Fisker Q4 2021 Earnings Inline with Analyst Estimates

Today, Fisker released Q4 2021 earnings, inline with Wall Streets expectations with a loss of $0.47, and the shares on the rise.

  • Q4 2021 and year end 2021 operating results in-line with expectations, further establishing Fisker’s track-record of spending visibility and discipline.
  • Fisker Ocean unveil in November 2021 illustrated multiple class-leading, customer-facing features, which forms a platform for brand-building and demand-generation activities that are showing significant traction.
  • Ocean reservations total more than 30,000 as of February 14, 2022, including 1,600 fleet reservations. 2022YTD retail reservation pace has increased more than 400% versus FY2021.
  • PEAR reservations now open to retail customers following strong customer outreach and potential for a near-term order from a large commercial customer.

LOS ANGELES–(BUSINESS WIRE)–Fisker Inc. (NYSE: FSR) (“Fisker”) — passionate creator of the world’s most sustainable electric vehicles and advanced mobility solutions — today announced its financial results for the fourth quarter and fiscal year ended December 31, 2021.

“2022 has kicked off at an amazing pace, with continued laser focus on delivery of the Fisker Ocean as priority one. We are now into the next-level prototype build phase and progressing through our vehicle testing and certification plan. Our extremely dedicated and focused team is working closely with all our suppliers to stay on track to deliver the first Fisker Oceans this year in November. Amid global semiconductor and other supply constraints, we work regularly in collaboration with key partners to identify and mitigate any issues,” stated Henrik Fisker, Chairman and Chief Executive Officer of Fisker.

“As the Fisker Ocean is heading towards production, it’s time for us to plan for a future of rapid growth. After many requests from potential customers (both retail and commercial) and completion of design and engineering phase 1, we decided to open reservations for the 2024 Fisker PEAR. This is a completely differentiated product, designed and engineered to reinvent urban mobility,” Fisker added.

“Our philosophy is that every vehicle that Fisker produces must be class-leading in multiple customer-facing areas and we are highly confident that we will achieve that with Fisker Ocean in terms of range, overall driving performance dynamics, and central display innovation. Today we released details on a global industry-leading warranty for the Fisker Ocean, right from launch, to show our confidence in the build quality, technology quality and overall durability of the Fisker Ocean. The acceleration of reservations for the Ocean clearly shows that people are discovering that the Ocean has features that no one else is offering in its price segment. Based on our in-house data analytics, we’ve seen a very positive customer reaction to the Fisker Ocean’s design and an enthusiastic response to its sustainability credentials,” Fisker said.

Fourth Quarter 2021 Business Highlights:

  • Disciplined cash deployment planning and processes resulted in strong year-end cash balance of $1.2bn, sufficient to fund the production launch of Fisker Ocean in November 2022. Overall FY2021 non-GAAP Operating Expenses and Capital Expenditures was $458M, modestly favorable to guidance provided in the Q3 2021 earnings release due to timing of Capital Expenditure billing.
  • Revealed the production-intent version of the Fisker Ocean at the LA Auto Show on November 17, 2021. Achieved goal of multiple class-leading features, including range, performance dynamics, and central display size and rotation.
  • Began production of next-level prototypes at the Fisker Ocean assembly facility. We will soon have the capability to produce two prototypes per day to support our comprehensive test and validation program for global certification.
  • Joined the UN Global Compact, committing to an annual progress report and complementing our ongoing alignment with the UN sustainable development goals. Additional ESG-related initiatives included publication of Fisker’s Labor and Human Rights Policy and continued progress on a Lifecycle Analysis of Fisker Ocean adhering to ISO standards.

Recent Updates:

  • Affirming the expected timing plan for Fisker Ocean start-of-production on November 17, 2022.
  • Showcased the Fisker Ocean advanced driver-assistance systems (“ADAS”) features at CES, offering state-of-the-art safety to drivers and passengers. Called Fisker Intelligent Pilot, the ADAS platform integrates four types of sensors: an industry-leading surround-view camera suite, a camera-based driver-monitoring system, ultrasonic technology, and a Digital-Imaging Radar System that Fisker expects to be first to market when the Fisker Ocean begins production in November 2022.
  • Released details on the Fisker Ocean warranty here which we believe includes the longest coverage period of any electric vehicle in the Ocean’s segment (both comprehensive and powertrain).
  • Nominated JP Morgan Chase in North America and Santander in Europe as Fisker’s retail financing partners to provide competitive vehicle loan offers to Fisker customers at the point of sale.
  • Fisker Ocean reservations are over 30,000 as of February 14, 2022 (net of cancellations), including 1,600 fleet reservations (we recently received an incremental 200 unit order from ServiceNow). This compares to 18,600 (including 1,400 fleet) as of our Q3 2021 earnings call in November 2021. The net daily retail reservation rate in 2022 year-to-date has increased more than 400% compared to FY2021 and is on an annualized pace of over 55,000.
  • Based on a survey of a subset of reservation holders conducted by Fisker in December 2021, 19% plan to order Ocean Sport, 38% Ocean Ultra, and 43% Ocean Extreme / One. This implies an initial average selling price (“ASP”) of approximately $56,000, excluding options and delivery fee. It also suggests that current reservations have an indicative future gross revenue value of approximately $1.7 billion based on the more than 30,000 reservations.
  • Completed concept phase for Fisker PEAR. We anticipate PEAR will be manufactured in Ohio, USA at an annual volume of a minimum of 250,000 per year after full ramp-up.
  • Currently in discussions with potentially large-volume commercial customers for incremental Ocean and PEAR reservations.
  • Employee recruitment continued at strong pace, with headcount rising to 396 full-time employees as of February 14, 2022 from 327 as of December 31, 2021 and 101 as of December 31, 2020.

Fourth Quarter 2021 Financial Highlights:

  • Cash and cash equivalents of $1.20 billion as of December 31, 2021.
  • Loss from operations totaled $133.4 million, including $1.5 million of stock-based compensation expense.
  • Net loss totaled $138.4 million and $0.47 loss per share.
  • Net cash used in operating activities totaled $140.9 million and cash paid for capital expenditures totaled $52.6 million.
  • Weighted average shares outstanding totaled 296.7 million for the three months ended December 31, 2021.

2022 Business Outlook

The following information reflects Fisker’s expectations for key non-GAAP operating expenses and capital expenditures for the full-year 2022. Fisker is projecting the total of these items to be within a range of $715 million to $790 million.

Expense itemUSD, millions
Research & Development (Non-GAAP)1$330 – $380
Selling, General, and Administrative (Non-GAAP)1$105 – $120
Total Operating Expenses (Non-GAAP)1$435 – $500
 Capital Expenditures$280 – $290

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