Fisker releases first quarter 2023 financial results, Reports significant cash holdings.
Play the article!

Fisker releases first quarter 2023 financial results, Reports significant cash holdings.

Fisker reported a net loss of $120.6 million and a $0.38 loss per share in Q1 2023. In 2023 the company plans to produce 32,000-36,000 units of Ocean SUV.

Fisker Inc. announced its financial results for the first quarter ended March 31, 2023. The company reported several key highlights, including a strong cash position and ongoing investments in research and development (R&D).

As of March 31, 2023, Fisker reported cash and cash equivalents of $652.5 million, a substantial figure that demonstrates the company’s solid financial standing. It is important to note that this amount excludes $22 million in pending value-added tax (VAT) receivables. Fisker’s cash reserves provide a strong foundation for future growth and investment opportunities. During the first quarter of 2023, Fisker successfully raised approximately $47 million through its $350 million at-the-market (ATM) equity program.

However, Fisker reported a loss from operations totaling $121.6 million for the first quarter. This figure includes higher R&D expenses milestones that are not expected to recur in the future. While the loss may raise concerns, it is crucial to consider the nature of R&D expenditures in the highly competitive and capital-intensive EV industry. Such investments are often necessary to drive innovation and secure a strong market position.

The net loss for the quarter amounted to $120.6 million, resulting in a loss per share of $0.38. These figures indicate the financial challenges Fisker faced during the reporting period. The company’s management and stakeholders will likely be closely monitoring future quarters to assess the effectiveness of their strategies and make any necessary adjustments.

Net cash used in operating activities totaled $83.7 million, reflecting the costs associated with day-to-day business operations. Additionally, Fisker invested $45.7 million in capital expenditures during the first quarter. These expenditures likely contributed to the development of new products, production capacity expansion, and the strengthening of the company’s infrastructure.

The weighted average shares outstanding for the three months ended March 31, 2023, were 321 million. This figure provides insight into the dilution effect on existing shareholders and helps assess the company’s capital structure.

Fisker delivered its first Ocean SUV in Denmark on May 5th. The company also announced that the reservations for the Ocean and PEAR are over 70,000. The production of PEAR is expected to start from 2025.

Fisker plans to produce 1,400-1,700 vehicles in Q2, provided all partners deliver. The company expects to have a steep ramp up in Q3, followed by a monthly run rate of approximately 6,000 vehicles for the rest of the year, and forecasts 32,000-36,000 units produced in calendar 2023.

The company is also planning its inaugural Investor Product Day event this summer, where it will showcase several new models that will be part of Fisker’s goal to produce 1 million vehicles in 2027.

Click here and follow us on Google News for regular EV updates.

Spread the love

Leave a Comment

Your email address will not be published. Required fields are marked *