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 second quarter ended June 30, 2021.
“We continued making steady progress in Q2 2021 on our key priorities -- appealing product, product lifetime profitability, on-time start of production, and streamlined program costs,” stated Henrik Fisker, Chairman and Chief Executive Officer of Fisker. “Fisker has grown significantly and our experienced team is consistently delivering to the planned engineering and supply chain timelines for the Fisker Ocean. We have now finalized the Ocean specifications list that is expected to offer benchmark performance and compelling features and attributes across the entire price range. We are excited to unveil the Fisker Ocean at the L.A. Auto Show on November 17, 2021.”
“We remain focused on delivering our asset-light strategy and unique business model, progressing with our partners to further the concurrent development of two vehicle platforms and plans for sequential vehicle launches,” Fisker continued.
Second Quarter 2021 Business Highlights:
Recent Updates:
Second Quarter 2021 Financial Highlights:
2021 Business Outlook
The following information reflects Fisker’s expectations for key non-GAAP operating expenses and capital expenditures for the full-year 2021. We are now projecting the total of these items to be within a range of $490 million to $530 million compared to our prior expectation of $450 million to $510 million. The increase is related to the refinement of expectations for R&D spending on prototype activities in 2021, driven by test and validation needs in areas with more advanced technology than the original plan (such as ADAS, Powertrain and UI/UX), the addition of in-house capabilities that will benefit Ocean and future programs (i.e. virtual validation software tools, headcount), and enhanced virtual and physical testing to account for recently tightened Euro NCAP and IIHS safety regulations.
Expense item | USD, millions |
Research & Development (Non-GAAP)1 | 260 - 280 |
Selling, General, and Administrative (Non-GAAP)1 | 35 - 40 |
Total Operating Expenses (Non-GAAP)1 | 295 - 320 |
| |
Capital Expenditures | 195 - 210 |
1Excludes 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 measure, which may be significant, cannot be reasonably calculated or predicted without unreasonable efforts. The Non-GAAP adjustment for stock-based compensation expense requires additional inputs such as number of shares granted and market price volatilities that are not currently ascertainable.
Conference Call Information
Fisker Inc. will host a conference call to discuss the results at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) today, August 5, 2021. The live audio webcast, along with supplemental information, will be accessible on the Company’s Investor Relations website at https://investors.fiskerinc.com. A recording of the webcast will also be available following the conference call.
Use of Non-GAAP Financial Measures (Unaudited)
This press release and the accompanying tables references certain non-generally accepted accounting principles in the United States (GAAP) financial measures, including non-GAAP adjusted loss from operations, non-GAAP selling, 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 accordance with GAAP and should not be considered as an alternative to any other performance measures derived in accordance with GAAP.
The Company believes that presenting these non-GAAP financial measures provides useful supplemental information to investors about the Company in understanding and evaluating its operating results, enhancing the overall understanding of its past performance and future prospects, and allowing for greater transparency with respect to key financial metrics used by its management in financial and operational-decision making. However, there are a number of limitations related to the use of non-GAAP measures and their nearest GAAP equivalents. For example, other companies may calculate non-GAAP measures differently, or may use other measures to calculate their financial performance, and therefore any non-GAAP measures the Company uses may not be directly comparable to similarly titled measures of other companies. Therefore, both GAAP financial measures of Fisker's financial performance and the respective non-GAAP measures should be considered together. Please see the reconciliation of non-GAAP financial measures to the most directly comparable GAAP measure in the tables below.
Disclosure Information
Fisker uses the investor relations section on its website as a means of complying with its disclosure obligations under Regulation FD. It also uses various social media channels as a means of disclosing information about the company and its products to its customers, investors and the public (e.g., @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 conference calls and webcasts.
About Fisker Inc.
California-based Fisker Inc. is revolutionizing the automotive industry by developing the most emotionally desirable and eco-friendly electric vehicles on Earth. Passionately driven by a vision of a clean future for all, the company is on a mission to become the No. 1 e-mobility service provider with the world’s most sustainable vehicles. To learn more, visit www.Fiskerinc.com – and enjoy exclusive content across Fisker’s social media channels: Facebook, Instagram, Twitter, YouTube and LinkedIn. Download the revolutionary new Fisker mobile app from the App Store or Google Play store.
Forward-Looking Statements
This press release includes forward-looking statements, which are subject to the “safe harbor” provisions of the U.S. Private 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 Chief Executive Officer and statements regarding the Company's future performance under " 2021 Business Outlook," the reported financial results for the second quarter, which are subject to completion of the Company’s internal review, and other future events that involve risks and uncertainties. Such forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements contained herein due to many factors, including, but not limited to: the completion of procedures and controls associated with Fisker’s year-end financial reporting, including all the customary reviews, audit and approvals; Fisker’s limited operating history; Fisker’s ability to enter into additional 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 risk that OEM and supply partners do not meet agreed upon timelines or experience capacity constraints; Fisker may experience significant delays in the design, manufacture, 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’s inability to retain key personnel and to hire additional personnel; competition in the electric vehicle market; 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 Form 10-K/A, and any subsequent Quarterly Reports on Form 10-Q under the heading “Risk Factors,” filed with the Securities and Exchange Commission (the “SEC”) and other reports and documents Fisker files from time to time with the SEC. Any forward-looking statements speak only as of the date on which they are made, and Fisker undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.
Second Quarter 2021 Financial Results
Fisker Inc. and Subsidiaries Unaudited Condensed Consolidated Statements of Operations (amounts in thousands, except share and per share data) | |||||||||||
Three Months Ended | |||||||||||
June 30, 2021 |
| March 31, 2021 |
| June 30, 2020 | |||||||
Revenue | $ | 27 |
| $ | 22 |
| $ | - |
| ||
Costs of goods sold |
| 14 |
|
| 17 |
|
| - |
| ||
Gross margin |
| 13 |
|
| 5 |
|
| - |
| ||
Operating costs and expenses: | |||||||||||
General and administrative |
| 7,908 |
|
| 5,832 |
|
| 1,103 |
| ||
Research and development |
| 45,245 |
|
| 27,271 |
|
| 192 |
| ||
Total operating costs and expenses |
| 53,153 |
|
| 33,103 |
|
| 1,295 |
| ||
Loss from operations |
| (53,140 | ) |
| (33,098 | ) |
| (1,295 | ) | ||
Other income (expense): | |||||||||||
Other income (expense) |
| 104 |
|
| 1,504 |
|
| (53 | ) | ||
Interest expense |
| - |
|
| - |
|
| (313 | ) | ||
Changes in fair value - embedded derivative |
| 6,814 |
|
| (145,249 | ) |
| (154 | ) | ||
Total other income (expense) |
| 6,918 |
|
| (143,745 | ) |
| (520 | ) | ||
Net loss | $ | (46,222 | ) | $ | (176,843 | ) | $ | (1,815 | ) | ||
Basic and Diluted net loss per share | $ | (0.16 | ) | $ | (0.63 | ) | $ | (0.02 | ) | ||
Basic and Diluted weighted average common shares outstanding |
| 295,275,773 |
|
| 279,837,563 |
|
| 105,433,103 |
|
Fisker Inc. and Subsidiaries Unaudited Condensed Consolidated Balance Sheets (amounts in thousands, except share and per share data) | |||||
As of: | |||||
June 30, 2021 | December 31, 2020 | ||||
Current assets: | |||||
Cash and cash equivalents | $ | 962,366 | $ | 991,158 | |
Prepaid expenses and other current assets |
| 23,708 |
| 9,872 | |
Total current assets |
| 986,074 |
| 1,001,030 | |
Non-current assets: | |||||
Property and equipment, net |
| 3,573 |
| 945 | |
Right of use asset, net |
| 20,067 |
| 2,548 | |
Other non-current assets |
| 1,329 |
| 1,329 | |
Intangible asset |
| 180,411 |
| 58,041 | |
Total noncurrent assets |
| 205,380 |
| 62,863 | |
Total assets | $ | 1,191,454 | $ | 1,063,893 | |
Current liabilities: | |||||
Accounts payable | $ | 30,418 | $ | 5,159 | |
Accrued expenses |
| 25,417 |
| 7,408 | |
Lease liabilities (short term) |
| 3,399 |
| 655 | |
Founders demand note payable |
| - |
| - | |
Total current liabilities |
| 59,234 |
| 13,222 | |
Non-current liabilities: | |||||
Customer deposits |
| 4,823 |
| 3,527 | |
Bridge notes payable |
| - |
| - | |
Warrants liability |
| - |
| 138,102 | |
Lease liabilities |
| 16,807 |
| 1,912 | |
Total non-current liabilities |
| 21,630 |
| 143,541 | |
Total liabilities |
| 80,864 |
| 156,763 | |
Temporary equity |
| - |
| - | |
Stockholder's equity (deficit) |
| 1,110,590 |
| 907,130 | |
Total liabilities and equity | $ | 1,191,454 | $ | 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 June 30, | |||||||
| 2021 |
|
|
| 2020 |
| |
Cash flows from Operating Activities | |||||||
Net loss | $ | (46,222 | ) | $ | (1,815 | ) | |
Stock-based comp |
| 2,218 |
|
| 52 |
| |
Depreciation and Amortization |
| 140 |
|
| 6 |
| |
Change in fair value of embedded derivative |
| (6,814 | ) |
| 154 |
| |
Change in operating assets and liabilities |
| 21,949 |
|
| (94 | ) | |
Other operating activities |
| 612 |
|
| 298 |
| |
Net cash used in operating activities |
| (28,117 | ) |
| (1,399 | ) | |
Cash flows from Investing Activities | |||||||
Purchase of property and equipment |
| (325 | ) |
| - |
| |
Net cash used in investing activities |
| (325 | ) |
| - |
| |
Cash flows from Financing Activities | |||||||
Proceeds from issuance of bridge notes |
| - |
|
| 2,739 |
| |
Proceeds from issuance of convertible security |
| - |
|
| - |
| |
Proceeds from exercise of warrants / stock options |
| 5,386 |
|
| 22 |
| |
Proceeds from share issuance, net |
| - |
|
| - |
| |
Net cash provided by financing activities |
| 5,386 |
|
| 2,761 |
| |
Net increase / (decrease) in cash and cash equivalents |
| (23,056 | ) |
| 1,362 |
| |
Cash and cash equivalents, beginning of period |
| 985,422 |
|
| 2,263 |
| |
Cash and cash equivalents, end of period | $ | 962,366 |
| $ | 3,625 |
| |
GAAP Loss from Operations to Non-GAAP Adjusted Loss from Operations (Unaudited, amounts in thousands, except share and per share data) | |||||||||||
Three Months Ended | |||||||||||
June 30, 2021 |
| March 31, 2021 |
| June 30, 2020 | |||||||
GAAP Loss from operations | $ | (53,140 | ) | $ | (33,098 | ) | $ | (1,295 | ) | ||
Add: stock-based compensation |
| 2,218 |
|
| 817 |
|
| 52 |
| ||
Non-GAAP Adjusted loss from operations | $ | (50,922 | ) | $ | (32,281 | ) | $ | (1,243 | ) |
Last Trade: | US$0.09 |
Daily Volume: | 0 |
Market Cap: | US$40.930M |
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