Fisker Burned Through Nearly $1 Billion In 2023

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Fisker, the company behind the all-electric Ocean crossover, has roughly $50 million left in the bank, according to the latest 10-K form filed with the Securities and Exchange Commission earlier this week.

The document, which was filed roughly four months late, is full of financial details that paint a dark picture of the California-based company. The gist of it is that without a cash infusion, the automaker is heading toward bankruptcy, fast. But let’s see what the numbers say.

As per the document filed with the SEC, Fisker, Inc. burned through $904.9 million in 2023 for operating and investing activities. That’s not a lot of money by big company standards–Tesla revealed during its most recent earnings call that it expects to save roughly $1 billion after its recent layoffs–but by startup standards, it’s a big chunk of money.

As of April 16, 2024, Fisker had cash and cash equivalents of $53.9 million (unrestricted) and $11.2 million (restricted). At the end of 2023, the company had an unrestricted cash balance of $325.5 million, down from the $736.5 million it had in its reserves on December 31, 2022.

With a little over $50 million in cash right now, Fisker will likely be out of business in less than a month if no extra investments are secured, considering it spent over $75 million per month on average last year. The company mentioned multiple times throughout the 10-K form that “there is substantial doubt as to our ability to continue as a going concern.”

When it comes to vehicle deliveries, Fisker said in the filing that over 6,400 Ocean EVs have been delivered to customers as of April 16, 2024. That’s a little over half the cars that were built by its contract manufacturer, Magna Steyr, in Austria. As a reminder, production of the Ocean EV was paused last month.

The automaker hasn’t provided exact numbers each time it announced production and delivery numbers, but as it stands now, the Henrik Fisker-led company built approximately 11,193 cars.

In the whole of 2023, 10,193 cars were built and 4,929 were delivered. In 2024, about 1,000 were assembled and approximately 1,300 were delivered through March 15 when substantial price cuts were applied to inventory vehicles.

But those discounts seem to have been rather ineffective in convincing prospective buyers, with the company delivering approximately 171 vehicles after the reduced pricing went into effect, according to our calculations. The same math also tells us that Fisker still has nearly 4,800 cars in inventory. Here are the Ocean EV production and delivery stats:

  • 2023: 10,193 cars built, 4,929 delivered
  • 2024 through March 15: approximately 1,000 EVs built, approximately 1,300 delivered
  • As of April 16, 2024: over 6,400 units delivered

Total (InsideEVs estimates):

  • Over 6,400 Ocean EVs delivered
  • Approximately 11,193 cars manufactured
  • Approximately 4,793 units still in inventory
Fisker Pear production-intent EV
Fisker Ronin 4-door Super GT convertible
Fisker Alaska

Fisker had three more electric models lined up for the future: the affordable Pear (top left), the flagship four-door Ronin convertible (top right) and the mid-size Alaska pickup (bottom)

The maker of the Ocean EV also laid off approximately 425 people between January 1 and April 19, 2024, the 10-K form revealed. At the end of last year, Fisker had a headcount of 1,560 and now it has about 1,135 employees–that’s a workforce decrease of 27%.

Some of the blame for the firm’s current situation is cast on suppliers. “We are dependent on our suppliers, a significant number of which are single or limited source suppliers, and the inability of our suppliers to deliver necessary components for our vehicles in a timely manner and at prices and volumes acceptable to us could have a material adverse effect on our business, prospects and operating results,” the company said in the SEC document.

Fisker also failed to make an interest payment of approximately $8.4 million in cash on March 15. If the company doesn’t receive relief from its debt holders and an infusion of liquidity, it expects to “seek protection under applicable bankruptcy laws in multiple jurisdictions within 30 days” from when the financial statements were issued. The 10-K form was filed with the SEC on April 22, 2024.

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