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FSR

Fisker NYSE:FSR Stock Report

Last Price

US$7.55

Market Cap

US$2.3b

7D

-5.5%

1Y

-49.1%

Updated

30 Sep, 2022

Data

Company Financials +
FSR fundamental analysis
Snowflake Score
Valuation0/6
Future Growth5/6
Past Performance0/6
Financial Health4/6
Dividends0/6

FSR Stock Overview

Fisker Inc. develops, manufactures, markets, leases, or sale of electric vehicles.

Fisker Inc. Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Fisker
Historical stock prices
Current Share PriceUS$7.55
52 Week HighUS$23.75
52 Week LowUS$7.54
Beta1.09
1 Month Change-16.39%
3 Month Change-11.70%
1 Year Change-49.12%
3 Year Change-25.10%
5 Year Changen/a
Change since IPO-21.35%

Recent News & Updates

Sep 17

Fisker: Be Prepared For The Ocean SUV Launch

Summary Fisker plans to start production of the Fisker Ocean SUV by the end of 2022. The company will compete with Tesla, Rivian, and Lucid in the new age electric vehicle market. Fisker can succeed with its asset-light business model if it focuses on deliveries instead of utter perfection. Fisker (FSR) is definitely an EV stock to watch moving forward as the company prepares to start producing its flagship EV, the Fisker Ocean, in November 2022. Since Fisker currently generates zero revenue, I've found it hard to invest in the company over other electric car stocks such as Lucid Group (LCID) or Tesla (TSLA). Will Fisker get it right the 2nd time around after the company failed several years ago under poor management decisions? In this article, I'll discuss the upcoming Fisker Ocean launch and list several reasons why I may consider investing in the company. Fisker Ocean SUV Launch Update Fisker sold out its first 5,000 Fisker Ocean One limited edition vehicles and received $5,000 down-payments from each customer. Fisker Ocean SUV (fiskerinc.com) These orders represent $350 million in potential revenue once all vehicles are delivered. The company plans to start producing the Fisker Ocean on November 17th, 2022, which is just around 2 months from now. The Fisker Ocean is set to start at $37,499 for the base Ocean Sport trim, the middle-trim Ocean Ultra starts at $49,999 while the more premium Ocean Extreme starts at $68,889. Fisker has 58,000 reservations as of August 2022 with a projected 80,000 reservations by the end of the year. Demand is so high that the company may expand its 50,000 annual production goal to keep up with demand. This shouldn't be a huge issue due to the fact that Fisker outsources 100% of its EV production and focuses on design and marketing. Fisher has around $850 million in cash on hand to fund production of its initial 5,000 preorders through the rest of the year. Fisker's Future EV Pipeline Fisker already has 2 additional EVs planned for production through partnerships with affiliates such as Foxconn: The Fisker PEAR and Project Ronin. The Fisker PEAR will start at a base price of under $30,000 and start production in 2024 Foxconn's newly acquired 6.2 million square foot facility in Ohio. Fisker PEAR (drivers.today) Fisker's third vehicle, Project Ronin, will be unveiled in the summer of 2023. Fisker is not only aggressively scaling the Fisker Ocean SUV, but already has 2 other EVs in the pipeline. This could make a major dent in the EV industry and place a lot of attention on Fisker. Competitors such as Tesla, Lucid, and Rivian already have a head start in the EV industry but we don't know exactly how consumers will respond to the Fisker Ocean. 58,000 reservations is a great sign but I don't believe these future Fisker models are currently priced into the stock. I think investors are worried about future share dilution since both Tesla and Lucid offered stock during their early growth phases. Focus on Deliveries Not Hype Fisker makes a lot of promises but I'm not sure the company will be able to deliver on them. FY 2022 capital expenditures are projected to be around $290 million and the company lost $106 million in Q2 alone. I'm afraid dilution may be the only way to expand production for the Fisker Ocean SUV yet FSR stock is already trading at just $9. FSR data by YCharts I mentioned in my previous Lucid article that it diluted its stock with an $8 billion offering but LCID's initial SPAC demand was so high that CCIV was priced at $15 initially. The market responded pretty well to the $8 billion dilution news and LCID shares are now trading over $16. Fisker dilution could send FSR shares much lower because the company has a lot less cash on hand than Lucid Motors does.

Sep 07

Fisker: Eyeing Rapid Growth Ahead

Summary Fisker is just over 2 months to its tentative start-of-production date in mid-November 2022 for its first model, the Ocean, which kicks off the company's growth. Fisker has sold out of US production allotment for the Ocean and is considering expanding manufacturing beyond 50,000 units/year to meet high demand. Pre-orders have continued to accelerate throughout 2022, supporting Fisker's launch plans and paving a visible path to revenue growth. Initial estimates for 2023 and 2024 project revenues of $1.98 billion and $5.4 billion, respectively, on deliveries of 30,000 and 92,500 units. Fisker (FSR) is just over 2 months to its tentative start-of-production date in mid-November 2022 for its first model, the Ocean SUV, launched in partnership with Magna Steyr (MGA). Fisker has some heavyweights in its corner as it aims to scale production of the Ocean and launch its second model, the PEAR, at a more-attractive, sub-$30,000 price point in 2024. Assuming no major delays in launch timelines, Fisker and Magna could quickly scale production of the Ocean throughout 2023, potentially reaching over 30,000 units. At such levels, Fisker would be on track to generate over $1.5 billion in revenues, in its first full year of deliveries. Backed By Heavyweights While other EV startups are struggling to get off the ground and scale production, including Faraday Future (FFIE) and heavy-hitter Lucid Motors (LCID) among others, Fisker has entrenched itself with production/manufacturing and supply contracts with industry heavyweights. Fisker has teamed up with Magna (MGA) for production of the Ocean, Foxconn (OTCPK:FXCOF) for production of the Pear, and CATL for annual battery supplies for the Ocean. Fisker has outlined that its agreement with Magna Steyr aims to produce 50,000 vehicles in 2023, tripling that to 150,000 units in 2024. Fisker and Foxconn plan to begin production of the Pear in Ohio in 2024, and "intend to build a minimum of 250,000 PEAR vehicles a year once the plant ramps up production." Fisker and CATL have an agreement for the supply of ~5 GWh of batteries annually for the Ocean, which amounts to ~50,000 units per year; over the course of the next three years, Fisker could see upwards of 150,000 units secured via this battery supply deal. The three partnerships put Fisker on a solid path to ramp production to tens of thousands of vehicles in 2023, to over 100,000 in 2024 assuming supply chain issues and parts shortages do not derail production to a high degree, as it has done to peers this year. Fisker is in a unique situation to rapidly mass produce and scale deliveries over the course of the next 12 to 24 months, with the ability to generate in excess of $1.5 billion in revenues in 2023 and $5 billion or more in revenues for 2024, in a modest projection. Pre-orders Accelerating Behind Fisker's production plans is a surge in pre-orders for the Ocean SUV, accelerating throughout 2022 as SoP nears. Fisker logged about 28,000 pre-orders at the beginning of the year, doubling to the current 58,000 pre-orders as of August. Fisker As pre-orders potentially near 61,000 moving into September, Fisker has a very solid order book to grow from -- nearly double Lucid's amount -- of which it expects a majority to fill throughout 2023. Fisker is projecting about 80,000 pre-orders to end the year. Fisker had announced earlier in August that it had "sold out of its 2023 US allotment of the Fisker Ocean Sport and Fisker Ocean Ultra trim levels." Fisker also is considering that its "current production figures of 50,000 may expand due to increasing enthusiasm for Fisker Ocean worldwide." Fisker CEO Henrik Fisker said that his firm and Magna "are working diligently on expanding production numbers beyond the current projection of 50,000 units per year." This expansion would be set for 2024, according to the announcement. Although Fisker is looking to prioritize deliveries of its upper trims for the Ocean, the One and the Extreme, the firm has said that it will allocate extra production capacity to its lower trims. Fisker is not breaking down its pre-order volumes by trim, but given its willingness to seek ways to increase annual production beyond 50,000 suggests that demand for all Ocean trims is healthy and robust. Strengthening pre-order demand combined with confidence in securing enough supply to hit and possibly expand production volumes gives Fisker a rapid ramp in revenues as the year moves on. Strong Revenue Growth Ahead Fisker looks poised to hit the ground running in 2023 with the potential to generate in excess of $1.5 billion in revenues should it be able to scale volumes to ~60% of its planned 50,000 unit guidance under its agreement with Magna. As other EV startups have faced challenges scaling production due to chip and supply chain constraints, Fisker believes it has enough supply to hit its initial targets. Although ASP is expected to fall farther in 2024 as volumes of Fisker's lower-priced trims account for a larger portion of the product mix, revenues are still set for tremendous growth in 2023 and 2024. With just the 5,000 Ocean One models, Fisker has approximately $350 million in revenue booked and set for recognition in 2023 -- deliveries for 2022 are likely to be minimal at best, with just six weeks between SoP and the end of the year. Fisker has previously said in believes it can "potentially sell out capacity through most of 2023 with purchase orders of premium models." For 2023, this equates to production volumes scaling while keeping ASPs in excess of $60,000, a very attractive picture for revenue growth. Basing projections off of an ~30,000 unit forecast for 2023 is a relatively conservative take compared the 50,000 unit volume under the agreement. It also is more reflective of the current headwinds facing the industry. Even so, the 30,000 unit projection still spells out quite a positive picture for Fisker. With an average ASP near $66,000 for 2023, assuming Fisker does allocate and sell some of its lower trims next year, Fisker would be on track to generate ~$1.98 billion in revenues. Rival Lucid, after slashing production output this year by over 60%, is on track to generate just ~$850 million through 2022 with an ASP near $130,000, in its first full year after production. Taking a quick comparison, the upside potentially looks to predominantly favor Fisker in this scenario -- revenues are projected to be more than double of Lucid's, putting Fisker at a very attractive 1.3x sales multiple ahead of continued strong growth in deliveries and revenues in 2024; Lucid is valued at over 29x sales in its first year of its delivery ramp. This relative valuation mismatch suggests that the market is either a) concerned that Fisker will be unable to scale to that degree, or b) attaching lower multiples to the EV industry as a whole (a theme that has been seen already this year). Moving on to 2024, Fisker aims to be producing 150,000 units volume of the Ocean SUV with Magna, while starting production of the PEAR with Foxconn during the year; as such, growth in 2024 is expected to be well above +100% y/y for deliveries and revenues.

Aug 19

Fisker considering Ocean's production expansion beyond 50K units per year

Citing the strong consumer demand worldwide, Fisker (NYSE:FSR) announces that current Fisker Ocean production numbers of 50,000 per year may expand in 2024. In July 2022, the 5,000-unit Fisker Ocean ONE limited launch edition sold out globally in just 30 days. The EV maker currently has more than 58,000 reservations (inclusive of firm orders) for the five-passenger, all-electric SUV, with at least 80,000 reservations projected by the end of the year. CEO and Chairman of Fisker, Henrik Fisker said, "We are also exploring expanding operations to meet this growing demand, including considering manufacturing in the United States. And with our disciplined spending, strong cash position, extraordinary operational flexibility, strong relationships with our suppliers, and a diversified, high line-of-sight potential revenue stream for the first year, we're full speed ahead on all fronts. I’m looking forward to seeing the very latest pre-production Fisker Ocean vehicles come off the line when I visit the Magna plant in September." The company's disciplined and deliberate financial strategy, strong cash position aligned with the November 2022 start of production, high-quality revenue pipeline, and consumer demand for the first production year set the tone for possible operational expansion. The company confirmed its FY2022 guidance on August 3, 2022, and the November 17, 2022, planned start of production for the Fisker Ocean remains on track.

Shareholder Returns

FSRUS AutoUS Market
7D-5.5%-4.3%-2.5%
1Y-49.1%-10.5%-23.2%

Return vs Industry: FSR underperformed the US Auto industry which returned -9.6% over the past year.

Return vs Market: FSR underperformed the US Market which returned -21.5% over the past year.

Price Volatility

Is FSR's price volatile compared to industry and market?
FSR volatility
FSR Average Weekly Movement7.1%
Auto Industry Average Movement9.3%
Market Average Movement6.9%
10% most volatile stocks in US Market15.6%
10% least volatile stocks in US Market2.8%

Stable Share Price: FSR is not significantly more volatile than the rest of US stocks over the past 3 months, typically moving +/- 7% a week.

Volatility Over Time: FSR's weekly volatility (7%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
2016530Henrik Fiskerhttps://www.fiskerinc.com

Fisker Inc. develops, manufactures, markets, leases, or sale of electric vehicles. The company is also involved in asset-light automotive business. It operates through The White Space, The Value Segment, and The Conservative Premium segments.

Fisker Inc. Fundamentals Summary

How do Fisker's earnings and revenue compare to its market cap?
FSR fundamental statistics
Market CapUS$2.26b
Earnings (TTM)-US$476.33m
Revenue (TTM)US$79.00k

Over9,999x

P/S Ratio

-4.7x

P/E Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
FSR income statement (TTM)
RevenueUS$79.00k
Cost of RevenueUS$76.00k
Gross ProfitUS$3.00k
Other ExpensesUS$476.33m
Earnings-US$476.33m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

n/a

Earnings per share (EPS)-1.59
Gross Margin3.80%
Net Profit Margin-602,944.30%
Debt/Equity Ratio108.8%

How did FSR perform over the long term?

See historical performance and comparison