Fisker (FSR) reported Q4 EPS of ($0.54), $0.13 worse than the analyst estimate of ($0.41). Revenue for the quarter came in at $306 thousand versus the consensus estimate of $1.09 million.
2023 Business Outlook
We maintain our 2023 production target of up to 42,400 units, provided the supply chain delivers per our forecast and we receive homologation in a timely manner. The following information reflects Fisker’s expectations for key non-GAAP operating expenses and capital expenditures for the full-year 2023. Fisker is projecting the total of these items to be within a range of $535 million to $610 million. Fisker targets a gross margin range of 8-12% and potentially positive EBITDA for 2023.
| Expense item | USD, millions | |||
| Research & Development (Non-GAAP)1 | $ 160 - 190 | |||
| Selling, General, and Administrative (Non-GAAP)1 | $ 130 - 160 | |||
| Capital Expenditures | $ 245 - 260 | |||
| Total | $ 535 - 610 | |||
1Excludes stock-based compensation expense. A reconciliation to the corresponding GAAP amount is not provided as the quantification of stock-based compensation excluded from the non-GAAP measure, which may be significant, cannot be reasonably calculated or predicted without unreasonable efforts. The Non-GAAP adjustment for stock-based compensation expense requires additional inputs such as number of shares granted and market price volatilities that are not currently ascertainable and cannot be reasonably estimated.