- Q3 2021 operating results consistent with expectations and
full-year total spending guidance unchanged.
- Successful Green Convertible Bond offering in August bolstered
cash balance to $1.40 billion as of September 30, 2021 compared to
$962 million as of June 30, 2021.
- Secured long-term commitment for over 5 GWh’s of initial annual
battery supply from global leader CATL with mechanisms in place to
expand over time. Dual pack / chemistry strategy enables Fisker to
optimize performance, application, cost, and market position across
the Fisker Ocean lineup.
- Test and validation phase progressing well, with prototype body
shop production now operational and ongoing at Fisker Ocean’s
assembly facility.
- Secured lease for flagship experience center in Los
Angeles.
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 third
quarter ended September 30, 2021.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20211103006141/en/
Prototype testing and validation of the
Fisker Ocean has been underway for some time, with the “Mule 1”
build completed and “Mule 2” testing progressing as planned. The
prototype Body Shop at the Fisker Ocean assembly facility in
Austria is fully operational and production of prototype bodies for
the next phase of testing has begun. (Photo: Business Wire)
“We continued to make rapid progress in Q3 2021 on our core
focus, achieving program milestones that ensure we execute Fisker
Ocean SUV on-time and with several segment-leading features. We are
very excited to provide details and kick off our marketing
activities at the L.A. Auto Show two weeks from today,” stated
Henrik Fisker, Chairman and Chief Executive Officer of Fisker.
“The critical sourcing phase for Fisker Ocean is now largely
complete, and we capped that off by announcing a long-term
committed battery supply agreement earlier this week. We are now
fully engaged with industrialization, including an extensive
prototyping phase that has been steadily ramping up. On the PEAR
program, we are leveraging the FF-PAD development process and
developing unique opportunities for component-sharing that benefits
from Ocean development IP and engineering, development, and
validation learnings,” continued Fisker.
Third Quarter 2021 Business Highlights:
- Bolstered balance sheet with a successful offering of 2.5%
Green Convertible Senior Notes due 2026 raising gross proceeds of
$667.5 million. Simultaneously entered into capped call contracts
with an effective conversion price of $32.57.
- Fisker Ocean sourcing largely complete. As of today, serial
production sourcing of over 90% of the Bill of Materials (BOM) is
complete. The remainder is almost exclusively off-the-shelf
items.
- Prototype testing and validation has been underway for some
time, with the “Mule 1” build completed and “Mule 2” testing
progressing as planned. The prototype Body Shop at the Fisker Ocean
assembly facility in Austria is fully operational and production of
prototype bodies for the next phase of testing has begun, as shown
in the photos in this release.
- Grew Customer Experience teams significantly across the
marketing, sales, service, logistics, and customer relations
functions, and took necessary steps to ensure that the Fisker
customer experience will be as high-quality as Fisker’s
products.
- On the ESG side, progressed on plan to be the first EV SUV to
have a full “cradle to cradle” Lifecycle Analysis (LCA), following
ISO standards, and using predominantly primary data.
- Implemented an enhanced, goal-oriented performance incentive
program for 100% of employees to further align and incentivize all
Fisker team members behind the shared goal of achieving on-time
Fisker Ocean Start of Production (SOP) in November 2022 and targets
during the 2023 ramp-up.
Recent Updates:
- Affirming the expected timing plan for Fisker Ocean
start-of-production.
- Completed a long-term battery supply agreement with CATL, the
largest global supplier of automotive lithium-ion batteries (read
more here). Advanced cell / pack design plus dual chemistry
strategy enables Fisker Ocean Sport (base version) to achieve
compelling pricing and a driving range consistent with many
higher-priced vehicles. And supports segment-benchmark driving
range on the longer-range versions of Fisker Ocean.
- Identified incremental opportunities to share components among
Fisker Ocean and Fisker PEAR, leveraging intellectual property
developed for the Ocean architecture.
- Secured lease for flagship experience center in Los Angeles. In
the process of planning and designing the customer experience and
the store will be unveiled in early 2022.
- Recruitment remains brisk and at targeted pace, with headcount
tripling to over 300 full-time employees as of November 2, 2021
from 101 as of December 31, 2020.
- Reservations are over 18,600 as of November 2, 2021 (net of
cancellations), including 1,400 fleet reservations. App
registrations are over 72,000. Growth in reservations,
registrations, and registration conversions is expected to
accelerate once detailed performance, specifications, and pricing
are released, and planned marketing campaigns begin, at the
upcoming L.A. Auto Show.
Third Quarter 2021 Financial Highlights:
- Cash and cash equivalents of $1.40 billion as of September 30,
2021.
- Loss from operations totaled $109.6 million, including $1.0
million of stock-based compensation expense.
- Net loss totaled $109.8 million and $0.37 loss per share.
- Net cash used in operating activities totaled $103.4 million
and cash paid for capital expenditures totaled $15.8 million.
- Weighted average shares outstanding totaled 296.1 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. Fisker is projecting the total of these items to be
within a range of $490 million to $530 million, consistent with our
prior expectations last provided in the Q2 2021 Earnings
Release.
Expense item USD, millions Research & Development
(Non-GAAP)1
280 - 290
Selling, General, and Administrative (Non-GAAP)1
45 - 50
Total Operating Expenses (Non-GAAP)1
325 - 340
Capital Expenditures
165 - 190
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, November
3, 2021. 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 quotations of our Chief Executive
Officer and statements regarding Fisker’s future performance under
" 2021 Business Outlook," the reported financial results for the
third quarter, 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: 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; the risk that OEM and supply partners experience
supply chain shortages for Fisker vehicle components now or in the
future; 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.
Third 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
September 30, 2021
June 30, 2021
September 30, 2020
Revenue
$
15
$
27
$
-
Costs of goods sold
16
14
-
Gross margin
(1
)
13
-
Operating costs and expenses: General and administrative
10,273
7,908
6,521
Research and development
99,291
45,245
3,402
Total operating costs and expenses
109,564
53,153
9,923
Loss from operations
(109,565
)
(53,140
)
(9,923
)
Other income (expense): Other income (expense)
(84
)
104
7
Interest income
155
-
8
Interest expense
(2,147
)
-
(765
)
Changes in fair value - embedded derivative
-
6,814
(29,149
)
Foreign currency gain (loss)
1,797
-
159
Total other income (expense)
(279
)
6,918
(29,740
)
Net loss
$
(109,844
)
$
(46,222
)
$
(39,663
)
Basic and Diluted net loss per share
$
(0.37
)
$
(0.16
)
$
(0.38
)
Basic and Diluted weighted average common shares outstanding
296,133,530
295,275,773
105,549,787
Fisker Inc. and
Subsidiaries
Unaudited Condensed
Consolidated Balance Sheets
(amounts in thousands, except
share and per share data)
As of:
September 30, 2021
December 31, 2020
Current assets: Cash and cash equivalents
$
1,400,411
$
991,158
Prepaid expenses and other current assets
22,856
9,872
Total current assets
1,423,267
1,001,030
Non-current assets: Property and equipment, net
18,558
945
Right of use asset, net
19,178
2,548
Other non-current assets
1,352
1,329
Intangible asset
200,089
58,041
Total noncurrent assets
239,177
62,863
Total assets
$
1,662,444
$
1,063,893
Current liabilities: Accounts payable
$
13,142
$
5,159
Accrued expenses
60,198
7,408
Lease liabilities (short term)
4,023
655
Founders demand note payable
-
-
Total current liabilities
77,363
13,222
Non-current liabilities: Customer deposits
5,085
3,527
Bridge notes payable
-
-
Warrants liability
-
138,102
Lease liabilities
15,831
1,912
Convertible notes
659,129
Total non-current liabilities
680,045
143,541
Total liabilities
757,408
156,763
Temporary equity
-
-
Stockholder's equity (deficit)
905,036
907,130
Total liabilities and equity
$
1,662,444
$
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
$ (109,844
)
$ (39,663
)
Stock-based comp
1,043
264
Depreciation and Amortization
164
14
Accretion of debt issuance costs
153
640
Change in fair value of embedded derivative
-
29,149
Change in operating assets and liabilities
5,838
(761
)
Other operating activities
(804
)
3,555
Net cash used in operating activities
(103,450
)
(6,802
)
Cash flows from Investing Activities Purchase of property
and equipment
(15,838
)
(224
)
Net cash used in investing activities
(15,838
)
(224
)
Cash flows from Financing Activities Proceeds from issuance
of bridge notes
-
2,488
Proceeds from convertible notes / equity security
667,500
46,500
Payments for debt issuance costs
(8,523
)
-
Payments for capped call option
(96,788
)
-
Payments of deferred offering costs
-
(671
)
Proceeds from exercise of stock options
35
60
Payments to tax authorities for statutory tax withholdings
(4,891
)
-
Net cash provided by financing activities
557,333
48,377
Net increase / (decrease) in cash and cash
equivalents
438,045
41,351
Cash and cash equivalents, beginning of period
962,366
3,625
Cash and cash equivalents, end of period
$ 1,400,411
$ 44,976
GAAP Loss from Operations to
Non-GAAP Adjusted Loss from Operations
(Unaudited, amounts in thousands,
except share and per share data)
Three Months Ended September 30, 2021 June
30, 2021 September 30, 2020 GAAP Loss from operations
$
(109,565
)
$
(53,140
)
(9,923
)
Add: stock-based compensation
1,043
2,218
264
Non-GAAP Adjusted loss from operations
$
(108,522
)
$
(50,922
)
$
(9,659
)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211103006141/en/
Fisker Inc. Dan Galves, VP, Investor Relations
investors@fiskerinc.com
Simon Sproule, SVP, Communications 310.374.6177
Fisker@GoDRIVEN360.com
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