Fisker Q2 report: Over 56k Ocean reservations, test cars, plus PEAR and Project Ronin updates

We have officially passed the halfway marker for the 2022 fiscal year, and those quarterly reports are starting to roll in. Fisker’s Q2 update came this morning, showcasing a decent appetite for its flagship Ocean SUV, alongside some updates to the progress of the next two Fisker models to follow.

Despite a public magnified glass on Fisker Inc.’s every move thanks to a turbulent past, the American automaker continues to push forward toward deliveries of its flagship EV, the Ocean. Although it is not scheduled to begin production with the help of Magna International until November, Fisker has already been teasing two additional models as an encore.

Next will be the PEAR, which will be built by Foxconn at its newly acquired facility in Lordstown, Ohio. Founder and CEO Henrik Fisker recently teased the latest PEAR image on Instagram, mentioning its “wrap around windscreen” (see below).

The automaker is also planning a sportier GT called Project Ronin, which is being developing at Fisker Magic Works in the UK. This third model remains the most shrouded in secrecy, but Fisker has given us some updates to all three EVs in its Q2 2022 report.

Fisker Ocean and financial updates for Q2

Fisker Inc. shared a press release following its Q2 financial results call with investors this morning, offering its latest updates to EV progress, plus cash on hand numbers. First things first – as of the end of Q2, Fisker is reporting over 56,000 reservations for its Ocean SUV.

That’s not a huge jump from the 50k reservations they were touting in early June, but it’s come a long way from 31k reported in February. Of those current reservations, 5,000 of them include “dibs” on the Launch Edition Ocean One, even with Fisker’s recent ask for a non-refundable $5,000 downpayment.

So the Ocean One is completely sold out and according to Fisker, represents $350 million in revenue – if and when the SUVs deliver. Fisker also reports that all 55 vehicle testing and validation prototypes of the Ocean have been completed, and two were recently delivered to its HQ in Manhattan Beach, CA.

They will continue testing before scheduled start of production in November. Fisker elaborated to the SUV’s progress through Q2:

I am proud of the seamless collaboration between Fisker and all of our partners and suppliers, ensuring our November 17, 2022, start-of-production. After driving test cars on the high-speed track in Italy and on the roads in LA, I am excited about all the features we will offer in the Fisker Ocean and how superbly the Fisker Ocean will drive. The prototype quality still needs improvement before we hit serial production, as several parts are early released prototype parts, but it gives us the time to do even more refinement. I want the Fisker Ocean to be a top-quality product when it reaches our first paying customers, which means diligent fine-tuning until the first production SUVs run off the line on November 17. With strong demand for our vehicles, we look forward to the next phase of our exciting growth plan.

Here are some other internal and financial updates from Fisker following Q2 2022:

• Fisker is currently developing an interactive configurator that will launch in late October alongside a new website which will include EV delivery timeframes
• Ocean Extreme pre-orders will begin on November 18, the day after SOP
  • Pre-orders for the Ocean Ultra and Sport trims will begin in Q1 2023
• Fisker has renamed its experience centers “Fisker Lounges,” which will first arrive in Los Angeles and Munich later this year
  • It expects 50 Fisker Lounge showrooms and service facilities across North America and Europe by the end of 2023
• Fisker reported cash and cash equivalents of $851.9 million as of June 30, 2022
  • Reflects approx. $14.2 million raised from Fisker’s $350 million at-the-market equity program during Q2 2022
• Loss from operations totaled $88.7 million, including $1.2 million of stock-based compensation expense
• Net loss totaled $106 million and $0.36 loss per share.
• Weighted average shares outstanding totaled 298.3 million for the three months of Q2

PEAR and Project Ronin updates

While a majority of the focus of Fisker’s Q2 call was on the Ocean, the automaker did share a couple noteworthy tidbits about its other two upcoming EVs. The PEAR has over 4,000 reservations, despite not officially being unveiled yet.

It will sit atop Fisker’s SLV1 platform when it is built by Foxconn in Ohio, in 2024. Once production in Lordstown ramps up, the two companies expect to produce at least 250,000 PEAR EVs annually. The starting MSRP is still expected to arrive below $30,000, and a drivable prototype is expected before the end of 2022.

Not much new to report on Project Ronin, we’re afraid. The Grand Tourer EV will feature a battery pack integrated into its structure to allow for increased battery volume. Fisker shared that it is designing and engineering its third EV to “deliver class-leading range and redefine the luxury sports car segment.” We should expect to see Project Ronin for the first time next summer – that’s all for now.