Highlights from Fisker’s Q2 2022 Earnings Call

Fisker Ocean One

Fisker released Q2 2022 financial results after the market close today and provided updates on the business including Fisker Ocean program.

Today, Fisker released their Q2 2022 earnings results followed by their conference call. Henrik Fisker, Dr. Burkhard J. Huhnke, and Geeta Fisker discuss Q2 2022 earnings call and the health of their business. Fisker Ocean One took center stage. The company took questions from both equity analysts and even retail investors. We recorded the Fisker Earnings Call and took notes, which are listed below.

Highlights from Q2 2022 Earnings Call

  • Fisker Ocean is on schedule for SOP on November 17th.
  • 55 Fisker Ocean prototypes, Magna will continue to build prototypes up until SOP in November.
  • Company is 100% completely sold out of all 5,000 Fisker Ocean One electric SUVs with non-refundable deposits of $5,000/each.
  • Henrik says it is historic, no company has done it the way they did with non-refundable deposits for Ocean One and they are sold out ahead of SOP.
  • Potential revenue of $350 million before starting production.
  • Experience Centers will open later this year in both US and Europe.
  • More pop-up events are planned for this year as the company gets more prototypes.
  • 5 prototypes in Michigan being tested with Magna for ADAS testing.
  • Fisker isn’t in charge when formal crash test ratings will be released.
  • Henrik has been impressed by his test vehicle that he received last week; it handed great on the test track in Italy; great handling and comfort for everyday use.
  • Ocean demand remains strong with Ocean One selling out in about 1-month.
  • Fisker will not raise the price of the first 40,000 Oceans; shipping rates are growing high and the company is passing on the logistics cost to customers; could lower it in the future.
  • Fisker will open up pre-orders for Extreme next.
  • Fisker said they will build some Ultras and Sports next year even if demand for Extreme is too high; expected Q3 2023.
  • Henrik says the company has affordable vehicles even if there is a change in [EV tax credit] legislation.
  • The company has a plan in place for customers to take advantage of the $7,500 EV tax credit and will release details if needed.
  • Service centers will be operated by Fisker; won’t need to think of service for the first 5k to 6k miles; they’ll service your vehicle at home or take it to a partner.
  • Over 50 kilos of recycled vehicles are included in the Fisker Ocean more than any vehicle on the market.
  • Company will announce the ESG impact report later this month ahead of production; ESG is integrated into the company’s business; company plans to create a CO2 neutral vehicle by 2027.
  • All 55 prototypes have production intent parts.
  • Fisker Ocean is on track for global certification.
  • Henrik, Geeta, and Burkhard are going to Graz next week to check on all the validation.
  • Test vehicles are here in the USA to test ADAS, handing, waterproofing, etc. and have been tested in all markets to be customer-focused.
  • Just over 3 months to SOP.
  • Level set expectations for 2022, little to no revenue to shipping Fisker Oceans to the USA.
  • From an accounting standpoint, Fisker will not recognize any of the $5,000 down payments for Ocean One until vehicles are delivered.
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Equity Analysis Q&A Highlights

  • RBC: Who shares the cost of the raw materials between Fisker and contract manufacturers? Geeta said Fisker is responsible for the cost.
  • RBC: When will the company lock the vehicle so it won’t impact the production line? Henrik said they’ve built 55 prototypes for engineering team. No adjustments with be made to prototypes that will impact Magna. No changes on the line.
  • RBC: When should we expect test drives for media and analysts? Henrik said it will likely be November.
  • Bank BNP Paribas: What can you do to help people get EV tax credit? Henrik said they’ve hired new head of manufacturing, they have some countermeasures for Ocean US manufacturing.
  • Bank BNP Paribas: And battery components/materials? Henrik said he doesn’t think any vehicle made has the minerals needed to qualify for tax credit; CATL is looking for US production; no decision on who will supply battery for PEAR; will be a US supplier; close cooperation or joint venture.
  • Morgan Stanley: How much does an Ocean BOM cost in USD today vs. 1-year ago? Geeta said she doesn’t encourage those discussions, because it doesn’t mean anything. Suppliers only price out each quarter. Didn’t increase prices based on what they are seeing; don’t know what Q1/Q2 2023 looks like but can absorb that; logistics cost are separated for transparency.
  • Morgan Stanley: Ocean ramp needs new capital? Geeta is looking at non-dilutive funding for delta with cash flow; could use $350 ATM or issue new equity.

Retail Investors Q&A

  • See the comments section below for retail Q&A captured by one of our readers. Thank you!

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2 thoughts on “Highlights from Fisker’s Q2 2022 Earnings Call

  1. Sean,

    Here’s a summary of the retail shareholder questions and summary of responses from the Fisker panel. Thanks for sharing the stream.

    1) RICHARD S. ASKS

    How many of the 5,000 Ocean One are actually spoken for? When will you be able to share rollout plans including when reservation holders can expect delivery in their market?

    Henrik: We are looking our new interactive configurator in October. We are going to start to confirm reservations (Extreme) on Nov 18, the day after we start (One) production and at that point in time we will definitely give an indication in which quarter you will get deliveries in. And of course, as we get closer to the actual delivery we will give a firm, probably about 6 weeks before, so we are working on all these details now and we want to be as accurate as possible. We will probably also allow people to somehow track where their car in this entire process. We should be able to give pretty clear guidance by the end of the year on when people will get their cars.

    2) SETH S. ASKS

    With the way our ecomony is going is fisker going to market to masses or only making it affordable for the elite consumer??

    Henrik: I think we already are, we have already said we will produce the $37,500 Ocean Sport beginning Q3 next year. We have already announced our PEAR which will be starting under $30K. I don’t think I can count on one hand the amount of EVs that’s going to come on the market 2024 that’s going to be under 30K. So I think we will have a really unique proposition in super high volume potential for our two vehicles. What was important about the Ocean was that we are ultimately able to get really high volumes out of that vehicle by having a base price of $37,500 and what is important about the PEAR is to get it under $30,000 because now you’re talking about potential of millions of vehicles…….

    3) COLE T. ASKS (My Question!)

    Is there a chance Ultra production may start sooner than Q3 2023?

    Not at this point, we have to plan production far ahead and also have to think about the company’s financial health. I know we have a lot of investors on the call and I’m sure a lot of people who have ordered an ultra or investors that have ordered an Ultra. But ultimately we are a business and what we are seeing right now is a very healthy demand for the Extreme and Ocean One and right now we should be able to fulfill, maybe not all orders by 2023, if we wouldn’t have committed to start Ultra and Sport production in Q3 next year, we may have been able to go through 2023 without producing any Ultras or Sports, but it was very important for the company to stand up to what we promised to deliver a 37k car and $49,999 in Q3 next year and we stand by that promise. We’ve planned it into our production and that’s what we’re going to do.

What are your thoughts?