Fisker provides Q1 2023 quarterly results with updates on Fisker Ocean, regulatory approval, production, deliveries, worldwide experience centers, and more.
Today, Fisker released its financial results for the first quarter ended March 31, 2023. The company said its Q1 2023 operational results were consistent with company expectations. However, investors have their minds set on Fisker Ocean production and deliveries. The company announced that it has completed US EPA testing for the Fisker Ocean Extreme. Fisker said that they expect to receive EPA and CARB approvals later this month. Deliveries of Fisker Ocean Ones to US customers will start in June.
The current homologation and supply chain timelines have caused Fisker’s ‘four-stage production plan’ to shift to the right. Fisker aims to produce 1,400-1,700 vehicles in Q2. This is subject to delivery by all partners. In Q3, Fisker anticipates a steep ramp-up, followed by a monthly run rate of approximately 6,000 vehicles for the remainder of the year. Fisker forecasts producing 32,000-36,000 units in calendar 2023. This comes inline with our expectations as we’ve previously talked about how Fisker could lower its annual production forecast.
By delivering the first Fisker Ocean Ones to early customers in Copenhagen, Denmark, and Munich, Germany, Fisker has established its delivery process. In April, the company opened its first two customer locations at the Vienna and Copenhagen Centers+. Yesterday, two Fisker experience centers, including its flagship Lounge, were opened in Munich. The Los Angeles flagship Lounge is anticipated to open later this month. Fisker aims to open more experience center locations across Europe and the US throughout 2023.
According to Fisker, the Fisker Ocean’s awareness and recognition are expanding. Recently, the company won the prestigious German Red Dot award for product design. As of May 8th, 2023, Fisker Ocean and PEAR reservations and orders total over 70,000, indicating a strong market demand. Fisker ended the past quarter with a solid cash and cash equivalents balance of $652.5 million. This excludes $22 million of pending VAT receivables.
Message from Henrik Fisker’s…
“It has been a fantastic weekend to have kicked off customer deliveries and opened our flagship Lounge in Munich yesterday. Now we are entering into a new era, becoming a revenue generating car company!”Henrik Fisker, Chairman & CEO, Fisker, Inc.
In the company’s words…
- First customer vehicle delivered in Copenhagen, Denmark on May 5, 2023 capitalizing on its dual-homologation strategy in Europe and the US where the class-leading Fisker Ocean has a large global total addressable market. Fisker completed the US National Highway Traffic Safety Administration (NHTSA) FMVSS self-certification and EPA completed its confirmatory testing; Fisker expects to receive the remaining approvals from the EPA (COC) and the California Air Resources Board (CARB EO) later this month. US deliveries to commence after US EPA certification.
- The Fisker Ocean Extreme achieved a combined WLTP range of up to 707 km/440 UK miles with 20-inch wheels/tires equipped, exceeding previous estimates and indicating that the Fisker Ocean Extreme, including the limited edition Fisker Ocean One, has the longest range of any battery electric SUV sold in Europe today.
- Four-stage supplier ramp up and vehicle assembly plan shifts to right on current homologation and supplier readiness timelines. 2023-to-date, Fisker has manufactured 55 engineering, marketing, and customer vehicles to start the registration and delivery process in Germany and Denmark. Production will ramp up next week and European deliveries are expected to pick up shortly after. Activated fleet of testing and validation vehicles in many regions of the world, focused on validating customer functions and features to continuously improve the customer experience; vehicles are fully connected and may receive software updates. A significant focus has been preparing for high quality vehicle assembly, with inline commissioning and automated end of line testing, so Fisker can achieve a maximum monthly run rate of 6,000 vehicles towards the end of Q3 into Fisker’s stage 4 plan. Fisker adjusts its annual production forecast to 32,000-36,000 units and expects to produce 1,400-1,700 customer vehicles in Q2, provided all partners deliver. This adjustment reflects updated homologation timing, supply chain maturity and ramp readiness progress.
- Deftpower named as European public charging platform provider, which complements Fisker’s Allego partnership in Europe, and when combined with Chargepoint’s networkin North America, provides Fisker Ocean customers with access to over 600,000 charging points.
- Fisker partnered with Ample to deliver battery swappable Fisker Ocean vehicles for fleet customers by Q1 2024. Ample’s battery-swapping system will bring a new level of affordability to the Fisker Ocean and will help further Fisker’s long-term strategy to increase scale and adoption of its EVs in the US and Europe.
- Fisker Ocean reservations and orders approximated 65,000 as of May 8, 2023. During the first quarter, Fisker was disciplined with its marketing spend amidst the ongoing macro turbulence. PEAR reservations exceeded 6,000 as of May 8, 2023.
- Fisker Ocean world tour continued, including events in France (Autonomy Mobility World Expo), Norway (Nordic EV Summit), the United Kingdom (Fully Charged Live UK), and the United States (Qualtrics X4 Summit).
- Delivered a new version of our Web application and iOS App, including an updated interactive configurator. The new Fisker Web and Apps offer a more intuitive experience exploring and buying a Fisker EV. These products are available in multiple languages and will be continually updated.
- The Fisker Ocean won the internationally recognized Red Dot award for outstanding product design. The Fisker Ocean was evaluated on four key design qualities: product function, aesthetics, ease of use, and responsibility / sustainability – and was awarded Best Electric Vehicle 2023.
- Fisker continues to bolster its internal technical capabilities and our global team totals more than 900 as of May 8, 2023.
- Fisker will be adding an optional “hard core” off-road package called Force E, which can be applied to AWD Oceans after purchase. This will move the Ocean into a new market segment, with few direct EV competitors at its price point. The Force E is expected to be available in Q4 this year.
- PEAR development continues. Fisker has now reduced the parts count by 25% through a new process we call “steel ++”. As we are finalizing our battery partners, launch of PEAR production will shift into 2025.
- Fisker is planning its inaugural Investor Product Day event this summer, where it will showcase several new models that will be part of Fisker’s goal to produce 1 million vehicles in 2027.
- Cash and cash equivalents of $652.5 million as of March 31, 2023; this excludes $22 million of pending VAT receivables. Approximately $47 million raised from Fisker’s $350 million at-the-market (ATM) equity program during the first quarter of 2023.
- Loss from operations totaled $121.6 million, which includes higher Q1 R&D expenses milestones that are not expected to repeat.
- Net loss totaled $120.6 million and $0.38 loss per share.
- Net cash used in operating activities totaled $83.7 million and capital expenditures totaled $45.7 million.
- Weighted average shares outstanding totaled 321.0 million for the three months ended March 31, 2023.
- Fisker is projecting operating expenses and capital expenditures for full-year 2023 in the range of $535 million to $610 million, consistent with its prior expectations last provided in the Q4 and Full Year 2022 Earnings Release.
- Fisker anticipates an 8-12% gross margin range for full year 2023 and potentially positive adjusted EBITDA1, provided input costs do not change dramatically.
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1 thought on “Fisker Provides Q1 2023 Business Update: Fisker Ocean Production and Deliveries in Focus”
Pretty sure I’ll never get my extreme vehicle.. Which is OK. It’s way to expensive in today’s market. They need to treat their early adopters better because their a la carte options selection, particularly for a pain job, is borderline extortion.