Fisker (FSR) Q4, full 2022 results: 56 Ocean EVs built, 0 customer deliveries, new PEAR images

Fisker Inc. shared Q4 and full 2022 results with investors this morning, detailing the progress of the flagship Ocean SUV; an update on the second EV model, PEAR; and reported operating results that were “better than expected.” As the American carmaker continues its work to deliver its first EV to customers, it is developing positive growth numbers in 2023. More below.

Fisker Inc. ( $FSR ) is promising as American startups continue their strategic efforts to collaborate on two different continents at once. This past fall, the company is reporting over 62,000 reservations for its flagship Ocean SUV with production forecast exceeding 42,000 units in 2023.

This chase began a few weeks after Fisker’s Q3 report when it officially began producing the Ocean on time in Austria, with the help of contract manufacturer Magna Steyr. Since then, Fisker has shared a behind-the-scenes look at the SUVs being built and recently announced a partnership with ChargePoint in North America.

In terms of production output, Fisker has been off to a slow start but much has been predicted going into today’s Q4 2022 report. Where does it start and stop altogether after a working year? Let’s break down the key points to note.

Fisker ended Q4 2022 with cash flow of over $735 million

According to Fisker, he sees the best operating costs in 2022, despite the cost of starting production of the Ocean in Q4. Total spending for 2022 was $702 million, lower than the expected figure of between $715 and $790 million.

As of December 31, 2022, Fisker’s cash and cash equivalents totaled $736.5 million (excluding approximately $28M of VAT receivables that are deferred to 2023). Fisker said its cash balance includes approximately $57 million raised from a $350 ATM (ATM) program in Q4 2022.

Net loss was $170.1 million, or $0.54 per share. The average weighted average stock was about $315 million in Q4 as well. For 2023, Fisker is now projecting non-GAAP operating and capital expenditures to be between $535 million and $610 million, targeting a gross margin of between 8-12%, which leads to the possibility of better earnings before interest. , taxes, depreciation, and amortization (EBITDA) ).

As for Ocean production, Fisker reports that it has built 56 EVs to date, including 15 helicopters delivered to Magna in December, which are used for testing, data collection, and further validation. for “next feature.”

The company reported that it remains on track to produce (up to) 42,400 EVs in 2023, if the supply chain pulls it together and receives homologation “on time.” It is expected to complete this test in the United States and Europe in March, followed by the regulatory approval process. President and CEO Henrik Fisker spoke:

We are the first startup to balance two continents at the same time. We have completed over 250 different tests and the teams are presenting these progress results to the regulatory authorities. The ability to sell Ocean first in the US and seven European launch markets is unprecedented and a great de-risking strategy that we implemented from the start. This system allows to increase sales and transfer cars to any market with the highest volume.

Providing quality Fisker Beach with a leading range, innovations, and features is our number one priority. We have completed EPA and WLTP testing and our internal research has shown more durability for the Fisker Sea than we originally anticipated. These results reinforce our expectation that, at launch, the Fisker Ocean will have the longest range of any SUV/Crossover priced under $70,000. We are happy to have the Sea in the hands of our loyal customers soon after the completion of the joint venture.

Previously, Fisker promised the Ocean would have a range of about 350 miles, so it will be interesting to see where these EPA numbers land and if they are higher. The company says it has already secured long-term lead parts in its supply chain and expects to have everything it needs to supply the first 300 EVs to customers in March — that’s its previous launch target. for Q1 2023, but it is good to move as it is. we approached the quarter book.

Production is still expected to rise in Q2 as output is targeted at 8,000 units. Marine reserves exceed 65,000 as of February 24, 2023, with more than 5,600 PEAR reserves. Speaking of the Fisker PEAR, the company has shared a new exterior photo of it (seen above), showing off the compact brake-mounted EV.

Fisker said a working PEAR prototype has already undergone air testing and is expected to deliver “more than” 300 miles of range using the E/E architecture that uses what the startup calls the Blade Computer. . He still expects to launch the PEAR at a base MSRP of $29,900.

Fisker continues its global tour of the Ocean SUV for OEM customers as it works to implement sales service centers across the United States and Europe before the first deliveries. The next step we’ll be looking forward to is the first official Ocean deliveries as Fisker continues to test and prove the bugbears and head into an exciting 2023.