Fisker Inc. Announces Fourth Quarter and Fiscal Year 2021 Financial Results|||

  • Q4 2021 and twelvemonth end 2021 operating results in-line with expectations, further establishing Fisker’s track-tape of spending visibility and discipline.
  • Fisker Ocean unveil in November 2021 illustrated multiple class-leading, client-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 client outreach and potential for a well-nigh-term club from a big commercial customer.

LOS ANGELES–(Business WIRE)–#EVs–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 connected laser focus on delivery of the Fisker Sea as priority i. We are now into the adjacent-level prototype build phase and progressing through our vehicle testing and certification plan. Our extremely defended and focused team is working closely with all our suppliers to stay on track to deliver the outset Fisker Oceans this yr in November. Amid global semiconductor and other supply constraints, we piece of work regularly in collaboration with key partners to identify and mitigate any bug,” stated Henrik Fisker, Chairman and Chief Executive Officer of Fisker.

“Equally the Fisker Bounding main is heading towards production, it’s fourth dimension for the states to plan for a future of rapid growth. Later on many requests from potential customers (both retail and commercial) and completion of design and engineering phase 1, nosotros decided to open up reservations for the 2024 Fisker PEAR. This is a completely differentiated production, 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 volition achieve that with Fisker Ocean in terms of range, overall driving performance dynamics, and fundamental brandish innovation. Today we released details on a global industry-leading warranty for the Fisker Ocean, right from launch, to bear witness 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-business firm data analytics, we’ve seen a very positive customer reaction to the Fisker Bounding main’s design and an enthusiastic response to its sustainability credentials,” Fisker said.

Fourth Quarter 2021 Business Highlights:

  • Disciplined greenbacks deployment planning and processes resulted in strong twelvemonth-end cash residual of $1.2bn, sufficient to fund the product 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 product-intent version of the Fisker Ocean at the LA Auto Show on November 17, 2021. Achieved goal of multiple course-leading features, including range, performance dynamics, and central brandish size and rotation.
  • Began production of adjacent-level prototypes at the Fisker Ocean assembly facility. We will soon have the capability to produce 2 prototypes per twenty-four hours to support our comprehensive test and validation program for global certification.
  • Joined the UN Global Meaty, committing to an annual progress report and complementing our ongoing alignment with the UN sustainable evolution goals. Additional ESG-related initiatives included publication of Fisker’southward Labor and Human being Rights Policy and continued progress on a Lifecycle Assay 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 Body of water 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 commuter-monitoring organisation, ultrasonic technology, and a Digital-Imaging Radar System that Fisker expects to exist outset to market when the Fisker Ocean begins production in Nov 2022.
  • Released details on the Fisker Ocean warranty here which nosotros believe includes the longest coverage period of any electric vehicle in the Ocean’southward 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 thirty,000 as of Feb 14, 2022 (net of cancellations), including one,600 fleet reservations (we recently received an incremental 200 unit order from ServiceNow). This compares to 18,600 (including 1,400 fleet) every bit of our Q3 2021 earnings call in November 2021. The internet daily retail reservation charge per unit in 2022 twelvemonth-to-engagement has increased more than 400% compared to FY2021 and is on an annualized step of over 55,000.
  • Based on a survey of a subset of reservation holders conducted by Fisker in December 2021, 19% plan to gild Ocean Sport, 38% Ocean Ultra, and 43% Ocean Farthermost / 1. This implies an initial average selling cost (“ASP”) of approximately $56,000, excluding options and commitment fee. It as well suggests that electric current reservations have an indicative future gross revenue value of approximately $i.7 billion based on the more 30,000 reservations.
  • Completed concept phase for Fisker PEAR. We conceptualize PEAR will be manufactured in Ohio, USA at an annual volume of a minimum of 250,000 per year after full ramp-upwards.
  • Currently in discussions with potentially big-volume commercial customers for incremental Ocean and PEAR reservations.
  • Employee recruitment continued at strong pace, with headcount rise to 396 total-time employees as of February xiv, 2022 from 327 as of December 31, 2021 and 101 every bit of December 31, 2020.
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4th Quarter 2021 Fiscal Highlights:

  • Cash and cash equivalents of $1.xx billion every bit of December 31, 2021.
  • Loss from operations totaled $133.4 million, including $1.5 million of stock-based bounty expense.
  • Cyberspace loss totaled $138.4 million and $0.47 loss per share.
  • Net greenbacks used in operating activities totaled $140.ix million and greenbacks paid for capital expenditures totaled $52.6 million.
  • Weighted average shares outstanding totaled 296.seven 1000000 for the three months ended December 31, 2021.

2022 Concern Outlook

The following information reflects Fisker’s expectations for central non-GAAP operating expenses and capital expenditures for the full-yr 2022. Fisker is projecting the full of these items to exist within a range of $715 million to $790 one thousand thousand.

Expense particular

USD, millions

Enquiry & Development (Not-GAAP)1

$ 330 – 380

Selling, General, and Authoritative (Non-GAAP)1

$ 105 – 120

Total Operating Expenses (Not-GAAP)i

$ 435 – 500

Capital Expenditures

$ 280 – 290

oneExcludes 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 mensurate, which may be pregnant, cannot be reasonably calculated or predicted without unreasonable efforts. The Non-GAAP adjustment for stock-based bounty expense requires boosted inputs such as number of shares granted and market price volatilities that are non currently ascertainable.


Conference Phone call Information

Fisker Inc. will host a conference call to discuss the results at two:00 p.m. Pacific Time (5:00 p.yard. Eastern Time) today, Feb 16, 2022. The alive audio webcast, along with supplemental data, volition be accessible on Fisker’s Investor Relations website at https://investors.fiskerinc.com. A recording of the webcast volition also exist available following the conference call.

Employ of Non-GAAP Fiscal Measures (Unaudited)

This printing release and the accompanying tables references certain non-generally accustomed accounting principles in the United States (GAAP) financial measures, including not-GAAP adjusted loss from operations, non-GAAP selling, full 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 accord with GAAP and should not exist considered as an alternative to whatsoever other performance measures derived in accordance with GAAP.

Fisker believes that presenting these not-GAAP fiscal measures provides useful supplemental information to investors almost Fisker in agreement and evaluating its operating results, enhancing the overall agreement of its past performance and hereafter prospects, and allowing for greater transparency with respect to key financial metrics used by its management in financial and operational-conclusion making. However, there are a number of limitations related to the apply of non-GAAP measures and their nearest GAAP equivalents. For example, other companies may calculate not-GAAP measures differently, or may use other measures to calculate their financial performance, and therefore whatsoever non-GAAP measures Fisker uses may not be directly comparable to similarly titled measures of other companies. Therefore, both GAAP financial measures of Fisker’due south financial performance and the respective not-GAAP measures should be considered together. Please see the reconciliation of non-GAAP fiscal measures to the nigh directly comparable GAAP measure in the tables beneath.

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Disclosure Data

Fisker uses the investor relations section on its website as a means of complying with its disclosure obligations under Regulation FD. It as well uses various social media channels every bit a means of disclosing data almost Fisker and its products to its customers, investors and the public (e.one thousand., @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 briefing calls and webcasts.

Virtually Fisker Inc.

California-based Fisker Inc. is revolutionizing the automotive industry by developing the nigh emotionally desirable and eco-friendly electric vehicles on Globe. Passionately driven by a vision of a clean time to come for all, the visitor is on a mission to become the No. one e-mobility service provider with the world’south most sustainable vehicles. To learn more, visit www.Fiskerinc.com – and relish sectional content across Fisker’s social media channels: Facebook, Instagram, Twitter, YouTube and LinkedIn. Download the revolutionary new Fisker mobile app from the App Shop or Google Play store.

Forward-Looking Statements

This press release includes frontward-looking statements, which are subject to the “safe harbor” provisions of the U.S. Individual 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 quotations of our Principal Executive Officer and statements regarding Fisker’south future functioning under ” 2022 Business Outlook,” the reported fiscal results for the fourth quarter and full-year 2021, which are field of study to completion of Fisker’south internal review, and other futurity events that involve risks and uncertainties. Such frontwards-looking statements are not guarantees of future performance and are discipline to risks and uncertainties, which could cause actual results to differ materially from the frontwards-looking statements contained herein due to many factors, including, but not limited to: the completion of procedures and internal controls associated with Fisker’s year-terminate financial reporting, including all the customary reviews, external audit and approvals; Fisker’southward limited operating history; Fisker’s power to enter into boosted agreements, as necessary, with Magna, Foxconn, or other original equipment manufacturers (“OEMs”) or tier-one suppliers in order to execute on its business plan; the run a risk that OEM and supply partners do not encounter agreed upon timelines or feel capacity constraints; the take a chance that OEM and supply partners experience supply concatenation shortages for Fisker vehicle components now or in the time to come; Fisker may experience significant delays in the design, industry, 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’south inability to retain primal personnel and to hire additional personnel; competition in the electrical vehicle marketplace; Fisker’s inability to develop a sales distribution network; the ability to protect its intellectual property rights; and those factors discussed in Fisker’s Annual Report on Class x-K/A, and whatever subsequent Quarterly Reports on Form x-Q under the heading “Risk Factors,” filed with the Securities and Commutation Commission (the “SEC”) and other reports and documents Fisker files from time to fourth dimension with the SEC. Any frontwards-looking statements speak but as of the date on which they are fabricated, and Fisker undertakes no obligation to update any forwards-looking statement to reverberate events or circumstances afterward the date of this press release.

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Fourth Quarter 2021 Financial Results

Fisker Inc. and Subsidiaries

Unaudited Condensed Consolidated Statements of Operations

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

Iii Months Ended Dec 31, Years Ended Dec 31,

2021

2020

2021

2020

Revenue

$

41

$

$

106

$

Costs of appurtenances sold

40

87

Gross margin

i

19

Operating costs and expenses:
General and administrative

18,400

14,216

42,413

22,272

Research and development

115,049

17,089

286,857

21,052

Total operating costs and expenses

133,449

31,305

329,270

43,324

Loss from operations

(133,448

)

(31,305

)

(329,251

)

(43,324

)

Other income (expense):
Other income (expense)

(304

)

(67

)

(402

)

(52

)

Involvement income

212

66

627

79

Involvement expense

(iv,399

)

(284

)

(half dozen,546

)

(i,610

)

Changes in fair value – embedded derivative

(56,008

)

(138,436

)

(85,417

)

Strange currency gain (loss)

(492

)

198

ii,666

320

Total other income (expense)

(iv,984

)

(56,095

)

(142,091

)

(86,680

)

Internet loss

$

(138,432

)

$

(87,400

)

$

(471,342

)

$

(130,004

)

Bones and Diluted net loss per share

$

(0.47

)

$

(0.39

)

$

(1.61

)

$

(0.96

)

Bones and Diluted weighted average mutual shares outstanding

296,706,320

223,116,142

292,004,136

135,034,921

Fisker Inc. and Subsidiaries

Unaudited Condensed Consolidated Balance Sheets

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

As of Dec 31:

2021

2020

Current assets:
Cash and cash equivalents

$

i,202,439

$

991,158

Prepaid expenses and other current assets

30,423

9,872

Total current assets

1,232,862

1,001,030

Non-current assets:
Belongings and equipment, net

85,643

945

Correct of use asset, net

eighteen,285

2,548

Other not-current assets

24,637

1,329

Intangible asset

231,525

58,041

Total noncurrent avails

360,090

62,863

Total assets

$

ane,592,952

$

1,063,893

Electric current liabilities:
Accounts payable

$

28,143

$

5,159

Accrued expenses

79,634

7,408

Lease liabilities (short term)

4,552

655

Total electric current liabilities

112,329

13,222

Non-current liabilities:
Customer deposits

vi,300

3,527

Warrants liability

138,102

Lease liabilities

xiv,933

1,912

Convertible notes

659,348

Total not-current liabilities

680,581

143,541

Full liabilities

792,910

156,763

Stockholder’s equity (arrears)

800,042

907,130

Total liabilities and equity

$

i,592,952

$

1,063,893

Fisker Inc. and Subsidiaries

Unaudited Condensed Consolidated Statements of Cash Flows

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

Three Months Ended Dec 31, Years Ended Dec 31,

2021

2020

2021

2020

Cash flows from Operating Activities
Net loss

$

(138,432

)

$

(87,400

)

$

(471,341

)

$

(130,004

)

Stock-based comp

1,544

377

v,622

711

Depreciation and Amortization

301

51

699

77

Accretion of debt issuance costs

219

519

373

1,610

Change in fair value of derivatives

56,007

138,436

85,416

Reclassification of expensed payments fabricated to arrangers of convertible security

three,500

Loss on disposal of fixed avails

28

28

Alter in operating avails and liabilities

(5,644

)

204

23,835

394

Other operating activities

1,117

149

1,107

262

Net greenbacks used in operating activities

(140,895

)

(thirty,066

)

(301,269

)

(38,006

)

Cash flows from Investing Activities
Buy of long-lived assets

(52,557

)

(452

)

(134,387

)

(676

)

Net greenbacks used in investing activities

(52,557

)

(452

)

(134,387

)

(676

)

Cash flows from Financing Activities
Proceeds from issuance of bridge notes

five,372

Proceeds from convertible notes / equity security

667,500

46,500

Payments for debt issuance costs

(8,523

)

Payments for capped telephone call option

(96,788

)

Gain from exercise of warrants/stock options

89,023

Proceeds from recapitalization of Spartan shares, net of redemptions and issuance costs

976,695

976,023

Payments for stock issuance costs and redemption of unexercised warrants

(22

)

Proceeds from exercise of stock options

457

4

5,616

87

Payments to taxation authorities for statutory revenue enhancement withholdings

(4,977

)

(9,869

)

Net cash provided past financing activities

(four,520

)

976,699

646,937

1,027,982

Net increase / (decrease) in cash and greenbacks equivalents

(197,972

)

946,182

211,281

989,300

Cash and cash equivalents, starting time of menses

one,400,411

44,976

991,158

1,858

Cash and cash equivalents, end of period

$

1,202,439

$

991,158

$

1,202,439

$

991,158

GAAP Loss from Operations to Non-GAAP Adjusted Loss from Operations

(Unaudited, amounts in thousands, except share and per share information)

Iii Months Concluded Dec. 31, Years Ended Dec. 31,

2021

2020

2021

2020

GAAP Loss from operations

$

(133,448

)

(31,305

)

$

(329,251

)

(43,324

)

Add together: stock-based compensation

1,544

377

5,622

711

Non-GAAP Adjusted loss from operations

$

(131,904

)

$

(30,928

)

$

(323,629

)

$

(42,613

)

Source: Fisker Inc.

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