Fisker Ocean reservations likely to exceed 30k.
Fisker ($FSR) is set to report earnings after the bell today. Consensus estimates are for a loss of $0.46 on revenue of $0.01 million. Earnings Whisper is for the company to fall short of consensus by $0.03/share, but that is likely due to an increase in hiring to fill out product and marketing positions as the company continues to ramp R&D spending to deliver the Fisker Ocean by the end of this year.
Revenue, likely from selling branded merchandise, is negligible at this stage of the company’s growth, which is alright. The company’s Fisker Ocean hits the road later this year and that is when revenue will light up and begin to ramp at a rather fast pace.
Today we will likely get an update from Henrik Fisker on the status of the Fisker Ocean program and whether or not they are on track for a November 2022 SOP (start of production). The company has been hitting all of its milestones since debuting in 2020 as a public company and we expect them to continue to do so.
Investors and customers will be looking at reservations as a key metric as to how well the company is doing with its marketing efforts. As of the last earnings report on November 2, 2021, the company reported being over 18,600 reservations as of November 2, 2021 (net of cancellations), including 1,400 fleet reservations with app registrations over 72,000.
Since then, the company has ramped its marketing efforts, attending the LA Auto Show in November 2021 and CES at the beginning of this year, which will have certainly helped reservation numbers and app registrations not to mention opening up reservations for the highly anticipated Fisker PEAR yesterday morning.
We hope Fisker will break out reservations numbers between the Fisker Ocean and Fisker PEAR to show progress of both programs and its marketing efforts. Reservations for the Fisker Ocean will likely exceed 30k and north of 1k for the Fisker PEAR seeing as its been just over 24 hours since opening up the reservation list.
We will be listening to the Fisker earnings call later today to get a progress report from the company to see just how well they are doing.
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