Fisker released earnings results for Q2 2022 after the market close today and we have all the details you need to know about.
Today, Fisker released earnings results for Q2 2022. The company said they completely sold out of 5,000 Ocean One launch vehicles. The company reported a net loss of $106 million, or $-0.36 loss per share, which was better than consensus estimates of $-0.41/share. As of June 30, 2022, Fisker had cash and cash equivalents of $851.9 million. This reflects approximately $14.2 million raised from Fisker’s $350 million at-the-market (ATM) equity program during the second quarter of 2022. Fisker stock ($FSR) closed the day at $10.45/share up $0.61 (+6.20%). Fisker shares were down in extended hours trading at $10.10/share (-2.98%).
Q2 2022 Highlights
- Q2 2022 operating results consistent with company expectations; full-year total spending guidance unchanged.
- Vehicle testing and validation phase progressing well; all 55 complete Fisker Ocean prototypes built and performing various final testing before SOP on November 17, 2022.
- Sold out all 5,000 pre-orders for the launch edition Fisker Ocean One, secured by $5,000 down payments from each customer.*
- Consumer demand remains strong. Fisker Ocean reservations totaled more than 56,000 as of August 1, 2022, including 5,000 Ocean One pre-orders secured by $5,000 down payments.
- Debuted the Fisker Ocean in France and the United Kingdom in June 2022.
- Confirmed Fisker PEAR, using the Fisker-developed SLV1 platform, will be manufactured at Foxconn’s newly acquired plant in Ohio.
In Fisker’s words…
Second Quarter 2022 Business Highlights:
- Rapid progress on Fisker Ocean testing and validation across multiple workstreams. Fifty-five complete Fisker Ocean prototypes have been built in Magna’s production facility and Magna continues to build additional prototype vehicles. Ongoing extensive testing includes crash, safety, powertrain, high and low-speed features, and much more. For example, several prototypes made their way to Magna Electronics in Michigan for ADAS testing. Fisker and Magna’s joint test program aims to deliver high-quality vehicles right from the start of production (SOP) on November 17, 2022.
- Fisker Ocean made its French debut at the Rencontres Flotauto 2022 and its United Kingdom debut at the 2022 Goodwood Festival of Speed in June 2022. Fisker expects deliveries in France to begin in April 2023 and to have right-hand drive Fisker Oceans available in mid-2023 for the UK market.
- Fisker partner Foxconn completed its acquisition of an operational 6.2 million-square-foot vehicle manufacturing facility in Ohio. Fisker and Foxconn will build Fisker’s second vehicle, the Fisker PEAR, using the Fisker-developed SLV1 platform, at this factory. The Fisker PEAR will start production in 2024 with an expected base price below $30,000. Fisker and Foxconn intend to build a minimum of 250,000 PEAR vehicles per year once the plant ramps up production. The PEAR is in full product development and many unique, world’s-first features will be on the production vehicle. The PEAR will sit on a new Fisker platform with a radical new electrical architecture, incorporating new advanced ADAS technology. Several supplier nominations have started, and a drivable prototype is expected to be ready at the end of this year. The PEAR program verifies Fisker’s rapid development process, which reduces cost and enables delivering the latest technology to market.
- Project Ronin will be Fisker’s third vehicle, following the Fisker Ocean and Fisker PEAR. Developed at Fisker Magic Works in the UK, the all-electric sport Grand Tourer will feature innovations such as a battery pack integrated with the vehicle’s structure to increase the battery volume, providing ample range suitable for stylish long-distance driving. Fisker is designing and engineering Project Ronin to deliver class-leading range and redefining the luxury sports car segment. The sculptural design and extreme proportions of the vehicle will make it stand out from any other car on the road. Fisker expects to show Project Ronin in the Summer of 2023.
- The more than $850 million of cash and cash equivalents at quarter-end reflects Fisker’s prudent liquidity management and is sufficient to fund the production launch of the Fisker Ocean in November 2022 and for additional vehicle development throughout 2022.
- Affirming the expected timing plan for Fisker Ocean start of production on November 17, 2022.
- 5,000 pre-orders are fully sold out for the launch edition Fisker Ocean One, secured by $5,000 down payments. The Fisker Ocean One will be fully loaded with all the features of the Fisker Ocean Extreme plus signature qualities to stand out even further. Throughout 2023, Fisker will prioritize and manufacture all Fisker Ocean One and Extreme orders, with additional capacity then allocated to Fisker Ocean Ultra and Sport trims.
- Fisker Ocean reservations totaled over 56,000 as of August 1, 2022 (net of cancellations), including 5,000 Fisker Ocean One pre-orders. This compares to 45,000 as of our Q1 2022 earnings call and 31,000 as of our Q4 2021 earnings call.
- As Fisker Ocean enters pre-production, we have intensified our rapid product development plan. Fisker added Alpay Uguz as Senior Vice President of Global Manufacturing who, in collaboration with senior management, will oversee strategy towards the goal of producing one million vehicles per year by 2027.
- Our interactive configurator is currently in development and will launch in late October with our new website. The new website will also provide information regarding anticipated delivery timeframes.
- Starting on November 18th, the day after our official start of production, we will begin taking pre-orders for the Fisker Ocean Extreme trim. This will be followed by opening pre-orders for our Ultra and Sport trims in Q1 2023. This phased approach will smooth our production forecasting.
- Fisker established Fisker Finance℠, a digital financing platform offering seamless and convenient loan purchase options to Fisker customers. Retail loan options include vehicle, accessories, and home charging equipment financing. Fisker also reaffirmed the nomination of Chase in the US and Santander Consumer Finance in Europe as retail financing partners.
- Fisker continues to expand its pipeline of customer product locations. In addition to Fisker Lounges, previously referred to as Experience Centers, in Los Angeles and Munich slated to open later this year, we expect to have over 50 Fisker Lounge showrooms and Center+ service facilities across North America and Europe by the end of 2023.
- Recruitment continues at a strong pace. Fisker currently has a global team of 530 as of August 1, 2022, with hiring in India, US, and Europe to further grow our internal technical capabilities and launch-driven activities.
- Fisker PEAR development is progressing well. We continue transitioning engineering and purchasing teams to PEAR, with Fisker PEAR reservations over 4,000.
Second Quarter 2022 Financial Highlights:
- Cash and cash equivalents of $851.9 million as of June 30, 2022, which reflects approximately $14.2 million raised from Fisker’s $350 million at-the-market (ATM) equity program during the second quarter of 2022.
- Loss from operations totaled $88.7 million, including $1.2 million of stock-based compensation expense.
- Net loss totaled $106 million and $0.36 loss per share.
- Net cash used in operating activities totaled $149.5 million and cash paid for capital expenditures totaled $54.2 million.
- Weighted average shares outstanding totaled 298.3 million for the three months ended June 30, 2022.
Listen to the earnings call, which will be available starting on August 3, 2022 at 2pm Pacific Time.
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