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Fisker (FSR) Q4, full 2022 results: 56 Ocean EVs built, 0 customer deliveries, new PEAR images

Fisker Inc. shared its Q4 and full 2022 results with investors this morning, detailing the progress of its flagship Ocean SUV; an update on its second EV model, the PEAR; and a report of operational results that were “better than expectations.” While the American automaker continues its work to deliver its first EV to customers, it is projecting positive growth numbers in 2023. More below.

Fisker Inc. ($FSR) is relaying optimism as the American start-up continues its bold strategy of attempting to homologate on two separate continents simultaneously. This past fall, the company was reporting over 62,000 reservations for its flagship Ocean SUV with production output projections surpassing 42,000 units in 2023.

That chase began a few weeks after Fisker’s Q3 report when it officially kicked off Ocean production on time in Austria, with the help of contract manufacturer Magna Steyr. Since then, Fisker has shared a behind-the-scenes look at its SUVs being built and recently announced a partnership with ChargePoint in North America.

In terms of production output, Fisker has been a tad slow to start but predicted as much coming into today’s Q4 2022 report. Where does the start-up stand overall following a busy year? Let’s break down the key factors to note.

Fisker Q4 2022
Another look at the upcoming PEAR / Credit: Fisker Inc.

Fisker ends Q4 2022 with over $735 million in cash

According to Fisker, it saw better than expected operational costs in 2022, despite costs for its start of Ocean production in Q4. Total 2022 spending was $702 million, well below its anticipated range between $715 and $790 million.

As of December 31, 2022, Fisker’s cash and cash equivalents totaled $736.5 million (excluding about $28M of VAT receivables that have been delayed to 2023). Fisker says its cash balance includes roughly $57 million raised from its $350 at-the-market (ATM) program in Q4 2022.

Net losses were $170.1 million, equating to $0.54 per share. Weighted outstanding average shares totaled nearly $315 million in Q4 as well. For 2023, Fisker is now projecting non-GAAP operating expenses and capital spends to be between $535 and $610 million, targeting a gross margin range between 8-12%, resulting in potentially positive earnings before interest, taxes, depreciation, and amortization (EBITDA).

In terms of Ocean production, Fisker reported that it has built 56 EVs to date, including 15 fleet vehicles delivered to Magna in December, which are being used for testing, data collection, and additional validation for “future features.”

The company relayed that it remains on track to produce (up to) 42,400 EVs in 2023, provided its supply chain pulls through and it receives homologation “in a timely manner.” That testing is expected to be completed in the US and Europe in March, followed by regulatory approval processes. Chair and CEO Henrik Fisker spoke:

We are the first startup to homologate two continents simultaneously. We have completed over 250 various tests and the teams are submitting these results continuously to regulatory authorities. The ability to initially sell the Ocean in the US and seven European launch markets is unprecedented and a major de-risking strategy that we implemented from the outset. This approach offers the opportunity to increase sales and shift vehicles to whichever market has the strongest growth.

Launching a high-quality Fisker Ocean with class-leading range, innovations, and features is our number one priority. We have finalized our EPA and WLTP testing and our internal findings show longer range for the Fisker Ocean than we initially projected. These results reinforce our expectation that, at the time of launch, the Fisker Ocean will have the longest range of any SUV/Crossover priced below $70,000. We are excited to get the Ocean in the hands of our loyal customers shortly after the homologation process is complete.

Previously, Fisker has promised the Ocean will have an estimated range of up to 350 miles, so it will be interesting to see where those official EPA numbers land and if they are in fact greater. The company says it has already secured long-lead parts in its supply chain and expects to have everything it needs to produce to first 300 EVs for customers in March – that’s also its previously shared output target for Q1 2023, but it better get moving as we approach the bookend of the quarter.

Production is still expected to ramp up in Q2 as output is targeted at 8,000 units. Ocean reservations were over 65,000 as of February 24, 2023, joined by over 5,600 PEAR reservations. Speaking of the Fisker PEAR, the company shared its latest image of its exterior (seen above), showcasing the compact EV’s high-mounted brake light.

Fisker says the working PEAR prototype has already undergone aero testing and is expected to deliver “well over” 300 miles of range using its E/E architecture that utilizes what the start-up calls its Blade Computer. It still anticipates it will be able to launch the PEAR at a base MSRP of $29,900.

Fisker continues its world tour of the Ocean SUV to consumers and OEMs as it works to implement after-sales service centers throughout the US and Europe ahead of first deliveries. The next milestone we will keep an eye out for is the official start of Ocean deliveries as Fisker continues to try and prove the naysayers wrong and head into a promising 2023.

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Scooter Doll is a writer, designer and tech enthusiast born in Chicago and based on the West Coast. When he’s not offering the latest tech how tos or insights, he’s probably watching Chicago sports.
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