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Fisker Inc. said in its first-ever earnings report that its Ocean electric SUV remains on schedule for production in the fourth quarter of next year and that the company has 12,467 reservations for the vehicle.
The startup went public and raised $977 million by merging with an Apollo Global Management-sponsored blank-check company called Spartan Energy Acquisition Corp. last year. The company plans its second electric vehicle by the fourth quarter of 2023.
Fisker shares rose 5.8% to $22.85 in after-hours trading Thursday.
Fisker, which was founded by longtime auto designer Henrik Fisker, just got off the ground last year. Here are the key financial numbers for the fourth quarter:
- The company had $991.2 million in cash at the end of 2020 and has no debt.
- Loss from operations totaled $31.3 million, which includes $400,000 of stock-based compensation expense.
- Net loss totaled $12 million, which includes a $19 million noncash gain reflecting changes in the fair value of convertible equity securities and embedded derivatives.
- Net cash used in operating activities totaled $30.1 million.
- Capital expenditures totaled $500,000.
Last year, Fisker signed a deal with auto-parts maker Magna Steyr to use its battery pack and chassis and build the Ocean SUV, its first planned EV. It will be assembled at the supplier’s plant in Graz, Austria.
On Feb. 24, the company announced a plan to build a second vehicle with Foxconn Technology Group, assembler of Apple Inc.’s iPhone.
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