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Classified in: Environment, Business
Subjects: EARNINGS, Photo/Multimedia, Conference Call, Webcast

Fisker Inc. Announces Third Quarter 2022 Financial Results


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 third quarter ended September 30, 2022.

"Fisker is delivering on our SOP commitment despite a challenging environment due to our focused collaboration with all of our partners and suppliers. We are making deliberate choices on how to best deploy capital and structure our assembly volumes for a successful ramp," stated Henrik Fisker, Chairman and Chief Executive Officer of Fisker.

"Last month at the Paris Auto Show, we unveiled several innovative and industry-first features in the Fisker Ocean including our unique interface. This is a very exciting time for Fisker, with the start of production for the Ocean just two weeks away. Thank you for your continued confidence in our team," Fisker added.

Third Quarter 2022 Business Highlights:

Recent Updates:

Third Quarter 2022 Financial Highlights:

2022 Business Outlook

The following information reflects Fisker's expectations for key non-GAAP operating expenses and capital expenditures for the full-year ending December 31, 2022. Fisker is projecting the total of these items to be at the lower end of the $715 million to $790 million range, driven by disciplined cost management, favorable FX and leveraging existing technical talent for more in-house PEAR development work.

Expense item

USD, 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

1Excludes stock-based compensation expense. A reconciliation to the corresponding GAAP amount is not provided as the quantification of stock-based compensation excluded from the non-GAAP measure, which may be significant, cannot be reasonably calculated or predicted without unreasonable efforts. The Non-GAAP adjustment for stock-based compensation expense requires additional inputs such as number of shares granted and market price volatilities that are not currently ascertainable and cannot be reasonably estimated.

Conference Call Information

Fisker Inc. will host a conference call to discuss the results at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) today, November 2, 2022. The live audio webcast, along with supplemental information, will be accessible on Fisker's Investor Relations website at https://investors.fiskerinc.com. A recording of the webcast will also be available following the conference call.

Use of Non-GAAP Financial Measures (Unaudited)

This press release and the accompanying tables references certain non-generally accepted accounting principles in the United States (GAAP) financial measures, including non-GAAP adjusted loss from operations, non-GAAP selling, general, and administrative expense, non-GAAP research and development expense and non-GAAP total operating expenses. These non-GAAP financial measures differ from their directly comparable GAAP financial measures due to adjustments made to exclude stock-based compensation expense. None of these non-GAAP financial measures is a substitute for or superior to measures of financial performance prepared in accordance with GAAP and should not be considered as an alternative to any other performance measures derived in accordance with GAAP.

Fisker believes that presenting these non-GAAP financial measures provides useful supplemental information to investors about Fisker in understanding and evaluating its operating results, enhancing the overall understanding of its past performance and future prospects, and allowing for greater transparency with respect to key financial metrics used by its management in financial and operational-decision making. However, there are a number of limitations related to the use of non-GAAP measures and their nearest GAAP equivalents. For example, other companies may calculate non-GAAP measures differently, or may use other measures to calculate their financial performance, and therefore any non-GAAP measures Fisker uses may not be directly comparable to similarly titled measures of other companies. Therefore, both GAAP financial measures of Fisker's financial performance and the respective non-GAAP measures should be considered together. Please see the reconciliation of non-GAAP financial measures to the most directly comparable GAAP measure in the tables below.

Disclosure Information

Fisker uses the investor relations section on its website as a means of complying with its disclosure obligations under Regulation FD. It also uses various social media channels as a means of disclosing information about Fisker and its products to its customers, investors and the public (e.g., @fiskerinc, @fiskerofficial, #fiskerinc, #henrikfisker and #fisker on Twitter, Facebook, Instagram, YouTube, TikTok and LinkedIn). Accordingly, investors should monitor Fisker's investor relations website and social media channels in addition to following Fisker's press releases, SEC filings, and public conference calls and webcasts.

About Fisker Inc.

California-based Fisker Inc. is revolutionizing the automotive industry by developing the most emotionally desirable and eco-friendly electric vehicles on Earth. Passionately driven by a vision of a clean future for all, the company is on a mission to become the No. 1 e-mobility service provider with the world's most sustainable vehicles. To learn more, visit www.FiskerInc.com ? and enjoy exclusive content across Fisker's social media channels: Facebook, Instagram, Twitter, YouTube, and LinkedIn.

Download the revolutionary new Fisker mobile app from the App Store or Google Play store.

Forward-Looking Statements

This press release includes forward-looking statements, which are subject to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as "feel," "believes," expects," "estimates," "projects," "intends," "should," "is to be," or the negative of such terms, or other comparable terminology and include, among other things, the statements quoted by our Chief Executive Officer, the timing of start of production and delivery of the Fisker Ocean or the Fisker PEAR, the sufficiency of our cash to fund production launch of the Fisker Ocean, and statements regarding Fisker's future performance under "2022 Business Outlook," the reported financial results for the third quarter of 2022, which are subject to completion of Fisker's internal review, and other future events that involve risks and uncertainties. Such forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements contained herein due to many factors, including, but not limited to: Fisker's limited operating history; Fisker's ability to enter into additional manufacturing and other contracts with Magna, or other OEMs or tier-one suppliers in order to execute on its business plan; the risk that OEM and supply partners do not meet agreed upon timelines or experience capacity constraints; Fisker may experience significant delays in the design, manufacture, regulatory approval, launch and financing of its vehicles; Fisker's ability to execute its business model, including market acceptance of its planned products and services; Fisker's inability to retain key personnel and to hire additional personnel; competition in the electric vehicle market; Fisker's inability to develop a sales distribution network; and the ability to protect its intellectual property rights; and those factors discussed in Fisker's Annual Report on Form 10-K, under the heading "Risk Factors," filed with the Securities and Exchange Commission (the "SEC"), as supplemented by Quarterly Reports on Form 10-Q, and other reports and documents Fisker files from time to time with the SEC. Any forward-looking statements speak only as of the date on which they are made, and Fisker undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.

Third Quarter 2022 Financial Results

Fisker Inc. and Subsidiaries

Unaudited Condensed Consolidated Statements of Operations

(amounts in thousands, except share and per share data)

 
Three Months Ended
September 30, 2022 June 30, 2022 September 30, 2021
 
Revenue

$

14

 

$

10

 

$

15

 

Costs of goods sold

 

6

 

 

8

 

 

16

 

Gross margin

 

8

 

 

2

 

 

(1

)

 
Operating costs and expenses:
General and administrative

 

22,102

 

 

17,521

 

 

10,273

 

Research and development

 

117,885

 

 

71,160

 

 

99,291

 

Total operating costs and expenses

 

139,987

 

 

88,681

 

 

109,564

 

 
Loss from operations

 

(139,979

)

 

(88,679

)

 

(109,565

)

 
Other income (expense):
Other income (expense)

 

270

 

 

(452

)

 

(84

)

Interest income

 

3,075

 

 

1,353

 

 

155

 

Interest expense

 

(4,693

)

 

(4,751

)

 

(2,147

)

Foreign currency gain (loss)

 

(7,285

)

 

(3,417

)

 

1,797

 

Unrealized loss on equity investment

 

(730

)

 

(10,030

)

 

-

 

Total other income (expense)

 

(9,363

)

 

(17,297

)

 

(279

)

 
Net loss

$

(149,342

)

$

(105,976

)

$

(109,844

)

 
Basic and Diluted net loss per share

$

(0.49

)

$

(0.36

)

$

(0.37

)

Basic and Diluted weighted average common shares outstanding

 

303,224,595

 

 

298,269,801

 

 

296,133,530

 

Fisker Inc. and Subsidiaries

Unaudited Condensed Consolidated Balance Sheets
(amounts in thousands, except share and per share data)
 
As of:
September 30,2022 December 31, 2021
Current assets:
Cash and cash equivalents

$

824,696

$

1,202,439

Prepaid expenses and other current assets

 

35,039

 

 

30,423

 

Equity investment

 

4,360

 

 

-

 

Total current assets

 

864,095

 

 

1,232,862

 

 
Non-current assets:
Property and equipment, net

 

235,585

 

 

85,643

 

Intangible assets

 

251,609

 

 

231,525

 

Right of use asset, net

 

27,804

 

 

18,285

 

Other non-current assets

 

32,963

 

 

24,637

 

Total noncurrent assets

 

547,961

 

 

360,090

 

Total assets

$

1,412,056

 

$

1,592,952

 

 
Current liabilities:
Accounts payable

$

18,277

 

$

28,143

 

Accrued expenses

 

99,433

 

 

79,634

 

Lease liabilities (short term)

 

5,876

 

 

4,552

 

Total current liabilities

 

123,586

 

 

112,329

 

 
Non-current liabilities:
Customer deposits

 

14,153

 

 

6,300

 

Lease liabilities

 

23,234

 

 

14,933

 

Convertible notes

 

660,395

 

 

659,348

 

Total non-current liabilities

 

697,782

 

 

680,581

 

Total liabilities

 

821,368

 

 

792,910

 

 
Stockholder's equity (deficit)

 

590,688

 

 

800,042

 

Total liabilities and equity

$

1,412,056

 

$

1,592,952

 

Fisker Inc. and Subsidiaries

Unaudited Condensed Consolidated Statements of Cash Flows

(amounts in thousands, except share and per share data)

 
Three Months Ended September 30,

2022

2021

Cash flows from Operating Activities
Net loss

$

(149,342

)

$

(109,844

)

Stock-based compensation

 

11,166

 

 

1,043

 

Depreciation and Amortization

 

628

 

 

164

 

Accretion of debt issuance costs

 

422

 

 

153

 

Unrealized loss on equity investment

 

730

 

 

-

 

Change in operating assets and liabilities

 

40,200

 

 

5,838

 

Other operating activities

 

10,234

 

 

(804

)

Net cash used in operating activities

 

(85,962

)

 

(103,450

)

 
Cash flows from Investing Activities
Purchase of property and equipment

 

(57,345

)

 

(15,838

)

Net cash used in investing activities

 

(57,345

)

 

(15,838

)

 
Cash flows from Financing Activities
Proceeds from convertible notes

 

-

 

 

667,500

 

Payments for debt issuance costs

 

-

 

 

(8,523

)

Payments for capped call option

 

-

 

 

(96,788

)

Proceeds from exercise of stock options

 

67

 

 

35

 

Proceeds from the issuance of ATM equity

 

117,970

 

 

-

 

Payments for ATM issuance costs

 

(1,952

)

 

-

 

Payments to tax authorities for statutory holdings

 

(21

)

 

(4,891

)

Net cash provided by financing activities

 

116,064

 

 

557,333

 

 
Net decrease in cash and cash equivalents

 

(27,243

)

 

438,045

 

Cash and cash equivalents, beginning of period

 

851,939

 

 

962,366

 

Cash and cash equivalents, end of period

$

824,696

 

$

1,400,411

 

GAAP Loss from Operations to Non-GAAP Adjusted Loss from Operations
(Unaudited, amounts in thousands, except share and per share data)
 
Three Months Ended
September 30, 2022 June 30, 2022 September 30, 2021
GAAP Loss from operations

$

(139,979

)

$

(88,679

)

$

(109,565

)

Add: stock-based compensation

 

11,166

 

 

1,195

 

 

1,043

 

Non-GAAP Adjusted loss from operations

$

(128,813

)

$

(87,484

)

$

(108,522

)

 


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