Fisker Q4 2023 Earnings Call

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[00:00:32] Welcome back to Squatbots, EV startup Fisker warning investors about its ability to stay

[00:00:36] in business. It comes after the company's annual loss came in worse than expected and

[00:00:41] it missed its full year production target of 13000 vehicles. The company laying off 15% of its staff, the after hours move in that stock bringing the market cap now

[00:00:49] to just $250 million.

[00:00:55] Good afternoon and welcome to Fisker Inc's fourth quarter and full year 2023 earnings

[00:01:00] call. All participants are in a listen only mode.

[00:01:23] Hello everyone and welcome to KillaWata, a podcast about electric vehicles, renewable

[00:01:27] energy, autonomous driving, and much, much more.

[00:01:30] That's the first time I ever got that right.

[00:01:32] The first time.

[00:01:34] Like you guys don't hear all the screw ups.

[00:01:36] I mean you hear a lot of the screw ups, but you don't hear all the screw ups when it comes

[00:01:39] to introducing the show.

[00:01:40] I usually have to start over three or four times.

[00:01:42] Nailed that one.

[00:01:44] You know who didn't nail it? Fisker.

[00:01:47] So the guy who came on the line to welcome everybody right before the music played

[00:01:53] That gentleman is a little too happy for this earnings call. Now, I don't want to bash on Fisker

[00:02:00] But they're in trouble and I take zero pleasure in doing this

[00:02:06] episode because I want Fisker, but they're in trouble. And I take zero pleasure in doing this episode because I want Fisker to succeed. And they're very, very close to not succeeding. They're very

[00:02:13] close to just going away altogether. But we're going to talk about that a little bit later.

[00:02:19] So let's take a moment to listen to the legal disclaimer, and then we'll go ahead and jump

[00:02:24] into the rest of the show.

[00:02:25] Eric Goldstein Hello, everyone, and welcome to Fisker's

[00:02:28] Fourth Border and Full Year 2023 Earnings Call.

[00:02:31] As the operator mentioned, my name is Eric Goldstein, Head of Investor Relations at Fisker.

[00:02:37] Joining me today on the call are Henrik Fisker, Chief Executive Officer, David King, Chief Technology Officer, Dr. Gita Gupta Fisker,

[00:02:48] Chief Financial Officer and Chief Operating Officer, and Angel Salinas, Chief Accounting

[00:02:54] Officer. Please note that today's discussion includes forward-looking statements about

[00:03:00] our expectations. Actual results in the future periods are subject to risks

[00:03:05] and uncertainties that could cause our results

[00:03:08] to differ materially from those projected.

[00:03:11] These risks include those set forth

[00:03:13] in the press release we issued earlier today,

[00:03:16] as well as those more fully described in our filings

[00:03:19] with the Securities and Exchange Commission.

[00:03:22] Today's discussion may also include certain non-GAAP measures, including non-GAAP operating

[00:03:28] expenses.

[00:03:30] The financial results discussed today are presented on a preliminary basis.

[00:03:35] Final data will be included in Fisker's annual report on Form 10-K for the period

[00:03:40] ended December 31, 2023. With that, I'm happy to turn the call over

[00:03:46] to Henrik.

[00:03:47] Not so fast. That's my job. This guy's out here trying to do my job, or at least tell

[00:03:52] me how to do my job. So with that, let's go ahead and turn the call over to Henrik.

[00:03:57] Thank you, Eric. Good afternoon, everyone. Thank you for joining us today for our fourth

[00:04:02] quarter and full year 2023 earnings call.

[00:04:05] I want to start by thanking all our stakeholders, teams and partners for all the hard work and

[00:04:10] continued progress we made in 2023.

[00:04:14] In addition, I'm very excited to introduce Angel Salinas, our Chief Accounting Officer

[00:04:19] who joined us in early January.

[00:04:21] Angel has 28 years of public company accounting experience. He is here

[00:04:25] with us in the room, as Eric mentioned, and would be happy to answer questions, accounting

[00:04:31] related questions later on.

[00:04:33] 2023 was a challenging year for Fisker. We achieved some important milestones for the

[00:04:39] full year. Fisker produced 10,193 oceans and delivered over 4,900 across 12 countries.

[00:04:47] We are proud of what we were able to achieve, but acknowledge that these totals were below

[00:04:52] the guidance we provided during the year.

[00:04:55] Despite what we believe was the swiftest and largest delivery expansion of any EV startup

[00:05:00] company ever, supplier delays and other issues unexpectedly hampered

[00:05:05] our ability to ramp up

[00:05:06] production and deliveries during the year.

[00:05:08] While we made good progress in

[00:05:10] solidifying our delivery network,

[00:05:12] we were not able to efficiently accommodate

[00:05:14] our backlog of the pace

[00:05:17] we and our customers desired and deserved.

[00:05:20] This led to the decision that we announced in

[00:05:23] January of a shift to a dealer partner model.

[00:05:27] In early January, we announced our dealer partner model in North America and hybrid model in Europe, a big strategic shift for PISPR.

[00:05:35] We are making significant progress on this rollout and I'm pleased to report we already have sent our first invoices this week to several dealer groups. We have received over

[00:05:45] 250 expressions of interest from dealers across North America, Canada and Europe. Just recently

[00:05:52] we hosted several of these dealers at our Manhattan Beach headquarters for a presentation

[00:05:57] of the fiscal lineup vehicles. It was an exciting day looking into the strategic future of our

[00:06:03] company. We are carefully choosing our dealer partners.

[00:06:07] At the moment we have signed up dealers who are family owned and some who want to open

[00:06:11] multiple stores for us as we grow. One example is a dealer who is interested in nine locations

[00:06:17] in North America. Another example is a European dealer group who is working on taking the entire

[00:06:23] country in Europe. That gives me great

[00:06:25] confidence that we will be able to set up a comprehensive, wide-reaching dealer network

[00:06:30] in a very short time. I expect we will keep signing up multiple dealers every week during

[00:06:35] the next few months and have a comprehensive dealer work with approximately 50 dealer locations

[00:06:40] at both North America and Europe by the second half of this year.

[00:06:45] We've talked about Fisker's willingness to partner with dealers in the past, so

[00:06:51] we're not going to really hit that too hard at the moment. Maybe later on if

[00:06:55] somebody asks a question about it we'll bring it back up. I did want to clarify

[00:06:59] something though. He mentions hybrids in Europe. He's mentioning hybrid deals with European dealers,

[00:07:06] not hybrid cars.

[00:07:07] And I'm pretty sure people in this audience know

[00:07:10] that that's, he's not talking about hybrid cars,

[00:07:13] but I just wanna make sure.

[00:07:15] And then the other thing that I was curious about is,

[00:07:19] has Fisker figured out how to fix their logistics issue?

[00:07:22] Like, are they gonna be able to get cars to the dealers

[00:07:25] when the dealers, you know, need them?

[00:07:28] I'm not so sure they fixed that issue at this point.

[00:07:31] Again, I have not listened to this entire earnings call,

[00:07:36] so I guess we'll find that information out later in the call

[00:07:40] but like, if you can't get cars delivered

[00:07:43] to where they need to be,

[00:07:45] I don't know how you help your sales numbers.

[00:07:48] And that's gonna be really important

[00:07:50] for Fisker going forward

[00:07:51] because they're very close to running out of money,

[00:07:54] like razor thin amount of money left.

[00:07:57] So they really need to get these cars out the door and sold.

[00:08:03] All right, let's get back to Heinrich's opening statement.

[00:08:05] As we recognize the EV market is growing at a slower pace, we want to be prepared. We have

[00:08:11] already initiated a strategy to make our company even more lean and competitive. Specifically,

[00:08:16] today we announced a headcount reduction of approximately 15% of our workforce, mainly as a

[00:08:22] result of this shift from direct to consumer model

[00:08:25] to a dealer model, as well as streamlining the company in other areas.

[00:08:30] We recognize that success is not a straight line.

[00:08:33] We are bringing to the world the most sustainable electric vehicle.

[00:08:37] We knew this would be difficult, but we are in this for the long haul and are confident

[00:08:42] in our direction.

[00:08:44] We believe the Ocean platform is competitively priced

[00:08:47] and has several class-leading features,

[00:08:49] including a best-in-class range of 360 miles.

[00:08:53] But we also realize that the EV industry

[00:08:55] is going through a turbulent and unpredictable period.

[00:08:59] So we want to start this year with a more prudent plan.

[00:09:03] We currently anticipate delivering approximately 20,000-22,000 oceans globally in 2024.

[00:09:10] We expect sales momentum to build

[00:09:12] throughout the year as our dealer footprint expands.

[00:09:15] We continue to bolster the breadth and depths of

[00:09:18] our management team with

[00:09:20] key executive leadership hirings of seasoned and experienced executives across departments,

[00:09:27] including financing, accounting, and marketing. I want to highlight one important development

[00:09:32] regarding our senior convertible notes. On January 21st, Fisker entered into a Second Amendment and

[00:09:39] waiver agreement with the holder of the 2025 Senior Convertible Note. Referring to this waiver, among other items, the company has obtained a release from the

[00:09:51] note holder relating to certain intellectual property belongings to Fisker upon the company

[00:09:57] entering into a certain commercial agreement with an automotive original equipment manufacturer,

[00:10:03] OEM.

[00:10:04] The waiver provides us with increased

[00:10:05] flexibility to pursue strategic collaborations. Gita will speak further on the convertible notes

[00:10:11] in her remarks. We'll make sure to listen to Gita's opening remarks. I honestly don't know

[00:10:18] what this convertible note stuff is all about, so I'm curious about that but I do want to address this

[00:10:25] slowing EV market statement and I'm actually genuinely curious about your

[00:10:31] opinion on this is the EV market slowing or is there a lack of affordable options

[00:10:37] I see a ton of Kia's and Hyundai's and Tesla I saw a I saw two Kia EV9s on Saturday night, different cars, same parking

[00:10:48] garage. So obviously people are buying these cars. Is it just that there aren't people

[00:10:55] or as many people buying these, you know, $45,000 to $60,000 EVs? Because it's a lot

[00:11:02] of money. We don't really have any affordable options or real affordable options

[00:11:08] I would say the Kia Niro EV and the Hyundai Kona EV have taken place of the Chevy Bolt or

[00:11:16] Good options if you wanted a Chevy Bolt and you can't get one but in in terms of cars that are

[00:11:29] I don't want to say cheap, more affordable, that's pretty much all you got. So what do you think? Is it a slowdown of the EV market

[00:11:33] or is it just a lack of affordable options? Send me an email, Bodie at 918 digital.com.

[00:11:41] Next up Heinrich's going to share his strategic vision for Fisker.

[00:11:45] On the strategic front, Fisker is in negotiations with a large

[00:11:50] automaker for a potential transaction, which could include

[00:11:53] an investment in Fisker, joint development of one or more

[00:11:57] electric vehicle platforms, and North America manufacturing. The

[00:12:03] close of any transaction would be subject to satisfaction

[00:12:06] of important conditions, including completion

[00:12:08] of the diligence and negotiations and execution

[00:12:12] of appropriate definitive agreements.

[00:12:15] Turning to the ocean.

[00:12:16] As mentioned earlier, we are proud to have delivered

[00:12:19] over 4,900 fiscal ocean in 2023.

[00:12:23] And in the fourth quarter, we produced 4,789 vehicles

[00:12:27] and delivered 3,818 vehicles, an increase of approximately 250%

[00:12:34] from Q3 to Q4.

[00:12:37] In 2023, the fiscal year won six different European awards

[00:12:41] in Germany, France, Denmark, and the United Kingdom

[00:12:44] for best electric vehicle,

[00:12:45] best SUV, and best product design.

[00:12:47] These accomplishments marks an important validation of

[00:12:50] the world-class product that

[00:12:53] our incredible talent and team has developed.

[00:12:56] The Ocean OS 2.0 over-the-air update has already begun,

[00:13:01] which includes performance and powertrain improvements,

[00:13:04] enhancements for solar sky, improved energy management, and other user experience improvements.

[00:13:10] Additional OTA updates are planned throughout 2024. This shows how advanced and fully connected

[00:13:16] our ocean vehicle is compared to most of our competitors. The ocean is simply getting better

[00:13:22] and better, but I will have David King, our Chief Technology Officer, address our OTA strategy in more detail later.

[00:13:29] The major automotive company he's talking about, it sounds like that's going to be Nissan, although I don't think anything has been confirmed on that.

[00:13:37] And as far as the over-the-air update goes, we've already talked about that. So we'll go ahead and continue on with Heinrich's,

[00:13:45] Heinrich's, Henrik, Henrik's opening remarks.

[00:13:48] Let's talk about our future products.

[00:13:50] In 2023, we rolled out our vision for the future

[00:13:53] of Fisker products with a pair,

[00:13:55] a radical new segment busting compact SUV

[00:13:57] designed to capture a large addressable market

[00:14:00] and Alaska, a vehicle in a segment of its own.

[00:14:03] Now that several OEMs have postponed their EV programs,

[00:14:08] Alaska will sit in a unique market segment without any direct EV competitors due to its price and features.

[00:14:14] The Alaska is about the size of a Ford Ranger,

[00:14:17] but with luxuries, unique features and bed sizes from 4.5 to 7.5 feet.

[00:14:23] Expected pricing at $45,900 and up.

[00:14:28] This is the next model we are concentrating on right now.

[00:14:32] We will only continue to invest in these programs

[00:14:34] if we complete a strategic collaboration

[00:14:37] or investment with an OEM.

[00:14:39] I'm not one of those people that's like,

[00:14:41] hey, you should focus on the business

[00:14:44] that you have right now and

[00:14:46] not look towards the future and work on things in the background. I don't think that that's a good

[00:14:52] way to do business. However, I do see a little bit of Trevor Milton, who is the founder of

[00:15:00] Nikola Motors. I do see a little bit of him in terms of marketing, carnival barker kind of guy.

[00:15:05] Like Heinrich Fisker has announced a lot of different products.

[00:15:08] They're a company that has not a lot of money left over.

[00:15:16] Rather than pulling focus off the Fisker Ocean, which is a great car.

[00:15:20] The difference between Trevor Milton and Heinrich Fisker is Trevor Milton turned out to be a con man who went to jail.

[00:15:29] Heinrich Fisker, I think, is more of a marketer

[00:15:32] and actually builds good products.

[00:15:35] Like, the Fisker Ocean has a lot of issues,

[00:15:38] but it also has a lot of good things about it.

[00:15:40] So I think that's a little bit of the difference

[00:15:43] between the two people. Anyway, it feels a little bit like, you know, Fisker's, you know, the

[00:15:50] house is burning and Heinrich Fisker's on the computer looking for a new house

[00:15:56] instead of calling 911 to put it out. Like it seems like there's a bigger

[00:16:00] problem over here that we should be addressing. And then at some point in time,

[00:16:05] if you want to buy a new house, great.

[00:16:07] Let's address this overall problem

[00:16:09] because a lot of the problems with the Fisker Ocean

[00:16:16] can be fixed and that can transfer over

[00:16:19] to the Fisker Alaska.

[00:16:21] That is 100% true.

[00:16:22] But you need to have those back end logistics in place

[00:16:25] so that you can actually deliver cars. And that that for me is like a concern. And I'm

[00:16:31] sure that they're working on these things, but they just cut a bunch of staff. I don't

[00:16:36] know. Layoff sucks suck. I don't want anybody to get laid off. But I understand why they

[00:16:41] happen. I don't know. This whole thing is just concerning to me is really what I'm trying to say

[00:16:49] is, Hey, let's, let's use this earnings call to address the problems and assuage

[00:16:57] the concerns of investors and analysts rather than marketing that next product.

[00:17:05] Maybe that's what it boils down to.

[00:17:07] All right, next up, we're gonna hear from David King.

[00:17:10] If you don't know who he is,

[00:17:11] he's the Chief Technical Officer,

[00:17:13] and also sounds identical to Peter Rawlinson,

[00:17:18] the CEO of Lucid Motors, which in my fan fiction world,

[00:17:23] Peter Rawlinson works for Fisker under the pseudonym

[00:17:27] David King.

[00:17:28] And he happens to be Fisker's chief technology officer, which is probably not true.

[00:17:34] I've never seen them together.

[00:17:35] I've never seen them in the same room together.

[00:17:37] That's all I'm saying.

[00:17:38] All right, let's go ahead and listen in.

[00:17:39] One more thing before we go to the clip.

[00:17:41] I cut out a lot of his opening remarks, not because I didn't think they

[00:17:47] were good. But they were just kind of rehashing a lot of things that we've already talked about on

[00:17:52] this show. So we're going to pick up on an update on software 2.1, which will be released in March

[00:17:59] 2.2, which will be released in April and then software update 3 or version 3 which

[00:18:06] will go live in May according to Fisker. Alright let's get to David. Looking

[00:18:11] ahead we are preparing now to release OS 2.1 in March and OS 2.2 in April both of

[00:18:17] which will be smaller in scale than 2.0 while we finalize the next major feature

[00:18:21] upgrade OS 3.0 in May. 2.1 will introduce Alexa,

[00:18:27] scheduled OTA and further center screen enhancements, while OS 2.2 will add

[00:18:32] memory seats, some general calibration refinements and a UK time zone fix.

[00:18:38] OS 3.0 is our next major OTA package and we are in the late stages of testing and sign off now.

[00:18:51] Feature content includes torque vectoring, one pedal drive, further ESP refinements, hill descent control, new exterior sounds and a suite of ADAS performance improvements and

[00:18:57] features including active cruise control. Our vehicle engineering team is just back from a

[00:19:02] comprehensive winter test and sign off trip in Sweden earlier this month with excellent results on the Ice Lake, where even the front

[00:19:10] wheel drive entry-level sport version gave an excellent account of itself.

[00:19:14] All right, so it sounds like the software's coming along.

[00:19:17] He said a lot of other things, but I did not include them in the update just because they

[00:19:24] weren't really relevant and And there are things that

[00:19:26] we already talked about before. I think I've already mentioned this. So let's go ahead

[00:19:28] and move on to the financial part of the earnings call. And again, I cut a lot of this out,

[00:19:35] I actually left Henrik's full opening remarks in there, I just broke them up. So we could

[00:19:39] talk about each section. The rest of this is all cut up. So here's Gita Gupta Fisker's

[00:19:47] financial report and again I chopped it up to make it more appropriate for this

[00:19:52] show. Link in the show notes if you want to hear the whole thing. We ended 2023

[00:19:58] with $325.5 million in cash and cash equivalents and $70.5 million in cash and cash equivalents, and $70.5 million in restricted cash.

[00:20:06] Our cash position fluctuates based on a variety of factors.

[00:20:10] Since December 31, 2023, there has been a reduction, further reduction in our cash due

[00:20:16] to ongoing operations.

[00:20:18] Before we move on to our outlook for 2024, I'd like to address our liquidity situation

[00:20:23] and 10K status. We expect our capital

[00:20:27] expenditures and working capital requirements to decrease in 2024 and beyond as we enter the second

[00:20:34] year of ocean production. However, our business plan is highly dependent on the successful

[00:20:40] transition and execution from selling direct to customers to a new dealer partner model.

[00:20:46] Furthermore, to the extent our current resources are insufficient to satisfy our financial requirements

[00:20:52] over the next 12 months, we may need to seek additional equity or debt financing,

[00:20:58] and there can be no assurance that we will be successful in these efforts.

[00:21:02] If the financing is not available, or if the terms of financing are less desirable than we are expecting,

[00:21:08] we may be forced to decrease

[00:21:10] our planned level of investment in product development.

[00:21:13] We may have to scale back our operations,

[00:21:16] including headcount and production of the ocean,

[00:21:19] which could have an adverse impact on

[00:21:21] our business and financial prospects.

[00:21:23] As a result, we expect to conclude there is substantial doubt

[00:21:27] about our ability to continue the going concern when we file our 10K with the SEC.

[00:21:33] To address potential liquidity issues, Fisker is already taking action.

[00:21:38] We are currently in discussion with an existing note holder

[00:21:42] about potentially making an additional investment in the company.

[00:21:52] The use of proceeds if a transaction is consummated is expected to be for general corporate purposes vehicle production and the ongoing transition to a dealer-focused

[00:21:58] sales model. In addition, as previously noted,A intends to reduce the spurt pause by approximately 15%.

[00:22:07] Headcount reductions are predominantly related to change

[00:22:10] in sales strategy from direct to consumer

[00:22:13] and to a dealer partner model.

[00:22:15] In addition, we are streamlining operations,

[00:22:18] including reducing our physical footprint and overall expenses.

[00:22:22] Regarding our 10K, PSCA is currently unable

[00:22:25] to file its annual report on Form 10K for the year-end

[00:22:28] of December 31, 2023, the 2023 Form 10K

[00:22:32] within the time period prescribed.

[00:22:34] PSCA needs additional time

[00:22:37] to finalize its consolidated financial statements

[00:22:40] and evaluation of disclosure controls and procedures.

[00:22:44] We currently expect to file the 2023 Form 10K within

[00:22:48] the 15-day extension period provided under Rule 12B25.

[00:22:53] Turning to our 2024 outlook, as Hendrik stated,

[00:22:57] we expect to sell between 20,000 and 22,000 units in 2024.

[00:23:03] With the rollout of our dealer network underway,

[00:23:06] enhanced by the improvements and

[00:23:08] optimizations made to our outbound logistic operation,

[00:23:12] we believe we have a strategy to make this

[00:23:14] happen in the most efficient and financially prudent way.

[00:23:18] Importantly, the carrying value of

[00:23:21] completed vehicles in our inventory and prepaid

[00:23:24] raw materials at year-end

[00:23:26] was approximately $530 million. During the first half of 2024, we expect to generate cash from the

[00:23:35] sale of existing 2023 production vehicles that are largely paid for, supporting monetization of our

[00:23:41] balance sheet. In addition, we expect a higher than usual cash contribution

[00:23:48] from the oceans produced and subsequently sold

[00:23:51] in the first half of 2024 as the company consumes raw materials

[00:23:56] that are already on its balance sheet,

[00:23:58] meaning they're already paid for.

[00:24:00] On a non-GAAP basis, spending for SG&A, R&D, and CAPEX for 2024 is expected to be in the

[00:24:08] range of $320 to $390 million.

[00:24:12] Of this, SG&A is estimated to be $200 to $230 million, which is lower than our annualized

[00:24:19] fourth quarter run rate.

[00:24:21] R&D is estimated to be in the $60 to $80 million range, and CAPEX is also estimated to be in the 60 to 80 million range and CAPEX

[00:24:26] is also estimated to be in the 60 to 80 million range. Together this guidance

[00:24:31] strikes a balance between our asset-light model, our prudent investment plans and

[00:24:35] streamlining the company's operations further to achieve our goals for 2024.

[00:24:41] Our estimated average selling price per vehicle will be in the range of

[00:24:46] $56,000 to $62,000 after taking into account import duties and dealer commissions.

[00:24:53] So there's a lot of financial stuff in there and it is complicated. So it comes down to

[00:24:59] they have $325 million or at least they did at the end of 2023. They need money. The good

[00:25:04] news is they've prepaid for a lot of the materials,

[00:25:07] so that should help, what they spent in 2023

[00:25:11] should help them make money in 2024,

[00:25:14] which fingers crossed it will.

[00:25:16] Right now we're gonna move on

[00:25:18] to the retail investor questions.

[00:25:20] And the first retail investor question is,

[00:25:23] what is Fisker's next move?

[00:25:25] Given the recent decline in the stock price, what is Fisker's next move to improve shareholder

[00:25:30] value? And how many new dealers does Fisker think it's going to gain with dealer partner

[00:25:36] model? Well, first, Fisker is intently focused on

[00:25:40] the transition from a direct to consumer sales model to a dealer partner model that I already talked about.

[00:25:45] Also, we have over 250 interested dealers

[00:25:52] between North America and Europe.

[00:25:54] And obviously we are going to convert a lot of those

[00:25:57] as fast as we can into signed up dealers.

[00:26:01] We right now have 17 dealer locations already signed up between US

[00:26:07] and Europe and we have already started taking invoices from dealers and

[00:26:12] actually start to ship the first cars to dealers today. And I expect by the end of

[00:26:19] this quarter we will have 50 dealer locations between in US and in Europe and I expect by the

[00:26:27] end of the year we will have at least 100 dealer locations here in the US and

[00:26:33] in Europe probably about 60 dealer locations 50 to 60. I'm curious do you

[00:26:39] think that Fisker will be able to get a hundred and sixty dealers in 2024? I

[00:26:43] don't know anything about the car industry.

[00:26:46] That seems like a lot, but maybe it's not. And maybe, you know, Fisker is getting all of these

[00:26:52] dealers clamoring to sell their car. I'm not saying they're not, I don't know.

[00:26:58] I do want to clarify something because I'm not sure I mentioned Fisker having dealers and not having the logistics behind the deliveries

[00:27:08] to make that work.

[00:27:09] I don't know if we've played it yet, or we'll play in the future.

[00:27:12] But Gita actually said that they're working on their logistics, they're getting that all

[00:27:17] smoothed out.

[00:27:18] So that's, that's good.

[00:27:19] That's, that's good news.

[00:27:21] I on the on the positive side for Fisker is the oceans are going to get seen by

[00:27:28] more people as long as there's you know oceans and stock for people to see and test drive.

[00:27:34] And Fisker will be able to expand its service network for these issues that are occurring that need actual physical repair

[00:27:45] and cannot be repaired over using an over the air update.

[00:27:50] So that's good.

[00:27:52] All right, next up,

[00:27:53] we're gonna hear a little bit about mergers.

[00:27:58] All right, second question,

[00:27:59] we're gonna be pretty limited

[00:28:00] in terms of what we're allowed to say,

[00:28:02] but the question was,

[00:28:03] have there been any serious merger discussions with large automakers? Yes, we've already had many discussions with large

[00:28:10] OEM partners or potential partners, but one have progressed quite far. And we are now in the middle

[00:28:17] of negotiations with one large automaker for a potential transaction, which could include

[00:28:22] an investment in Fisker, joint development

[00:28:25] of one or more electric vehicle platforms, and North American manufacturing. The closure

[00:28:30] of any transaction would be subject to satisfaction of important conditions including completion

[00:28:36] of the diligence and negotiation and execution of appropriate defensive agreements.

[00:28:41] Okay, so we mentioned this in the past and I'll have an audio clip for you

[00:28:46] at the end of the show of Henrik talking about

[00:28:50] who they may or may not be in discussions with.

[00:28:54] He doesn't name any companies,

[00:28:55] he just kind of talks around it a little bit.

[00:28:57] I didn't put the final retail investor question in here,

[00:29:00] there was only three.

[00:29:02] And the reason why was the question was basically,

[00:29:05] 2023 was a terrible year for Fisker.

[00:29:08] How are you gonna rebuild trust?

[00:29:09] And they just restated talking points

[00:29:12] and I didn't think that was worth going back through.

[00:29:15] All right, next up we get to our analyst questions.

[00:29:18] By the way, I love this operator

[00:29:20] and I hope that all EV companies use him in the future.

[00:29:24] I am not saying this to

[00:29:26] make fun of this person, like I genuinely think their their attitude is infectious

[00:29:31] and I got a kick out of this guy. Our first question comes from James

[00:29:37] Piccarello with BMP Parabas. Please go ahead. Hey guys, this is Jaekon for James. First, just as you guys build out

[00:29:49] this dealer partnership model, how should investors think about the cadence for production

[00:29:54] deliveries through the year? As you scale this up and try to convert some of the 5,000

[00:30:01] some vehicles inventory and cash?

[00:30:07] Yeah, I can take that this Henrik. Thank you for the question.

[00:30:09] First of all, we don't have 5,000 vehicles in inventory

[00:30:11] because we have already sold vehicles obviously this year.

[00:30:14] Secondly, we have a very unique setup

[00:30:18] because we are having contract manufacturing

[00:30:21] so versus maybe other startups,

[00:30:23] we don't have an issue producing cars. We can go and get

[00:30:26] even more cars produced if we want it. So we wanted to start out with a, I would say, rather

[00:30:33] conservative prediction of actual deliveries and sales this year of 20,000 to 22,000. Should it

[00:30:41] turn out that we are doing much better, we can easily increase our production.

[00:30:47] That's not the issue. So I expect that with a dealer, sort of what we are starting now

[00:30:54] with this rollout with the dealers, that will accelerate fairly quickly up in sales, but

[00:30:59] we do need to sign on dealers and we do have to go through diligence with each dealer. In best case scenarios,

[00:31:06] it takes about a week to sign up a dealer from the get out there application to they

[00:31:13] are fully signed on and ordered the first car. We have done a few a little quicker like

[00:31:16] in three days, so it can actually go fairly quick. We do have to get licenses in certain

[00:31:22] areas but for example, we already have got our license in California. We do have to get licenses in certain areas, but for example, we already have got

[00:31:25] our license in California. We also have the license in Florida, just to give two examples.

[00:31:29] Those are two of our biggest markets. And we already have signed up dealers across different

[00:31:38] other states. California, I expect, will be signed up with dealers pretty much all around California

[00:31:46] starting next week and that's obviously the biggest market and also starting next week

[00:31:50] Florida as well. So I see a fairly quick sign up here in the US. Canada as well we're in

[00:31:57] discussions already and have already identified dealers there or dealer groups. And in Europe, as I mentioned earlier, we actually have dealers who wants to take, dealer

[00:32:09] groups who wants to take entire countries, which means they're going to move very fast.

[00:32:14] And also, as I mentioned earlier, we do have our own facilities in each of the European

[00:32:19] countries and some of these facilities, for example, where a dealer takes the entire country,

[00:32:24] they will actually take over the facility. So that again reduces cost. But it also means

[00:32:29] they immediately have facilities. One point I want to make as well, which is very important,

[00:32:35] is a lot of dealers have access to existing real estate, some because they built nice real estate during COVID for used cars,

[00:32:47] and the used car sales are not as hot as it used to be. So we're able to move into them

[00:32:52] and meet others is because they have left certain brands, and they therefore have fantastic

[00:32:58] looking dealerships ready that we can move in immediately. So the dealers we are signing

[00:33:02] up right now, we are moving vehicles straight into the showrooms, putting up a new sign and open for business.

[00:33:09] I think this is really interesting. I had no idea that this was happening in the used

[00:33:15] car market. Like dealers were opening up more showrooms and then when the bottom of the

[00:33:21] used car market fell out, then they just had all this empty space.

[00:33:25] So that's great.

[00:33:26] Just kind of anecdotally, on Sunday, I went to the Tempe marketplace, which is a shopping

[00:33:31] eating area.

[00:33:33] And I got off on the wrong exit.

[00:33:34] So I kind of had to circle back around.

[00:33:36] And I think it was on McClintock and Curry, the intersection of McClintock and Curry,

[00:33:42] there is a Fisker Motors, I think it's a

[00:33:45] delivery center, I don't think it's a service center, it might be both, but I

[00:33:49] found that to be really interesting. Now I will say it was a Sunday, there were no

[00:33:53] cars in the parking lot, but I could see inside the building and I saw probably

[00:33:58] five or six, and keep in mind I was driving so I probably should have been

[00:34:04] paying better attention to the road, but I saw maybe five or six

[00:34:07] Fiskars inside

[00:34:10] Right next to the bay doors. So there are the garage doors

[00:34:15] So, I don't know if that's good sign for Fisker or a bad sign

[00:34:19] But at least they're getting cars from place to place. So that's a good sign

[00:34:23] Next up we're gonna hear about future product development. WordPress website or store right away. From there, you can customize your design, colors, and content.

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[00:35:01] Our next question comes from the line of

[00:35:04] Dan Levy with Sparklace. Please go ahead.

[00:35:09] Hi. Thank you for taking the question. Maybe you can just talk to future product development.

[00:35:19] I think that you said right now you're working on some strategic developments or some strategic

[00:35:26] agreements with OEMs. Maybe you could just comment, I know you mentioned Alaska, where

[00:35:32] does Paris stand? And then maybe I could also squeeze one in as well. I know the distribution

[00:35:38] model is changing, but maybe you can comment on if there's backlog or just any indications

[00:35:43] of underlying demand.

[00:35:45] Thank you.

[00:35:46] So as we say clearly in there, Dan, thanks for the question.

[00:35:51] You know, we are not planning to start, you know,

[00:35:57] external expenditure on our next projects

[00:36:02] until or we have a strategic dealer, sorry, a strategic partnership in place.

[00:36:09] However, as we see in the market,

[00:36:11] we see that the biggest opportunity for growth and

[00:36:15] I think profitability and getting speed to market is with the Alaska.

[00:36:20] So the internal team are now focused on Alaska. And so that would be in at this

[00:36:27] moment I see our next vehicle. But pair obviously would also be important as well because a

[00:36:34] very, you know, affordable vehicle, but we do have to prioritize. So that's how I would

[00:36:40] answer that. The second part of the question, can you just mention that again?

[00:36:48] Just any indications on order book or demand? Yeah.

[00:36:55] Yeah. So I think that we have to go with a very cautious prediction because we do see, you know,

[00:37:08] prediction because we do see, you know, EV sort of negative sentiment, whether it's in media or generally talked about and maybe for some companies. I would say

[00:37:13] that what we have seen with our dealers is the opposite. We have actually seen

[00:37:17] them being super excited. I think part of it is that the dealers have been sitting

[00:37:22] looking over the fence for the last 15 years,

[00:37:27] startups selling direct.

[00:37:28] They have never really been able to participate in that sort of growth that's happened in

[00:37:33] the EV segment.

[00:37:34] They've only read about it.

[00:37:36] And now for the first time, dealers in the US specifically are able to get an American

[00:37:43] independent automakers car into the dealership

[00:37:47] and that gives them a whole new competitive edge they have never had before but they actually

[00:37:51] can go out and start competing against the best selling EV at the moment and that obviously

[00:37:58] comes from an independent EV maker so they're extremely excited to have our vehicle like

[00:38:04] I said, we already

[00:38:05] have dealers ordering the vehicles and you know, dealer don't order one vehicle at the

[00:38:09] time. It's, you know, can be 50, 100 or more depending on how many locations they have.

[00:38:15] The advances I think for us is that they're ordering multiple vehicles now and they're

[00:38:21] going to sell them in areas where we have not been present. So I actually forecast a pretty good demand,

[00:38:28] specifically here in the US,

[00:38:29] because of this whole new thing that's happened,

[00:38:32] where for the first time, these dealer groups,

[00:38:34] which by the way, have multiple brands,

[00:38:36] but they have never had a product like ours before.

[00:38:39] And they're super excited about it.

[00:38:41] I genuinely hope that they're super excited about it.

[00:38:44] I am a little bit skeptical.

[00:38:47] I don't think the dealer's sentiment would be exactly how Heinrich presented it if I had to guess

[00:38:54] just based on different things that dealers have done over the last couple years. Maybe some,

[00:39:01] but probably not a lot. I'm glad to hear the stuff you said

[00:39:06] about the strategic partnership.

[00:39:09] The Alaska makes the most amount of sense

[00:39:11] because that will be something that is closely

[00:39:13] related to the ocean.

[00:39:14] They share a lot of the same parts.

[00:39:16] And then it's something that they can price in a way

[00:39:20] that they can make the most amount of money on.

[00:39:22] The pair, which I think is a great

[00:39:30] looking car and really interesting. It's the margins are just going to be lower. And Fisker needs a cash infusion. For sure. He did mention that Fisker is an American company

[00:39:36] and the dealers are going to be looking forward to selling an American company's car but it's an

[00:39:43] American company but parts are made in,

[00:39:46] or not the parts, but the cars assembled in Austria,

[00:39:50] not Australia, but Austria.

[00:39:51] So I don't, that one's a little far-fetched for me.

[00:39:58] Let's see, the next clip is gonna be a little bit more

[00:40:01] about the future OEM collab or collaboration.

[00:40:07] I wrote collab because I'm fancy and we'll see.

[00:40:11] We'll see what they have to say about that.

[00:40:13] Our next question comes from the line of Jeff Osborne with TD Cowen.

[00:40:18] Please go ahead.

[00:40:19] Thank you, Henrik.

[00:40:20] Two part question.

[00:40:21] I was wondering if you could just give us a sense

[00:40:25] of how long you expect the due diligence process to last with the OEM. And then in the event

[00:40:31] that that doesn't come together, if KEDA could quantify what the OPEX and CAPEX commitment

[00:40:36] is in 2024 to prioritize the Alaska, I'd assume if an OEM partner doesn't pan out, that you

[00:40:42] would look to curtail that. So if you could get us a sense of, you know, what might be the next steps

[00:40:47] in the unfortunate event if the partner doesn't manifest itself.

[00:40:52] So first of all, we have been in diligence for many months.

[00:40:56] That's all I can say to that.

[00:40:58] And, you know, we are looking to obviously wanting to close the deal as soon as we can.

[00:41:02] But I can only give the information we have already said

[00:41:06] about that at this point in time.

[00:41:08] I did say many, many months ago, I think five or six months ago

[00:41:11] that we were in talk with multiple OEMs.

[00:41:14] And I think today we're really saying that we are now

[00:41:17] in the middle of negotiating with just one OEM.

[00:41:19] But obviously, it's not like that started yesterday.

[00:41:22] I think your second question is if that doesn't happen, then what do we do with Alaska?

[00:41:28] So at this point in time, the guidance we have given is ocean only.

[00:41:33] And as I mentioned in my script that any programs which are beyond the ocean would only incur

[00:41:42] expenses if there's a strategic collaboration. So we would not be

[00:41:45] incurring any expenses on any vehicle programs in the absence of an OEM collaboration.

[00:41:51] PH For Fiskars sake, I am really hoping that this collaboration comes through for them.

[00:41:57] I am happy to hear though, if it doesn't come through, Fisker isn't going to continue on

[00:42:03] putting a bunch of money into the Alaska or any of their other products until, you know, they're in a

[00:42:09] more stable financial position. I do not want to see more people get laid off.

[00:42:15] This is why I really hope that they're able to make some sort of agreement and

[00:42:19] also, it just kind of goes back to this, I really like Fisker and I want them to succeed.

[00:42:28] This next question is really good, I thought, and it has to do with minimum volumes for

[00:42:33] dealers to order and then who does the marketing for the vehicle.

[00:42:38] Our next question comes from a line of Chris Pierce with Needham.

[00:42:42] Please go ahead.

[00:42:51] On the dealer side of the world, are there any minimum volumes that dealers have to kind of commit to to join the program? And does that inform the $20,000 to $22,000 unit delivery guidance?

[00:42:56] Or is that guidance informed by signing up more dealers?

[00:42:59] And then is there marketing that you guys have to do in those regions where those dealerships are?

[00:43:04] Or is it on the dealer to market and sell the cars on their own?

[00:43:08] Thank you for asking the question. I'll take that.

[00:43:11] So we do have on our public investor deck,

[00:43:15] we have shared what our dealer partner model looks like.

[00:43:21] Of course, in Europe,

[00:43:23] we have a hybrid model. We don't have a franchise

[00:43:27] model like we have in the US or in Canada. We are following very typical

[00:43:33] guidelines that sort of the NADA framework suggests. We are obviously

[00:43:38] looking at a certain minimum inventory and typically those are 30 to 45 days because you want to

[00:43:46] make sure that you're supplying our dealer partners with enough inventory.

[00:43:52] Given the fact that we've had limited exposure of our product, we expect that we will be

[00:43:59] able to get multiple points and we will be able to supply inventory again for 30 to 45 days.

[00:44:10] That's typically something standard in the industry, nothing unique in our model.

[00:44:18] And then to the marketing point, obviously the dealers, they do a lot of their own local marketing. We do have a co-op program where we will support them, but they have to spend money on marketing.

[00:44:32] And obviously, some of these dealers are in very prominent locations.

[00:44:36] And they, for example, will go to the local malls and display the vehicles or do events.

[00:44:42] We have a dealer right now in Atlanta

[00:44:45] that's actually doing an event this weekend already.

[00:44:48] And we are helping out there with him,

[00:44:51] but he's willing, obviously selling the vehicles there.

[00:44:55] So I would say, I think getting out,

[00:44:59] dealers almost in every state in America.

[00:45:02] I mean, sometimes we forget how big America is,

[00:45:04] but it's huge. And for now, we have been able to sell thousands of cars out of literally

[00:45:11] two locations where people could see the vehicle, New York and Los Angeles. So the fact we already

[00:45:17] have another 17 locations between US and Europe is already, we times as much in the US alone of what we used

[00:45:28] to have. So I see that just being able to go down to your local dealership, see the

[00:45:33] vehicle and try it out. And I also want to say the dealer groups that we pick, we are

[00:45:37] not picking people who have never sold a car. We are concentrating around fairly large family-owned

[00:45:44] dealerships. I mean, there's

[00:45:45] not everyone that's like that, but that's sort of what we're seeing at the moment.

[00:45:49] So for example, Mills Auto that we signed up, I believe there's around 30 dealerships,

[00:45:55] and I think he has around 10 brands. And a lot of these dealers have multiple brands

[00:46:01] in the same location. So when you go down and buy or look at a certain brand,

[00:46:05] you would go down, you would see the Fisker there as well. And that's the same in Europe.

[00:46:10] When you go down, there's maybe five or six brands right there owned by the same dealer.

[00:46:14] So we get automatic exposure that we've never had before. I mean, there is still a large

[00:46:19] amount of the population, probably the majority, both in the US and Europe that never even

[00:46:23] heard about Fisker. So building the brand is something the dealers can be part of. And that's something

[00:46:29] which I think is going to accelerate with appointing these dealers.

[00:46:33] I don't have a very high opinion of auto dealers. And I just really hope what Heinrich is saying

[00:46:42] here, Henrik is saying here, is the case.

[00:46:46] So let's leave it at that.

[00:46:48] I hope everything he's saying happens.

[00:46:51] All right, that is the earnings call.

[00:46:53] I do want to leave you with a couple of things.

[00:46:55] One, I have a Bloomberg Squawk Box clip

[00:47:00] that I want to play for you,

[00:47:01] where Henrik is talking about the OEM. He's not given anything

[00:47:07] away here. But I did think it was interesting.

[00:47:11] The situation is that you're talking to a single automaker. And you're not naming that

[00:47:16] automaker. But the hope is that you form a partnership. And that partnership includes

[00:47:21] an investment from that automaker into your business to give you a cash injection.

[00:47:28] My question is, why would the automaker do that

[00:47:31] at a time where EV demand or growth is slowing

[00:47:35] and the legacy OEMs are pulling back?

[00:47:40] Well, good to be on the show, Ed.

[00:47:41] Well, you know, we have already shown that we have delivered a vehicle,

[00:47:47] which is the first real competitor

[00:47:49] to the world's best-selling EV, the Tesla Model Y.

[00:47:52] It has a longer range than Tesla Model Y.

[00:47:55] It has more features than Tesla Model Y and is better priced.

[00:47:58] I think that, of course,

[00:48:00] everybody wants to kill us right now, that's clear,

[00:48:02] because nobody likes a disruptor coming in the market and doing this.

[00:48:06] But I think we have value and we have proven it.

[00:48:10] We have two vehicles that are ready to go,

[00:48:14] both an affordable EV as well as an electric pickup truck.

[00:48:18] So I think we have a lot to offer.

[00:48:20] Yes, it would be great to get a large OEM in,

[00:48:24] but as we pivot to our dealer model,

[00:48:27] I actually feel we are doing really well right now despite all the warnings and concerns that are out there.

[00:48:34] So I think we have a lot to offer.

[00:48:37] So the short question is what happens if there's no saviour? What will you do? And the way you explained it to me

[00:48:45] is you have 500 million dollars worth of finished goods inventory and parts inventory and you you it

[00:48:52] hasn't really worked selling direct to the consumer so you're shifting to a dealer model and you have

[00:48:56] all these cars ready to sell and you think that that will unlock cash pretty quick right? How can

[00:49:03] you tell me with confidence that that's going to

[00:49:06] work the dealer model to start getting cars into consumer hands?

[00:49:10] Well, first, I don't think we're looking for a savior per se.

[00:49:14] We're looking for a strategic partner.

[00:49:16] That's number 1, which we are discussing with.

[00:49:18] But number 2, yes,

[00:49:20] we have a lot of inventory

[00:49:23] already that we have purchased, about half a billion,

[00:49:26] which means we can unlock that cash.

[00:49:29] We have already signed up about 17 dealers

[00:49:34] or dealer locations both in US and Europe.

[00:49:39] The dealers are super excited to actually get our vehicle because

[00:49:42] finally they can get hold of an independent EV maker.

[00:49:47] The dealers in US has been sitting and looking over

[00:49:49] the fence for 10 years of

[00:49:52] looking at the best-selling electric vehicle,

[00:49:55] the Tesla Model Y. They've not had any competitive product.

[00:49:58] Finally, they get one,

[00:50:00] which is the fiscal erosion with

[00:50:01] a 360-mile range longer than the Tesla,

[00:50:04] and better priced, and our dealers are ecstatic to get this product. They have not been able to have

[00:50:09] a product like this before and I can see that this is going to go really well for us, for

[00:50:15] the dealers because they're being in locations we formerly weren't. We only had two locations

[00:50:20] in the US and now already we have more than nine.

[00:50:23] Henrik, you say you're an independent alternative.

[00:50:27] You say you're not looking for a savior,

[00:50:29] you're looking for a partner.

[00:50:30] But what lengths would you go to,

[00:50:33] to ensure that you remain a viable business?

[00:50:35] Would you sell the business?

[00:50:36] Would you give up majority control?

[00:50:38] Well, I believe that we are a viable business

[00:50:41] in the sense that we have a great product,

[00:50:43] we are signing on dealers, and as I mentioned, we will generate a lot of cash the sense that we have a great product. We are signing on dealers and as I mentioned,

[00:50:46] we will generate a lot of cash with

[00:50:48] the vehicles we are selling because

[00:50:50] they're pretty much paid for already.

[00:50:51] So is a lot of our inventory that we

[00:50:53] have at our manufacturing partner.

[00:50:56] So at this point in time,

[00:50:58] we are looking at a partner.

[00:50:59] I don't think we need to discuss,

[00:51:02] are we selling the business, etc.

[00:51:04] I think we are in discussions with a very large car company,

[00:51:08] and that's what we are aiming to finish

[00:51:11] that discussion and making

[00:51:12] a strategic partnership as soon as we can.

[00:51:14] That big partner that you're in talks with,

[00:51:18] are they American? Do they have to be American?

[00:51:20] Could you look to China?

[00:51:21] Because many would say, look,

[00:51:22] the viable competitor to a Tesla is BYD,

[00:51:26] but there's a lot of limitations to having

[00:51:27] deals with Chinese partners right now.

[00:51:29] They're not Chinese.

[00:51:31] First of all, there is nobody except for us that

[00:51:35] actually has a viable competitive product to the Tesla Model Y.

[00:51:39] Nobody has a vehicle on the planet that has

[00:51:42] a longer range than Tesla Model Y except for us. And

[00:51:46] we also have a better price. So of course everybody wants to kill us, but we have seen

[00:51:50] multiple car companies being interested in us because of that. Because we don't talk

[00:51:54] about having a product in two or three years like some other startups. We are talking about

[00:51:57] having a product now. We have it. It's ready. And yes, we do need US manufacturing and that's

[00:52:04] what this other OEM is offering us.

[00:52:08] Hemric, we're having trouble with your shots. So I'm just going to jump in real quick.

[00:52:12] You say that they're trying to kill us. You know, let's end this on a positive note. One thing you

[00:52:16] explained to me is your guidance 20 to 22,000 EV deliveries this year. and you're really confident that if demand improves you can

[00:52:26] dial up the production right and deliver more of them. Just explain that in the context

[00:52:31] of the relationship you have with Magna and your business model because that seems to

[00:52:36] be the confidence you have that you can get yourself out of this situation.

[00:52:41] Yeah so Magna obviously is a contract manufacturer and they can produce if they want 70,000 vehicles for us 50,000 vehicles, we obviously going out with a conservative 20,000 to 22,000 deliveries this year. But if we see that there's more demand, and in fact, we have had a few dealers telling us, are you sure you can deliver us enough cars, because we think we can sell more cars, what you're offering us right now. And yes, we can then dial up the production very easily. And that's something that's unique for us

[00:53:09] because we have a contract manufacturer. And I'm very confident that we can easily sell the

[00:53:15] 2022, so we want to start with that conservatively. And if we can do more, we can dial up production. No problem. That is a confident man. I don't think that he's correct

[00:53:29] in what he's saying there in terms of they're the only competitor, real competitor to the Tesla Model

[00:53:38] Y. There are other cars that are out there that are selling in the, you know, I don't know, tens of thousands, let's say,

[00:53:45] that are really good alternatives to the Model Y.

[00:53:51] Granted, the Model Y has something, what did we say,

[00:53:56] like 37% of the market, something like that,

[00:53:59] in Q4 2023 here in the United States.

[00:54:02] That's tough to beat when you can only produce 20,000 cars a year.

[00:54:09] It's gonna be a bit, is what I'm saying.

[00:54:13] Heinrich may have, or Fisker may have,

[00:54:16] the competitor to the Model Y.

[00:54:18] Then again, those are just words

[00:54:22] until you actually sell cars and get them to people.

[00:54:25] So I would rather him talk about the things

[00:54:28] that they're gonna do aside from dealers

[00:54:32] and the typical cost-cutting stuff.

[00:54:36] What are they gonna offer customers

[00:54:37] to make them wanna buy their cars?

[00:54:39] How are they going to market this car?

[00:54:41] They're really good at marketing.

[00:54:43] Let's market the car that you're building, not the car that you want to build someday. All right,

[00:54:50] I'm gonna let it here. I'm gonna let it go here. I'm gonna let it go here. Fisker had

[00:54:54] a rough 2023. So let's just all toast to a better 2024. If you wanna email me, it's Bodie, B-O-D-I-E

[00:55:05] at 918digital.com.

[00:55:06] You can also find me on X at 918 Digital.

[00:55:11] And that is it for me this episode.

[00:55:13] If you enjoyed it, email me or let me know on Twitter.

[00:55:16] Hope you all have a wonderful week