Fisker Inc./DE

CIK:0001720990|SEC Filings

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Revenue	$ 272,883	$ 342	$ 106
Costs of goods sold	558,821	263	88
Gross margin	(285,938)	79	18
Operating costs and expenses:
Selling, general and administrative	249,160	106,417	42,398
Research and development	67,357	423,907	286,856
Total operating costs and expenses	316,517	530,324	329,254
Loss from operations	(602,455)	(530,245)	(329,236)
Other income (expense):
Other expense, net	(7,190)	(119)	(402)
Interest income	24,745	10,378	627
Interest expense	(18,745)	(18,426)	(6,546)
Change in fair value of derivatives	0	0	(138,436)
Foreign currency (loss) gain	(5,389)	(2,039)	2,667
Unrealized (loss) gain recognized on equity securities	(1,791)	(6,860)	0
Change in fair value measurements	(327,823)	0	0
Total other expense	(336,193)	(17,066)	(142,090)
Loss before income taxes	(938,648)	(547,311)	(471,326)
Provision for income taxes	(1,299)	(185)	(15)
Net loss attributable to common shareholders	$ (939,947)	$ (547,496)	$ (471,341)
Net loss per common share
Net loss per share attributable to Class A and Class B Common shareholders- Basic (in dollars per share)	$ (2.73)	$ (1.80)	$ (1.61)
Net loss per share attributable to Class A and Class B Common shareholders- Diluted (in dollars per share)	$ (2.73)	$ (1.80)	$ (1.61)
Weighted average shares outstanding
Weighted average Class A and Class B Common shares outstanding- Basic (in shares)	343,978,989	303,366,068	292,004,136
Weighted average Class A and Class B Common shares outstanding- Diluted (in shares)	343,978,989	303,366,068	292,004,136

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash Flows from Operating Activities:
Net loss	$ (939,947,000)	$ (547,496,000)	$ (471,341,000)
Reconciliation of net loss to net cash used in operating activities:
Stock-based compensation	8,176,000	19,602,000	5,622,000
Amortization of debt discount	1,734,000	1,474,000	373,000
Allowance for note receivable	8,357,000	0	0
Depreciation and amortization	88,878,000	7,285,000	699,000
Amortization of right-of-use asset	10,235,000	4,463,000	2,576,000
Inventory write down	233,929,000	0	0
Change in fair value measurements	327,823,000	0	0
Change in fair value of warrants liability	0	0	138,436,000
Unrealized loss recognized on equity securities	1,791,000	6,860,000	0
Unrealized (gain) loss on foreign currency transactions	5,947,000	3,975,000	(1,469,000)
Changes in operating assets and liabilities:
Inventory	(636,156,000)	0	0
Accounts receivable	(17,528,000)	0	0
Deferred revenue	45,555,000	0	0
Prepaid expenses and other assets	(33,442,000)	(53,194,000)	(43,797,000)
Accounts payable and accrued expenses	205,471,000	99,578,000	66,253,000
Customer deposits	26,677,000	9,034,000	2,773,000
Change in operating lease liability	(6,431,000)	(4,118,000)	(1,395,000)
Net cash used in operating activities	(668,931,000)	(452,537,000)	(301,270,000)
Cash Flows from Investing Activities:
Acquisition of equity investment	0	(10,000,000)	0
Funding of notes receivable	(8,357,000)	0	0
Purchase of property and equipment and intangible asset	(227,587,000)	(190,989,000)	(134,386,000)
Net cash used in investing activities	(235,944,000)	(200,989,000)	(134,386,000)
Cash Flows from Financing Activities:
Proceeds from issuance of convertible notes	450,000,000	0	667,500,000
Payments for debt issuance costs	25,000	0	(209,000)
Payments made for capped call options	0	0	(96,788,000)
Payments made to initial purchasers for convertible notes	0	0	(8,314,000)
Proceeds from exercise of warrants	0	0	89,023,000
Payments for stock issuance costs and redemption of unexercised warrants	0	0	(22,000)
Payments of finance lease obligations	(18,303,000)	0	0
Payments to tax authorities for statutory withholding taxes	(63,000)	(1,562,000)	(9,869,000)
Proceeds from the exercise of stock options	(26,000)	2,154,000	5,616,000
Proceeds from stock issuance under “At-the-market” offering	135,928,000	190,492,000	0
Payments for “At-the-market” issuance costs	(1,867,000)	(3,448,000)	0
Net cash provided by financing activities	565,694,000	187,636,000	646,937,000
Effect of exchange rate changes on cash	(1,469,000)	0	0
Net increase (decrease) in cash and cash equivalents, and restricted cash	(340,650,000)	(465,890,000)	211,281,000
Cash and cash equivalents, and restricted cash, beginning of the period	736,549,000	1,202,439,000	991,158,000
Cash and cash equivalents and restricted cash, end of the period	395,899,000	736,549,000	1,202,439,000
Cash and cash equivalents, beginning of period	736,549,000	1,202,439,000	991,158,000
Restricted cash, beginning of period	0	0	0
Cash and cash equivalents	325,452,000	736,549,000	1,202,439,000
Restricted cash	70,447,000	0	0
Supplemental disclosure of cash flow information
Cash paid for interest	16,688,000	17,985,000	0
Cash paid for income taxes	$ 338,000	$ 46,000	$ 0

Consolidated Balance Sheets - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 325,452,000	$ 736,549,000
Restricted cash	70,447,000	0
Accounts receivable	18,018,000	0
Inventory	406,505,000	4,276,000
Prepaid expenses and other current assets	103,732,000	87,489,000
Equity investment	0	3,140,000
Total current assets	924,154,000	831,454,000
Non-current assets:
Property and equipment, net	570,907,000	387,137,000
Intangible asset, net	220,743,000	246,922,000
Right-of-use asset, net	87,309,000	33,424,000
Other non-current assets	28,574,000	16,489,000
Total non-current assets	907,533,000	683,972,000
Total assets	1,831,687,000	1,515,426,000
Current liabilities:
Accounts payable	181,839,000	58,871,000
Accrued expenses and other	364,691,000	260,065,000
Customer advances and deposits	29,453,000	4,860,000
Convertible senior notes	291,715,000	0
Deferred revenue	19,882,000	0
Operating leases liabilities	15,049,000	7,085,000
Total current liabilities	902,629,000	330,881,000
Non-current liabilities:
Operating leases liabilities, less current portion	65,723,000	27,884,000
Other non-current liabilities	516,000	15,334,000
Convertible senior notes	935,228,000	660,822,000
Deferred revenue, net of current portion	25,673,000	0
Total non-current liabilities	1,027,140,000	704,040,000
Total liabilities	1,929,769,000	1,034,921,000
Commitments and contingencies (Note 19)
Stockholders’ equity:
Preferred stock, $0.00001 par value; 15,000,000 shares authorized; no shares issued and outstanding as of December 31, 2023 and 2022	0	0
Additional paid-in capital	2,008,602,000	1,650,196,000
Accumulated deficit	(2,106,688,000)	(1,166,741,000)
Receivable for “At-the-market” offering	0	(2,953,000)
Total stockholders’ equity	(98,082,000)	480,505,000
Total liabilities and shareholders' equity	1,831,687,000	1,515,426,000
Class A Common Stock
Stockholders’ equity:
Common stock, value	3,000	2,000
Class B Common Stock
Stockholders’ equity:
Common stock, value	$ 1,000	$ 1,000