2023 Fisker Ocean Production Plan, Over 62,000 Reservations, 3D Configurator, & Strong Cash Position

Fisker Ocean Austin, TX

Fisker released Q3 2022 earnings results today and updates to the Fisker Ocean program and we have all the details you need to know about.

Fisker Ocean Austin, TX
Fisker Ocean electric SUV (Austin, TX).

Today, Fisker released earnings results for Q3 2022 and provided an overall update to its business. It appears to be a strong quarter for the company with much progress on the Fisker Ocean program. The company provided its 2023 production plan to ramp the Fisker Ocean to 42,400 units.

The 42,400 units is on the lower end of the 40,000 to 50,000 units the company had previously mentioned. The company grew Fisker Ocean reservations beyond 62,000 since it last reported this metric last month. Overall, the company says they continue to see strong demand for the Fisker Ocean.

Fisker says it has seen a double-digit increase in premium trim configurations in recent months using its existing configurator. The highly anticipated interactive 3D configurator, updated mobile app, and website is scheduled to launch on November 17th. This is the same day for the official start of production of the Fisker Ocean. A lot to look forward to in about two-weeks time.

The company had a net loss, which totaled $149.3 million and $0.49 loss per share. Fisker had $824.7 million of cash, or cash equivalents, as of September 30, 2022. This reflects approximately $116 million raised from the $350 million at-the-market equity program during the third quarter of 2022. Fisker shares were down in extended hours trading at $7.65/share down -0.41 (-5.09%) on volume of 202.56k shares.

“Fisker is delivering on our SOP commitment despite a challenging environment due to our focused collaboration with all of our partners and suppliers. We are making deliberate choices on how to best deploy capital and structure our assembly volumes for a successful ramp. Last month at the Paris Auto Show, we unveiled several innovative and industry-first features in the Fisker Ocean including our unique interface. This is a very exciting time for Fisker, with the start of production for the Ocean just two weeks away. Thank you for your continued confidence in our team.”

Henrik Fisker, Chairman and CEO, Fisker, Inc.

Q3 2022 Highlights

  • Q3 2022 operating results consistent with company expectations; full-year total spending guidance at the low end of the $715 million to $790 million range.
  • Magna to purchase a commercial fleet of 15 vehicles which we will deliver in December 2022.
  • Consumer demand remains strong. Fisker Ocean reservations and orders totaled over 62,000 as of October 31, 2022. During the quarter, sold out of Fisker Ocean One’s globally and our 2023 US allotment of Fisker Ocean Sport and Fisker Ocean Ultra trim levels.
  • Fisker confirms 42,400 Ocean unit production plan for 2023 predicated on detailed supplier and assembly ramp schedule.
  • Fisker hosting journalists and analysts the week of November 7th ahead of Ocean SOP on November 17th; attendees will have an opportunity to test drive the Fisker Ocean.
  • First drivable Fisker PEAR prototype to be completed ahead of plan, ready later this month.
  • Ended quarter with a solid cash balance of over $824 million driven by ATM execution, disciplined spending and weak Euro.

In Fisker’s words…

Q3 2022 Business Highlights:

  • Prior to the Inflation Reduction Act being signed into law, Fisker established a process for qualifying US-based Fisker Ocean reservation holders to enter into binding contracts, retaining potential eligibility for the existing federal EV tax credit. Through this process, Fisker sold out its 2023 US allotment of the Fisker Ocean Sport and Fisker Ocean Ultra trim levels.
  • In August, Fisker published its inaugural ESG Impact Report. Publishing this report prior to the start of production, shows Fisker’s foundational approach to sustainability and social impact, and how deeply embedded ESG is within the company, while reinforcing our commitment to transparency.
  • In September, Fisker announced that Wallbox will be its global partner for home EV charging solutions. Fisker is focused on providing our customers simple and intuitive technology with a clever design to make owning an EV easier.
  • More than $824 million of cash and cash equivalents at quarter-end reflects Fisker’s prudent liquidity management and positions the Fisker Ocean for a successful launch.

Recent Updates:

  • Affirming Fisker Ocean start of production on November 17, 2022.
  • Fisker confirms 42,400 Ocean unit production plan based on a detailed four-stage supplier ramp up and vehicle assembly plan from November 17, 2022 to end of 2023. This plan was developed to help ensure that parts suppliers would follow our anticipated production ramp volumes. 2023 quarterly production plan is as follows: Q1 over 300, Q2 over 8,000, Q3 over 15,000, Q4 remainder to get to 42,400.
  • Delivery of small commercial fleet of 15 Fisker Oceans to Magna in December 2022. Expected retail customer deliveries following European and US homologation in February 2023.
  • Fisker made its inaugural appearance at the Paris Motor Show where it displayed a production intent Fisker Ocean vehicle manufactured at Magna and revealed several new features. Fisker also displayed a production intent vehicle at the Oslo Motor Show in Norway. Norway is the global leader in EV adoption, with the highest percentage of new EV sales worldwide. Fisker has close to 2,000 reservations and orders in Norway and expects it to be an attractive market for the company.
  • Fisker Ocean net reservations and orders totaled over 62,000 as of October 31, 2022; double-digit increase in premium trim configurations in recent months.
  • Our interactive 3-D configurator and updated app and website is scheduled to launch in multiple languages on November 17th.
  • Production and deliveries will focus on Ocean One orders in Q1 and Q2 2023, with overlapping Ocean Extreme trim production and deliveries in Q2 2023.
  • Starting mid-January 2023, we intend to begin taking firm orders for the Fisker Ocean Extreme trim in select global launch markets.
  • Fisker continues to bolster its internal technical capabilities and our global team approximates 700 as of October 31, 2022.
  • Fisker PEAR development is progressing well. The first concept phase is signed off and we expect a drivable prototype ahead of time. We are now focused on execution and are in the process of transitioning our engineering and purchasing teams to PEAR. Fisker PEAR reservations are over 5,000 as of October 31, 2022. Detailed discussions on factory layout and tooling underway.
  • Fisker has begun preliminary discussions with large global OEMs and businesses to explore sharing both Ocean and PEAR platforms, joint US manufacturing and future sales of emissions credits.

Q3 2022 Financial Highlights:

  • Cash and cash equivalents of $824.7 million as of September 30, 2022, which reflects approximately $116 million raised from Fisker’s $350 million at-the-market (ATM) equity program during the third quarter of 2022.
  • Loss from operations totaled $140.0 million, including $11.2 million of stock-based compensation expense (approximately $0.04 per share).
  • Net loss totaled $149.3 million and $0.49 loss per share. Includes an unrealized $7.3 million foreign currency loss, net of realized gains upon settlement of Euro-denominated payments (approximately $0.02 per share).
  • Net cash used in operating activities totaled $86.0 million and cash paid for capital expenditures totaled $57.3 million.
  • Weighted average shares outstanding totaled 303.2 million for the three months ended September 30, 2022.

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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3 thoughts on “2023 Fisker Ocean Production Plan, Over 62,000 Reservations, 3D Configurator, & Strong Cash Position

  1. Journalist and analyst test drive from august delayed from summer to no answer to 7th of november
    configurator summer —-> october —-> no answer ——> 11/17
    experience center — summer —- > late 2022 —–> early next year. If only Magna could build experience centres (yes, henrik fisker said that)
    validation and homoligation not done until Feb next year, when SOP is this month. Nice.
    Hey, at least bottom line is SOP is unchaged right? RIGHT? it is another trick, they “deliver” it to Magna, the people who are buildilng their cars. Realistically, SOP starts next year February. With 300 units in Q1, THREE HUNDRED, WTF.

    The way Henrik Fisker and team packages every managerial disaster into an excuse, it is truly a disgrace. The number of time stakeholders have trusted him, and gave him the confidence, and he always disappoints. The guy is 59-year-old and he still does not know how to stay grounded, always running his mouth about the future, but fails to deliver at moments of judgement.

  2. It is true they are shipping 15 vehicles to Magna Styr and they are producing 270 vehicles a week at the moment to then ramping up to 42400 vehicles by year end 2023. Ramping up is the way to go to assure quality control that Magna a 7 percent stakeholder is in control of and will execute. Henrik and his team are staying the course to success in the EV market. As far as being the next Tesla…that is to be seen. Who knows maybe project Ronin will put Fisker on the way to that. The PEAR vehicle has really got my attention and I can’t wait to see the finished prototype ahead of schedule this month.

What are your thoughts?