Fisker Ocean 2023 production plan, over 62,000 bookings, 3D configurator and strong cash position


Fisker released third quarter 2022 results and Fisker Ocean program updates today and we have all the details you need to know.

Fisker Ocean electric SUV (Austin, TX).

Today, Fisker released its results for the third quarter of 2022 and provided an overall business update. It looks like it’s been a good quarter for the company, with a lot of progress on the Fisker Ocean program. The company provided its 2023 production plan to grow the Fisker Ocean to 42,400 units.

The 42,400 units is on the lower end of the 40,000 to 50,000 units the company previously mentioned. The company has increased Fisker Ocean bookings past 62,000 since the metric was last released last month. Overall, the company says it continues to see strong demand for the Fisker Ocean.

Fisker says it has seen a double-digit increase in high-end trim configurations over the past few months using its existing configurator. The highly anticipated interactive 3D configurator, updated mobile app and website are set to launch on November 17. It’s the same day for the official production launch of the Fisker Ocean. Lots to expect in about two weeks.

The company recorded a net loss of $149.3 million and a loss of $0.49 per share. Fisker had $824.7 million in cash, or cash equivalents, as of September 30, 2022. This reflects approximately $116 million raised through the $350 million equity program in the market during the third quarter of 2022. Fisker shares were down during extended trading hours. at $7.65/share down -0.41 (-5.09%) on volume of 202,560 shares.

“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 conscious choices about how best to deploy capital and structure our assembly volumes for a successful ramp. Last month at the Paris Auto Show, we unveiled several innovative and never-before-seen features in the Fisker Ocean, including our unique interface. It’s a very exciting time for Fisker, with the start of production of the Ocean in just two weeks. Thank you for the trust you place in our team. »

Henrik Fisker, Chairman and CEO, Fisker, Inc.

Third Quarter 2022 Highlights

  • Q3 2022 operating results in line with business expectations; the total spending forecast for the full year is at the low end of the $715 million to $790 million range.
  • Magna to purchase a commercial fleet of 15 vehicles which we will deliver in December 2022.
  • Consumer demand remains strong. Fisker Ocean reservations and orders totaled more than 62,000 as of October 31, 2022. During the quarter, sales of Fisker Ocean One worldwide and our 2023 U.S. batch of Fisker Ocean Sport and Fisker Ocean Ultra trim levels were exhausted.
  • Fisker confirms a production plan of 42,400 Ocean units for 2023 based on a detailed schedule of suppliers and assembly ramps.
  • Fisker welcomes journalists and analysts the week of November 7 before Ocean SOP on November 17; attendees will have the opportunity to try the Fisker Ocean.
  • First flyable Fisker PEAR prototype to be completed ahead of schedule, ready later this month.
  • Ended the quarter with a strong cash balance of over $824 million thanks to ATM execution, disciplined spending and a weak euro.

In the words of Fisker…

Third quarter 2022 business highlights:

  • Prior to the enactment of the Cut Inflation Act, Fisker established a process for US-based Fisker Ocean reservation holders to enter into binding contracts, retaining potential eligibility for the existing federal tax credit for electric vehicles. Through this process, Fisker sold its 2023 US batch of Fisker Ocean Sport and Fisker Ocean Ultra trim levels.
  • In August, Fisker released its first ESG Impact Report. Publishing this report before production begins shows Fisker’s fundamental approach to sustainability and social impact, and how deeply ESG is embedded within the company, while reinforcing our commitment towards transparency.
  • In September, Fisker announced that Wallbox would be its global partner for home electric vehicle charging solutions. Fisker is focused on providing customers with simple, intuitive technology with smart design to make electric vehicle ownership easier.
  • More than $824 million in cash and cash equivalents at the end of the quarter reflects Fisker’s prudent liquidity management and positions the Fisker Ocean for a successful launch.

Recent updates:

  • Confirmation of the start of production of Fisker Ocean on November 17, 2022.
  • Fisker confirms a production plan of 42,400 Ocean units based on a detailed four-stage supplier ramp-up and vehicle assembly plan from November 17, 2022 to the end of 2023. This plan has been developed to help ensure that parts suppliers will follow our planned production ramp volumes. The 2023 quarterly production plan is as follows: Q1 above 300, Q2 above 8,000, Q3 above 15,000, Q4 remaining to reach 42,400.
  • Delivery of a small commercial fleet of 15 Fisker Oceans to Magna in December 2022. Expected deliveries to retail customers following European and US homologation in February 2023.
  • Fisker made its first appearance at the Paris Motor Show where it showed off a production-grade Fisker Ocean vehicle made at Magna and revealed several new features. Fisker also showed off a production vehicle at the Oslo Motor Show in Norway. Norway is the world leader in electric vehicle adoption, with the highest percentage of new electric vehicle sales in the world. Fisker has almost 2,000 reservations and orders in Norway and expects this to be an attractive market for the company.
  • Fisker Ocean’s net bookings and orders totaled more than 62,000 as of October 31, 2022; double-digit increase in premium trim configurations in recent months.
  • Our interactive 3D configurator, app and updated website are set to launch in multiple languages ​​on November 17.
  • Production and deliveries will focus on Ocean One orders in Q1 and Q2 2023, with production and deliveries of Ocean Extreme trim overlapping in Q2 2023.
  • From mid-January 2023, we intend to begin taking firm orders for the Fisker Ocean Extreme trim in select global launch markets.
  • Fisker continues to build internal technical capabilities and our global team numbers approximately 700 people as of October 31, 2022.
  • The development of Fisker PEAR is progressing well. The first design phase is complete and we are waiting for a pilotable prototype in advance. We are now focusing on execution and are moving our engineering and purchasing teams to PEAR. Fisker PEAR bookings exceed 5,000 as of October 31, 2022. Detailed discussions on plant layout and tooling are ongoing.
  • Fisker has entered into preliminary discussions with major global OEMs and enterprises to explore Ocean and PEAR platform sharing, joint manufacturing in the United States and future emissions credit sales.

Third Quarter 2022 Financial Highlights:

  • Cash and cash equivalents of $824.7 million as of September 30, 2022, reflecting approximately $116 million raised through Fisker’s $350 million market share (ATM) program during the third quarter of 2022.
  • The operating loss totaled $140.0 million, including $11.2 million of stock-based compensation expense (approximately $0.04 per share).
  • Net loss totaled $149.3 million and a loss of $0.49 per share. Includes an unrealized foreign exchange loss of $7.3 million, net of realized gains on settlement of Euro-denominated payments (approximately $0.02 per share).
  • Net cash used in operating activities totaled $86.0 million and cash paid for capital expenditures totaled $57.3 million.
  • The weighted average number of shares outstanding totaled 303.2 million for the quarter ended September 30, 2022.

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