Credit: Fisker

Fisker reports $10k of Revenue in Q2, 56k reservations for the first model

Written by Cláudio Afonso | | LinkedIn | Twitter

The EV maker Fisker announced Wednesday its second quarter earnings results reporting $10,000 of revenue and a $0.36 loss per share. The company has $851.9 million of Cash and cash equivalents and its net loss totaled $106 million.

In terms of liquidity, Fisker said the more than $850 million of cash and cash equivalents reflects its “prudent liquidity management and is sufficient to fund the production launch of the Fisker Ocean in November 2022 and for additional vehicle development throughout 2022”.

The results will be followed by a conference call will follow where Fisker’s management team will answer the most upvoted question from shareholders.

“We are delighted to announce that the 5,000 limited edition Fisker Ocean One pre-order units are completely sold out, thanks to pioneering customers in all nine launch markets: Austria, Canada, Denmark, France, Germany, Norway, Sweden, United Kingdom, and the United States,” Henrik Fisker, Fisker CEO. stated.

“This is a historic moment, where thousands of customers committed $5,000 for a vehicle many have only seen in pictures, demonstrating our customers’ excitement for the Fisker Ocean vehicle and the value proposition of our brand and product. It’s clear Fisker’s approach to price positioning and design, plus our unwavering commitment to sustainability, is the right one for the future!”

Henrik added, “We look forward to taking our 5,000 Fisker Ocean One stakeholders on a once-in-a-lifetime journey with us as we approach the start of production on November 17, 2022. These 5,000 pre-orders for the Fisker Ocean One represent approximately $350 million of potential revenue for Fisker once all vehicles are delivered.”

“I am proud of the seamless collaboration between Fisker and all of our partners and suppliers, ensuring our November 17, 2022, start-of-production,” Henrik continued. “After driving test cars on the high-speed track in Italy and on the roads in LA, I am excited about all the features we will offer in the Fisker Ocean and how superbly the Fisker Ocean will drive. The prototype quality still needs improvement before we hit serial production, as several parts are early released prototype parts, but it gives us the time to do even more refinement. I want the Fisker Ocean to be a top-quality product when it reaches our first paying customers, which means diligent fine-tuning until the first production SUVs run off the line on November 17. With strong demand for our vehicles, we look forward to the next phase of our exciting growth plan.”

The company’s CEO Henrik Fisker, COO/CFO Dr. Geeta Gupta, and the CTO Burkhard Huhnke will answer about Fisker‘s rollout plans for the first model starting in November, the beginning of test drives for the Ocean model, an update on the reservation numbers, and more.

On Monday, Fisker CEO unveiled that the upcoming Ocean Model will bring streaming apps like Youtube, Disney+, and Amazon Prime Video but also the web browser Google Chrome.

While showing the different apps available so far, Henrik admits he probably shouldn’t unveil those features and deleted the video shortly after.

Last week, the company said the model will be showcased on Pebble Beach Automotive Week at Pebble Beach Concours d’Elegance from August 18 — 21. The pure electric SUV model made its European public debut in late February at Mobile World Congress in Barcelona (Spain) and starts at $37,499 for the Sport trim version.

Earlier in the week, the Ocean model arrived in Los Angeles to start the road tests ahead of the mass production and the first deliveries scheduled for November in Graz, Austria.

In late July, the company confirmed it will open its first Brand Experience Center in Europe this November. The center will be located in downtown Munich (Kaufingerstraße Street) near the Marienplatz, one of the touristy points in the German city.

Written by Cláudio Afonso | | LinkedIn | Twitter