Fisker’s Q3 2023 Business Update Reveals Strong Demand and Global Milestone of

Fisker just dropped their quarterly results for Q3 2023 providing a business update and we have all the latest details for you.

Today, Fisker released its Q3 2023 quarterly results, updating stakeholders. Fisker is now delivering in ten countries and is expected to add two more markets later this month as operational momentum accelerates in Q4 2023. The company opened its flagship US Lounge at The Grove in Los Angeles and its first east-coast Lounge in New York City. Fisker has customer locations open in ten countries, with additional customer facilities opening soon, including a Fisker Lounge in Shanghai, China, in January 2024.

Q3 2023 marked Fisker’s first quarter with meaningful automotive sales revenue. The quarter saw a total revenue of $71.8 million, with a gross margin of -17% on a GAAP basis (adjusted gross margin was 9%), and an EPS of ($0.27), compared to ($0.49) in the prior year. Fisker raised $450 million in gross proceeds during the third quarter, bolstering quarter-end cash, cash equivalents, and restricted cash to $625 million, excluding $50 million in VAT receivables that Fisker is still waiting to receive. An additional $550 million in gross proceeds is available as part of the recent convertible notes transaction.

In Q3 2023, Fisker produced 4,725 vehicles and delivered 1,097 vehicles. Deliveries have accelerated as Fisker begins optimizing last-mile logistics and expanding its delivery infrastructure to achieve further scale effects in Q4 and beyond. The company delivered over 1,200 vehicles in October, exceeding the entire Q3 delivery volume, which is pretty impressive. To date, over 3,000 vehicles have been delivered globally, with hundreds more Oceans en route to customers. Fisker stock closed the day at $4.11 per share up $0.27 (+7.03%).

“The third quarter was very significant for Fisker as we delivered 1,097 Fisker Ocean vehicles to customers across two continents, which represents the largest delivery volume for any US-based EV OEM in their first full quarter of deliveries. We are rapidly scaling our delivery infrastructure to support even higher volumes of deliveries of our class-leading product to our loyal customers. We are gaining momentum and delivered more units in the month of October than in all of the third quarter. We are pleased to hear the excitement and positive reviews from our early adopter customers, and at the same time we are also incorporating feedback for areas of improvement. As a software-driven product, we are continually improving the vehicle via over-the-air updates to provide the best experience for our customers.”

Henrik Fisker, Chairman & CEO, Fisker Inc.

Business Highlights

Fisker provided the following business highlights during its quarterly earnings release for Q3 2023.

• The Company expanded US and European deliveries of the Fisker Ocean One with 1,097 completed in Q3, up from 11 in Q2. Deliveries have accelerated as Fisker begins optimizing last mile logistics and expanding its delivery infrastructure. The Company delivered over 1,200 vehicles in October exceeding the entire Q3 delivery volume.
• Fisker adjusted pricing on all trim levels and opened calendar year 2024 orders. Current US pricing by trim is as follows: Ocean Extreme $61,499, the Ultra $52,999, and the Sport $38,999 as Fisker made its first change since initial trim pricings were introduced in 2020 and 2021. Fisker also adjusted pricing in Europe and Canada, narrowing the gap between the Ultra and the Extreme.
• 4,725 Fisker Ocean vehicles were produced in Q3 2023, up from 1,022 in Q2 2023, which included the impact from the summer holiday production shutdown.
• Since Q2, Fisker initiated deliveries in seven additional European countries, including right-hand drive United Kingdom, and expanded US deliveries into over 30 new states. Deliveries expected to start later this quarter in Canada and the Netherlands followed by Spain, Portugal, and Italy in Q1 2024.
• Fisker opened its flagship Lounge in Los Angeles and its New York City Lounge, which complement its customer facilities in Austria, Denmark, France, Germany, Norway, Sweden, and the United Kingdom. The Company plans to open additional locations across multiple states, and expects to have a dozen facilities open by yearend 2023 in North America and a similar amount in Europe. Fisker also announced it will open a Lounge in Shanghai, China in January 2024.
• Vehicle test drive events expanded globally, ranging from Fisker Lounges and Centers+ to pop-up test drive events in over a dozen cities in Europe and North America.
• In September, Fisker bolstered its balance sheet by executing $170 million in aggregate principal ($150 million in gross proceeds) of 0% senior unsecured convertible notes…