Fisker just dropped their quarterly results for Q3 2023 providing a business update and we have all the latest details for you.
Today, Fisker released its Q3 2023 quarterly results, updating stakeholders. Fisker is now delivering in ten countries and is expected to add two more markets later this month as operational momentum accelerates in Q4 2023. The company opened its flagship US Lounge at The Grove in Los Angeles and its first east-coast Lounge in New York City. Fisker has customer locations open in ten countries, with additional customer facilities opening soon, including a Fisker Lounge in Shanghai, China, in January 2024.
Q3 2023 marked Fisker’s first quarter with meaningful automotive sales revenue. The quarter saw a total revenue of $71.8 million, with a gross margin of -17% on a GAAP basis (adjusted gross margin was 9%), and an EPS of ($0.27), compared to ($0.49) in the prior year. Fisker raised $450 million in gross proceeds during the third quarter, bolstering quarter-end cash, cash equivalents, and restricted cash to $625 million, excluding $50 million in VAT receivables that Fisker is still waiting to receive. An additional $550 million in gross proceeds is available as part of the recent convertible notes transaction.
In Q3 2023, Fisker produced 4,725 vehicles and delivered 1,097 vehicles. Deliveries have accelerated as Fisker begins optimizing last-mile logistics and expanding its delivery infrastructure to achieve further scale effects in Q4 and beyond. The company delivered over 1,200 vehicles in October, exceeding the entire Q3 delivery volume, which is pretty impressive. To date, over 3,000 vehicles have been delivered globally, with hundreds more Oceans en route to customers. Fisker stock closed the day at $4.11 per share up $0.27 (+7.03%).
“The third quarter was very significant for Fisker as we delivered 1,097 Fisker Ocean vehicles to customers across two continents, which represents the largest delivery volume for any US-based EV OEM in their first full quarter of deliveries. We are rapidly scaling our delivery infrastructure to support even higher volumes of deliveries of our class-leading product to our loyal customers. We are gaining momentum and delivered more units in the month of October than in all of the third quarter. We are pleased to hear the excitement and positive reviews from our early adopter customers, and at the same time we are also incorporating feedback for areas of improvement. As a software-driven product, we are continually improving the vehicle via over-the-air updates to provide the best experience for our customers.”
Henrik Fisker, Chairman & CEO, Fisker Inc.
Business Highlights
Fisker provided the following business highlights during its quarterly earnings release for Q3 2023.
- The Company expanded US and European deliveries of the Fisker Ocean One with 1,097 completed in Q3, up from 11 in Q2. Deliveries have accelerated as Fisker begins optimizing last mile logistics and expanding its delivery infrastructure. The Company delivered over 1,200 vehicles in October exceeding the entire Q3 delivery volume.
- Fisker adjusted pricing on all trim levels and opened calendar year 2024 orders. Current US pricing by trim is as follows: Ocean Extreme $61,499, the Ultra $52,999, and the Sport $38,999 as Fisker made its first change since initial trim pricings were introduced in 2020 and 2021. Fisker also adjusted pricing in Europe and Canada, narrowing the gap between the Ultra and the Extreme.
- 4,725 Fisker Ocean vehicles were produced in Q3 2023, up from 1,022 in Q2 2023, which included the impact from the summer holiday production shutdown.
- Since Q2, Fisker initiated deliveries in seven additional European countries, including right-hand drive United Kingdom, and expanded US deliveries into over 30 new states. Deliveries expected to start later this quarter in Canada and the Netherlands followed by Spain, Portugal, and Italy in Q1 2024.
- Fisker opened its flagship Lounge in Los Angeles and its New York City Lounge, which complement its customer facilities in Austria, Denmark, France, Germany, Norway, Sweden, and the United Kingdom. The Company plans to open additional locations across multiple states, and expects to have a dozen facilities open by yearend 2023 in North America and a similar amount in Europe. Fisker also announced it will open a Lounge in Shanghai, China in January 2024.
- Vehicle test drive events expanded globally, ranging from Fisker Lounges and Centers+ to pop-up test drive events in over a dozen cities in Europe and North America.
- In September, Fisker bolstered its balance sheet by executing $170 million in aggregate principal ($150 million in gross proceeds) of 0% senior unsecured convertible notes due 2025. This investment was in addition to the July convertible notes offering of $340 million in aggregate principal ($300 million in gross proceeds). As part of the transaction, Fisker may now offer up to an additional $623.3 million in aggregate principal ($550 million in gross proceeds) in 0% senior unsecured convertible notes.
- Fisker initiated over-the-air software updates bringing product enhancements and new features to owners based on customer feedback and Fisker’s product rollout strategy. OTA update 1.10 recently completed, which included optimization to ESP system, improved traction control on surface changing roads, refinement to regen braking, improved energy management and connectivity for remote functions along with some other tweaks.
- Published second annual ESG report demonstrating how environmental and social efforts are authentically ingrained in its culture to build the world’s most emotional and sustainable vehicles. Additionally, Fisker is hosting a sustainability roundtable on November 18th to elaborate on its ESG initiatives.
- Concurrent with IAA Mobility 2023, Fisker held the European premiere of future products including the Rōnin and PEAR in Munich, Germany which followed the US unveiling of the same models at Fisker’s inaugural “Product Vision Day” event in California.
- Fisker will host a journalist event during the Los Angeles Auto Show this week where it will show the PEAR vehicle and its Alaska EV pick up.
- Announced expanded charging options for North American consumers as Fisker will adopt the North American Charging Standard (NACS) on its first vehicles in 2025 and signed an agreement with Tesla to provide customers with access to the Tesla Supercharger network of over 12,000 Supercharger stations in the United States and Canada.
- Fisker expanded its global team which totaled more than 1,300 as November 13, 2023, with recent growth focused on sales and service areas to support the delivery and ownership experience.
Financial Highlights
- Revenue totaled $71.8 million compared to revenue of $825 thousand last quarter.
- Gross margin was -17% on a GAAP basis; adjusted gross margin was 9%, which excludes an inventory valuation adjustment associated with lower levels of production during the ramp-up phase which we expect to continue until we reach full production.
- Loss from operations totaled $99.6 million, including $6.1 million of stock-based compensation expense.
- Net loss totaled $91.0 million and $0.27 loss per share. Weighted average shares outstanding totaled 343.1 million for the three months ended September 30, 2023.
- Net cash used in operating activities totaled $308.2 million and capital expenditures totaled $30.5 million.
- Cash and cash equivalents and restricted cash was $625.4 million as of September 30, 2023; this excludes $50.5 million in VAT receivables which Fisker expects to receive as refunds or to monetize against vehicle sales taxes.
Fisker’s Q2 2023 Earnings Call
Later today, before the market opens, Fisker will hold its quarterly conference call at 6:00 AM Pacific Time. Join us as we listen to Fisker’s Q3 2023 conference call. We will live stream the event on our YouTube channel. Then, we will discuss our key takeaways after the conference call concludes. Here is the latest list of questions submitted to Fisker management by shareholders. Look forward to having you join us!
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Agreement with Foxconn agreement not finalised; so far Foxconn will handle PEAR with perhaps Alaska or Alaska will be built by OEM. Ocean will be built in US with no word on where it be made in US in the foreseen future.
Fisker and Foxconn need to finalize their agreement promptly, especially given that the production-intent PEAR will be revealed next week at the Los Angeles Auto Show.
Sean. You are such a Fisker company, and brand, champion. Yet the Fisker’s don’t seem to champion people like you — those who have invested significant money (and time) in the company. Some of the things that are said, like when Geeta said something to the effect that, “Wall Street isn’t going to like it…” Well, you (and others of us here) are not Wall Street. And you (and others) are seeing their investments in Fisker (their brand and company) getting crushed under the waves.
I thought you’re article addressing the issue of short-sellers was important and timely. But the Fisker’s choices and the Fisker’s execution and the Fisker’s leadership need to undo the shorts. Clearly the information shared today did nothing but undo the long investors. Trading after the close was something of a blood bath.
Hope is a positive trait or mindset, most of the time. I would say. But Team Fisker needs the hope to be actualized. Are they truly capable of that, do you think?
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Thanks for the comment Tim. We share the same concerns, and it’s disheartening to witness the impact on long-term shareholders. However, we maintain our belief in Fisker’s vision and mission. We are hopeful that the company can realign its strategies to better serve all of its stakeholders (i.e., customers, partners, shareholders). Let’s collectively continue the good fight for a brighter future in hope that Fisker rises to the occasion, recognizing the significance of its loyal stakeholders. Here’s to staying committed and optimistic about the journey ahead!
Excellent write up as always. Im more interested in what business results might mean for owners vs investors and was pleased to learn of so many strong demand signals. The only thing that gave me pause was this disclosed weakness in financial controls. While I can see why investors might be alarmed, personally I still think this is just Fisker being overly cautious bc they only just hired a new CAO who wants time to personally check every control.
Would you agree though that for owners any miscalculations are just Wall Street stuff and unlikely to impact things like financing offers, supply, build quality, OTAs, and investment in the driver/owner experience? And if not then what relevance is there really? Past is past, maybe someone made a mistake, but who cares since the present and future look increasingly bright?
Sean. Based on some relatively recent articles and videos, you’ve met both Henrik and Geeta. You even own a sketch of a future Fisker roadster, drawn for your daughter to prove it. Most, if not all of us who turn to this site, have not met these folks. Do the Fisker’s have what it takes to lead Fisker Inc. to a thriving, successful, quality-creating, customer-focusing, customer-thrilling, emotionally-inspiring, planet-sustaining, earnings-producing, automobile company for the long haul? Or not?
This is not the first go-round, as everyone knows.
They say you can tell a lot by looking into the eyes of a man, or woman. Maybe. But based on what’s been transpiring recently; and based on the reaction after markets closed yesterday, the market is saying, “No!” to the question above. What say you?
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Although it is important to have a positive outlook, let’s call a spade, a spade. This is a company that is headed towards failure.
I won’t rehash what has been discussed pertaining to production failures, delivery failures, and service failures. It doesn’t take much effort to see general opinions of current customers and a glance at the balance to see things are not doing well.
I hope what has happened with the stock is a wake up call. Stick to the basics. Make a great product (which you are working on and will only get better) and maintain a positive customer experience. The Alaska, Pear, Ronin, and Lounges can wait. This is a classic example of cart before the horse.
The company should publicly admit they have not met the expectations of their customers particularly regarding producion, delivery, and service (incredibly important to do for your customers). Gain our respect in admitting that you know you haven’t lived up to our expectations. Then, turn 100% of your attention to delivering all of your 5000 FOO and addressing any servicing issues with them. Remember, this is your loyal customer base. Right now, those are the most important things the company can do in my opinion. It won’t take long to do this, but will no doubt pay dividends in the future. Create the ground floor of the company that is solid and customer centered. Gain our trust before it’s too late.
Okay, here are my thoughts about Fisker. I’ll call it the good, the bad and the ugly. The good. They are producing a car that, I believe, will have a lot of appeal. The Ocean, now the pear and then the Alaska. I believe people will buy these vehicles. The bad. Clearly, they haven’t figured out how to build and sell these cars. This is the real crux of the matter for them. They are doing a terrible job. The good news is that they only have one way to go—up. And I believe this aspect of their story is going to improve because,well, if not they’ll be out of business in about eighteen months to two years. The real challenge to me is their liquidity. They’re spending a lot of money and they’re probably going to need a big cash infusion in the next year or so. In order to get the money they’ll need, they’ll have to show their banks or lenders that they are able to ramp up their revenue quarter over quarter. They’ll simply have to prove that they can be an ongoing concern. I think they can and will grow. But someone is going to have to step up with a big cash infusion. It seems to me that without this they’ll simply be unable to operate. I’m not in their stock yet. But it’s getting incredibly cheap. But if you buy Fisker stock at around $3.00 or less you’ll either lose every penny or you’ll get rich. I don’t think there will be a middle ground
I am not exactly sure what the partnership between Fisker and Magna are other than it being a car manufacturer contractor but I think it would be great if Magna takes a large stake in the company and become the main backbone of the company. Team Magna should become board members of the brand. This would make Fisker a much solid contender as Magna has been making larger profits for years and I believe their part of a large subsidy. Just my thought.
I want to love this brand and stock! My FOO has been stuck at the Port of Baltimore for 4 weeks and as a shareholder I am less than thrilled with the 19% stock decline today. I am hoping Fiskerati will find the silver lining and restore my faith in both the brand and stock.