Fisker stock falls after plans to offer $340 million in convertible debt, with potential for amount to double

At least there won't be a liquidity crunch while they deliver all of the Oceans Ones.

Regardless of near-term share price moves, it defies logic that there are 1,000 Oceans (as of ten days ago now over 1,500) that are "completed" and sitting in a parking lot. $70 million in revenue. And yet Fisker cannot start getting them out to customers in Europe. Heck, I am sure they could move $10 million worth just by allowing people to come pick up at Graz.

It makes no sense unless... those are not really completed vehicles and they are waiting on a part or (more likely) a software fix.

Posted by: @bayoubob

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Regardless of near-term share price moves, it defies logic that there are 1,000 Oceans (as of ten days ago now over 1,500) that are "completed" and sitting in a parking lot. $70 million in revenue. And yet Fisker cannot start getting them out to customers in Europe. Heck, I am sure they could move $10 million worth just by allowing people to come pick up at Graz.

It makes no sense unless... those are not really completed vehicles and they are waiting on a part or (more likely) a software fix.

Yeah, I think they are waiting for some part(s) to actually complete the vehicle.  I doubt it's a software issue as they would be able to ship the vehicles to their destinations and patch the software at the destination.

@ttrinchi its the taco trays. They didnt pass safety inspection and as such , are only max capacity rated for street tacos and not full sized dinner tacos.

@seaphil lol.. or the Taco trays may not have passed the stress test for a typical In-Out double-double burger, fries, and chocolate shake.

Ok, I see all the shite posters.

But now that later today the stock is blowing up, where are the people who were talking nonsense before, now?

The company is making waves, it's gonna go big, why the hate in a fisker forum?

Seems wacked.

Posted by: @bayoubob

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Regardless of near-term share price moves, it defies logic that there are 1,000 Oceans (as of ten days ago now over 1,500) that are "completed" and sitting in a parking lot. $70 million in revenue. And yet Fisker cannot start getting them out to customers in Europe. Heck, I am sure they could move $10 million worth just by allowing people to come pick up at Graz.

It makes no sense unless... those are not really completed vehicles and they are waiting on a part or (more likely) a software fix.

Where's the article that states 1500 oceans are just sitting in a lot waiting to be moved?

I'm searching, can't find it.

Posted by: @bmiddaugh

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Posted by: @bayoubob

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Regardless of near-term share price moves, it defies logic that there are 1,000 Oceans (as of ten days ago now over 1,500) that are "completed" and sitting in a parking lot. $70 million in revenue. And yet Fisker cannot start getting them out to customers in Europe. Heck, I am sure they could move $10 million worth just by allowing people to come pick up at Graz.

It makes no sense unless... those are not really completed vehicles and they are waiting on a part or (more likely) a software fix.

Where's the article that states 1500 oceans are just sitting in a lot waiting to be moved?

I'm searching, can't find it.

 

It is just math. Fisker said "In the Second Quarter of this year 1,022" Oceans were produced. It said it "exceeded its target assembly rate of 80 units per day" at the end of June and that it expects "vehicles produced to exceed 1,400 in early July." It delivered a total of less than 30 vehicles. So produced plus daily production rate minus deliveries equals >1,500 sitting in a parking lot somewhere. It could be as few as 1,000 (if they stopped building altogether after June 30) or it could be as high as 1,800 if they continued to build at end of June 80 vehicles per day or it could be even more if they continued the ramp to hit their targets of getting the 5,000 ONES off the line by end August and delivered by September. But it is somewhere between 1,000 and 2,000. Taking the press release literally it is around 1,500. 

ASSETS.CTFASSETS.NET "https://assets.ctfassets.net/cghen8gr8e1n/2y6BsrILGgKGQ6UIzHDi0M/4fb7dc38bde8bf5e94d01a7c9bacad09/Q2_2023_Production_and_Earnings_Date_July_7_2023.pdf"

Posted by: @bayoubob

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It is just math.

No, I already know how many they produced.

Where is the article that says they are just sitting on them in a lot and not preparing them to move out to customers.

You posted a lot of FUD with nothing to back it up.

@bmiddaugh I did not post any FUD whatsoever. It is a fact that they produced over 1,000 units by end of June that are sitting in a parking lot and have not been delivered to customers. This is according to the company. I merely said: "It defies logic that there are 1,000 Oceans (as of ten days ago now over 1,500) that are "completed" and sitting in a parking lot. $70 million in revenue. And yet Fisker cannot start getting them out to customers in Europe." 

It is a fact that these vehicles are sitting in a parking lot and that many of these have been sitting in a parking lot for numerous weeks while European customers are anxiously waiting. These are all company-sourced facts, you would agree. 

I think it is highly unlikely - and I made clear that this part is my deduction rather than a verified fact - that these are actually complete, customer-ready vehicles. It makes no sense that Fisker would not have started shipping them to customers by the hundreds weeks ago unless they are missing something to make them customer ready. I think @ttrinchi makes a good case that it is a missing bit of hardware rather than software, but unless they are not customer ready for some reason, it makes no sense that they have not already been delivered. 

@bayoubob Is it not possible that some of them are sitting on a boat?

@nukisthemartian touché

@bayoubob Good point. What does "completed" actually mean? Still, I'm glad the company raised capital so I will get my SN 1002 soon.

Very , Very expensive though...12% plus stock.

@redstaper The 12% is over the term; the news release just states due "2025" so could be anywhere between 18-30 months out [EDIT: Just saw the Offering and confirmed two-year maturity date].  Annualized, it is 8% (if 18 months) or lower; ~6% if 2 year hold.  Also, it is not "plus stock", the investor can convert the note to stock at $7.80/share.