Live Stream: Fisker's Q3 2023 Earnings Call
If you care to join us later today...
Seems like an initial summary was released about 5 mins ago:
After hours down 13.6% at the posting. Miss on revenue, miss on earning, significant negative surprise on gross margin (-17%) extreme miss on production, Q2 revised yearly targets completely blown up.
Way over promised and underdelivered.
Well... that call had a mixed bag of positives and negatives. The negatives were already know, no big surprises there. FWIW, I did not think the delay of results release was necessary prior to the call. It seems that they were unable to get the numbers and revenues QC'ed due to different regions the money was coming from. Also, seems like they are being extermely cautious in their approach. I'm still hopeful for the company!!
I like the 15 delivery facilites are being setup in US for in-person pick-up.
Reservation May 13, 2021; Ordered Ultra [VIN ...85XX - 20 Sept; Building - 23 Oct; Built & awaiting transport to port of departure - 22 Nov (update via case #)]; En route to port - 24 Nov; About to set sail - 27 2023, Great White, 22" F5a, Black Abyss, Winter and Tow/Electric package; 2019 Honda Clarity Touring PHEV; 2021 Chrysler Pacifica Pinnacle PHEV. LG 10 kWp solar.
What stands out to me as odd is how they determine cost of goods sold (and therefore gross margin) when they built 4,725 cars but only delivered 1,097 in the quarter. If you look at the balance sheet, the accrued operational liabilities less prepaid expenses divided by undelivered inventory works out to about a -3.5% gross margin just delivering what they already built. Does the delivery process currently add another 15% to the cost of the car? If so, they need to figure that out pronto.
Magna built 4,725 cars, but that doesn't mean that all of these cars were charged to Fisker by Magna
How did gross margin end up at -17%? They were guiding for 8-12% during the last earnings call. Did Henrik address this during the call today? It's the single metric that's really alarming to me.
What is the backlog? All discussion was around production and deliveries but none on orders on the book. What is the balance between deliveries and orders.