Today, Fisker released its Q3 2023 quarterly results, updating stakeholders. Fisker is now delivering in ten countries and is expected to add two more markets later this month as operational momentum accelerates in Q4 2023. The company opened its flagship US Lounge at The Grove in Los Angeles and its first east-coast Lounge in New York City. Fisker has customer locations open in ten countries, with additional customer facilities opening soon, including a Fisker Lounge in Shanghai, China, in January 2024.
In Q3 2023, Fisker experienced a significant milestone with its first quarter of noteworthy automotive sales revenue. The total revenue for the quarter amounted to $71.8 million. However, on a GAAP basis, the gross margin stood at -17%, while the adjusted gross margin was 9%. The earnings per share (EPS) for the quarter were ($0.27), an improvement compared to ($0.49) in the same period of the previous year.
Fisker successfully raised $450 million in gross proceeds during the third quarter, contributing to a robust financial position. The quarter-end cash, cash equivalents, and restricted cash reached $625 million, excluding $50 million in VAT receivables that are still pending receipt. Additionally, the recent convertible notes transaction has made an additional $550 million in gross proceeds available to the company, further strengthening its financial standing. Fisker is now delivering
In the third quarter of 2023, Fisker demonstrated its production capabilities by manufacturing 4,725 vehicles, of which 1,097 were successfully delivered to customers. The company’s delivery operations have gained momentum, with a focus on optimizing last-mile logistics and expanding the delivery infrastructure to achieve increased scalability in the fourth quarter and beyond.
The efforts in streamlining these logistics bore fruit in October, as Fisker surpassed its entire Q3 delivery volume by delivering over 1,200 vehicles in that month alone, showcasing a remarkable acceleration in performance.
As of now, Fisker has globally delivered more than 3,000 vehicles, and there are still hundreds of additional Oceans en route to awaiting customers. The company’s commitment to efficient production and delivery processes is evident in its ability to exceed previous delivery figures.
In the stock market, Fisker’s shares closed the day at $4.11 per share, reflecting a positive increase of $0.27 (+7.03%). This indicates a favorable market response to the company’s performance and delivery achievements during the reported quarter.