Fisker Inc has announced its financial results for the second quarter of 2022 and offered an update regarding reservation numbers for its Ocean electric SUV.
The EV startup said it has over 56,000 reservations as of August 1, 2022, including 5,000 preorders for the limited-edition Ocean One launch model. This effectively means the Fisker Ocean One is sold out, which is great news considering that each customer had to put down $5,000 to secure their order.
"This is a historic moment, where thousands of customers committed $5,000 for a vehicle many have only seen in pictures, demonstrating our customers' excitement for the Fisker Ocean vehicle and the value proposition of our brand and product. It's clear Fisker's approach to price positioning and design, plus our unwavering commitment to sustainability, is the right one for the future!"
Henrik Fisker, Fisker Inc CEO
The executive added that preorders for the Fisker Ocean One came from all nine launch markets—Austria, Canada, Denmark, France, Germany, Norway, Sweden, United Kingdom, and the United States. More importantly, he noted that these 5,000 preorders "represent approximately $350 million of potential revenue for Fisker once all vehicles are delivered"—assuming no one cancels their preorder.
It's also worth noting that Fisker Ocean reservations increased by 11,000 since the Q1 2022 earnings call, when the company announced 45,000 reservations.
Gallery: Fisker Ocean at Goodwood FoS 2022
Preorders aside, Fisker also said that its manufacturing partner Magna-Steyr has completed 55 Ocean prototypes, which are currently performing various final testing before the start of production scheduled for November 17, 2022. The contract manufacturer continues to build additional prototype vehicles.
Two of these prototypes recently landed at Fisker Inc's Manhattan Beach, California headquarters, allowing employees to see the vehicle up close and Henrik Fisker to drive it on some familiar local LA roads.
As for Fisker's second vehicle, the PEAR, reservations have increased to over 4,000, an increase of 800 units since the previous update in early June.
Speaking of the sub-$30,000 entry-level model, Fisker said that development is progressing well and the company continues transitioning engineering and purchasing teams to the project. Based on the Fisker-developed SLV1 platform, the PEAR will be built by Foxconn from 2024 at its recently acquired plant in Lordstown, Ohio. The EV startup expects an annual output of at least 250,000 PEAR vehicles per year once the plant ramps up production.
Moving to the financial part, Fisker said it had $851.9 million of cash and cash equivalents as of June 30, 2022, which it deems "sufficient to fund the production launch of the Fisker Ocean in November 2022 and for additional vehicle development throughout 2022."
Operating losses in Q2 2022 totaled $88.7 million, including $1.2 million of stock-based compensation expense, while the net loss totaled $106 million and $0.36 loss per share.