Fisker Inc.

Fisker reported fourth-quarter 2023 revenue of $200.1 million, up about $128 million sequentially, driven by 3,818 deliveries versus 1,097 in Q3. The company said Q4 revenue was reduced by $44.6 million of deferred revenue; without that, reported revenue would have been about $244.7 million. Q4 gross margin was negative 35%, and management said non-recurring inventory valuation and supplier capacity charges pressured margins; on an adjusted basis, gross margin would have been positive. Operating loss was $103 million and net loss was $463.6 million, or $1.23 per share. For full-year 2023, revenue was $272.9 million, gross profit was negative $102.9 million (negative 38%), and net loss was $762 million, or $2.22 per share. The company ended 2023 with $325.5 million in cash and cash equivalents and $70.5 million in restricted cash. For 2024, Fisker expects 20,000 to 22,000 deliveries globally, average selling price of $56,000 to $62,000 after import duties and dealer commissions, and non-GAAP SG&A, R&D, and CapEx of $320 million to $390 million in total, including SG&A of $200 million to $230 million, R&D of $60 million to $80 million, and CapEx of $60 million to $80 million.

Henrik Fisker framed 2023 as a difficult year marked by supply chain issues, missed guidance, and a slower-than-expected EV market, but said the company is acting decisively by pivoting from direct-to-consumer to a dealer-partner model. He said the dealer rollout is already underway, with first invoices sent and more signups expected weekly, and expressed confidence this will expand reach and accelerate deliveries. He also highlighted ongoing negotiations with a large automaker for a possible investment, joint EV platform development, and North American manufacturing, while stressing that future programs like PEAR and Alaska depend on a strategic OEM collaboration.

Geeta Gupta-Fisker detailed the quarter’s financial pressure and the steps being taken to lower costs and preserve liquidity. She said Q4 revenue was $200.1 million, gross margin was negative 35%, operating loss was $103 million, and net loss was $463.6 million; for the year, revenue was $272.9 million and net loss was $762 million. She also said SG&A was $79.4 million in Q4, other expense was $10.5 million, and there was a $328.5 million fair-value adjustment to the 2025 convertible notes. On liquidity, she cited $325.5 million of cash and cash equivalents plus $70.5 million of restricted cash at year-end, warned of substantial doubt about going concern in the 10-K, and said 2024 spending is expected to decline to $320 million to $390 million on a non-GAAP basis, aided by lower SG&A, reduced R&D for non-Ocean programs, and lower CapEx.

Analysts focused on dealer rollout timing, margin structure under the new model, demand/backlog, free cash flow, and the OEM partnership. Management said dealer onboarding can move quickly, with some signups taking three to seven days, and said it expects 50 dealer locations by the end of the quarter, at least 100 in the U.S. by year-end, and about 50 to 60 in Europe. On margins, Geeta said Fisker is not giving specific 2024 gross margin guidance, but expects non-GAAP single-digit margins that should improve from mid- to high-single digits over time as the dealer model matures. On the OEM process, Henrik said diligence has been ongoing for many months, and Geeta added that any spend on Alaska or other new programs would require a strategic collaboration.