product launches.
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 second
quarter ended June 30, 2021.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20210805006021/en/
Fisker Inc. today announced its financial
results for the second quarter ended June 30, 2021. Q2 2021
operating results consistent with company expectations. Cash
balance of $962 million as of June 30, 2021. Fisker Ocean
development remains on-track for expected November 17, 2022
start-of-production and full ramp up production volume reaching
over 5,000 assembled units per month during 2023. (Photo: Business
Wire)
“We continued making steady progress in Q2 2021 on our key
priorities -- appealing product, product lifetime profitability,
on-time start of production, and streamlined program costs,” stated
Henrik Fisker, Chairman and Chief Executive Officer of Fisker.
“Fisker has grown significantly and our experienced team is
consistently delivering to the planned engineering and supply chain
timelines for the Fisker Ocean. We have now finalized the Ocean
specifications list that is expected to offer benchmark performance
and compelling features and attributes across the entire price
range. We are excited to unveil the Fisker Ocean at the L.A. Auto
Show on November 17, 2021.”
“We remain focused on delivering our asset-light strategy and
unique business model, progressing with our partners to further the
concurrent development of two vehicle platforms and plans for
sequential vehicle launches,” Fisker continued.
Second Quarter 2021 Business Highlights:
- Executed a Long-Term Manufacturing Agreement with Magna Steyr
for Fisker Ocean production, which includes an expected firm start
of production date of November 17, 2022 and a detailed ramp up plan
reaching production capacity of over 5,000 vehicles per month
during 2023.
- Expanded internal capability in safety, certification,
homologation and testing. This includes a detailed plan for Fisker
Ocean development mules (a testbed vehicle equipped with prototype
components), prototypes, and pre-production vehicles for globally
certified platforms and vehicles.
- Set up joint program offices between Fisker and Magna Steyr in
Graz, Austria for seamless execution of development, tooling and
prototyping of the Fisker Ocean.
- Entered into a significant supplier nomination phase for the
Fisker Ocean, with key suppliers committed to the timing plan for
November 17, 2022 start of production -- and subsequent ramp-up in
2023.
- Developed an extensive marketing plan for both U.S. and Europe
commencing in November 2021 concurrent with the unveiling of the
Fisker Ocean production vehicle at Los Angeles Auto Show, followed
by the European debut at Geneva Motor Show in February 2022.
- Ramped up development work on Fisker’s second platform and
vehicle (Fisker PEAR), a joint investment program with
Foxconn.
- Engineering and purchasing teams continue to strategically
identify components that can be shared across the two platforms.
Clear synergies defined so far are central interior display,
centralized processors, Fisker cloud and software, various body
components, and our expanded in-house capabilities in testing and
validation, with more expected to come. This cross-platform sharing
is expected to create supply-chain advantages for both programs,
building long-term supplier and component synergies based on high
volume in the electric vehicle segment.
- Announced our goal to produce a climate-neutral vehicle by
2027, three years ahead of the most near-term targets of automotive
peers. Additionally, Fisker is tracking progress on dozens of
ESG-related deliverables intended to deliver on this goal and more
near-term commitments.
- $962 million of cash and cash equivalents at quarter-end was
substantially above internal expectations due to
lower-than-expected Capital Expenditures in the quarter. While
total expected program spending has not materially changed, we’ve
focused on negotiating more favorable milestone-based payment
triggers and, as a result, this has moved certain expected payments
to Q3 and also driven a 9% reduction to the overall 2021 capital
expenditure outlook.
Recent Updates:
- Affirming the expected timing plan for Fisker Ocean
start-of-production. This is based on rigorous sourcing activity, a
comprehensive prototype and testing plan, and entrance into a
detailed manufacturing agreement that incorporates full planning
and launch phase to SOP and a seamless ramp-up to high-volume
production at Magna’s world-class manufacturing facility in Europe
which is on target to be carbon-neutral in 2022.
- Recruitment continues at an accelerated pace, with headcount
rising to 236 full-time employees as of August 2, 2021, up from 170
as of March 31, 2021 and 101 as of December 31, 2020.
- Fisker intends to implement an enhanced, goal-oriented
performance incentive program for employees intended to further
align and incentivize all Fisker team members behind the shared
goal of achieving timely SOP and the 2023 ramp-up production
targets of the Fisker Ocean.
- Reservations are approaching 17,500 as of August 2, 2021 (net
of cancellations), including 1,400 fleet reservations. Reservations
growth is steady and expected to accelerate once the
production-intent version of Fisker Ocean is unveiled at L.A. Auto
Show on November 17, 2021, a vehicle configurator is added to the
Fisker app, and post-unveil marketing campaigns begin. Fisker
continues to target 25,000 reservations by 2021 year-end.
- Announced a $10 million PIPE investment and a partnership with
Allego, a leading E.V. charging network provider with over 12,000
locations across 12 European countries. The unique partnership will
enable customers buying or leasing a Fisker Ocean between Jan 1,
2023 and March 31, 2024 to benefit from one year of free charging
(from original date of registration) on the Allego network. The two
companies will also work on Fisker app integration and a seamless
“plug and charge” experience. This partnership will give Fisker a
unique competitive advantage to serve its customers with a
hassle-free public charging experience.
- Announced the selection of Bridgestone as exclusive supplier of
custom-engineered 20” and 22” tires to the Fisker Ocean, with the
larger size tuned to the elevated performance requirements of the
higher power versions of Ocean. The desire of Bridgestone to
custom-design products for Fisker is another proof-point of the
supply chain’s belief in Fisker’s business model,
sustainability-forward brand, and ability to generate strong
demand.
- Announced Global Brand Experience Center roll-out strategy;
multiple locations in the U.S. and Europe confirmed for 2022, with
inaugural center opening in Los Angeles in the first half of
2022.
Second Quarter 2021 Financial Highlights:
- Cash and cash equivalents of $962 million as of June 30, 2021
and zero debt.
- Loss from operations totaled $53.1 million, including $2.2
million of stock-based compensation expense.
- Net loss totaled $46.2 million and $0.16 loss per share.
- Net cash used in operating activities totaled $28.1 million and
cash paid for capital expenditures totaled $0.3 million.
- Weighted average shares outstanding totaled 295.3 million for
the quarter.
2021 Business Outlook
The following information reflects Fisker’s expectations for key
non-GAAP operating expenses and capital expenditures for the
full-year 2021. We are now projecting the total of these items to
be within a range of $490 million to $530 million compared to our
prior expectation of $450 million to $510 million. The increase is
related to the refinement of expectations for R&D spending on
prototype activities in 2021, driven by test and validation needs
in areas with more advanced technology than the original plan (such
as ADAS, Powertrain and UI/UX), the addition of in-house
capabilities that will benefit Ocean and future programs (i.e.
virtual validation software tools, headcount), and enhanced virtual
and physical testing to account for recently tightened Euro NCAP
and IIHS safety regulations.
Expense item
USD, millions
Research & Development (Non-GAAP)1
260 - 280
Selling, General, and Administrative (Non-GAAP)1
35 - 40
Total Operating Expenses (Non-GAAP)1
295 - 320
Capital Expenditures
195 - 210
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.
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, August 5,
2021. 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-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.
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 second quarter, which are subject to completion of the
Company’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: 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 agreements, as necessary, with Magna,
Foxconn, or other original equipment manufacturers (“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; the ability to protect its intellectual property rights;
and those factors discussed in Fisker’s Annual Report on Form
10-K/A, and any subsequent Quarterly Reports on Form 10-Q 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.
Second Quarter 2021 Financial Results
Fisker Inc. and
Subsidiaries
Unaudited Condensed
Consolidated Statements of Operations
(amounts in thousands, except
share and per share data)
Three Months Ended
June 30, 2021
March 31, 2021
June 30, 2020
Revenue
$
27
$
22
$
-
Costs of goods sold
14
17
-
Gross margin
13
5
-
Operating costs and expenses: General and administrative
7,908
5,832
1,103
Research and development
45,245
27,271
192
Total operating costs and expenses
53,153
33,103
1,295
Loss from operations
(53,140
)
(33,098
)
(1,295
)
Other income (expense): Other income (expense)
104
1,504
(53
)
Interest expense
-
-
(313
)
Changes in fair value - embedded derivative
6,814
(145,249
)
(154
)
Total other income (expense)
6,918
(143,745
)
(520
)
Net loss
$
(46,222
)
$
(176,843
)
$
(1,815
)
Basic and Diluted net loss per share
$
(0.16
)
$
(0.63
)
$
(0.02
)
Basic and Diluted weighted average common shares outstanding
295,275,773
279,837,563
105,433,103
Fisker Inc. and
Subsidiaries
Unaudited Condensed
Consolidated Balance Sheets
(amounts in thousands, except
share and per share data)
As of:
June 30, 2021
December 31, 2020
Current assets: Cash and cash equivalents
$
962,366
$
991,158
Prepaid expenses and other current assets
23,708
9,872
Total current assets
986,074
1,001,030
Non-current assets: Property and equipment, net
3,573
945
Right of use asset, net
20,067
2,548
Other non-current assets
1,329
1,329
Intangible asset
180,411
58,041
Total noncurrent assets
205,380
62,863
Total assets
$
1,191,454
$
1,063,893
Current liabilities: Accounts payable
$
30,418
$
5,159
Accrued expenses
25,417
7,408
Lease liabilities (short term)
3,399
655
Founders demand note payable
-
-
Total current liabilities
59,234
13,222
Non-current liabilities: Customer deposits
4,823
3,527
Bridge notes payable
-
-
Warrants liability
-
138,102
Lease liabilities
16,807
1,912
Total non-current liabilities
21,630
143,541
Total liabilities
80,864
156,763
Temporary equity
-
-
Stockholder's equity (deficit)
1,110,590
907,130
Total liabilities and equity
$
1,191,454
$
1,063,893
Fisker Inc. and
Subsidiaries
Unaudited Condensed
Consolidated Statements of Cash Flows
(amounts in thousands, except
share and per share data)
Three Months Ended June
30,
2021
2020
Cash flows from Operating Activities Net loss
$
(46,222
)
$
(1,815
)
Stock-based comp
2,218
52
Depreciation and Amortization
140
6
Change in fair value of embedded derivative
(6,814
)
154
Change in operating assets and liabilities
21,949
(94
)
Other operating activities
612
298
Net cash used in operating activities
(28,117
)
(1,399
)
Cash flows from Investing Activities Purchase of property
and equipment
(325
)
-
Net cash used in investing activities
(325
)
-
Cash flows from Financing Activities Proceeds from issuance
of bridge notes
-
2,739
Proceeds from issuance of convertible security
-
-
Proceeds from exercise of warrants / stock options
5,386
22
Proceeds from share issuance, net
-
-
Net cash provided by financing activities
5,386
2,761
Net increase / (decrease) in cash and cash
equivalents
(23,056
)
1,362
Cash and cash equivalents, beginning of period
985,422
2,263
Cash and cash equivalents, end of period
$
962,366
$
3,625
GAAP Loss from Operations to
Non-GAAP Adjusted Loss from Operations
(Unaudited, amounts in thousands,
except share and per share data)
Three Months Ended
June 30, 2021
March 31, 2021
June 30, 2020
GAAP Loss from operations
$
(53,140
)
$
(33,098
)
$
(1,295
)
Add: stock-based compensation
2,218
817
52
Non-GAAP Adjusted loss from operations
$
(50,922
)
$
(32,281
)
$
(1,243
)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210805006021/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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