QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) |
Title of each class |
Trading symbol(s) |
Name of each exchange on which registered | ||
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer |
☒ | Smaller reporting company | ||||
Emerging growth company |
5 |
||||
5 |
||||
28 |
||||
43 |
||||
44 |
||||
45 |
||||
45 |
||||
45 |
||||
47 |
||||
47 |
||||
47 |
||||
47 |
||||
48 |
||||
49 |
• |
our ability to grow and manage growth profitably; |
• |
our ability to enter into binding contracts with OEMs or tier-one suppliers in order to execute on our business plan; |
• |
our ability to execute our business model, including market acceptance of our planned products and services; |
• |
our expansion plans and opportunities; |
• |
our expectations regarding future expenditures; |
• |
our ability to raise capital in the future; |
• |
our ability to attract and retain qualified employees and key personnel; |
• |
the possibility that we may be adversely affected by other economic, business or competitive factors; |
• |
our ability to maintain the listing of our Class A common stock, par value $0.00001 per share (“Class A Common Stock”) on the NYSE; |
• |
changes in applicable laws or regulations; |
• |
the outcome of any known and unknown litigation and regulatory proceedings; |
• |
the possibility that COVID-19 may adversely affect the results of our operations, financial position and cash flows; and |
• |
other factors described in this report, including those described in the section entitled “ Risk Factors 10-K/A for the year ended December 31, 2020 filed with the U.S. Securities and Exchange Commission (“SEC”) on May 17, 2021, as supplemented by Quarterly Reports on Form 10-Q and filed with the SEC. |
As of September 30, 2021 |
As of December 31, 2020 |
|||||||
ASSETS |
||||||||
Current assets: |
||||||||
Cash and cash equivalents |
$ | $ | ||||||
Prepaid expenses and other current assets |
||||||||
|
|
|
|
|||||
Total current assets |
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|
|
|
|
|||||
Non-current assets: |
||||||||
Property and equipment, net |
||||||||
Intangible assets |
||||||||
Right-of-use |
||||||||
Other non-current assets |
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|
|
|
|
|||||
Total non-current assets |
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|
|
|
|
|||||
TOTAL ASSETS |
$ |
$ |
||||||
|
|
|
|
|||||
LIABILITIES AND STOCKHOLDERS’ EQUITY |
||||||||
Current liabilities: |
||||||||
Accounts payable |
$ | $ | ||||||
Accrued expenses |
||||||||
Lease liabilities |
||||||||
|
|
|
|
|||||
Total current liabilities |
||||||||
|
|
|
|
|||||
Non-current liabilities: |
||||||||
Customer deposits |
||||||||
Warrants liability |
||||||||
Lease liabilities |
||||||||
Convertible senior notes |
||||||||
|
|
|
|
|||||
Total non-current liabilities |
||||||||
|
|
|
|
|||||
Total liabilities |
||||||||
|
|
|
|
|||||
COMMITMENTS AND CONTINGENCIES (Note 13) |
||||||||
Stockholders’ equity: |
||||||||
Preferred stock, $ |
||||||||
Class A Common stock, $ |
||||||||
Class B Common stock, $ |
||||||||
Additional paid-in capital |
||||||||
Accumulated deficit |
( |
) | ( |
) | ||||
Receivable for warrant exercises |
( |
) | ||||||
|
|
|
|
|||||
Total stockholders’ equity |
||||||||
|
|
|
|
|||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
$ |
$ |
||||||
|
|
|
|
Three-Months Ended September 30, |
Nine-Months Ended September 30, |
|||||||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||||||
Revenue |
$ | $ | ||||||||||||||
Cost of goods sold |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Gross margin |
( |
) | ||||||||||||||
Operating costs and expenses: |
||||||||||||||||
General and administrative |
$ | |||||||||||||||
Research and development |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total operating costs and expenses |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Loss from operations |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Other income (expense): |
||||||||||||||||
Other income (expense) |
( |
) | ( |
) | ||||||||||||
Interest income |
||||||||||||||||
Interest expense |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Change in fair value of derivatives |
( |
) | ( |
) | ( |
) | ||||||||||
Foreign currency gain (loss) |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total other income (expense) |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net loss |
$ | ( |
) | $ | ( |
) | ( |
) | ( |
) | ||||||
|
|
|
|
|
|
|
|
|||||||||
Net loss per common share |
||||||||||||||||
Net loss per share attributable to Class A and Class B Common shareholders- Basic and Diluted |
$ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) | ||||
|
|
|
|
|
|
|
|
|||||||||
Weighted average shares outstanding |
||||||||||||||||
Weighted average Class A and Class B Common shares outstanding- Basic and Diluted |
||||||||||||||||
|
|
|
|
|
|
|
|
Series A Convertible Preferred |
Series B Convertible Preferred |
Founders Convertible Preferred |
Class A Common Stock |
Class B Common Stock |
Additional Paid-in Capital |
Receivable For Warrant Exercises |
Accumulated Deficit |
Stockholders’ Deficit |
||||||||||||||||||||||||||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
|||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 |
— |
$ |
— |
— |
$ |
— |
— |
$ |
— |
$ |
$ |
$ |
$ |
— |
$ |
( |
) |
$ |
||||||||||||||||||||||||||||||||||||||
Stock-based compensation |
— | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options and issuance of restricted stock unit awards, net of statutory tax withholdings |
— | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Purchase of capped call options |
— | — | — | — | — | — | — | — | — | ( |
) |
— | ( |
) | ||||||||||||||||||||||||||||||||||||||||||
Net Loss |
— | — | — | — | — | — | — | — | — | — | — | — | ( |
) |
( |
) | ||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2021 |
— |
$ |
— |
— |
$ |
— |
— |
$ |
— |
$ |
$ |
$ |
$ |
— |
$ |
( |
) |
$ |
||||||||||||||||||||||||||||||||||||||
Series A Convertible Preferred |
Series B Convertible Preferred |
Founders Convertible Preferred |
Class A Common Stock |
Class B Common Stock |
Additional Paid-in Capital |
Receivable For Warrant Exercises |
Accumulated Deficit |
Stockholders’ Deficit |
||||||||||||||||||||||||||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
|||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 |
— |
$ |
— |
— |
$ |
— |
— |
$ |
— |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) |
$ |
|||||||||||||||||||||||||||||||||||||
Stock-based compensation |
— | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options and issuance of restricted stock unit awards, net of statutory tax withholdings |
— | — | — | — | — | — | — | — | — | ( |
) | — | — | ( |
) | |||||||||||||||||||||||||||||||||||||||||
Exercise of warrants |
— | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares surrendered upon exercise of warrants |
— | — | — | — | — | — | ( |
) |
— | — | — | — | ( |
) | — | ( |
) | |||||||||||||||||||||||||||||||||||||||
Purchase of capped call option |
— | — | — | — | — | — | — | — | — | — | ( |
) |
— | — | ( |
) | ||||||||||||||||||||||||||||||||||||||||
Stock issuance costs and redemption payments |
— | — | — | — | — | — | — | — | — | — | ( |
) | — | — | ||||||||||||||||||||||||||||||||||||||||||
Vesting of Magna warrants |
— | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Receivable for warrant exercises collected |
— | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Net Loss |
— | — | — | — | — | — | — | — | — | — | — | — | ( |
) |
( |
) | ||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2021 |
— |
$ |
— |
— |
$ |
— |
— |
$ |
— |
$ |
$ |
$ |
$ |
— |
$ |
( |
) |
$ |
||||||||||||||||||||||||||||||||||||||
Series A Convertible Preferred |
Series B Convertible Preferred |
Founders Convertible Preferred |
Class A Common Stock |
Class B Common Stock |
Additional Paid-in Capital |
Receivable For Warrant Exercises |
Accumulated Deficit |
Stockholders’ Deficit |
||||||||||||||||||||||||||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
|||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 |
$ |
$ |
$ |
— |
$ |
— |
$ |
$ |
$ |
— |
$ |
( |
) |
$ |
( |
) | ||||||||||||||||||||||||||||||||||||||||
Stock-based compensation |
— | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock option |
— | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Net Loss |
— | — | — | — | — | — | — | — | — | — | — | — | ( |
) | ( |
) | ||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2020 |
$ |
$ |
$ |
— |
$ |
— |
$ |
$ |
$ |
— |
$ |
( |
) |
$ |
( |
) | ||||||||||||||||||||||||||||||||||||||||
Series A Convertible Preferred |
Series B Convertible Preferred |
Founders Convertible Preferred |
Class A Common Stock |
Class B Common Stock |
Additional Paid-in Capital |
Receivable For Warrant Exercises |
Accumulated Deficit |
Stockholders’ Deficit |
||||||||||||||||||||||||||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
|||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 |
$ |
$ |
$ |
— |
$ |
— |
$ |
$ |
$ |
— |
$ |
( |
) |
$ |
( |
) | ||||||||||||||||||||||||||||||||||||||||
Stock-based compensation |
— | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock option |
— | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Net Loss |
— | — | — | — | — | — | — | — | — | — | — | — | ( |
) | ( |
) | ||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2020 |
$ |
$ |
$ |
— |
$ |
— |
$ |
$ |
$ |
— |
$ |
( |
) |
$ |
( |
) | ||||||||||||||||||||||||||||||||||||||||
Nine- Months Ended September 30, |
||||||||
2021 |
2020 |
|||||||
Cash Flows from Operating Activities: |
||||||||
Net loss |
$ | ( |
) | $ | ( |
) | ||
Reconciliation of net loss to net cash used in operating activities: |
||||||||
Stock-based compensation |
||||||||
Depreciation |
||||||||
Amortization of right-of-use |
||||||||
Accretion of debt issuance costs |
||||||||
Change in fair value of derivative liabilities |
||||||||
Reclassification of expensed payments to arrangers of convertible security |
||||||||
Unrealized loss on foreign currency transactions |
( |
) | ||||||
Changes in operating assets and liabilities: |
||||||||
Prepaid expenses and other assets |
( |
) | ( |
) | ||||
Accounts payable and accrued expenses |
( |
) | ||||||
Customer deposits |
||||||||
Change in operating lease liability |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Net cash (used in) provided by operating activities |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Cash Flows from Investing Activities: |
||||||||
Purchases of property and equipment and intangible asset |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Net cash used in investing activities |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Cash Flows from Financing Activities: |
||||||||
Proceeds from the issuance of bridge notes |
||||||||
Proceeds from issuance of convertible notes |
||||||||
Payments for debt issuance costs |
( |
) | ||||||
Payments for capped call option |
( |
) | ||||||
Payments of deferred offering costs |
( |
) | ||||||
Proceeds from the exercise of warrants |
||||||||
Payments for redemption of unexercised warrants |
( |
) | ||||||
Payments to tax authorities for statutory tax withholdings |
( |
) | ||||||
Proceeds from the exercise of stock options |
||||||||
|
|
|
|
|||||
Net cash provided by financing activities |
||||||||
|
|
|
|
|||||
Net increase (decrease) in cash and cash equivalents |
||||||||
Cash and cash equivalents, beginning of the period |
||||||||
|
|
|
|
|||||
Cash and cash equivalents, end of the period |
$ | $ | ||||||
|
|
|
|
|||||
Supplemental disclosure of cash flow information |
||||||||
Cash paid for interest |
$ | $ | ||||||
|
|
|
|
|||||
Cash paid for income taxes |
$ | $ | ||||||
|
|
|
|
Fair Value Measured as of September 30, 2021: |
||||||||||||||||
Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||
Assets included in: |
||||||||||||||||
Money market funds included in cash and cash equivalents |
$ | $ | — | $ | — | $ | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total fair value |
$ | $ | — | $ | — | $ | ||||||||||
|
|
|
|
|
|
|
|
Fair Value Measured as of December 31, 2020: |
||||||||||||||||
Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||
Assets included in: |
||||||||||||||||
Money market funds included in cash and cash equivalents |
$ | |
$ | — | $ | — | $ | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Total fair value |
$ | $ | — | $ | — | $ | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Liabilities included in: |
||||||||||||||||
Warrants liability |
$ | $ | — | $ | $ | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total fair value |
$ | $ | — | $ | $ | |
||||||||||
|
|
|
|
|
|
|
|
Balance as of December 31, 2020 |
$ | |||
Change in fair value |
||||
Cashless exercise of warrants |
( |
) | ||
|
|
|||
Balance as of September 30, 2021 |
$ | |||
|
|
As of September 30, 2021 |
||||||||||||||||
Amortization Period |
Gross Carrying Amount |
Accumulated Amortization |
Net |
|||||||||||||
Capitalized cost - manufacturing |
$ | $ | $ | |||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | $ | $ | ||||||||||||||
|
|
|
|
|
|
As of December 31, 2020 |
||||||||||||||||
Amortization Period |
Gross Carrying Amount |
Accumulated Amortization |
Net |
|||||||||||||
Capitalized cost - manufacturing |
$ | $ | $ | |||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | |
$ | $ | |
||||||||||||
|
|
|
|
|
|
September 30, 2021 |
December 31, 2020 |
|||||||
Machinery and equipment |
$ | $ | ||||||
Furniture and fixtures |
||||||||
IT hardware and software |
||||||||
Leasehold improvements |
||||||||
Construction in progress |
||||||||
|
|
|
|
|||||
Total property and equipment |
||||||||
Less: Accumulated depreciation and amortization |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Property and equipment, net |
$ | |||||||
|
|
|
|
September 30, 2021 |
December 31, 2020 |
|||||||
Customer reservation deposits |
$ | $ | ||||||
Customer SUV option |
||||||||
|
|
|
|
|||||
Total customer deposits |
$ | $ | ||||||
|
|
|
|
Public warrants |
Private warrants |
Total |
||||||||||
December 31, 2020 |
||||||||||||
Shares issued for cash exercises |
( |
) | ( |
) | ||||||||
Shares issued for cashless exercises |
( |
) | ( |
) | ( |
) | ||||||
Shares surrendered upon cashless exercise |
( |
) | ( |
) | ( |
) | ||||||
Shares redeemed by Company for cash |
( |
) | ( |
) | ||||||||
|
|
|
|
|
|
|||||||
September 30, 2021 |
||||||||||||
|
|
|
|
|
|
September 30, 2021 |
December 31, 2020 |
|||||||
Accrued payroll |
$ | $ | ||||||
Accrued professional fees |
||||||||
Accrued other |
||||||||
Accrued vendor expenses |
||||||||
Accrued legal cost |
||||||||
|
|
|
|
|||||
Total accrued expenses |
$ | $ | ||||||
|
|
|
|
• | during any calendar quarter commencing after the calendar quarter ending on September 30, 2021 (and only during such calendar quarter), if the last reported sale price of the Class A common stock for at least |
• | during the -business day period after any consecutive trading day period (the “measurement period”) in which the trading price per $ |
• | if we call such 2026 Notes for redemption, at any time prior to the close of business on the scheduled trading day immediately preceding the redemption date, but only with respect to the notes called (or deemed called) for redemption; or |
• | on the occurrence of specified corporate events. |
Principal |
$ | |||
Unamortized debt issuance costs |
( |
) | ||
|
|
|||
Net carrying amount |
$ | |||
|
|
Three-months Ended September 30, |
||||||||
2021 |
2020 |
|||||||
Numerator: |
||||||||
Net loss |
$ | ( |
) | $ | ( |
) | ||
Denominator: |
||||||||
Weighted average Class A common shares outstanding |
||||||||
Weighted average Class B common shares outstanding |
||||||||
Weighted average Class A and Class B common shares outstanding- Basic and Diluted |
||||||||
Net loss per share attributable to Class A and Class B Common shareholders- Basic and Diluted |
$ | ( |
) | $ | ( |
) | ||
Nine-months Ended September 30, |
||||||||
2021 |
2020 |
|||||||
Numerator: |
||||||||
Net loss |
$ | ( |
) | $ | ( |
) | ||
Denominator: |
||||||||
Weighted average Class A common shares outstanding |
||||||||
Weighted average Class B common shares outstanding |
||||||||
Weighted average Class A and Class B common shares outstanding- Basic and Diluted |
||||||||
Net loss per share attributable to Class A and Class B Common shareholders- Basic and Diluted |
$ | ( |
) | $ | ( |
) | ||
As of September 30, |
||||||||
2021 |
2020 |
|||||||
Series A Convertible Preferred Stock |
— | |||||||
Series B Convertible Preferred Stock |
— | |||||||
Founders Convertible Preferred Stock |
— | |||||||
Bridge notes |
— | |||||||
Convertible equity security |
— |
|||||||
Convertible senior notes |
— |
|||||||
Stock options and warrants |
||||||||
Total |
||||||||
Three-months Ended September 30, |
||||||||
2021 |
2020 |
|||||||
General and administrative expense |
$ | $ | ||||||
Research and development |
||||||||
Total |
||||||||
Nine-months Ended September 30, |
||||||||
2021 |
2020 |
|||||||
General and administrative expense |
$ | $ | ||||||
Research and development |
||||||||
Total |
||||||||
Options |
Weighted Average Exercise Price |
Weighted Average Contractual Term (in Years) |
||||||||||
Balance as of January 1, 2021 |
||||||||||||
Granted |
||||||||||||
Exercised |
( |
) | ||||||||||
Forfeited |
( |
) | ||||||||||
|
|
|||||||||||
Balance as of September 30, 2021 |
||||||||||||
|
|
Nine-months Ended September 30, 2021 | ||
Expected term (in years) |
||
Volatility |
||
Dividend yield |
||
Risk-free interest rate |
Three-Months Ended September 30, |
||||||||||||||||
2021 |
2020 |
$ Change |
% Change |
|||||||||||||
(dollar amounts in thousands) |
||||||||||||||||
Revenue |
$ | 15 | — | $ | 15 | n.m. | ||||||||||
Cost of goods sold |
16 | — | 16 | n.m. | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Gross Margin |
(1 | ) | — | (1 | ) | n.m. | ||||||||||
Operating costs and expenses: |
||||||||||||||||
General and administrative |
10,273 | 6,521 | 3,752 | n.m. | ||||||||||||
Research and development |
99,291 | 3,402 | 95,889 | n.m. | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total operating costs and expenses |
109,564 | 9,923 | 99,641 | n.m. | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Loss from operations |
(109,565 | ) | (9,923 | ) | (99,642 | ) | n.m. | |||||||||
Other income (expense): |
||||||||||||||||
Other income (expense) |
(84 | ) | 6 | (90 | ) | n.m. | ||||||||||
Interest income |
155 | 8 | 147 | n.m. | ||||||||||||
Interest expense |
(2,147 | ) | (765 | ) | (1,382 | ) | n.m. | |||||||||
Change in fair value of derivatives |
— | (29,149 | ) | 29,149 | n.m. | |||||||||||
Foreign currency gain (loss) |
1,797 | 159 | 1,638 | n.m. | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total other income (expense) |
(279 | ) | (29,741 | ) | 29,462 | n.m. | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Loss |
$ | (109,844 | ) | (39,664 | ) | (70,181 | ) | n.m. | ||||||||
|
|
|
|
|
|
|
|
Nine-Months Ended September 30, |
||||||||||||||||
2021 |
2020 |
$ Change |
% Change |
|||||||||||||
(dollar amounts in thousands) |
||||||||||||||||
Revenue |
$ | 65 | — | $ | 65 | n.m. | ||||||||||
Cost of goods sold |
47 | — | 47 | n.m. | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Gross Margin |
18 | — | 18 | n.m. | ||||||||||||
Operating costs and expenses: |
||||||||||||||||
General and administrative |
24,012 | 8,056 | 15,956 | n.m. | ||||||||||||
Research and development |
171,807 | 3,963 | 167,844 | n.m. | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total operating costs and expenses |
195,819 | 12,019 | 183,800 | n.m. | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Loss from operations |
(195,801 | ) | (12,019 | ) | (183,782 | ) | n.m. | |||||||||
Other income (expense): |
||||||||||||||||
Other income (expense) |
(98 | ) | 15 | (113 | ) | n.m. | ||||||||||
Interest income |
415 | 13 | 402 | n.m. | ||||||||||||
Interest expense |
(2,147 | ) | (1,326 | ) | (821 | ) | n.m. | |||||||||
Change in fair value of derivatives |
(138,436 | ) | (29,409 | ) | (109,027 | ) | n.m. | |||||||||
Foreign currency gain (loss) |
3,158 | 122 | 3,036 | n.m. | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total other income (expense) |
(137,108 | ) | (30,585 | ) | (106,523 | ) | n.m. | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Loss |
$ | (332,909 | ) | (42,604 | ) | (290,305 | ) | n.m. | ||||||||
|
|
|
|
|
|
|
|
Nine-Months Ended September 30, |
||||||||
2021 |
2020 |
|||||||
(dollar amounts in thousands) |
||||||||
Net cash used in operating activities |
(160,377 | ) | (7,941 | ) | ||||
Net cash used in investing activities |
(81,828 | ) | (224 | ) | ||||
Net cash provided by financing activities |
651,458 | 51,283 |
Three-Months Ended September 30, |
||||||||
2021 |
2020 |
|||||||
GAAP Loss from operations |
$ | (109,565 | ) | $ | (9,923 | ) | ||
Add: stock based compensation |
1,043 | 264 | ||||||
|
|
|
|
|||||
Non-GAAP Adjusted loss from operations |
$ | (108,522 | ) | $ | (9,659 | ) | ||
|
|
|
|
|||||
Nine-Months Ended September 30, |
||||||||
2021 |
2020 |
|||||||
GAAP Loss from operations |
$ | (195,801 | ) | $ | (12,019 | ) | ||
Add: stock based compensation |
4,078 | 334 | ||||||
|
|
|
|
|||||
Non-GAAP Adjusted loss from operations |
$ | (191,723 | ) | $ | (11,685 | ) | ||
|
|
|
|
• | increasing our vulnerability to adverse economic and industry conditions; |
• | limiting our ability to obtain additional financing; |
• | requiring the dedication of a substantial portion of our cash flow from operations to service our indebtedness, which will reduce the amount of cash available for other purposes; |
• | limiting our flexibility to plan for, or react to, changes in our business; |
• | diluting the interests of our existing stockholders as a result of issuing shares of our Class A common stock upon conversion of the Notes; and |
• | placing us at a possible competitive disadvantage with competitors that are less leveraged than us or have better access to capital. |
• | during any calendar quarter commencing after the calendar quarter ending on September 30, 2021 (and only during such calendar quarter), if the last reported sale price of the Class A common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; |
• | during the five-business day period after any ten consecutive trading day period (the “measurement period”) in which the trading price per $1,000 principal amount of the 2026 Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of our Class A common stock and the applicable conversion rate of the 2026 Notes on such trading day; |
• | if we call such 2026 Notes for redemption, at any time prior to the close of business on the scheduled trading day immediately preceding the redemption date, but only with respect to the notes called (or deemed called) for redemption; or |
• | on the occurrence of specified corporate events. |
Incorporated by Reference |
||||||||||||||||||||||
Exhibit No. |
Exhibit Title |
Form |
File No. |
Exhibit No. |
Filing Date |
Filed or Furnished Herewith |
||||||||||||||||
4.1 |
Indenture, dated as of August 17, 2021 between Fisker Inc., as issuer, and U.S. Bank National Association, as trustee | 8-K |
001-38625 |
10.1 | 8/12/21 | |||||||||||||||||
31.1 |
X |
|||||||||||||||||||||
31.2 |
X |
|||||||||||||||||||||
32.1 |
X |
|||||||||||||||||||||
32.2 |
X |
|||||||||||||||||||||
101.INS |
XBRL Instance Document. |
X |
||||||||||||||||||||
101.SCH |
XBRL Taxonomy Extension Schema Document. |
X |
||||||||||||||||||||
101.CAL |
XBRL Taxonomy Extension Calculation Linkbase Document. |
X |
||||||||||||||||||||
101.DEF |
XBRL Taxonomy Extension Definition Linkbase Document. |
X |
||||||||||||||||||||
101.LAB |
XBRL Taxonomy Extension Label Linkbase Document. |
X |
||||||||||||||||||||
101.PRE |
XBRL Taxonomy Extension Presentation Linkbase Document. |
X |
||||||||||||||||||||
104 |
Coverpage Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) |
X |
FISKER INC. | ||
By: | /s/ Dr. Geeta Gupta-Fisker | |
Name: | Dr. Geeta Gupta-Fisker | |
Title: | Chief Financial Officer and Chief Operating Officer |