Brief: Fisker Inc Expects To Conclude There Is Substantial Doubt About Its Ability To Continue As A Going Concern

Fisker

29/02/2024 22:55

Feb 29 (Reuters) - Fisker Inc  FSR.N :
    * FISKER INC. ANNOUNCES PRELIMINARY Q4 AND FULL YEAR 2023
RESULTS*
    * FISKER INC - NEW DEALER PARTNER MODEL IS GAINING MOMENTUM
AND IS
EXPECTED TO HELP IMPROVE BRAND AWARENESS AND SALES THROUGHOUT
2024
    * FISKER INC - EXPECTS ITS CAPITAL EXPENDITURES AND WORKING
CAPITAL REQUIREMENTS TO DECREASE DURING 2024 AND BEYOND
    * FISKER INC: TARGETING COMBINED SALES DIRECTLY TO CONSUMERS
AND
DEALERS OF ABOUT 20,000 - 22,000 VEHICLES IN 2024
    * FISKER INC - COMPANY IS STREAMLINING OPERATIONS, INCLUDING
REDUCING ITS PHYSICAL FOOTPRINT AND OVERALL EXPENSES
    * FISKER INC - CURRENT RESOURCES ARE INSUFFICIENT TO SATISFY
ITS
REQUIREMENTS OVER NEXT 12 MONTHS
    * FISKER INC - CURRENTLY IN DISCUSSIONS WITH AN EXISTING
NOTEHOLDER ABOUT POTENTIALLY MAKING AN ADDITIONAL INVESTMENT IN
THE COMPANY
    * FISKER INC - INTENDS TO REDUCE ITS WORKFORCE BY
APPROXIMATELY
15%
    * FISKER INC - HEADCOUNT REDUCTIONS ARE PREDOMINANTLY
RELATED TO
THE CHANGE IN SALES STRATEGY FROM DIRECT-TO-CONSUMER TO A DEALER
PARTNER MODEL
    * FISKER INC: SEES NON-GAAP OPERATING EXPENSES AND CAPITAL
EXPENDITURES FOR 2024 WITHIN A RANGE OF $320 MILLION TO $390
MILLION
    * FISKER INC - STREAMLINING OPERATIONS, INCLUDING REDUCING
ITS
PHYSICAL FOOTPRINT AND OVERALL EXPENSES
    * FISKER INC - BUSINESS PLAN IS HIGHLY DEPENDENT ON
SUCCESSFUL
TRANSITION TO ITS NEW DEALER PARTNER MODEL IN 2024
    * FISKER INC - WILL NEED TO SEEK ADDITIONAL EQUITY OR DEBT
FINANCING
    * FISKER INC - COMPANY EXPECTS TO CONCLUDE THERE IS
SUBSTANTIAL
DOUBT ABOUT ITS ABILITY TO CONTINUE AS A GOING CONCERN
    * FISKER INC: DURING FIRST HALF OF 2024, EXPECTS TO GENERATE
CASH
FROM SALE OF EXISTING 2023 PRODUCTION VEHICLES THAT ARE LARGELY
PAID FOR
    * FISKER INC - TO ADDRESS POTENTIAL LIQUIDITY ISSUES, FISKER
IS
ALREADY TAKING ACTION
    * FISKER INC - REPORTS PRELIMINARY Q4 2023 TOTAL REVENUE OF
$200.1
MILLION
    * FISKER INC - Q4 2023 EARNINGS PER SHARE WAS A LOSS OF
$1.23
    * FISKER INC - Q4 2023 GROSS MARGIN WAS -35%
    * FISKER INC -  IF FINANCING IS NOT AVAILABLE, COMPANY MAY
REDUCE
PRODUCTION OF FISKER OCEAN
    * FISKER INC - IS IN NEGOTIATIONS WITH A LARGE AUTOMAKER FOR
A
POTENTIAL TRANSACTION WHICH COULD INCLUDE AN INVESTMENT IN
FISKER
    * FISKER - IF TERMS OF FINANCING ARE LESS DESIRABLE THAN CO
EXPECTS, CO MAY BE FORCED TO DECREASE ITS PLANNED LEVEL OF
INVESTMENT IN PRODUCT DEV
    * FISKER - IF TERMS OF FINANCING ARE LESS DESIRABLE THAN CO
EXPECTS, CO MAY ALSO BE FORCED TO SCALE BACK OPERATIONS
INCLUDING FURTHER HEADCOUNT REDUCTIONS

Source text for Eikon:  ID:nBw3hG4v8a 
Further company coverage:  FSR.N 

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