Fisker (FSR) Q4 2022 Results, Production, Bookings

electric car startup Fisker The company said on Monday that it will spend less than expected in 2022, will start delivering Ocean SUVs this spring, and plans to build more than 40,000 vehicles in 2023.

The stock was up more than 24% in early trading Monday.

According to Fisker, 56 Oceans have been built by manufacturing partners so far. of Magna International Austrian contract manufacturing facility. Fifteen of them will be completed by the end of the year and are being tested by both Fisker and Magna. Both companies have refined manufacturing processes, tested additional features, and are moving through the regulatory approval process in the United States, Canada and Europe.

The report comes out less than a week after the EV startup Clarity and Nicola overwhelmed their production and Delivery record.

Fisker has previously said the Ocean has about 350 miles of range in top trim, but CEO Henrik Fisker said on Monday that early tests show the Ocean has more range than expected. said to have shown

“These results reinforce our expectations that the Fisker Ocean will have the longest range of any SUV/crossover priced under $70,000 at launch,” he said.

In base trim, the Ocean has a range of about 250 miles and a starting price of $37,499. Long range versions start at about $50,000.

Fisker expects to complete the tests required for marine regulatory approval next month and begin production and shipments in the second quarter. The company reiterated its previous production guidance — “up to” 42,400 vehicles in 2023 — “supply his chain delivered as we predicted, [regulatory approval] Fast. “

Fisker has “around 65,000” reservations for Ocean as of Feb. 24, up slightly from “over 62,000” at that time. Third quarter earnings report Early November. Being manufactured in Austria, the Ocean is not eligible for the new US government EV incentives.

Fisker spent a total of $702 million in 2022. This is just below the guidance range from He’s $715 million to He’s $790 million. The company had $736.5 million in cash left at the end of the year, including his $57 million raised in an ongoing public offering in the fourth quarter of 2022.

Fisker is targeting a positive gross margin of 8% to 12% for the year, and said it could have a positive earnings before interest, taxes, depreciation and amortization (EBITDA) for the full year.

Fisker’s Q4 net loss Earnings of approximately $306,000 were $170.1 million, or 54 cents per share. Both were below expectations. A Wall Street analyst polled by Refinitiv had expected a loss of 42 cents a share on earnings of $2.5 million.

Fisker also said a second model, a low-cost small EV called Pear, is in development and is on track to start production next year.

According to the company, it now has “over 5,600” reservations, up from “over 5,000” in early November. Expected to start at $29,900, the Pear will be built by Foxconn Technology Group in the former rosetown motors Building a factory in Ohio from 2024.