According to its financial results report for Q3 2022 released today, Fisker remains on schedule to begin production of its flagship Ocean SUV two weeks from now. The American EV automaker is also reporting over 62,000 combined reservations and orders ahead of a four phase production plan that’s expected to produce 42,400 units by the end of 2023. Outside of the Ocean, Fisker also shared a progress report of its second EV – the PEAR.
If you’re interested in Fisker’s financials and the progress of the Ocean SUV, you’re probably well aware of the company’s history and the journey it’s been on to get to this point – a pivotal moment in which the second iteration of the American automaker is mere weeks away from scaled production of its first EV. Exciting indeed.
We will spare you the history lesson this time around and get straight into the report, if that’s okay with you. If you’d like to recap, these previous posts should help:
- Fisker Q2 report: Over 56k Ocean reservations, test cars, plus PEAR and Project Ronin updates
- Fisker asks Ocean One reservation holders for additional $5,000 downpayment to secure their order
- Foxconn wastes no time announcing Fisker PEAR will be built at newly acquired Lordstown plant
- Fisker says Ocean still coming in 2022, cites Magna delivering ‘out of this world’ product
Fisker ends Q3 with over $824M in cash and cash equivalents
Fisker shared its Q3 2022 financial results in a press release today, led by another affirmation that it remains on track to begin Ocean production in Austria through Magna Steyr on November 17 as originally promised.
The automaker also shared plans for a four-phase production ramp up of the Ocean beginning this month through the end of 2023, which is anticipated to produce 42,400 units. Fisker stated this strategy was spaced out to ensure its suppliers can parallel its expansion of volume. Here’s the current plan:
- Q1 2023: 300+ units
- Q2: 8,000+ units
- Q3: 15,000+ units
- Q4: Remainder to reach 42,400 unit goal
Production and delivery will focus on orders for the limited edition Ocean One to start, which should occupy Fisker’s time until Q2 next year, when Ocean Extreme production joins the fold. Fisker said it will begin selling the Ocean in select global markets beginning in January 2023 with the Extreme trim.
If Fisker can hit its 2023 production target, it just may sell out its entire first year’s output. According to the automaker, it had over 62,000 combined reservations and orders as of October 31, 2022. How those reservations and orders break down individually is unclear, but we’d suspect a decent amount of early reservations solidified over the summer in order to qualify for federal tax credits before revised terms in the recently signed Inflation Reduction Act kick in on January 1, 2023.
Fisker shared that through those binding customer contracts, it has sold out its US allotment of the 2023 Ocean Sport and Ultra trim levels. Additionally, it will deliver 15 Ocean SUVs purchased by Magna in December as a commercial fleet . Here are some other highlights from the report:
- Fisker’s Q3 2022 operating results remain consistent with company expectations: full-year total spending guidance at the low end of the $715 million to $790 million range.
- In September, the automaker announced that Wallbox will be its global partner for home EV charging solutions. We got to see those Fisker chargers up close the other day.
- Fisker cash and cash equivalents were $824.7 million at end of Q3, 2022, which reflects approximately $116 million raised from its $350 million at-the-market (ATM) equity program.
- Loss from operations totaled $140.0 million, including $11.2 million of stock-based compensation expense.
- Net loss totaled $149.3 million and $0.49 loss per share, including an unrealized $7.3 million foreign currency loss and net of realized gains upon settlement of Euro-denominated payments.
- The company is reporting close to 2,000 reservations and orders in Norway.
- 3D configurator, updated app, and website are scheduled to launch in multiple languages on November 17.
- Fisker has begun preliminary discussions with global OEMs to explore sharing both Ocean and PEAR platforms, joint US manufacturing, and future sales of emissions credits.
Fisker PEAR update
As we approach the start of production of Fisker’s first EV, the automaker is already prepping to move its team right over to the development of its second, more affordable model – the PEAR.
Fisker has reportedly signed off on the first concept phase and is expecting to see a drivable prototype ahead of schedule. As of October 31, 2022, Fisker had over 5,000 reservations for the PEAR, despite not sharing it publicly yet. No updates on Project Ronin for this quarter.
That’s all for now, but you can view Fisker’s press release for a complete breakdown of its financials for Q3. First customer deliveries of the Ocean are expected to begin in February 2023. Hopefully we can get behind the wheel of one before then.
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