- Fisker Ocean program in high gear and remains on-track for Q4
2022 start of production at Magna Steyr’s manufacturing facilities
in Europe. Technology decisions enable greater range, acceleration,
advanced driving assistance, and overall more content than
initially planned.
- Key department heads and top talent from software, fintech,
mobile comm’s, video gaming, and auto industries in place. Total of
148 full-time employees onboard.
- Reservations total more than 12,467 as of today. Retail daily
reservation rate up 400% since mid-October 2020. More than 70% of
reservation-holders currently drive internal combustion vehicles
and more than 50% drive non-premium brands, indicating broad
consumer appeal for our products.
- Announced an MOU with Hon Hai Technology Group (Foxconn) to
jointly develop a breakthrough vehicle pioneering a new market
segment to be sold globally under the Fisker brand commencing in Q4
2023.
Fisker Inc. (NYSE: FSR) (“Fisker”) -- designer and manufacturer
of the world’s most emotion-stirring, eco-friendly electric
vehicles and advanced mobility solutions -- today announced its
financial results for the fourth quarter and fiscal year ended
December 31, 2020.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20210225006211/en/
Fisker Inc. (NYSE: FSR) (“Fisker”) --
designer and manufacturer of the world’s most emotion-stirring,
eco-friendly electric vehicles and advanced mobility solutions --
today announced its financial results for the fourth quarter and
fiscal year ended December 31, 2020. The Fisker Ocean remains on
track for Q4 2022 start of production. Technology decisions enable
greater range, acceleration, advanced driving assistance, and
overall more content than initially planned. (Photo: Business
Wire)
“Fisker’s vision to reimagine the automotive company came to
life in Q4, including securing funding to fully support the Fisker
Ocean program development, hiring key talent, and progressing on
key program milestones,” stated Henrik Fisker, Chairman and Chief
Executive Officer. “We are now in full execution mode on the FM29
platform and Ocean program, and our partnership with Magna
International Inc. (Magna) is strong. We are confident of an
on-time start of production next year (Q4 2022) at Magna Steyr’s
facilities in Europe and a systematic ramp up to full production in
2023. I believe that the Ocean and future Fisker vehicles will be
differentiated and stand out to our customers through design,
unique features, and optimized sustainability. Key to our strategy
is our asset-light development process, rapid decision-making and
flat organization structure, enabling identification and
implementation of advanced technologies as late as 18 months before
production launch. In an industry where technology is changing so
rapidly, we believe this is a significant advantage over the
traditional product development process where most manufacturers
typically freeze design, technology, and attributes 2.5 – 3 years
before launch.”
Fourth Quarter 2020 Business Highlights:
- Completed business combination with Spartan Energy Acquisition
Corp. (“Spartan”) and related PIPE financing, providing an
additional $977 million in net proceeds to support Fisker’s product
development, working capital and capital expenditure
requirements.
- Fisker has established its key development centers, including
our approximately 78,000 square-foot headquarters in Manhattan
Beach, CA (‘Inception’), our software and R&D center in San
Francisco (‘Source Code’), and our advanced design center in Los
Angeles (‘Limitless’).
- Completed, on schedule, a key Fisker Ocean program engineering
milestone called Preliminary Production Specification in November
2020.
- Announced first fleet reservation with European ride-hailing
service Viggo for 300 units initially.
Recent Updates:
- Nominated a significant number of global suppliers for key
components. Global supplier nominations for high energy-density
battery cells, battery pack technology, and integrated drive units
support an increase in Ocean’s targeted range to 350+ miles (for
the Ultra Long Range (ULR) version of the vehicle) and 0-60 times
of <4.0 seconds for all but the base version of the Ocean. These
specifications are meaningfully above our initial targets and are
expected to support overall vehicle performance consistent with the
segment leaders at launch.
- Partnered with Magna to develop Fisker-Intelligent Pilot ADAS /
AV hardware, standardized across all versions of Fisker Ocean. This
system includes state-of-the-art vision, digital-imaging radar, and
multi-domain controller and acts as a platform to deliver unique
software-based safety, anti-annoyance, and entertainment
features.
- Employee recruitment accelerated, with headcount rising to 148
full-time employees as of today.
- Announced an MOU with Hon Hai Technology Group (Foxconn) to
jointly develop a breakthrough vehicle pioneering a new segment
targeted to be sold globally commencing in Q4 2023. This project is
expected to ensure a steady cadence of new innovative products and
broaden Fisker’s potential market share. We believe we will
continue to open up market opportunities with new “segment-busting”
products in the future.
- Reservations total more than 12,467 as of today. The trailing
30-day average of daily retail reservations reflects an approximate
400% increase since our public listing in October 2020.
- Conducting voluntary surveys of our reservation holders from
time to time. Initial findings bolster confidence in the breadth of
our addressable market as more than 70% of reservation-holders
currently drive internal combustion engine vehicles and more than
50% drive vehicles from non-premium brands.
- Ongoing discussions for fleet reservations are promising. We
anticipate significant additional growth in this area in 2021
(particularly company car programs in Europe) and now have
dedicated staff targeting this important market.
Fourth Quarter 2020 Financial Highlights:
- Cash and cash equivalents of $991.2 million as of December 31,
2020 and zero debt.
- Loss from operations totaled $31.3 million, which includes $0.4
million of stock-based compensation expense.
- Net loss totaled $12.0 million, which includes a $19 million
non-cash gain reflecting changes in fair value of convertible
equity securities and embedded derivatives.
- Net cash used in operating activities totaled $30.1
million.
- Cash paid for capital expenditures totaled $0.5 million.
- Weighted average shares outstanding totaled 223.1 million, not
including dilutive effects of outstanding warrants and
options.
2021 Business Outlook
The following information reflects Fisker’s expectations for key
non-GAAP operating expenses and capital expenditures in full-year
2021. Spending is expected to be roughly equivalent by quarter. The
ramp-up in spending in Q1 2021 versus prior periods is a reflection
that the concept and sourcing work in the second half of 2020 was
successful and the Ocean program development is now in high
gear.
Expense item
USD, millions
Research & Development (Non-GAAP)1
185-205
Selling, General & Administrative (Non-GAAP)1
25-35
Total Operating Expenses (Non-GAAP)1
210-240
Capital Expenditures
210-240
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 at this time without unreasonable efforts. The Non-GAAP
adjustment for stock-based compensation expense requires additional
inputs such as number of shares granted and market price 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. 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-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 generally accepted accounting principles in the
United States (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 fourth quarter and fiscal year, which are subject to completion
of the Company’s audit, 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 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
Registration Statement on Form S-1 (No. 333-249981) 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.
Unaudited Condensed Consolidated Statements of Operations
Three Months Ended Dec.
31,
Years Ended December
31,
2020
2019
2020
2019
Operating costs and expenses: General and administrative
$
14,216
$
743
$
22,272
$
3,626
Research and development
17,090
2,019
21,052
6,962
Total operating costs and expenses
31,306
2,763
43,324
10,588
Loss from operations
(31,306
)
(2,763
)
(43,324
)
(10,588
)
Other income (expense): Other income (expense)
196
(25
)
346
(33
)
Interest expense
(284
)
(158
)
(1,610
)
(178
)
Changes in fair value - convertible equity security & embedded
derivative
19,356
(71
)
(10,053
)
(80
)
Total other income (expense)
19,269
(254
)
(11,317
)
(291
)
Net loss
$
(12,037
)
$
(3,017
)
$
(54,641
)
$
(10,879
)
Basic and Diluted net loss per share
$
(0.05
)
$
(0.03
)
$
(0.40
)
$
(0.10
)
Basic and Diluted weighted average common shares outstanding
223,116,142
105,388,078
135,034,921
105,343,914
Unaudited Condensed Consolidated Balance Sheets
As of December 31,
2020
2019
Current assets: Cash and cash equivalents
$
991,158
$
1,858
Prepaid expenses and other current assets
9,872
18
Total current assets
1,001,029
1,876
Non-current assets: Property and equipment, net
945
65
Right of use asset, net
2,548
135
Other non-current assets
1,329
-
Intangible asset
58,041
-
Total noncurrent assets
62,862
200
Total assets
$
1,063,892
$
2,076
Current liabilities: Accounts payable
$
5,158
$
2,135
Accrued expenses
7,408
928
Lease liabilities (short term)
655
144
Founders demand note payable
-
250
Total current liabilities
13,220
3,456
Non-current liabilities: Customer deposits
3,527
946
Bridge notes payable
-
3,797
Lease liabilities
1,912
-
Total non-current liabilities
5,439
4,743
Total liabilities
18,659
8,199
Temporary equity
-
11,021
Stockholder's equity (deficit)
1,045,232
(17,143
)
Total liabilities and equity
$
1,063,892
$
2,076
Unaudited Condensed Consolidated Statements of Cash Flows
Three Months Ended Dec.
31,
Years Ended December
31,
2020
2019
2020
2019
Cash flows from Operating Activities Net loss
$
(12,037
)
$
(3,017
)
$
(54,641
)
$
(10,879
)
Stock-based comp
377
42
711
85
Depreciation and Amortization
51
6
77
25
Change in operating assets and liabilities
206
383
395
3,151
Other operating activities
(18,660
)
237
15,452
358
Net cash used in operating activities
(30,064
)
(2,349
)
(38,006
)
(7,260
)
Cash flows from Investing Activities Purchase of property
and equipment
(453
)
-
(677
)
(14
)
Net cash used in investing activities
(453
)
-
(677
)
(14
)
Cash flows from Financing Activities Proceeds from issuance
of bridge notes
-
2,496
5,372
3,579
Proceeds from issuance of convertible security
-
-
46,500
-
Proceeds from exercise of warrants / stock options
4
2
87
8
Proceeds from share issuance, net
976,694
-
976,023
-
Net cash provided by financing activities
976,699
2,498
1,027,982
3,586
Net increase / (decrease) in cash and cash
equivalents
946,181
149
989,300
(3,688
)
Cash and cash equivalents, beginning of period
44,976
1,710
1,858
5,546
Cash and cash equivalents, end of period
$
991,158
$
1,858
$
991,158
$
1,858
GAAP Loss from Operations to Non-GAAP Adjusted Loss from
Operations
Three Months Ended Dec.
31,
Years Ended December
31,
2020
2019
2020
2019
GAAP Loss from operations
$
(31,306
)
(2,763
)
(43,324
)
(10,588
)
Add: stock-based compensation
377
42
711
85
Non-GAAP Adjusted loss from operations
$
(30,929
)
$
(2,721
)
$
(42,613
)
$
(10,503
)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210225006211/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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