Fisker provides Q4 2022 and full-year 2022 financial results with updates on Fisker Ocean supply chain, homologation, EPA and WLTP testing, reservations, cash balance, and 2023 forecast seeing a positive EBITDA for the year.
Fisker announced its Q4 2022 and full-year 2022 financial results, which exceeded expectations. The company spent $702 million in 2022, below its anticipated range, and had a cash balance of $736 million at the year-end, higher than expected. Fisker Ocean reservations and orders have increased 2k increase since eCarExpo to approximately 65,000 as of February 24, 2023.
The homologation testing is progressing well, and consumer deliveries are expected to begin soon after certification is received. The company has built 56 vehicles since SOP and has provided 2023 forecasts to suppliers, placing firm orders for components for the first 300 vehicles. Fisker has also initiated 2023 non-GAAP SG&A, R&D, and capital expenditure guidance at $535-$610 million. The company forecasts 8-12% annual gross margin and potentially positive EBITDA for the year. Overall, Fisker management answered most of our 20 questions we prepared earlier this month.
Message from Henrik Fisker’s…
“Thank you to all our stakeholders, teams, and partners for the amazing progress we made in 2022. This year we have continued to refine our vehicles, with a particular focus on software, as we prepare for deliveries.
We are the first startup to homologate two continents simultaneously. We have completed over 250 various tests and the teams are submitting these results continuously to regulatory authorities. The ability to initially sell the Ocean in the US and seven European launch markets is unprecedented and a major de-risking strategy that we implemented from the outset. This approach offers the opportunity to increase sales and shift vehicles to whichever market has the strongest growth.
Launching a high-quality Fisker Ocean with class-leading range, innovations, and features is our number one priority. We have finalized our EPA and WLTP testing and our internal findings show longer range for the Fisker Ocean than we initially projected. These results reinforce our expectation that, at the time of launch, the Fisker Ocean will have the longest range of any SUV/Crossover priced below $70,000.
We are excited to get the Ocean in the hands of our loyal customers shortly after the homologation process is complete. I’m looking forward to the launch of the next generation website and app this week that will further improve and enhance the customer experience.”
Henrik Fisker, Chairman & CEO, Fisker, Inc.
Business Summary:
Fisker has built 15 fleet vehicles for Magna to use for data collection and validation, and to test and validate future features for the Fisker Ocean, with one vehicle to be showcased to 15 other OEMs in Sweden in March. The Fisker Ocean was awarded the “Green SUV of the Year 2023” by Green Car Journal. Fisker has launched a new version of its web application and iOS app, with an Android version to follow in mid-March, offering an interactive 3-D configurator and a more intuitive experience. The company has also commenced sales of Fisker-branded home charging solutions in eight countries across the US and Europe. Fisker expects to receive parts for the first 300 cars during March and has more than $736 million of unrestricted cash and cash equivalents at year-end, positioning the Fisker Ocean for a successful ramp.
In the company’s words…
- Built 15 fleet vehicles for Magna in December, which Magna is now using for data collection, additional validation, improvements, and testing and validation of future features, so we can introduce additional functionalities to the Ocean later this year. One of these vehicles will be shown to 15 other OEMs in Sweden in March to showcase the joint powertrain capabilities of Fisker and Magna.
- The all-electric Fisker Ocean won Green Car Journal’s “Green SUV of the Year 2023” award. The prestigious award underlines Fisker’s commitment to building the world’s most sustainable vehicles.
- In November, Fisker hosted media, investors, and analysts in Graz to get an early opportunity to test drive the Fisker Ocean and tour the production facility.
- The new version of our Web application and iOS App, including an interactive 3-D configurator, should go live later this week with an Android version rolling out in mid-March. 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 through the launch of the Fisker Ocean.
- We commenced sales of Fisker-branded home charging solutions in partnership with Wallbox in eight countries across US and Europe.
- We provided full year forecasts to our suppliers, securing long-lead parts and expect to receive parts for the first 300 cars during March. We are diligently working with suppliers for final SQA processes, ramp up planning and deep diving into volumes for Q2 ramp.
- More than $736 million of unrestricted cash and cash equivalents at year-end, which excludes approximately $28 million of VAT receivables delayed to 2023, reflects Fisker’s prudent liquidity management and positions the Fisker Ocean for a successful ramp.
Recent Updates:
Fisker has announced that comprehensive homologation testing for its Ocean model in the US and Europe is expected to be completed by March 2023, paving the way for regulatory approval and sales in more than 20 countries. The first markets for sales will be the US, Canada, Austria, Germany, Norway, Denmark, Sweden, and France, with the UK, Switzerland, the Netherlands, Belgium, and India to follow. Fisker has also named ChargePoint as its North American partner for public charging solutions, identified after-sales service and trade-in partners, and contracted home delivery partners for the US and European launch countries. Fisker’s inaugural Investor Day is also planned for later in 2023, showcasing its product portfolio. The company’s second vehicle, the PEAR, is progressing well in development, and over 5,600 reservations have been made as of February 2023. Fisker has also strengthened its technical capabilities, and its team now comprises around 850 colleagues globally.
In the company’s words…
- Comprehensive vehicle homologation testing (US and Europe) expected to be completed in March, followed by the regulatory approval process that, once completed, will enable selling in over 20 countries. Sales in the following countries are planned for 2023: US, Canada, Austria, Germany, Norway, Denmark, Sweden, and France, followed by UK (right hand drive), Switzerland, Netherlands, Belgium, and India (also right hand drive). Sales in additional countries, including China are expected in 2024.
- Fisker’s inaugural Investor Day later this year will showcase an exciting future product portfolio of drivable vehicles.
- Named ChargePoint as North American partner for public charging solutions with over 210,000 active charging ports in North America.
- After-sales vehicle service and trade-in partners nominated in the US and Europe. Upfitting of Fisker Mobile Service vans underway.
- Home delivery partners identified for US and all European launch countries to complement our growing network of Centers+ and test drive and delivery locations. Contracted three new Center+ locations in Europe in Vienna (Austria), Copenhagen (Denmark) and Stockholm (Sweden) to be used for test drives, service and deliveries of our vehicles. In addition, we signed an innovative Test Drive and Delivery Center in Munich (Germany). We are currently in negotiations to secure retail locations in France, Norway, and additional locations in Germany which we expect to be our largest European market. In the US, we have 15 locations either secured or in negotiations for showrooms, Centers+, vehicle processing centers, and service and pickup locations.
- ESG third party recognition continues. Sustainalytics upgraded Fisker 40 spots in global Automobile industry rankings. Fisker is the top-ranked (lowest risk rating) US passenger EV OEM based on ESG Risk Rating scores.
- Fisker Ocean world tour continued to a half dozen US states and three European countries including stops in Las Vegas, eCarExpo in Stockholm, and the Sundance Film Festival in Utah.
- Our Ocean reservations keep increasing despite new competition and competitors’ price reductions. This is a testament to our class leading product, with many unique features, and customers value our commitment to deliver the world’s most sustainable vehicle. In addition, our focus on the longest range in our class and already competitive price point position Fisker as a growth company in a segment with millions of potential customers globally.
- Fisker PEAR development is progressing well, following the inaugural drivable prototype in December 2022. Fisker PEAR reservations are over 5,600 as of February 24, 2023. Today we are revealing more of the final exterior production design. The rear lighting is a continuous light strip around the rear window with an integrated high-mounted brake light. The side view has a unique, iconic graphic and a clean, sculptural body side with pronounced fenders giving the vehicle a powerful, wide stance. The front lights feature the signature Fisker dual light bars surrounded by high tech light graphics. The overall vehicle sits higher off the ground with a raised seating position. The dynamic shape has already undergone extensive aerodynamic testing in the windtunnel. We expect the top version to achieve well over 300 miles of all-electric range and with a truly revolutionary E/E architecture with just a few central computer units that we call the Blade Computer. We are engineering the PEAR using new automotive specifications to achieve a base price of $29,900.
- Fisker bolstered its internal technical capabilities and the global team approximates 850 colleagues as of February 24, 2023.
Replay the Q4 2022 Earnings Call
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Congratulations Mr. Fisker congratulations Fisker Team congratulations Magna. Im sure Fisker is whit his product on the right way. I’m proud to be a shareholder and Fisker Owner.
Fisker quietly went back on their word regarding the 7500 credit, even folks who have confirmed orders prior to Aug 2022 aren’t eligible. Fisker needs to be accountable for the false promises.