We’re about get a progress report on the Ocean Program, reservation numbers, Ocean One pre-orders, and financial health of the company.
Today, we are 10 days away from Q2 2022 earnings and 116 days from start of Fisker Ocean production. This means all stakeholders will get an update on August 3rd. This includes Fisker investors, reservation holders, future Fisker Ocean One owners, employees, and suppliers. We expect to get a progress report across the board from the company. Below are some areas we want and expect Henrik Fisker to talk about or address on the company’s earnings call.
Ocean Program Update
We expect Henrik will start off the conference call with a lot of energy. He will be excited and enthusiastic about the progress of the company. And for good reason. The company has made a lot of progress in the last three months, especially around fine-tuning the Fisker Ocean. We expect Henrik will tell us about his experience driving the Fisker Ocean test vehicle he gets tomorrow.
Henrik will share with us that the company is on track to start production of the Fisker Ocean on November 17, 2022.
Fisker will provide us with updates surrounding the Magna relationship. For example, we expect the company to talk about Magna gearing up for production of the Fisker Ocean.
We want to get a read on supply chain constraints. For instance, we want to find out whether or not Fisker was able to work with its suppliers to increase capacity of the Fisker Ocean in the second half of 2023. It may tell us why Fisker pulled forward the production date of the Ocean Sport.
Fisker Ocean and PEAR Reservations
Fisker will provide us with an update on reservation numbers. On June 7th, the company told us Fisker Ocean reservations crossed 50,000. At this time, the $29,900 PEAR accumulated 3,200 reservations. However, on June 14th Henrik attended the Deutsche Bank Auto Industry Conference. He stated Fisker Ocean reservations surpassed 51,000.
The company has been growing reservations for the Fisker Ocean at a pace of about 1,000 reservations per week. We expect to see 58,000 Fisker Ocean net reservations, which includes cancellations. This would be an add of 7,000 new reservations.
PEAR reservations are tougher to calculate due to infrequent updates from the company. However, we expect them to grow at a pace of 100 per week. That would put us around 4,000 PEAR reservations. We think Fisker could surprise us here, because we laid out our reasons why you should reserve your Fisker PEAR now.
Ocean One Pre-Orders
We expect to get an update on Fisker Ocean One pre-orders. We haven’t heard much from the company since the official start date on July 1st. The company hasn’t issued any press releases or made any statements about its progress. We even reached out to the company to invite Henrik to talk with us about the Fisker Ocean One.
All we know, the company continues to try to sell out of the 5,000 pre-orders. We were wrong here in the amount of time it would take to sell out. However, when we made our prediction, we didn’t know Fisker would require a $5,000 non-refundable deposit. Nevertheless, we pre-ordered our Ocean One anyways. We expect to hear about the pre-ordering progress good or bad.
We expect to hear a progress report on employee growth and company spending. The company currently has 216 jobs posted. Fisker will share with us how much money the company spent during the past quarter. We will get an update on the company’s cash position, which will have fallen below $1 billion. On average, Wall Street analysts expect the company to lose -$0.41/share. We want to hear that the cash burn remains controlled. We expect the company to touch on the need to raise capital in early 2023.
Expect the company to provide us some details about Fisker Finance and the future Fisker Insurance offering. These programs were announced earlier this month. Also, we expect the company to provide an update on Experience Centers opening in November.
We want the company to give us a status update on trade-ins. It would be nice to hear about their plan for this and how it will work in the Fisker Flexee app. We also want the company to share more info about service and maintenance partners here in the United States. Getting a quick update on test drives, the UI, or next generation Fisker Ocean configurator would be a bonus.
Fisker will touch on a lot more topics, but this is what is most important to us. Reservation holders may even want them to address some of these unanswered questions. However, let us know in the comments below what updates you expect or want to hear the company address on the upcoming earnings call. We will submit the best questions below to the company.
Reserve Your Fisker Ocean
You can reserve your Fisker Ocean or PEAR by visiting https://fiskerinc.com/reserve. Use referral code DDK87H.
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