American Electric Vehicle Automaker Fisker Inc.announced its financial results for the first quarter which ended March 31, 2021. The quarter 1 results in line with expectations. Fisker Inc. has a cash balance of $985 million. There was an increase in the full-year operating expense guidance range by $30 million which was included in PEAR program costs. Capital expenditure guidance is unchanged.
Henrik Fisker, Chairman and Chief Executive officer of Fisker Inc said that the level of confidence in the business model grows by the day. The unique product development process continues to benefit the company in several ways. The Fisker Flexible Platform-Adaptive Design process begins with design and engineering working in harmony and allows for no wasted time. They were able to source advanced technology later in the process for an ultra-modern product. Active senior leadership involvement avoids bureaucratic delays and enhances speed-to-market.
Henrik Fisker also added that the Fisker Ocean program stays on track, and the growing, hand-selected team is very excited to be moving to the next phase, with high visibility on a BOM and cost of manufacturing that supports great value for our customers, and benchmark profitability for our stakeholders.
The company Continued to capitalize on opportunities to improve the product with next-generation technology in the areas of battery, drive-unit, ADAS, multi-domain controllers and edge computing. They also Completed a comprehensive test, validation, certification, and homologation plan, furthering confidence in the start of production at Magna Steyr and deliveries to the US and Europe in Q4 2022.The first-quarter earnings of Fisker Inc in the form of cash and cash equivalents of $985.4 million as of March 31, 2021, and zero debt. Loss from operations totalled $33.1 million, including $0.8 million of stock-based compensation expense.Net loss totaled $176.8 million and $0.63 loss per share.