Fisker Releases Q2 2023 Results: Provides New Fisker Ocean Production Guidance

Fisker issues quarterly business update ahead of its Q2 2023 earnings call, keeping shareholders informed about the automaker’s recent developments.

Today, Fisker released its Q2 2023 quarterly results. It came with a bunch of updates following the company’s Product Vision Day held yesterday afternoon. Like last quarter, all eyes are on Fisker Ocean deliveries, production, and revenue. Firstly, the automaker is now selling and delivering electric vehicles made possible by achieving an EPA range of 360 miles with the Fisker Ocean Extreme. This past quarter, Fisker completed deliveries of Fisker Ocean Ones in Austria, Denmark, Germany, and the United States. Deliveries in Norway and Sweden will begin shortly.

Production Guidance for Remainder of 2023

Secondly, during Q2 2023, Fisker produced 1,022 vehicles, and in July, they produced 1,009 units, which had fewer working hours due to the planned Magna Steyr annual summer shutdown. The calendar 2023 production forecast was updated to a range of 20,000-23,000 units due to a short-term capacity constraint at one supplier. This new guidance, down from 32,000-36,000 units, assumes support from Fisker’s suppliers and partners to meet this volume and ramp up production.

Fisker Generating Revenue, Bolstering Cash Balance

All-Electric Fisker Alaska Pickup Truck.
All-Electric Fisker Alaska Pickup Truck.

Thirdly, a shiny spot in Q2 2023, Fisker experienced its first quarter with automotive sales revenue. The first delivered vehicles achieved a 7.5% gross margin, while the gross margin, excluding early-stage investor vehicles, reached 18.5%. EPS improved to ($0.25) from ($0.36) in the prior year. Furthermore, Fisker raised $300 million in gross proceeds last month from a convertible bond offering. The company has the potential to double the proceeds within 12 months. This bolstered the quarter-end cash, cash equivalents, and restricted cash to $822 million on a pro-forma basis, excluding $33 million in VAT receivables.

Experience Centers & Test Drives

Fisker opened new customer locations in London, Oslo, and Stockholm. The company plans for additional experience centers to open in North America and Europe this year. For instance, Fisker plans to open stores in Los Angeles, Neuss/Duesseldorf, Paris, Frankfurt, Arizona, Maryland, New York, and Tennessee. The company is also in negotiations on a few dozen other properties across North America and Europe. Vehicle test drive events began a few days ago in Florida.

International Expansion

The company announced that it will produce 100 Fisker Ocean Extreme Vigyan Edition vehicles specifically for the India market. Fisker has set the expectation to complete the homologation process for India by September and plans to start delivering the vehicles in the fourth quarter of 2023. In addition to its plans for India, the company is preparing to open a delivery center in China in 2023. They anticipate commencing deliveries of the Fisker Ocean in China in the first half of 2024. Fisker is actively expanding its internal technical capabilities, resulting in a global team that now exceeds 1,000 members as of August 3, 2023.

Life Cycle Assessment and Product Lineup

All-Electric Fisker RŌNIN GT Sports Car.
All-Electric Fisker RŌNIN GT Sports Car.

Fisker published its Life Cycle Assessment (LCA) report, highlighting that the Fisker Ocean had the lowest published carbon footprint among any electric SUVs. Yesterday, Fisker held its “Product Vision Day” event, showcasing its product lineup. The company revealed plans to disrupt and innovate in every market segment it enters. The company just began taking reservations for its electric pickup truck, the Fisker Alaska, and 1,000 horsepower Fisker RŌNIN GT sports car.

Message from Henrik Fisker…

“Our second quarter marked an important milestone for Fisker as we started deliveries of our first Fisker Ocean vehicles to customers. We are currently in a quarter that truly marks the inflection for Fisker – our business model has now been proven, by the fact that we are already making a positive profit margin on the first vehicles we are selling. Feedback from our first customers and the numerous members of the media who have now reviewed the Fisker Ocean has been quite positive, and we are not slowing down. We unveiled our future product vision to investors, the press, and our customers and are excited to enter a range of new vehicle segments, including pickup trucks. We look forward to getting more and more vehicles into the hands of our loyal customers so they can experience the unique and class-leading features of the Ocean.”

Henrik Fisker, Chairman & CEO, Fisker, Inc.

Financial Highlights

  • Revenue totaled $825 thousand compared to revenue of $10 thousand in the second quarter of 2022.
  • Gross margin was 7.5% on a reported basis, and 18.5% excluding discounted early-stage investor deliveries.
  • Loss from operations totaled $87.9 million, including $9.0 million of stock-based compensation expense.
  • Net loss totaled $85.5 million and $0.25 loss per share. Weighted average shares outstanding totaled 335.9 million for the three months ended June 30, 2023.
  • Net cash used in operating activities totaled $128.1 million and capital expenditures totaled 91.3 million.
  • Cash and cash equivalents and restricted cash was $521.8 million as of June 30, 2023. This excludes $300 million in gross proceeds from the July convertible note offering and $33.4 million in VAT receivables which we expect to receive as refunds or to monetize against vehicle sales taxes.
  • Fisker expects to produce 20,000-23,000 units in 2023, provided Fisker’s suppliers and partners can support this volume and ramp.
  • The following information reflects Fisker’s expectations for key non-GAAP operating expenses and capital expenditures for full-year 2023. Fisker is projecting the total of these items to be within a range of $565 million to $640 million.
  • Fisker anticipates an 8-12% gross margin range for full year 2023, provided input costs do not change dramatically.

Fisker’s Q2 2023 Earnings Call

Later today, at 6:00 AM Pacific Time, please join us as we listen to Fisker’s Q2 2023 earnings call. We will live stream the event on our YouTube channel. Then, we will discuss it afterwards and share our key takeaways. Here is the latest list of questions submitted to Fisker management by shareholders. It promises to be an exciting call!

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5 thoughts on “Fisker Releases Q2 2023 Results: Provides New Fisker Ocean Production Guidance

  1. Sean, I just read the first few paragraphs of your post where you say ocean one deliveries are complete in the us. We are currently traveling out of the country and although my ocean # is 50, I have heard nothing except that I missed a drive opportunity in Ft. Lauderdale. Granted the internet communication was not great in Africa but we are now in the Middle East where reception is better. I was able to check my emails, but no word about my One. Have I somehow screwed up?
    Franklin Sands

  2. Very disappointing. Would be wonderful if, once, Fisker would under promise and over deliver. So far, it’s just been over promise and severely under deliver. At this pace, I’ll be lucky to receive my vehicle (Ultra) within two years of my order. I see no compelling reason to believe the current ‘forecast’ will be met. Last quarter we were led to believe supply constraints were being managed. Obviously not so. I’m both an order holder and shareholder – was a firm believer in both the vision and the ability to bring the reality to market. However Fisker is wearing my patience thin. Nice to have all these future vehicle ideas, but at this stage I’d rather the company focused on actually meeting the needs of Ocean order holders. I assume others are, like myself, willing to consider other vehicles – and walk away from Fisker. .

  3. Simon (and Sean). I am a bit of a broken record here. And these juxtaposed events this week (Vision Day and Quarterly Update) help to deliver the point. Fisker is on a mission to create — The world’s most EMOTIONAL (and sustainable) vehicles. However, without trust, there can be no lasting emotional connection. The emotional surge from stunning designs fades quickly when trust (trust to deliver high quality vehicles, and to deliver when expected) is lacking.

    There is so much promise with this new-era vehicle brand. Fisker and his team, and all of the suppliers, manufacturers, engineers, programmers, support staff, all involved in a Fisker creation need to be trusted to deliver (again and again) or this opportunity for that emotional connection will be lost forever.

What are your thoughts?