Fisker Inc. (FSR) stock rose over 3% today after the electric vehicle manufacturer announced financial results for the fourth quarter and full year of 2021.
Non-GAAP operating expenses and capital expenditures for 2021 were $458 million, while the loss from operations totaled $133.4 million.
The company’s net loss totaled $138.4 million and $0.47 loss per share.
As of December 31, 2021, Fisker had cash and cash equivalents of $1.2 billion.
Development Updates
Fisker’s recent quarterly report provided a number of key updates on the company’s two main products – the Fisker Ocean and the Fisker PEAR.
Notably, the company affirmed the expected timing plan for Fisker Ocean start-of-production on November 17, 2022.
Henrik Fisker, Chairman and CEO of Fisker, commented, “As the Fisker Ocean is heading towards production, it’s time for us to plan for a future of rapid growth.”
“After many requests from potential customers (both retail and commercial) and completion of design and engineering phase 1, we decided to open reservations for the 2024 Fisker PEAR. This is a completely differentiated product, designed and engineered to reinvent urban mobility.”
Currently Ocean reservations total more than 30,000 as of February 14, 2022, including 1,600 fleet reservations.
The company has also completed the concept-phase for the Fisker PEAR, and reservations are now open to retail customers.
Supply Chain Challenges
Fisker achieved rapid growth in 2021, with the company advancing towards its November production date and expanding its employed head count to nearly 400 people.
However, management hinted that the company is operating in a challenging environment.
Fisker added, “Our extremely dedicated and focused team is working closely with all our suppliers to stay on track to deliver the first Fisker Oceans this year in November.”
“Amid global semiconductor and other supply constraints, we work regularly in collaboration with key partners to identify and mitigate any issues.”
For the full-year 2022, Fisker projects its total non-GAAP operating expenses and capital expenditures to be within a range of $715 million to $790 million.
