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Fisker (FSR)

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.

Company profile

Ticker
FSR
Exchange
CEO
Geoffrey David Strong
Employees
Incorporated
Location
Fiscal year end
Former names
Spartan Energy Acquisition Corp.
SEC CIK
Subsidiaries
Fisker Group Inc. • Fisker GmbH • Fisker Vigyan Indian Private Limited • Fisker (GB) Limited ...
IRS number
823100340

FSR stock data

Analyst ratings and price targets

Last 3 months

Calendar

8 Aug 22
25 Sep 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 851.94M 851.94M 851.94M 851.94M 851.94M 851.94M
Cash burn (monthly) 63.54M 9.2M 29.56M 37.93M 49.83M 41.65M
Cash used (since last report) 182.71M 26.46M 85M 109.06M 143.27M 119.76M
Cash remaining 669.23M 825.48M 766.94M 742.88M 708.67M 732.18M
Runway (months of cash) 10.5 89.7 25.9 19.6 14.2 17.6

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
9 Sep 22 John C IV Finnucan Class A Common Stock Option exercise Acquire M No No 7.47 2,340 17.48K 16,458
9 Sep 22 John C IV Finnucan Stock Option Class A Common Stock Option exercise Dispose M No No 7.47 2,340 17.48K 44,263
31 Aug 22 John C IV Finnucan Class A Common Stock Option exercise Acquire M No No 7.47 2,350 17.55K 14,118
31 Aug 22 John C IV Finnucan Stock Option Class A Common Stock Option exercise Dispose M No No 7.47 2,350 17.55K 46,603
8 Jul 22 Mitchell Zuklie Class A Common Stock Grant Acquire A No No 0 1,357 0 102,313
8 Jul 22 Mark E Hickson Class A Common Stock Grant Acquire A No No 0 1,357 0 85,041
8 Jul 22 Roderick K. Randall Class A Common Stock Grant Acquire A No No 0 1,357 0 2,212,237
3.9% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 2 2
Opened positions 0 0
Closed positions 0 0
Increased positions 0 0
Reduced positions 0 0
13F shares Current Prev Q Change
Total value 0 0
Total shares 6.56M 6.56M
Total puts 0 0
Total calls 0 0
Total put/call ratio
Largest owners Shares Value Change
Integrated Core Strategies 3.56M $0 0.0%
Davidson Kempner Partners 3M $0 0.0%
Largest transactions Shares Bought/sold Change
Davidson Kempner Partners 3M 0 0.0%
Integrated Core Strategies 3.56M 0 0.0%

Financial report summary

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Risks
  • Our ability to develop, manufacture and obtain required regulatory approvals for a car of sufficient quality and appeal to customers on schedule and on a large scale is unproven.
  • We are substantially reliant on our relationships with suppliers and service providers for the parts and components in our vehicles, as well as for the manufacture of our initial vehicles. If any of these suppliers or service partners choose to
  • not do business with us, then we would have significant difficulty in procuring and producing our vehicles and our business prospects would be significantly harmed.
  • Our relationship with automotive suppliers is integral to our platform procurement and manufacturing plan, and we may not be able to obtain such commitments in the future. We therefore may seek alternative arrangements with a number component suppliers, and contract manufacturers, which we may not be successful in obtaining.
  • If we are unable to continue to contract with OEMs or suppliers on manufacturing of our future vehicles, we would need to develop our own platform and manufacturing facilities, which may not be feasible and, if feasible at all, would significantly increase our capital expenditure and would significantly delay production of our vehicles.
  • Manufacturing in collaboration with partners is subject to risks.
  • There are complex software and technology systems that need to be developed in coordination with vendors and suppliers in order to reach production for our electric vehicles, and there can be no assurance such systems will be successfully developed.
  • We may experience significant delays in the design, manufacture, regulatory approval, launch and financing of our vehicles, which could harm our business and prospects.
  • We are dependent on our suppliers, a significant number of which are single or limited source suppliers, and the inability of these suppliers to deliver necessary components of our vehicles in a timely manner and at prices and volumes acceptable to us could have a material adverse effect on its business, prospects and operating results.
  • If any of our suppliers become economically distressed or go bankrupt, we may be required to provide substantial financial support or take other measures to ensure supplies of components or materials, which could increase our costs, affect our liquidity or cause production disruptions.
  • Our vehicles will make use of lithium-ion battery cells, which have been observed to catch fire or vent smoke and flame.
  • We have a limited operating history and face significant challenges as a new entrant into the automotive industry. Fisker vehicles are in development and we do not expect our first vehicle to be produced until the fourth quarter of 2022.
  • We are an early stage company with a history of losses, and expects to incur significant expenses and continuing losses in the future.
  • Our EMaaS business model has yet to be tested and any failure to commercialize our strategic plans would have an adverse effect on our operating results and business, harm our reputation and could result in substantial liabilities that exceed our resources.
  • Our operating and financial results forecast relies in large part upon assumptions and analyses developed by Fisker. If these assumptions or analyses prove to be incorrect, Fisker’s actual operating results may be materially different from its forecasted results.
  • We may not be able to accurately estimate the supply and demand for our vehicles, which could result in a variety of inefficiencies in our business and hinder our ability to generate revenue. If we fail to accurately predict our manufacturing requirements, we could incur additional costs or experience delays.
  • We could experience cost increases or disruptions in supply of raw materials or other components used in our vehicles.
  • Our limited operating history makes evaluating our business and future prospects difficult and may increase the risk of your investment.
  • If our vehicles fail to perform as expected, our ability to develop, market, and sell or lease our electric vehicles could be harmed.
  • Our services may not be generally accepted by our users. If we are unable to provide quality customer service, our business and reputation may be materially and adversely affected.
  • The automotive market is highly competitive, and we may not be successful in competing in this industry.
  • The automotive industry and its technology are rapidly evolving and may be subject to unforeseen changes. Developments in alternative technologies, including but not limited to hydrogen, may adversely affect the demand for our electric vehicles.
  • Reservations for our vehicles are cancellable.
  • We may be subject to risks associated with autonomous driving technology.
  • Our future growth is dependent on the demand for, and upon consumers’ willingness to adopt, electric vehicles.
  • The unavailability, reduction or elimination of government and economic incentives could have a material adverse effect on our business, prospects, financial condition and operating results.
  • If we fail to manage our future growth effectively, we may not be able to market and sell or lease our vehicles successfully.
  • Insufficient warranty reserves to cover future warranty claims could materially adversely affect our business, prospects, financial condition and operating results.
  • We may not succeed in establishing, maintaining and strengthening our brand, which would materially and adversely affect customer acceptance of its vehicles and components and its business, revenues and prospects.
  • Our distribution model is different from the predominant current distribution model for automobile manufacturers, which makes evaluating our business, operating results and future prospects difficult.
  • We may face regulatory limitations on its ability to sell vehicles directly which could materially and adversely affect our ability to sell its electric vehicles.
  • We will initially depend on revenue generated from a single model and in the foreseeable future will be significantly dependent on a limited number of models.
  • Doing business internationally creates operational and financial risks for our business.
  • We are highly dependent on the services of Henrik Fisker, our Chief Executive Officer.
  • Our business depends substantially on the continuing efforts of our executive officers, key employees and qualified personnel, and our operations may be severely disrupted if we lose their services.
  • Our business may be adversely affected by labor and union activities.
  • We face risks related to health epidemics, including the COVID-19 pandemic, which could have a material adverse effect on our business and results of operations.
  • Our business plans require a significant amount of capital. In addition, our future capital needs may require us to sell additional equity or debt securities that may dilute our stockholders or introduce covenants that may restrict our operations or our ability to pay dividends.
  • Failure of information security and privacy concerns could subject us to penalties, damage our reputation and brand, and harm our business and results of operations.
  • We retain certain information about our users and may be subject to various privacy and consumer protection laws.
  • Any unauthorized control or manipulation of our vehicles’ systems could result in loss of confidence in us and our vehicles and harm our business.
  • Interruption or failure of our information technology and communications systems could impact our ability to effectively provide our services.
  • We face risks related to natural disasters, health epidemics and other outbreaks, which could significantly disrupt our operations.
  • We may need to defend us against patent or trademark infringement claims, which may be time-consuming and would cause us to incur substantial costs.
  • We may not be able to prevent others from unauthorized use of our intellectual property, which could harm our business and competitive position.
  • Our patent applications may not issue as patents, which may have a material adverse effect on our ability to prevent others from commercially exploiting products similar to ours.
  • As our patents may expire and may not be extended, our patent applications may not be granted and our patent rights may be contested, circumvented, invalidated or limited in scope, our patent rights may not protect us effectively. In particular, we may not be able to prevent others from developing or exploiting competing technologies, which could have a material and adverse effect on our business operations, financial condition and results of operations.
  • We may be subject to damages resulting from claims that we or our employees have wrongfully used or disclosed alleged trade secrets of our employees’ former employers.
  • Our vehicles are subject to motor vehicle standards and the failure to satisfy such mandated safety standards would have a material adverse effect on our business and operating results.
  • We are subject to substantial regulation and unfavorable changes to, or our failure to comply with, these regulations could substantially harm our business and operating results.
  • We will face risks associated with potential international operations, including unfavorable regulatory, political, tax and labor conditions, which could harm our business.
  • Our business could be adversely affected by trade tariffs or other trade barriers.
  • We may become subject to product liability claims, which could harm our financial condition and liquidity if we are not able to successfully defend or insure against such claims.
  • We are or will be subject to anti-corruption, anti-bribery, anti-money laundering, financial and economic sanctions and similar laws, and non-compliance with such laws can subject us to administrative, civil and criminal fines and penalties,
  • collateral consequences, remedial measures and legal expenses, all of which could adversely affect our business, results of operations, financial condition and reputation.
  • We may face legal challenges in one or more states attempting to sell or lease directly to customers which could materially adversely affect our costs.
  • We will need to continue to improve our operational and financial systems to support our expected growth, increasingly complex business arrangements, and rules governing revenue and expense recognition and any inability to do so will adversely affect our billing and reporting.
  • Failure to continue to build our finance infrastructure and improve our accounting systems and controls could impair our ability to comply with the financial reporting and internal controls requirements for publicly traded companies.
  • Our Certificate of Incorporation provides, subject to limited exceptions, that the Court of Chancery of the State of Delaware will be the sole and exclusive forum for certain stockholder litigation matters, which could limit our stockholders’ ability to obtain a chosen judicial forum for disputes with us or our directors, officers, employees or stockholders.
  • Charter documents and Delaware law could prevent a takeover that stockholders consider favorable and could also reduce the market price of our stock.
  • Claims for indemnification by our directors and officers may reduce our available funds to satisfy successful third-party claims against us and may reduce the amount of money available to us.
  • Our management has limited experience in operating a public company.
  • The dual class structure of our Common Stock has the effect of concentrating voting control with Henrik Fisker and Dr. Geeta -Fisker, our co-founders, members of our Board of Directors and Chief Executive Officer, and Chief Financial Officer and Chief Operating Officer, respectively. This will limit or preclude your ability to influence corporate matters, including the outcome of important transactions, including a change in control.
  • Our dual class structure may depress the trading price of our Class A Common Stock.
  • We are a controlled company within the meaning of the NYSE rules, and, as a result, qualify for exemptions from certain corporate governance requirements that provide protection to stockholders of other companies. To the extent we utilize any of these exemptions, you will not have the same protections afforded to stockholders of companies that are subject to such requirements. We do not currently intend to rely on the exemptions afforded to controlled companies.
  • Henrik Fisker and Dr. Geeta Gupta-Fisker are married to each other. The separation or divorce of the couple in the future could adversely affect our business.
  • Future sales of shares by existing stockholders may adversely affect the market price of our Class A common stock.
  • Our ability to utilize our net operating loss and tax credit carryforwards to offset future taxable income may be subject to certain limitations.
  • Changes to applicable U.S. tax laws and regulations may have a material adverse effect on our business, financial condition and results of operations.
  • Our failure to meet the continued listing requirements of the NYSE could result in a delisting of our Class A Common Stock.
  • If securities or industry analysts do not continue to publish research or reports about our business or publish negative reports about our business, our share price and trading volume could decline.
  • The issuance of shares of our Class A Common Stock upon exercise of our outstanding Magna Warrants would increase the number of shares eligible for future resale in the public market and result in dilution to our stockholders.
  • The Notes are effectively subordinated to our existing and future secured indebtedness and structurally subordinated to the liabilities of our subsidiaries.
  • We may be unable to raise the funds necessary to repurchase the 2026 Notes for cash following a fundamental change (as defined in the Indenture) or to pay any cash amounts due upon conversion, and our other indebtedness limits our ability to repurchase the 2026 Notes or pay cash upon their conversion.
  • Our indebtedness and liabilities could limit the cash flow available for our operations, expose us to risks that could adversely affect our business, financial condition, and results of operations and impair our ability to satisfy our obligations under the Notes.
  • The accounting method for the 2026 Notes could adversely affect our reported financial condition and results.
  • The Capped Call transactions may affect the value of the 2026 Notes and our common stock.
  • We are subject to counterparty risk with respect to the Capped Call transactions, and the Capped Calls may not operate as planned.
  • The issuance or sale of shares of our common stock, or rights to acquire shares of our common stock, could depress the trading price of our common stock and our notes.
Management Discussion
  • n.m. = not meaningful.
  • In 2021, Fisker launched its merchandise “Fisker Edition” where it sells direct to consumers Fisker branded apparel and goods. Sales of branded apparel and goods totaled $10 thousand with related costs of goods sold of $8 thousand resulting in a gross profit of $2.0 thousand during the three month period. Merchandise sales are ancillary revenues that will continue in the future but are not expected to constitute a significant portion of operations once Fisker commences production and commercialization of its vehicles.
  • General and administrative expenses increased by $9.6 million or 122% from $7.9 million during the three months ended June 30, 2021 to $17.5 million during the three month ended June 30, 2022, primarily due to increased salaried employee headcount, improved benefits in line with our human capital and ESG goals designed to offer potential employees competitive compensation packages, professional fees and marketing and advertising. Professional fees expense was approximately $3.8 million for the second quarter of 2022 compared to approximately $1.5 million for the same period in 2021. Marketing and advertising efforts resulted in expense of $1.0 million for the second quarter of 2022 compared to minimal efforts in the corresponding second quarter of 2021 as the Company implemented its marketing strategies in the fourth quarter of 2021. General and administrative expenses includes stock-based compensation expense of $0.4 million for each of the three-months ended June 30, 2022 and 2021, respectively. General and administrative expenses will increase during the remainder of the 2022 fiscal year as the Company continues to increase its workforce, engage with advisors to establish global strategies for direct and indirect taxes, and planning for entity-wide changes in its IT systems. Overall, total headcount for the Company increased to 530 employees as of August 1, 2022, compared to 327 employees as of December 31, 2021.

Content analysis

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Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. junior Avg
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