TMCnet News
Fisker Inc. Announces First Quarter 2021 Financial ResultsFisker Inc. (NYSE: FSR) ("Fisker") -- passionate creator of the world's most sustainable electric vehicles and advanced mobility solutions -- today announced its financial results for the first quarter ended March 31, 2021. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210517005898/en/ Fisker Inc. (NYSE: FSR) ("Fisker") -- passionate creator of the world's most sustainable electric vehicles and advanced mobility solutions -- today announced its financial results for the first quarter ended March 31, 2021. Q1 2021 results in-line with expectations. Fisker Inc. has a cash balance of $985 million. Increasing full-year operating expense guidance range by $30 million to include PEAR program costs (explicitly excluded from prior guidance). Capital expenditure guidance unchanged. (Photo: Business Wire) "Confidence in our business model grows by the day," stated Henrik Fisker, Chairman and Chief Executive Officer of Fisker. "Our unique product development process continues to benefit us in several ways: 1) The Fisker Flexible Platform-Adaptive Design process begins with design and engineering working in harmony and allows for no wasted time; 2) We are able to source advanced technology later in the process for an ultra-modern product; and, 3) Active senior leadership involvement avoids bureaucratic delays and enhances speed-to-market. "The Fisker Ocean program remains on-track, and our growing, hand-selected team is incredibly excited to be moving to the next phase, with high visibility on a BOM and cost of manufacturing that supports great value for our customers, and benchmark profitability for our stakeholders. "The advantage of our partnerships with Magna and Foxconn is undervalued," Fisker continued. "Our manufacturing partnership strategy began as a way to de-risk production cost, timing, and quality, enabling Fisker to focus efforts on customer-facing areas. The addition of a second platform and influential supplier has created a major supply-chain advantage as well. We are already seeing evidence of better access and pricing for high-value technology shared across programs (e.g., battery, high-performance chips, displays, etc.), and we are already benefiting from the influence of each partner to ensure supply of critical components such as chipsets and semiconductors." First Quarter 2021 Business Highlights:
Recent Updates:
First Quarter 2021 Financial Highlights:
2021 Business Outlook The following information reflects Fisker's expectations for key non-GAAP operating expenses and capital expenditures for the full-year 2021, and now includes estimated spending on the PEAR program, which was explicitly excluded from prior guidance. Management expects the balance of this year's aggregate spending to be roughly steady across the remaining three quarters of 2021. R&D is expected to be marginally higher in Q2 and Q3 than Q4 2021 due to timing of incremental supplier design / development and prototype builds. Management expects capital expenditures to be lumpy, with spending in Q2 somewhat lower than in Q1.
Conference Call Information Fisker Inc. will host a conference call to discuss the results at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) today, May 17, 2021. The live audio webcast along with supplemental information will be accessible on the Company's Investor Relations website at https://investors.fiskerinc.com. A recording of the webcast will also be available following the conference call. Use of Non-GAAP Financial Measures (Unaudited) This press release and the accompanying tables references certain non-GAAP financial measures, including non-GAAP adjusted loss from operations, non-GAAP selling, general, and administrative expense, non-GAAP research and development expense and non-GAAP total operating expenses. These non-GAAP financial measures differ from their directly comparable GAAP financial measures due to adjustments made to exclude stock-based compensation expense. None of these non-GAAP financial measures is a substitute for or superior to measures of financial performance prepared in accordance with generally accepted accounting principles in the United States (GAAP) and should not be considered as an alternative to any other performance measures derived in accordance with GAAP. The Company believes that presenting these non-GAAP financial measures provides useful supplemental information to investors about the Company in understanding and evaluating its operating results, enhancing the overall understanding of its past performance and future prospects, and allowing for greater transparency with respect to key financial metrics used by its management in financial and operational-decision making. However, there are a number of limitations related to the use of non-GAAP measures and their nearest GAAP equivalents. For example, other companies may calculate non-GAAP measures differently, or may use other measures to calculate their financial performance, and therefore any non-GAAP measures the Company uses may not be directly comparable to similarly titled measures of other companies. Therefore, both GAAP financial measures of Fisker's financial performance and the respective non-GAAP measures should be considered together. Please see the reconciliation of non-GAAP financial measures to the most directly comparable GAAP measure in the tables below. Disclosure Information Fisker uses the investor relations section on its website as a means of complying with its disclosure obligations under Regulation FD. It also uses various social media channels as a means of disclosing information about the company and its products to its customers, investors and the public (e.g., @fiskerinc, @fiskerofficial, #fiskerinc, #henrikfisker and #fisker on Twitter, Facebook, Instagram, YouTube, TikTok and LinkedIn). Accordingly, investors should monitor Fisker's investor relations website and social media channels in addition to following Fisker's press releases, SEC filings, and public conference calls and webcasts. About Fisker Inc. 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. To learn more, visit www.Fiskerinc.com - and enjoy exclusive content across Fisker's social media channels: Facebook, Instagram, Twitter, YouTube and LinkedIn. Download the revolutionary new Fisker mobile app from the App Store or Google Play store. Forward-Looking Statements This press release includes forward-looking statements, which are subject to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as "feel," "believes," expects," "estimates," "projects," "intends," "should," "is to be," or the negative of such terms, or other comparable terminology and include, among other things, the quotations of our Chief Executive Officer and statements regarding the Company's future performance under " 2021 Business Outlook," the reported financial results for the first quarter, which are subject to completion of the Company's internal review, and other future events that involve risks and uncertainties. Such forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements contained herein due to many factors, including, but not limited to: the completion of procedures and controls associated with Fisker's year-end financial reporting, including all the customary reviews, audit and approvals; Fisker's limited operating history; Fisker's ability to enter into additional manufacturing and other contracts with Magna, Foxconn, or other OEMs or tier-one suppliers in order to execute on its business plan; the risk that OEM and supply partners do not meet agreed upon timelines or experience capacity constraints; Fisker may experience significant delays in the design, manufacture, regulatory approval, launch and financing of its vehicles; Fisker's ability to execute its business model, including market acceptance of its planned products and services; Fisker's inability to retain key personnel and to hire additional personnel; competition in the electric vehicle market; Fisker's inability to develop a sales distribution network; and the ability to protect its intellectual property rights; and those factors discussed in Fisker's Annual Report on Form 10-K, and any subsequent Quarterly Reports on Form 10-Q under the heading "Risk Factors," filed with the Securities and Exchange Commission (the "SEC") and other reports and documents Fisker files from time to time with the SEC. Any forward-looking statements speak only as of the date on which they are made, and Fisker undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release. First Quarter 2021 Financial Results
View source version on businesswire.com: https://www.businesswire.com/news/home/20210517005898/en/ |