Fisker’s Q1 2023 Earnings Call

2:00 am call for you?

@seancallahan Fisker has posted their presentation report in advance of the conference call.

@ttrinchi Yep, ain’t gonna miss the action!!

@mrsixfootsix Just checked it out, but it is from Q4 2022. Thank you very much though for sharing. Worth a read for those that haven't seen it.

Fisker should address the number vehicles they delivered in Europe, USA EPA status and realistic timeline, finance options and last but not least SOFTWARE QUALITY in the vehicle and how the company is going to address the recall as reported by Bloomburg.

HF should focus on the Software quality as of now for the deliveries and in the future over the air updates! It’s a critical piece and hope HF gets it!

Notable status change...EPA testing is COMPLETED per ER! Just waiting on the paperwork. Much better than the previous status, which was that the car was in EPA's hands with an indefinite timeline for testing and certification.

https://fiskerati.com/fisker/fisker-provides-q1-2023-business-update-fisker-ocean-production-and-deliveries-in-focus/

First post so, please don't bite my hands off.....

Just listened to the earnings call - Interesting. My recollection and summary....

Positives:-

1.  Ramp-up of deliveries slightly down, but still very positive (36K + units by year-end)

2.  Re-iterated the 8-12% net margin.

3.  Good detail on the supply chain.

4. Some detail on other variants (off-roader??)

5. 3rd August presentation.

6. re-iterated the positive EBTA by year-end.

Negatives:-

1.  Pear production delayed until Q1 2025.

Interesting to extrapolate forward - 35K+ Unit deliveries by year-end = near zero $ now to circa $1.5B revenue in less than 8 months - Phenomenal.

What are everyone else's thoughts?

https://finance.yahoo.com/news/fisker-inc-announces-first-quarter-103000667.html

1) Annual target revised to 32-36k Oceans

2) Q2 production, 1200-1500 vehicles

3) PEAR production moved to 2025

4) US deliveries to start in June

US homologation process was forecast to be completed in Q1; now Q2.

Regardless, it sounds like production can be in the 210 cars/day after initial Q1 production starts at around 80 cars/day - a 265% increase going into the last half of 2023. Looks like July will be real busy finishing all the One’s since it sounded like Extreme’s and Sport’s will start production - all the Ocean One’s should be delivered in July to mid-August?

Posted by: @dman1953

↑

US homologation process was forecast to be completed in Q1; now Q2.

Regardless, it sounds like production can be in the 210 cars/day after initial Q1 production starts at around 80 cars/day - a 265% increase going into the last half of 2023. Looks like July will be real busy finishing all the One’s since it sounded like Extreme’s and Sport’s will start production - all the Ocean One’s should be delivered in July to mid-August?

EU deliveries would be July to mid-August.  You need to add an additional 4-6 weeks for N.A. deliveries.  Fisker is estimating 1,400-1,700 production in Q2 so 3,300-3,600 will not be built until July at the earliest.  I am assuming the early July builds will be destined for North America (to be able to deliver within Q3) so any July builds will be delivered late August or September. 

June delivers in the U.S. will be just a handful - any June delivery will basically need to be built already to be able to be delivered prior to quarter end.  I have not seen any rumors about cars currently in shipment bound for the U.S.

With European deliveries already under way and production levels at the low-end 2,400 cars at 80/day could be produced in a month. Do not know if production will ramp up before July but there are 50+ days from today until June 30 and a lot more cars than 2,400 could potentially be built. Deliveries/shipments would add another month on top of production before your One is sitting in the driveway🧐

@ttrinchi I am guessing that they will ship to the US only after EPA approval. I hope that happens in the next 1 week and then they can start production meant for the US and deliver some in June and finish delivering all the 5000 Ocean Ones by the end of July.