Fisker, Inc. (NYSE:FSR) Q3 2023 Earnings Conference Call November 13, 2023 5:00 PM ET

Company Participants

Frank Boroch - Vice President, Investor Relations and Treasury

Henrik Fisker - Chairman and Chief Executive Officer

David King - Chief Technology Officer

Geeta Gupta-Fisker - Chief Operating Officer and Chief Financial Officer

Conference Call Participants

John Babcock - BofA Securities

Chris McNally - Evercore ISI

Nick Amicucci - Cowen

Chris Pierce - Needham & Company

Operator

Hello and welcome to the Fisker Inc.'s Third Quarter 2023 Earnings Call. [Operator Instructions]

I will now turn the conference over to Frank Boroch, Vice President of Treasury and Investor Relations. Please go ahead.

Frank Boroch

Thank you, operator. Hello, everyone, and welcome to Fisker's third quarter earnings call. As the operator mentioned, I'm Frank Boroch, VP of Treasury and Investor Relations. Joining me on today's call are Henrik Fisker, Chief Executive Officer; David King, Chief Technology Officer; and Dr. Geeta Gupta-Fisker, Chief Financial Officer and Chief Operating Officer.

Please note that today's discussion includes forward-looking statements about our expectations. Actual results in future periods are subject to risks and uncertainties that could cause our results to differ materially from those mentioned. These risks include those set forth in the press release we issued earlier today as well as those more fully described in our filings with the Securities and Exchange Commission.

Today's discussion also includes certain non-GAAP measures, including non-GAAP operating expenses. Quantitative reconciliations of our non-GAAP financial information to the most directly comparable GAAP financial information appears in today's earnings release.

With that, I'm happy to turn the call over to Henrik.

Henrik Fisker

Thank you, Frank. Good afternoon, everyone. Thank you for joining us today for our third quarter 2023 earnings call. I want to thank all our stakeholders, teams and partners for all the hard work and continued progress we’ve made in 2023.

Third quarter marks a strong [technical difficulty] to Fisker as we continue to ramp vehicle production and deliveries of the Fisker Ocean. Raised additional proceeds through an upsized financing transaction, continued to spread our brand with new Fisker facilities, test drives and pop up events in several cities across the U.S and Europe, and adjusting prices -- pricing for the three Ocean trims. All of these actions continue to position us for a long-term sustainable and profitable growth.

As our focus shift towards ramping deliveries, it's incredible to see our product land in the driveways of more and more consumers every day. And I personally met a lot of customers who admires early adopters and supporters of the Fisker brand. We have an amazing production ramp, which has proven its ability to already have manufactured almost 9,000 units, a level other EV manufacturers taken four to five full quarters to achieve and solid demand. But we have not been able to follow through with deliveries fast enough. People have paid and awaiting for the cars and some of them are really getting annoyed, and that's something that we need to do something about. So what are we going to do?