Fisker’s Q3 2023 business update reveals strong demand and global milestone of more than 3,000 Fisker Oceans delivered

Fisker just announced its Q3 2023 quarterly results, providing a business update and we’ve got the latest details for you.

https://www.youtube.com/watch?v=YHTe7OOoEpE

Today, Fisker released its Q3 2023 quarterly results to update stakeholders. Fisker now delivers in 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 U.S. 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 with significant revenue from auto sales. The quarter saw total revenue of $71.8 million, a gross margin of -17% on a GAAP basis (adjusted gross margin was 9%), and EPS of ($0.27), compared to ($0.49) The previous year. Fisker raised $450 million in total proceeds during the third quarter, boosting quarter-end cash, cash equivalents and restricted cash to $625 million, excluding $50 million of value-added tax receivables that Fisker is still waiting to receive. An additional $550 million in gross proceeds is available as part of the recent convertible note transaction.

In the third quarter of 2023, Fisker produced 4,725 vehicles and delivered 1,097 vehicles. Deliveries accelerated as Fisker began improving last-mile logistics and expanding its delivery infrastructure to achieve more large-scale impacts in the fourth quarter and beyond. The company delivered more than 1,200 vehicles in October, exceeding the delivery volume of the entire third quarter, which is very impressive. To date, more than 3,000 vehicles have been delivered globally, with hundreds more Oceans on their way to customers. Fisker stock closed the day at $4.11 per share, up $0.27 (+7.03%).

The third quarter was very important for Fisker as we delivered 1,097 Fisker Ocean vehicles to customers across two continents, representing the largest delivery volume of any US-based EV OEM in the first full quarter of deliveries. We are rapidly scaling our delivery infrastructure to support greater volumes of deliveries of our class-leading products to our loyal customers. We are gaining momentum and delivered more units in October than in the entire third quarter. We are happy to hear exciting feedback and positive feedback from our early customers, at the same time we also incorporate feedback into areas for improvement. As a software-driven product, we are constantly improving the vehicle through over-the-air updates to provide the best experience for our customers.

Henrik Fisker, Chairman and CEO of Fisker Inc.

Most prominent works

Fisker provided the following business highlights during its third quarter 2023 quarterly earnings release.

• The company expanded U.S. and European deliveries of Fisker Ocean One with 1,097 vehicles completed in the third quarter, up from 11 in the second quarter. Deliveries have accelerated as Fisker begins improving last-mile logistics and expanding its delivery infrastructure. The company delivered more than 1,200 vehicles in October, exceeding the total delivery volume in the third quarter.
• Fisker has adjusted pricing on all trim levels and is opening orders for calendar year 2024. Current U.S. pricing by trim is as follows: Ocean Extreme $61,499, Ultra $52,999, and Sport $38,999 Fisker made its first change since introducing pricing Initial lots in 2020 and 2021. Fisker also adjusted prices in Europe and Canada, narrowing the gap. Between the extremist and the extremist.
• 4,725 Fisker Ocean vehicles were produced in the third quarter of 2023, up from 1,022 vehicles in the second quarter of 2023, which included the impact of a production shutdown during the summer break.
• Since the second quarter, Fisker has begun deliveries in seven additional European countries, including the UK right-hand drive, and expanded US deliveries to more than 30 new states. Deliveries are expected to begin later this quarter in Canada and the Netherlands followed by Spain, Portugal and Italy in the first quarter of 2024.
• Fisker has opened its flagship Los Angeles lounge and 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 twelve facilities open by the end of 2023 in North America and a similar amount in Europe. Fisker also announced that it will open a lounge in Shanghai, China in January 2024.
• Vehicle test drive events have expanded globally, from Fisker+ lounges and centers to pop-up test drive events in more than a dozen cities in Europe and North America.
• In September, Fisker strengthened its balance sheet by exercising $170 million in aggregate principal ($150 million in total proceeds) of 0% unsecured convertible notes due 2025. This investment was in addition to the convertible note offering In July, $340 million of total loan principal ($300 million in total proceeds). As part of the transaction, Fisker may now offer up to an additional $623.3 million in aggregate principal ($550 million in total proceeds) in the form of 0% unsecured convertible notes.
• Fisker initiates over-the-air software updates to provide product enhancements and new features to owners based on customer feedback and Fisker’s product rollout strategy. The OTA 1.10 update was recently completed, which included improved ESP system, improved traction control on variable surface roads, improved regenerative braking, improved power management and connectivity for remote functions along with some other tweaks.
• Its second annual ESG report has been published, demonstrating how environmental and social efforts are inherently ingrained in its culture to build the world’s most emotional and sustainable vehicles. Additionally, Fisker is hosting a sustainability roundtable on November 18^y To explain its environmental, social and governance initiatives.
• In conjunction 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 press event during the Los Angeles Auto Show this week where it will showcase the PEAR and the Alaska EV.
• It announced expanded charging options for consumers in North America as Fisker will adopt the North American Charging Standard (NACS) in its first vehicles in 2025 and signed an agreement with Tesla to provide customers with access to the Tesla Supercharger network of more than 12,000 Supercharging stations in the United States. States and Canada.
• Fisker has expanded its global team totaling more than 1,300 as of November 13, 2023, with recent growth focused on the sales and service areas to support the delivery and ownership experience.

Financial highlights

• Total revenues were $71.8 million compared to revenues of $825,000 in the last quarter.
• Gross margin was -17% on a GAAP basis; Adjusted gross margin was 9%, which excludes an inventory valuation adjustment associated with lower production levels during the ramp-up phase which we expect to continue until we reach full production.
• Total losses from operations were $99.6 million, including $6.1 million of stock-based compensation expense.
• Net loss was $91.0 million and a loss of $0.27 per share. Total weighted average shares outstanding were 343.1 million shares for the three months ended September 30, 2023.
• Net cash used in operating activities was $308.2 million, and total capital expenditures were $30.5 million.
• Cash, cash equivalents and restricted cash were $625.4 million as of September 30, 2023; This excludes $50.5 million in value-added tax receivables that Fisker expects to receive as refunds or to generate income from vehicle sales taxes.

Fisker’s Q2 2023 earnings call

Later in the day, before the market opens, Fisker will hold its quarterly conference call at 6:00 a.m. PT. Join us as we listen Fisker Q3 2023 conference call. We will broadcast the event live on our YouTube channel. Then, we’ll discuss the key points after the conference call. Here it is Latest list of questions Submitted to Fisker management by shareholders. We look forward to having you join us!

Reserve your Fisker Ocean

Book a Fisker Ocean, PEAR, Alaska, or Ronin at https://fiskerinc.com/reserve Using a referral code DDK87H.

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