FISKER "OCEAN SICKNESS"
2024 ж. 12 Мам.
4 283 Рет қаралды
New 8K, finally a 2023 10K, Magna's Fisker layoffs, talks with 4 OEM's for a buyout, hear my thoughts on how I see things playing out over the next week to 30 days.
Adam's Everything EV Fisker 10K Video: • I Read the Fisker 10-K...
Good narrative. Why would a company buy Fisker pre-BK you ask? Well, it's logical to think someone would be more interested in the company post-BK. But as someone who does company financial analysis for a living, there are instances where investors might offer to take a significant haircut on their debt (vs. taking a full 100% haircut!) right away if a buyer will do the transaction knowing the debt will be cut as part of the acquisition and not be subject to any stalking horse bidding process by the courts in BK, so they can, in essence, ensure they are the buyer and not competing with anyone else, and not subject to the whims of the BK timetable. Not saying it's the most likely course, but can and does happen. If you were a major investor and thought you'd get zero of your money back in BK, or some cents on the dollar pre-BK, what would you do?? 😉
Very valid points indeed. However, Chapter 11 is the only option for Fisker. Liability is not only debt. There has been so much mismanagenent and incompetence that real exposure is imposible to quantify at this time. Case in point, we have been fortunate vehicle failures haven't reflect in a mayor or fatal accident. This can change at any second. Only Chapter 11 could offer some level of protection for a new investor to be interested.
Thanks for watching and commenting. Your comments on the mechanics of BK and buying pre-BK are much appreciated! That said, what about deferred revenue? As a public company, is Fisker required to ring-fense deferred revenues until/unless they deliver the deferred performance obligations? Thanks again!
As always, you do an outstanding job regarding keeping us up to date on our Fisker Oceans. We’re all rooting for them! Thanks for your efforts!
Thanks for watching and commenting!
Seems like the most realistic assessment I have heard of the situation Fisker finds itself in.
Thanks for watching and commenting.
Very much enjoyed your clear headed thoughts on the Ocean. I also have enjoyed the recent, more positive, KZhead reviews of the Ocean. I have decided to contribute to a positive overview of the Ocean. I had a planned trip from Phoenix, AZ to Philadelphia, PA and back, round trip, in a rental car as I prefer to not put mileage of that many miles on a vehicle I own. But I have reached out to some owners of Oceans, and I am going to be, doing my best, to coordinate travels though some of their areas. I will be also trying to take live FaceBook or KZhead videos in different locations to make it entertaining, like the Very Large Array in New Mexico, and a Star Trek studio where I hope to get some footage of the Ocean with the Enterprise in the background. I will also do functional videos on how the Ocean is doing regarding real range, comfort, performance, handling, weather related situations - I'm sure I will hit some weather over the back and forth 2400 miles each way. So, I will mix some functional, entertaining, and meet and greets with owners. I feel the Ocean can be successful and as I am on a sabbatical from my consulting, I have time to do this and visit my family and friends in Philadelphia. So, I hope I can help out the confidence of the Ocean owners as this is for us. Again, your videos are very useful and constructive so HUGE thanks for your level thoughts and consistency.
Thanks for watching, commenting, your compliments, AND for sharing details of your upcoming trip! I look forward to see your videos about your trip. Should be fun. Be sure to check-out the "Fisker King" in the Philly area.
Great video, and I hope that Fisker is purchased and its cehicles continue on the road! 👏👏
They definitely will.. New Dealership open in Charlotte and 3 recent dealership agreements. Ocean Suv sales increasing daily.
@@2023gainer 👏👏👏 Here in Europe it would be a very interesting model 👍👍
@@deltajohnny 12 Dealerships in Europe... Austria, Denmark, Switzerland..2 in Paris France...2 in Germany and others.
@@2023gainer I live in Spain and it would be popular here, if price is competitive with Tesla, etc and service is easily available 👍
Thanks for watching and commenting. I hope for the same, but I'm not optimistic that it will happen.
Hello, thanks for your calm and concise analysis, I really appreciate your points of view. I have doubts that the amount of deferred funds is really still available as cash. In the majority of the cases, booking it on deferred funds doesn't mean they created a separate account and blocked that cash. Given the fact that Fisker Inc finances are/were a mess, I think it is highly unlikely that that pot of cash is still there. Thanks again for your efforts, Guy (FOO owner Belgium)
Thanks for watching and commenting. I appreciate your point about how deferred revenue is handled.
I really appreciate your videos 📹. Thanks
Thanks for watching and commenting. Glad you're seeing value from my videos.
I hope your car never gets sick. My heart goes out to you.
Thanks for watching, commenting, and for your empathy.
I would say the best video on Fisker right now on Kim Java channel, why? because it's the reviews of real owners talking about their experiences with no agenda
Thanks for watching and commenting! I always appreciate hearing for owners about their experiences.
You must assume that whatever is in the 10-K, that the reality is even worse. The language in the document is usually drafted by someone at the company and then it needs to be blessed by attorneys and auditors...but the specific verbiage and tone presented can be spun to some degree by management, and there could even be some amount of negotiation amongst the drafting team as to how certain issues are disclosed.
Thanks for watching and commenting. It's good to finally have audited financial disclosure from Fisker.
Great video, agree on most of your points. I think the one interesting point is the debt forbearance agreement, which seems to give a lot of control to the chief restructuring officer, especially in negotiations for the sale of the company. I think this may make it possible for Fisker to sell before BK, but only time will tell.
Thanks for watching and commenting! Hopefully we'll see a sale/buyout soon.
Software updates in future maybe yes , but what happens to mechanical parts that fail from wear and tear more so?
Thanks for watching and commenting! Parts for warranty repairs should be part of bankruptcy protection.
Thank you. Well done.
Thanks for watching, commenting, and for your compliment.
Thanks for your insights, very helpful. I'm supposed to pick up my FOE this upcoming week and I keep going back and forth on the decision. I've never been in such an uncomfortable situation with regards to a vehicle purchase and I've owned 8 Teslas through the years.
Ocean= Zero Recalls and numerous awards... Tesla dozens of recalls if that helps.
It's the potential lack of service and warranty repair with an impeding BK filing.
@@2023gainerfisker= soon bankrupt. Tesla=Not soon bankrupt. If that helps.
Thanks for watching and commenting. The FOE is an amazing bargin at >$40K IF you'll have OTA's to complete it, and service / warranty repair. I personally would not do it.
Thanks for your candor.
Great video Brian! Very much appreciate your level-headed thoughts. Like many, I absolutely love my FOO!
Thanks for watching and commenting. I appreciate you taking time to do so.
I like your content. Stay positive. Fisker will survive in one way or another. Dont turn into an ANGRY ADAM .....
Thanks for watching, commenting, and being positive.
No thank you. PERSEVERANCE.
I find it interesting that everyone seems to think that making good software is an easy thing to accomplish. Just ask VW how easy it is to do OTA updates and make good software. They had to buy into a Chinese company to even attempt to accomplish this, only after hiring very many software developers beforehand and failing.
Thanks for watching and commenting.
Great video. I completely agree with you that an accelerated software version deployment (even if a couple minor releases along with a major update). Having the additional ADAS features deployed will allow Fisker to make coin in those service subscriptions.
Thanks for watching and commenting.
Thanks for the update. We will know more in 30 days. We hope Magna honors it's warranty contract with the Fisker estate even after Bankruptcy. That $1 Billion of debt will go away in Chapter 11 and turn into equity control of the company. Still, what's left is the real issue?? Lots of tax net operating losses, which have value. It's about cash management now, not so much revenue accounting. There will be other Fisker Kings throughout America.
Thanks for watching and commenting. I don't think Fisker has enough cash to make it 30 days, so hopefully we'll know more even sooner. Glad I'm in relative proximity to the Fisker King.
@@EV_OG I wish I was close to the Fisker King also. Although I actually saw the original King in concert 1975 in New Haven. Hopefully some young aspirational Fisker maintenance tech will realize that Florida would be a great spot tom to service . Regarding cash, I very recently saw a KZhead shot at the Atlanta dealer and there were 20 cars with a sold sticker. When is that cash going to arrive?? and the actual sale concluded with the car leaving the dealership I wonder. Very odd, unless it's part of a plan.
Thoughtful analysis. One point to note - I'm not sure that they will feel compelled to push out further software updates to access the deferred revenue. They already have the cash from those sales...recognizing the deferred revenue will just move the deferred revenue balance from a liability to revenue...it won't produce additional cash for the company, unfortunately.
Thanks for watching and commentingI I appreciate your point on the mechanics of how deferred revenue is handled.
Thanks Adam and Brian. Question: I have a Ultra on 2.0. Can I leave it trickle charging for months? I see you leave your X in Cape Cod with no issues. On the other hand Adam (in a video) drove his fisker a bit so the 12V won't die. Sorry the question but it is my first EV.
Just heard Rich Rebuilds purchased an Extreme, which means lots of DIY repair videos will be available as a precautionary method for current and future owners. I'd tell anyone interested, now would be a good time to jump on those amazing prices😅. Seriously though. Lets see if he finds a fix for that phantom back passenger overhead light😏
Thumbs UP .. Video and Comments on Fisker/ Ocean videos.. USA ... Switzerland.... French... German on KZhead as we grow globally. The 10-K filing is the start of the offers for partnerships, Buyout and financing. FSRN up 159 % month. Now Avg daily trading volume 105 million shares to Lead the EV sector....and Top Gainer EV sector in April...Thanks.
Thanks for watching and commenting. I appreciate your insights on FSRN
We say 1b. The noteholder pulling the strings is only due 180m. The 645m green bond is a debt and in default. Crazy low rate 2.5% and not due for 2 years. Where are these noteholders demand.
Thanks for watching and commenting. I appreciate your insight on the Fisker's debt.
Very well stated...
Thanks for watching and commenting.
Great video and insightful - thank you for posting! Definitely agree with your assessment of Ocean [Sea] sickness, feeling exactly the same!
Thanks for watching and commenting!
Fisker didn't curve the bad press that he had with his first company, he should have a test vehicle with wild to put out there before selling like other companies do. Have car reviewers review the Ocean before the date of the sell and whatever they find cliche Fisker could have address it before selling to customers. Also, Fisker need to use whatever they have left to fix whatever customers has with their Oceans since some of them will be stuck with their car because it'll be hard to find a dealer to take them.
Thanks for watching and commenting.
Absolutely correct....why would any OEM want to take on all, or even a portion, of Fisker's massive debt. Makes zero financial sense. Simply wait for BK and purchase the IP for peanuts and acquire no debt. Signing NDA's is simply a way for OEMs to see behind the curtain. No obligation to purchase. Given the macro environment of EVs these days, you can bet any firm that's interested will play extreme hardball...if any ball at all. It would appear you're at the Acceptance stage of Grief.
Thanks for watching and commenting. I am indeed in the acceptance stage.
One of the most interesting aspects was in the previous bankruptcy Fisker Automotive had a license to use the Fisker name (from Fisker Coachbuild). I wonder if a similar relationship is present with Fisker Inc and HF Design. It is very possible that the brand is not part of the deal and HF holds the right to it in the form of a license agreement- thus eroding the value of Fisker Inc even further. Their IP is basically just the brand (design) and the technical IP is dubious and not worth much if anything.
Thanks for watching, commenting, and sharing your thoughts on Fisker IP.
there is dealers in west coast, for those owners in California are tough luck for any service
Thanks for watching and commenting!
You may be forgetting, most Ev companies start with 1 car and are multi billions in debt like Lucid, Polestar are and like Tesla use to be. This company has 3 cars R & D done and is only 1.5 billion in debt thanks to the asset light model actually and 1.5 billion for a Ev company is nothing for Saudis, Chinese or Germans stepping in to buy before the brand is tarnished further by going BK. They already sold over 6000 Oceans which suppliers have already been paid in full which makes the sales pure profit going forward, causing dealers to sign up quick because they can make a guaranteed profit percentage on the Ocean no matter what the price it sells for. This is why its dragged on this long. They didn't do EVERYTHING wrong. Hold tight for news this week that is finally not negative.
Your right they have a lot more in the pipe line to lose
Your word in God's ear - as we would say in austria
😂😂😂
They only have 1.2 cars, 0.95 on the Ocean and 0.25 on the Alaska, and that Is just because they use the same platform. The Pear and Ronin are just concept cars. Pretty impresive though for a relatively low investment.
Exactly 👍. Time is money, and for another company to spend years developing their own product only to be last to the EV party , that also plays a key role in the decision process. I also believe that there’s light at the end of this tunnel, the stories out there about the company are just that , stories . The car works well, software will be fixed, and the amount of money and work it took to get here are significant. The company needs one more push to get over the hill and start to sell sell Sell and turn all the research and development into $$$
nice car
Thanks for watching and commenting.
You are always right on point while remaining largely positive. Thank you!! I don't for one second believe Henrik's claim at the all hands meeting about "negotiations" with 4 auto companies. Perhaps 4 companies are "kicking the tires". I alsi don't believe there were serious negotiations with Nissan. We can't rely on Henrik to tell the truth to the press and certainly not in an employee meeting. The only thing I believe is what is in the filings approved by lawyers. I also think the class action suit in California is for shareholders who were defrauded, and a completely separate action will be necessary for any recompense to consumers (vehicle owners).
Their could be no deal with Nissan without 2023 10-K filing. Nissan could be one of the 4. Fisker could be selling the company and still accepting partnership/ funding offers. The next few weeks should tell which, since Fiskers home on the market.
@@2023gainerfisker is a liar. He lies all the time. Why do you suddenly assume he's telling the truth.
Thanks for watching and commenting! You're right, the CA class action is apparently for investors who lost $100K+. We'll see if there's one for owners.
You are right in a bankruptcy money is set aside for parts/maintenance But just because there is money set aside doesn’t mean..the same shops will deal with u..for example Fisker’s operating system is not open source…so independent ev shops will not have access if a bankruptcy occurs And Magna only has a contract with Fisker till 2029…and the recent hit to there stock price is blamed by market analysis’s on its business relations with Fisker…I suspect they will dump all business with them..ASAP
That Fisker/ Magna partnership depends on who may buy Fisker or if Fisker receives funding instead of Buyout.
@@2023gainer the smart money goes to…buy out..no one wants to keep fisker inc alive after they admitted how incompetent they truly are…and poor management….the only question would it be better to buy it now..or from bankruptcy at a reduced price….remember there is at least 1 billion in debt attached
Thanks for watching, commenting and sharing your insights.
How will restructuring the debt help a new buyer? Is the debt forgiven? Isn't there still a billion dollars at a loss?
If there is a compelling business reason to reemerge from Chapter 11, yes, it is quite common for the unsecured debt to be converted to the new equity of the Newco. and away we go. It's unclear to me who would want to invest in this particular platform with or without the debt. EV's just aren't selling well. Alternatively and most likely another group may want to purchase the assets of the platform. Sort of like Fisker 1.0.
Thanks for watching and commenting.
Great insight and clarity into some very serious issues. Thank you. The incompetence of Henrik and his wife as CFO, particularly with basic accounting procedures, tracking customer orders and revenue for a public company, are borderline criminal. We may yet see the SEC and more lawsuits arise from this.
Thanks for watching and commenting! I agree and hope you're right.
If they dont get an investor or buy out, henrick will set light to everything. no body is going to get the tooling and designs for the next 2 cars for free.
the reason no one has implemented California mode and rotating screen is it's near impossible to get right , Chinese and American car designers just dont have the skills for it and they all want those for their cars, mind you Rivian already stole the idea for the back window of their new suv
@@user-on8yb5pv7eyou are joking? Windows going up and down and a rotating screen are hard to do? 😂
Thanks for watching and commenting! There are multiple Chinese EV's w/ rotating screens, and rear lift gate window moving up and down, is definitely not new.
Bin case of BK who pays the bills? Magna mostly?
Thanks for watching and commenting. It likely would not be Magna.
Problem with bankruptcy is its slow. Any company wanting to buy needs to be selling Oceans again 2025. If they wait two years, as would happen with bankruptcy, the Fisker is worthless. Key for success is for a buyer is to get bankruptcy-like agreements with debtors, agreements that management (The fiskers) and voting rights change, and belief that they can fix the car and re-brand it in 8 months. The only buyers who want bankruptcy are those who want the IP....which isn't worth crap. Maybe Foxtron who wants the data from the software.
Thanks for watching and commenting. You make very good points on the mechanics of BK.
Respectfully disagree. Although the complete BK process can be lengthy, under Chapter 11 the company will continue operating under a professional court-appointed management. They will do the reorganization and will have access to Debtor-in-possession financing. Then they will continue looking for an OEM or new investor to take over. Can be as fast as some months if a 'pre-packaged' Chapter 11 reorganization is negotiated.
How the hell did an asset light company get $1b in dept to begin with? Its beyond insane. Could have bought a factory in the US for that price....
That's what it cost to build 10,000 EVe in this world. $ 1 billion
Thanks for watching and commenting. You raise a good/valid question.
Right now Henrik diligently working not for the company but for his family only.
Thanks for watching and commenting! He's likely working for the note holder.
Always enjoy watching your videos. IMO Fisker has absolutely no assets. The company's goal should have been to sell a great Magna product in a competent manner. Unfortunately they failed miserably: Anyone can sell a product at a loss. All this talk about Fisker assets is Henrik BS. The man is a professional liar. IMO He should go to prison for the biggest lie of all: Saying that the Ocean had 65000 orders...
"anyone can sell a product at a loss". Exactly. The Fisker pumpers always ignore this.
How did 40,000 orders recently get cancelled.?
@@wizzyno1566 True...Tesla selling 46,000 overstock of 2023 model Y's.
@@2023gainera few grand off put still profitable on each one. Not 25k off and massive loss on each one
Thanks for watching, commenting, and your compliments! Fortunately this Fisker venture should be the last we hear from HF as anything other than a designer.
The Fisker name is so tarnished this car can’t survive unless it’s with new branding in the future
Fisker name has won numerous awards like IF Design Award for Best Electric SUV EV 2024 and others.
@@2023gainer all those awards have done nothing to help
@@2023gainerloads of nothing awards from paid promotions.
Thanks for watching and commenting! The Fisker Brand is indeed tarnished.
" Fisker will announce bankruptcy by end of next week "? Ok lets remember that date !
Thanks for watching and commenting! Looks like this week isn't the one that we hear about what happens next.
Nice throw away car. Polestar is next, then Lucid. 💸💸💸💸💸
Thanks for watching and commenting.