Fisker just dropped their quarterly results for Q3 2023 providing a business update and we have all the latest details for you.
Today, Fisker released its Q3 2023 quarterly results, updating stakeholders. Fisker is now delivering in ten countries and is expected to add two more markets later this month as operational momentum accelerates in Q4 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.
Q3 2023 marked Fisker’s first quarter with meaningful automotive sales revenue. The quarter saw a total revenue of $71.8 million, with a gross margin of -17% on a GAAP basis (adjusted gross margin was 9%), and an EPS of ($0.27), compared to ($0.49) in the prior year. Fisker raised $450 million in gross proceeds during the third quarter, bolstering quarter-end cash, cash equivalents, and restricted cash to $625 million, excluding $50 million in VAT receivables that Fisker is still waiting to receive. An additional $550 million in gross proceeds is available as part of the recent convertible notes transaction.
In Q3 2023, Fisker produced 4,725 vehicles and delivered 1,097 vehicles. Deliveries have accelerated as Fisker begins optimizing last-mile logistics and expanding its delivery infrastructure to achieve further scale effects in Q4 and beyond. The company delivered over 1,200 vehicles in October, exceeding the entire Q3 delivery volume, which is pretty impressive. To date, over 3,000 vehicles have been delivered globally, with hundreds more Oceans en route to customers. Fisker stock closed the day at $4.11 per share up $0.27 (+7.03%).
“The third quarter was very significant for Fisker as we delivered 1,097 Fisker Ocean vehicles to customers across two continents, which represents the largest delivery volume for any US-based EV OEM in their first full quarter of deliveries. We are rapidly scaling our delivery infrastructure to support even higher volumes of deliveries of our class-leading product to our loyal customers. We are gaining momentum and delivered more units in the month of October than in all of the third quarter. We are pleased to hear the excitement and positive reviews from our early adopter customers, and at the same time we are also incorporating feedback for areas of improvement. As a software-driven product, we are continually improving the vehicle via over-the-air updates to provide the best experience for our customers.”
Henrik Fisker, Chairman & CEO, Fisker Inc.
Business Highlights
Fisker provided the following business highlights during its quarterly earnings release for Q3 2023.
- The Company expanded US and European deliveries of the Fisker Ocean One with 1,097 completed in Q3, up from 11 in Q2. Deliveries have accelerated as Fisker begins optimizing last mile logistics and expanding its delivery infrastructure. The Company delivered over 1,200 vehicles in October exceeding the entire Q3 delivery volume.
- Fisker adjusted pricing on all trim levels and opened calendar year 2024 orders. Current US pricing by trim is as follows: Ocean Extreme $61,499, the Ultra $52,999, and the Sport $38,999 as Fisker made its first change since initial trim pricings were introduced in 2020 and 2021. Fisker also adjusted pricing in Europe and Canada, narrowing the gap between the Ultra and the Extreme.
- 4,725 Fisker Ocean vehicles were produced in Q3 2023, up from 1,022 in Q2 2023, which included the impact from the summer holiday production shutdown.
- Since Q2, Fisker initiated deliveries in seven additional European countries, including right-hand drive United Kingdom, and expanded US deliveries into over 30 new states. Deliveries expected to start later this quarter in Canada and the Netherlands followed by Spain, Portugal, and Italy in Q1 2024.
- Fisker opened its flagship Lounge in Los Angeles and its New York City Lounge, which complement its customer facilities in Austria, Denmark, France, Germany, Norway, Sweden, and the United Kingdom. The Company plans to open additional locations across multiple states, and expects to have a dozen facilities open by yearend 2023 in North America and a similar amount in Europe. Fisker also announced it will open a Lounge in Shanghai, China in January 2024.
- Vehicle test drive events expanded globally, 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 bolstered its balance sheet by executing $170 million in aggregate principal ($150 million in gross proceeds) of 0% senior unsecured convertible notes due 2025. This investment was in addition to the July convertible notes offering of $340 million in aggregate principal ($300 million in gross proceeds). As part of the transaction, Fisker may now offer up to an additional $623.3 million in aggregate principal ($550 million in gross proceeds) in 0% senior unsecured convertible notes.
- Fisker initiated over-the-air software updates bringing product enhancements and new features to owners based on customer feedback and Fisker’s product rollout strategy. OTA update 1.10 recently completed, which included optimization to ESP system, improved traction control on surface changing roads, refinement to regen braking, improved energy management and connectivity for remote functions along with some other tweaks.
- Published second annual ESG report demonstrating how environmental and social efforts are authentically ingrained in its culture to build the world’s most emotional and sustainable vehicles. Additionally, Fisker is hosting a sustainability roundtable on November 18th to elaborate on its ESG initiatives.
- Concurrent with IAA Mobility 2023, Fisker held the European premiere of future products including the Rōnin and PEAR in Munich, Germany which followed the US unveiling of the same models at Fisker’s inaugural “Product Vision Day” event in California.
- Fisker will host a journalist event during the Los Angeles Auto Show this week where it will show the PEAR vehicle and its Alaska EV pick up.
- Announced expanded charging options for North American consumers as Fisker will adopt the North American Charging Standard (NACS) on its first vehicles in 2025 and signed an agreement with Tesla to provide customers with access to the Tesla Supercharger network of over 12,000 Supercharger stations in the United States and Canada.
- Fisker expanded its global team which totaled more than 1,300 as November 13, 2023, with recent growth focused on sales and service areas to support the delivery and ownership experience.
Financial Highlights
- Revenue totaled $71.8 million compared to revenue of $825 thousand last quarter.
- Gross margin was -17% on a GAAP basis; adjusted gross margin was 9%, which excludes an inventory valuation adjustment associated with lower levels of production during the ramp-up phase which we expect to continue until we reach full production.
- Loss from operations totaled $99.6 million, including $6.1 million of stock-based compensation expense.
- Net loss totaled $91.0 million and $0.27 loss per share. 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 was $625.4 million as of September 30, 2023; this excludes $50.5 million in VAT receivables which Fisker expects to receive as refunds or to monetize against vehicle sales taxes.
Fisker’s Q2 2023 Earnings Call
Later today, before the market opens, Fisker will hold its quarterly conference call at 6:00 AM Pacific Time. Join us as we listen to Fisker’s Q3 2023 conference call. We will live stream the event on our YouTube channel. Then, we will discuss our key takeaways after the conference call concludes. Here is the latest list of questions submitted to Fisker management by shareholders. Look forward to having you join us!
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Barbara Terrio is a seasoned business journalist, delving into the world of finance, startups, and entrepreneurship. With a knack for demystifying complex economic trends, she helps readers navigate the business landscape. Outside of her reporting, Barbara is an advocate for financial literacy and enjoys mentoring aspiring entrepreneurs.
