LOS ANGELES - Fisker Inc. (NYSE: NYSE:FSR), an electric vehicle manufacturer, disclosed a significant increase in its revenue for the fourth quarter of 2023, alongside ongoing negotiations with a major automaker for a potential strategic partnership that could bolster its position in the electric vehicle market.
The company reported preliminary Q4 2023 total revenue of $200.1 million, marking a substantial rise from the $71.8 million recorded in the previous quarter. This jump in revenue reflects an increase in vehicle deliveries, which totaled 3,818 for the quarter. Fisker also produced 4,789 units of its Fisker Ocean model during the same period. Despite the revenue growth, Fisker's gross margin stood at -35%, and the company posted a loss of $1.23 per share for Q4 2023.
For the full year 2023, Fisker's revenue was $272.9 million, excluding $44.6 million of deferred revenue that will be recognized in future periods. The company's annual earnings per share showed a loss of $2.22.
Fisker's new Dealer Partner model, announced in January 2024, has seen over 250 expressions of interest from dealers across North America and Europe, with 13 dealer agreements already signed. This model is part of Fisker's strategy to improve brand awareness and sales throughout 2024.
The company's liquidity position included $395.9 million in cash, cash equivalents, and restricted cash as of December 31, 2023. Additionally, the carrying value of completed vehicles in inventory and raw materials was approximately $530 million.
Fisker is in the midst of discussions with a large automaker regarding a deal that could involve an investment in Fisker, the joint development of electric vehicle platforms, and North America manufacturing. However, the closure of any transaction is contingent upon fulfilling certain conditions, including due diligence and the negotiation and execution of definitive agreements.
The company has also signaled potential challenges ahead, stating that there is substantial doubt about its ability to continue as a going concern unless it successfully transitions to the Dealer Partner model and secures additional financing.
Fisker is taking proactive measures to address these challenges, including workforce reductions and operational streamlining. The company is also in talks with an existing noteholder about a potential additional investment.
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