Company Reports Revenue Of 200 Million Gross Margin Of 35 And Earnings Per Share Of 052

Fisker Announces Strong Preliminary Q4 2023 Results

Company Reports Revenue of $200 million, Gross Margin of -35%, and Earnings per Share of -$0.52

Fisker PEAR Continues to Gain Traction with Reservations Now Surpassing 70,000

LOS ANGELES--(BUSINESS WIRE)--Fisker Inc. (NYSE: FSR) ("Fisker") - creator of the world's most sustainable electric vehicles and advanced mobility solutions - today announced preliminary financial results for the fourth quarter and fiscal year ended December 31, 2023.

Key Financial Highlights:

* Revenue of $200 million, driven by the ramp-up of Fisker Ocean production * Gross margin of -35%, primarily due to higher-than-expected costs associated with the launch of Fisker Ocean * Net loss of $171 million * Adjusted EBITDA loss of $130 million * Cash and cash equivalents of $697 million as of December 31, 2023

Operational Highlights:

* Began production of the Fisker Ocean electric SUV in November 2023 * Delivered over 2,000 Fisker Oceans to customers * Received over 70,000 reservations for the Fisker PEAR, an all-electric compact SUV * Expanded the company's global presence with the opening of new retail locations in the United States and Europe

Management Commentary:

"We are pleased to report strong preliminary financial results for the fourth quarter and fiscal year 2023," said Henrik Fisker, Chairman and CEO of Fisker. "The ramp-up of Fisker Ocean production is progressing well, and we are confident that we will continue to execute on our production and delivery targets in 2024. The Fisker PEAR continues to generate strong interest from consumers, and we are excited to begin production of this all-electric compact SUV later this year. We believe that our focus on innovation, sustainability, and customer experience will continue to drive our success in the years to come."

Outlook:

Fisker expects to deliver 40,000-50,000 Fisker Oceans in 2024 and to begin production of the Fisker PEAR in the fourth quarter of 2024. The company also expects to achieve positive gross margin in the second half of 2024.

Conference Call and Webcast:

Fisker will hold a conference call and webcast to discuss its fourth-quarter and fiscal year 2023 financial results on Thursday, March 9, 2023, at 8:30 a.m. PT (11:30 a.m. ET). The webcast can be accessed at https://investors.fiskerinc.com/

About Fisker Inc.:

Fisker Inc. is passionate about creating the world's most sustainable electric vehicles and advanced mobility solutions. The company's flagship vehicle, the Fisker Ocean, is an all-electric SUV that combines a sleek design with cutting-edge technology. Fisker is also developing the Fisker PEAR, an all-electric compact SUV, and the Fisker RONIN, an all-electric super sports car. The company's mission is to make electric vehicles more accessible and sustainable, while also delivering a superior customer experience.