Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2022 | May 05, 2022 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-39160 | |
Entity Registrant Name | Fisker Inc./DE | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 82-3100340 | |
Entity Address, Address Line One | 1888 Rosecrans Avenue | |
Entity Address, City or Town | Manhattan Beach | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 90266 | |
City Area Code | 833 | |
Local Phone Number | 434-7537 | |
Title of 12(b) Security | Class A Common Stock, par value of $0.00001 per share | |
Trading Symbol | FSR | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0001720990 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 | |
Class A Common Stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 164,857,357 | |
Class B Common Stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 132,354,128 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 1,042,562 | $ 1,202,439 |
Prepaid expenses and other current assets | 32,192 | 30,423 |
Total current assets | 1,074,754 | 1,232,862 |
Non-current assets: | ||
Property and equipment, net | 122,662 | 85,643 |
Intangible assets | 238,219 | 231,525 |
Right-of-use assets, net | 17,385 | 18,285 |
Equity investment | 15,120 | 0 |
Other non-current assets | 24,393 | 24,637 |
Total non-current assets | 417,779 | 360,090 |
TOTAL ASSETS | 1,492,533 | 1,592,952 |
Current liabilities: | ||
Accounts payable | 10,890 | 28,143 |
Accrued expenses | 102,377 | 79,634 |
Lease liabilities | 4,612 | 4,552 |
Total current liabilities | 117,879 | 112,329 |
Non-current liabilities: | ||
Customer deposits | 11,055 | 6,300 |
Lease liabilities | 14,021 | 14,933 |
Convertible senior notes | 659,552 | 659,348 |
Total non-current liabilities | 684,628 | 680,581 |
Total liabilities | 802,507 | 792,910 |
COMMITMENTS AND CONTINGENCIES (Note 13) | ||
Stockholders’ equity: | ||
Preferred stock, $0.00001 par value; 15,000,000 shares authorized; no shares issued and outstanding as of March 31, 2022 and December 31, 2021 | 0 | 0 |
Additional paid-in capital | 1,431,342 | 1,419,284 |
Accumulated deficit | (741,319) | (619,245) |
Total stockholders’ equity | 690,026 | 800,042 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 1,492,533 | 1,592,952 |
Class A Common Stock | ||
Stockholders’ equity: | ||
Common stock, value | 2 | 2 |
Class B Common Stock | ||
Stockholders’ equity: | ||
Common stock, value | $ 1 | $ 1 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2022 | Dec. 31, 2021 |
Preferred stock, par value (in dollars per share) | $ 0.00001 | $ 0.00001 |
Preferred stock, shares authorized (in shares) | 15,000,000 | 15,000,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Class A Common Stock | ||
Common stock par value (in dollars per share) | $ 0.00001 | $ 0.00001 |
Common stock, authorized (in shares) | 750,000,000 | 750,000,000 |
Common stock, issued (in shares) | 164,836,936 | 164,377,306 |
Common stock, outstanding (in shares) | 164,836,936 | 164,377,306 |
Class B Common Stock | ||
Common stock par value (in dollars per share) | $ 0.00001 | $ 0.00001 |
Common stock, authorized (in shares) | 150,000,000 | 150,000,000 |
Common stock, issued (in shares) | 132,354,128 | 132,354,128 |
Common stock, outstanding (in shares) | 132,354,128 | 132,354,128 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Statement [Abstract] | ||
Revenue | $ 12 | $ 22 |
Cost of goods sold | 11 | 17 |
Gross margin | 1 | 5 |
Operating costs and expenses: | ||
General and administrative | 21,992 | 5,832 |
Research and development | 101,460 | 27,271 |
Total operating costs and expenses | 123,452 | 33,103 |
Loss from operations | (123,451) | (33,098) |
Other income (expense): | ||
Other income (expense) | (371) | 75 |
Interest income | 265 | 156 |
Interest expense | (4,383) | 0 |
Change in fair value of derivatives | 0 | (145,249) |
Foreign currency gain | 746 | 1,273 |
Unrealized gains recognized on equity securities | 5,120 | 0 |
Total other income (expense) | 1,377 | (143,745) |
Net loss | $ (122,074) | $ (176,843) |
Net loss per common share | ||
Net loss per share attributable to Class A and Class B Common shareholders- Basic (in dollars per share) | $ (0.41) | $ (0.63) |
Net loss per share attributable to Class A and Class B Common shareholders- Diluted (in dollars per share) | $ (0.41) | $ (0.63) |
Weighted average shares outstanding | ||
Weighted average Class A and Class B Common shares outstanding- Basic (in shares) | 296,508,619 | 279,837,563 |
Weighted average Class A and Class B Common shares outstanding- Diluted (in shares) | 296,508,619 | 279,837,563 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders’ Equity - USD ($) $ in Thousands | Total | Additional Paid-in Capital | Receivable For Warrant Exercises | Accumulated Deficit | Class A Common StockCommon Stock | Class B Common StockCommon Stock |
Beginning balance (in shares) at Dec. 31, 2020 | 144,912,362 | 132,354,128 | ||||
Beginning balance at Dec. 31, 2020 | $ 907,130 | $ 1,055,128 | $ (96) | $ (147,904) | $ 1 | $ 1 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Stock-based compensation | 817 | 817 | ||||
Exercise of stock options and issuance of restricted stock unit awards, net of statutory tax withholdings (in shares) | 163,397 | |||||
Exercise of stock options and issuance of restricted stock unit awards, net of statutory tax withholdings | 101 | 106 | (5) | |||
Exercise of warrants (in shares) | 24,140,361 | |||||
Exercise of warrants | 341,113 | 341,400 | (288) | $ 1 | ||
Shares surrendered upon exercise of warrants (in shares) | (8,008,697) | |||||
Shares surrendered upon exercise of warrants | 0 | |||||
Net loss | (176,843) | (176,843) | ||||
Ending balance (in shares) at Mar. 31, 2021 | 161,207,423 | 132,354,128 | ||||
Ending balance at Mar. 31, 2021 | 1,072,318 | 1,397,451 | (389) | (324,747) | $ 2 | $ 1 |
Beginning balance (in shares) at Dec. 31, 2021 | 164,377,306 | 132,354,128 | ||||
Beginning balance at Dec. 31, 2021 | 800,042 | 1,419,284 | 0 | (619,245) | $ 2 | $ 1 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Stock-based compensation | $ 5,065 | 5,065 | ||||
Exercise of stock options and issuance of restricted stock unit awards, net of statutory tax withholdings (in shares) | 95,900 | 459,630 | ||||
Exercise of stock options and issuance of restricted stock unit awards, net of statutory tax withholdings | $ 298 | 298 | ||||
Net loss | (122,074) | (122,074) | ||||
Recognition of Magna warrants | 6,695 | 6,695 | ||||
Ending balance (in shares) at Mar. 31, 2022 | 164,836,936 | 132,354,128 | ||||
Ending balance at Mar. 31, 2022 | $ 690,026 | $ 1,431,342 | $ 0 | $ (741,319) | $ 2 | $ 1 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash Flows from Operating Activities: | ||
Net loss | $ (122,074) | $ (176,843) |
Reconciliation of net loss to net cash used in operating activities: | ||
Stock-based compensation | 5,065 | 817 |
Depreciation | 379 | 93 |
Amortization of right-of-use asset | 900 | 182 |
Accretion of debt issuance costs | 204 | 0 |
Change in fair value of derivative liabilities | 0 | 145,249 |
Unrealized gains recognized on equity securities | (5,120) | 0 |
Unrealized foreign currency gain | (744) | 0 |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other assets | (1,524) | 2,469 |
Accounts payable and accrued expenses | 13,024 | (1,513) |
Customer deposits | 4,755 | 855 |
Change in operating lease liability | (853) | (119) |
Net cash used in operating activities | (105,988) | (28,810) |
Cash Flows from Investing Activities: | ||
Acquisition of equity investment | (10,000) | 0 |
Purchases of property and equipment and intangible asset | (45,750) | (65,665) |
Net cash used in investing activities | (55,750) | (65,665) |
Cash Flows from Financing Activities: | ||
Proceeds from the exercise of warrants | 0 | 88,638 |
Proceeds from the exercise of stock options | 1,861 | 101 |
Net cash provided by financing activities | 1,861 | 88,739 |
Net decrease in cash and cash equivalents | (159,877) | (5,736) |
Cash and cash equivalents, beginning of the period | 1,202,439 | 991,158 |
Cash and cash equivalents, end of the period | 1,042,562 | 985,422 |
Supplemental disclosure of cash flow information | ||
Cash paid for interest | $ 9,642 | $ 0 |
Overview of the Company
Overview of the Company | 3 Months Ended |
Mar. 31, 2022 | |
Overview Of The Company [Abstract] | |
Overview of the Company | Overview of the Company Fisker Inc. (“Fisker” or the “Company”) was originally incorporated in the State of Delaware on October 13, 2017 as a special purpose acquisition company under the name Spartan Energy Acquisition Corp. (“Spartan”) for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, recapitalization, reorganization or similar business combination with one or more businesses. Spartan completed its Initial Public Offering in August 2018. On October 29, 2020, Spartan’s wholly-owned subsidiary merged with and into Fisker Holdings Inc. (f/k/a Fisker Inc.), a Delaware corporation (“Legacy Fisker”), with Fisker Holdings Inc. surviving the merger as a wholly-owned subsidiary of Spartan (the “Business Combination”). In connection with the Business Combination, Spartan changed its name to Fisker Inc. Legacy Fisker was incorporated in the State of Delaware on September 21, 2016. In connection with its formation, the Company entered into stock purchase agreements with the Company’s founders, whereby the founders contributed certain intellectual property (primarily trademarks) and interests in Platinum IPR LLC. Platinum IPR LLC was an entity solely owned by the Company’s founders, which held Fisker trademarks registered in a variety of jurisdictions around the world. The founders’ transfer of its interest in Platinum IPR LLC and the transfer of trademarks was accounted for as a transfer of assets between entities under common control. The carrying amount of the transferred assets is recorded based on the prior carrying value, which was de minimis. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The Company’s condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) as determined by the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) and pursuant to the regulations of the U.S. Securities and Exchange Commission (“SEC”). Unaudited Interim Financial Statements The condensed consolidated balance sheet as of March 31, 2022, the condensed consolidated statements of operations, the condensed consolidated statements of changes in stockholders’ equity, and the condensed consolidated statements of cash flows for the three-months ended March 31, 2022 and 2021, as well as other information disclosed in the accompanying notes, are unaudited. The consolidated balance sheet as of December 31, 2021 was derived from the audited consolidated financial statements as of that date. The interim condensed consolidated financial statements and the accompanying notes should be read in conjunction with the annual consolidated financial statements and the accompanying notes contained in our Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on February 28, 2022. Comprehensive loss is not separately presented as the amounts are equal to net loss for the three-months ended March 31, 2022 and 2021. The interim condensed consolidated financial statements and the accompanying notes have been prepared on the same basis as the annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for a fair statement of the results of operations for the periods presented. The condensed consolidated financial statements for any interim period are not necessarily indicative of the results to be expected for the full year or for any other future years or interim periods. Going Concern, Liquidity and Capital Resources The Company evaluated whether there are any conditions and events, considered in the aggregate, that raise substantial doubt about its ability to continue as a going concern over the next twelve months from the date of filing this report. Since inception, the Company has incurred significant accumulated losses of approximately $741 million . As of March 31, 2022, the Company had approximately $1,043 million in cash and cash equivalents. The Company expects to continue to incur significant operating losses for the foreseeable future. Proceeds from the issuance of convertible senior notes and warrants exercise provide the Company the liquidity and capital resources to fund its operating expenses and capital expenditure requirements for at least the next 12 months from issuance. Supplier Risk The Company finalized nomination of suppliers during the quarter for engineering, development, testing, tooling and production of components for serial production of its vehicles. As of March 31, 2022, these supplier contracts do not represent unconditional purchase obligations with take-or-pay or specified minimum quantities provisions with the exception of an agreement securing battery capacity for the Fisker Ocean SUV. Under the terms of the agreement, the battery supplier will deliver two different battery solutions for the Fisker Ocean SUV, with an initial battery capacity of over 5 gigawatt-hours annually, from 2023 through 2025. Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP required management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the condensed consolidated financial statements and accompanying notes. The Company bases these estimates on historical experience and on various other assumptions that it believes are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying amounts of assets and liabilities that are not readily apparent from other sources. Actual results may differ materially from these estimates. Fair Value Measurements The Company follows the accounting guidance in ASC 820, Fair Value Measurement , for its fair value measurements of financial assets and liabilities measured at fair value on a recurring basis. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. The accounting guidance requires fair value measurements be classified and disclosed in one of the following three categories: Level 1: Quoted prices in active markets for identical assets or liabilities. Level 2: Observable inputs other than Level 1 prices, for similar assets or liabilities that are directly or indirectly observable in the marketplace. Level 3: Unobservable inputs which are supported by little or no market activity and that are financial instruments whose values are determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant judgment or estimation. The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Income Taxes Income taxes are recorded in accordance with ASC 740, Income Taxes (“ASC 740”), which provides for deferred taxes using an asset and liability approach. The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the condensed consolidated financial statements or tax returns. Deferred tax assets and liabilities are determined based on the difference between the consolidated financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Valuation allowances are provided, if based upon the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. There are transactions that occur during the ordinary course of business for which the ultimate tax determination is uncertain. As of March 31, 2022, there were no material changes to either the nature or the amounts of the uncertain tax positions previously determined for the year ended December 31, 2021. The Company’s income tax provision consists of an estimate for U.S. federal, foreign and state income taxes based on enacted rates, as adjusted for allowable credits, deductions, uncertain tax positions, changes in deferred tax assets and liabilities, and changes in the tax law. The Company maintains a valuation allowance against the full value of its U.S. and state net deferred tax assets because the Company believes the recoverability of the tax assets is not more likely than not as of March 31, 2022. Derivative Liability The Company accounts for its public and private warrants as a derivative liability initially measured at its fair values and remeasured in the condensed consolidated statements of operations at the end of each reporting period. When the warrants are exercised, the corresponding derivative liability is de-recognized at the underlying fair value of the Class A common stock that is issued to the warrant holder less any cash paid in accordance with the warrant agreement. Upon either cash or cashless exercise, the de-recognized derivative liability results in an increase in additional paid in capital equal to the difference between the fair value of the underlying Class A common stock and its par value. A cashless exercise results in the warrant holder surrendering Class A common stock equal to the stated warrant exercise price based on the contractual terms in the warrant agreement that govern the cashless conversion. Equity Awards The grant date for an option or stock award is established when the grantee has a mutual understanding of the key terms and conditions of the option or award, the award is authorized, including all the necessary approvals unless approval is essentially a formality or perfunctory, and the grantee begins to benefit from, or be adversely affected by, underlying changes in the price of the Company’s Class A common shares. An award or option is authorized on the date that all approval requirements are completed (e.g., action by the compensation committee approving the award and the number of options, restricted shares or other equity instruments to be issued to individual employees). Net Loss per Share of Common Stock Basic net loss per share of common stock is calculated using the two-class method under which earnings are allocated to both common shares and participating securities. Undistributed net losses are allocated entirely to common shareholders since the participating security has no contractual obligation to share in the losses. Basic net loss per share is calculated by dividing the net loss attributable to common shares by the weighted-average number of shares of common stock outstanding for the period. The diluted net loss per share of common stock is computed by dividing the net loss using the weighted-average number of common shares and, if dilutive, potential common shares outstanding during the period. Potential common shares consist of stock-based compensation awards and warrants to purchase common stock (using the treasury stock method). Recently adopted accounting pronouncements In December 2020, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes , which is intended to simplify various aspects related to accounting for income taxes. ASU No. 2019-12 removes certain exceptions to the general principles in ASC 740 and also clarifies and amends existing guidance to improve consistent application. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted. This guidance had no effect on the Company’s condensed consolidated financial statements upon adoption in 2022. In March 2021, the FASB issued ASU 2020-06, Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40) . This ASU simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. The ASU eliminates the current models that require separation of beneficial conversion and cash conversion features from convertible instruments and simplifies the derivative scope exception guidance pertaining to equity classification of contracts in an entity’s own equity. The ASU also introduces additional disclosures for convertible debt and freestanding instruments that are indexed to and settled in an entity’s own equity. The ASU amends the diluted earnings per share guidance, including the requirement to use if-converted method for all convertible instruments and an update for instruments that can be settled in either cash or shares. We early adopted ASU 2020-06 effective on January 1, 2021 applying the modified retrospective method. Since the Company does not have any financial instruments as of January 1, 2021 within the scope of ASU 2020-06, early adoption had no effect on the Company’s condensed consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . This guidance introduces a new model for recognizing credit losses on financial instruments based on an estimate of current expected credit losses. This ASU also provides updated guidance regarding the impairment of available-for-sale debt securities and includes additional disclosure requirements. The new guidance is effective for non-public companies, and public business entities that meet the definition of a Smaller Reporting Company as defined by the Securities and Exchange Commission (SEC), for interim and annual periods beginning after December 15, 2022. On December 31, 2021, the Company became a large accelerated filer, as defined by the SEC, and, as a result, adopted this guidance effective January 1, 2021, which did not have a material impact on the Company's consolidated financial statements. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair value measurements The Company’s financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used for such measurements were as follows (in thousands): Fair Value Measured as of March 31, 2022: Level 1 Level 2 Level 3 Total Assets included in: Money market funds included in cash and cash equivalents $ 882,894 $ — $ — $ 882,894 Equity investment $ 15,120 $ — $ — $ 15,120 Total fair value $ 898,014 $ — $ — $ 898,014 Fair Value Measured as of December 31, 2021: Level 1 Level 2 Level 3 Total Assets included in: Money market funds included in cash and cash equivalents $ 1,191,079 $ — $ — $ 1,191,079 Total fair value $ 1,191,079 $ — $ — $ 1,191,079 The fair value of the Company’s money market funds is determined using quoted market prices in active markets for identical assets. The carrying amounts included in the Condensed Consolidated Balance Sheets under Current assets approximate fair value because of the short maturity of these instruments. On July 28, 2021, the Company made a commitment for a private investment in public equity (PIPE) supporting the planned merger of European EV charging network, Allego B.V. (“Allego”) with Spartan Acquisition Corp. III (NYSE: SPAQ), a publicly-listed special purpose acquisition company. Fisker Inc. is the exclusive electric vehicle automaker in the PIPE and, in parallel, agreed to terms to deliver a range of charging options for its customers in Europe. On March 16, 2022, the merger closed and the Company delivered cash of $10 million in exchange for 1,000,000 shares of Allego's Class A common stock (NYSE:ALLG). The Company's ownership percentage is less than 5% and does not result in significant influence. The shares acquired by Fisker were not registered with the SEC as of March 31, 2022. Allego is required to file with the SEC a registration statement registering the resale of the shares acquired (the “Registration Statement”). The Company cannot sell its shares until the Registration Statement is declared effective by the SEC. As the Company cannot predict when the Registration Statement will be declared effective, it has classified its equity investment in Allego as a noncurrent asset. Unrealized gains recognized during the three-months ended March 31, 2022 on equity securities still held as of March 31, 2022 totaled $5.1 million as shown separately in the Condensed Consolidated Statement of Operations. Subsequent to March 31, 2022, the fair value measurement of the Company's equity investment declined to $10.2 million based on the closing market price of ALLG Class A common stock of $10.20 on May 6, 2022.. We carry the convertible senior notes at face value less the unamortized debt issuance costs on our consolidated balance sheets and present that fair value for disclosure purposes only. As of March 31, 2022, the fair value of the 2026 Notes was $564.9 million. The estimated fair value of the convertible notes, which are classified as Level 2 financial instruments, was determined based on the estimated or actual bid prices of the convertible notes in an over-the-counter market on the last business day of the period. |
Intangible Assets
Intangible Assets | 3 Months Ended |
Mar. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Intangible assets The Company has the following intangible assets (in thousands): As of March 31, 2022 Amortization Period Gross Accumulated Net Capitalized cost - manufacturing 8 years $ 238,219 $ — $ 238,219 $ 238,219 $ — $ 238,219 As of December 31, 2021 Amortization Gross Accumulated Net Capitalized cost - manufacturing 8 years $ 231,525 $ — $ 231,525 $ 231,525 $ — $ 231,525 The Company did not amortize the capitalized cost associated with the warrants granted to Magna International, Inc. (“Magna”) for the three-months ended March 31, 2022 as amortization will commence on a straight-line basis with the start of production for the Fisker Ocean which is expected to occur in the fourth quarter of 2022. The Company expects to amortize the intangible asset over eight years but will continually assess the reasonableness of the estimated life. Refer to |
Property and Equipment, net
Property and Equipment, net | 3 Months Ended |
Mar. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, net | Property and Equipment, net Property and equipment, net, consists of the following (in thousands): March 31, 2022 December 31, 2021 Machinery and equipment $ 1,242 $ 1,174 Furniture and fixtures 450 307 IT hardware and software 5,047 3,778 Leasehold improvements $20 20 Construction in progress 117,078 81,160 Total property and equipment 123,837 86,439 Less: Accumulated depreciation and amortization (1,175) (796) Property and equipment, net $ 122,662 $ 85,643 |
Accrued Expenses
Accrued Expenses | 3 Months Ended |
Mar. 31, 2022 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | . Accrued Expenses A summary of the components of accrued expenses is as follows (in thousands): March 31, 2022 December 31, 2021 Accrued vendor liabilities $ 97,506 $ 67,293 Accrued payroll 2,757 1,989 Accrued professional fees 1,107 3,579 Accrued interest 695 6,165 Accrued other 312 608 Total accrued expenses $ 102,377 $ 79,634 |
Customer Deposits
Customer Deposits | 3 Months Ended |
Mar. 31, 2022 | |
Deposit Liabilities Disclosure [Abstract] | |
Customer Deposits | Customer Deposits Customer deposits consists of the following (in thousands): March 31, 2022 December 31, 2021 Customer reservation deposits $ 10,301 $ 5,546 Customer SUV option 754 754 Total customer deposits $ 11,055 $ 6,300 |
Convertible Senior Notes
Convertible Senior Notes | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Convertible Senior Notes | Convertible Senior Notes 2026 Notes In August 2021, we issued an aggregate of $667.5 million principal amount of 2.50% convertible senior notes due in September 2026 (the “2026 Notes”) in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. The 2026 Notes have been designated as green bonds, whose proceeds will be allocated in accordance with the Company’s green bond framework. The 2026 Notes consisted of a $625 million initial placement and an over-allotment option that provided the initial purchasers of the 2026 Notes with the option to purchase an additional $100.0 million aggregate principal amount of the 2026 Notes, of which $42.5 million was exercised. The 2026 Notes were issued pursuant to an indenture dated August 17, 2021. The net proceeds from the issuance of the 2026 Notes were $562.2 million, net of debt issuance costs and cash used to purchase the capped call transactions (“2026 Capped Call Transactions”) discussed below. The debt issuance costs are amortized to interest expense. The 2026 Notes are unsecured obligations which bear regular interest at 2.50% annually and will be payable semiannually in arrears on March 15 and September 15 of each year, beginning on March 15, 2022. The 2026 Notes will mature on September 15, 2026, unless repurchased, redeemed, or converted in accordance with their terms prior to such date. The 2026 Notes are convertible into cash, shares of our Class A common stock, or a combination of cash and shares of our Class A common stock, at our election, at an initial conversion rate of 50.7743 shares of Class A common stock per $1,000 principal amount of 2026 Notes, which is equivalent to an initial conversion price of approximately $19.70 per share of our Class A common stock. The conversion rate is subject to customary adjustments for certain events as described in the indenture governing the 2026 Notes. We may redeem for cash all or any portion of the 2026 Notes, at our option, on or after September 20, 2024 if the last reported sale price of our Class A common stock has been at least 130% of the conversion price then in effect for at least 20 trading days at a redemption price equal to 100% of the principal amount of the 2026 Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. Holders of the 2026 Notes may convert all or a portion of their 2026 Notes at their option prior to June 15, 2026, in multiples of $1,000 principal amounts, only under the following circumstances: • 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 ten • 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. On or after June 15, 2026, the 2026 Notes are convertible at any time until the close of business on the second scheduled trading day immediately preceding the maturity date. Holders of the 2026 Notes who convert the 2026 Notes in connection with a make-whole fundamental change, as defined in the indenture governing the 2026 Notes, or in connection with a redemption may be entitled to an increase in the conversion rate. Additionally, in the event of a fundamental change, holders of the 2026 Notes may require us to repurchase all or a portion of the 2026 Notes at a price equal to 100% of the principal amount of 2026 Notes, plus any accrued and unpaid interest to, but excluding, the fundamental change repurchase date. We accounted for the issuance of the 2026 Notes as a single liability measured at its amortized cost, as no other embedded features require bifurcation and recognition as derivatives. As of March 31, 2022, the 2026 Notes consisted of the following (in thousands): Principal $ 667,500 Unamortized debt issuance costs (7,948) Net carrying amount $ 659,552 Interest expense related to the amortization of debt issuance costs was $0.2 million for the three months ended March 31, 2022. Contractual interest expense was $4 million for the three months ended March 31, 2022. As of March 31, 2022, the if-converted value of the 2026 Notes did not exceed the principal amount. The 2026 Notes were not eligible for conversion as of March 31, 2022.No sinking fund is provided for the 2026 Notes, which means that we are not required to redeem or retire them periodically. Capped Call Transactions In connection with the offering of the 2026 Notes, we entered into the 2026 Capped Call Transactions with certain counterparties at a net cost of $96.8 million. The 2026 Capped Call Transactions are purchased capped call options on $33.9 million shares Class A common stock, that, if exercised, can be net share settled, net cash settled, or settled in a combination of cash or shares consistent with the settlement elections made with respect to the 2026 Notes if converted. The cap price is initially $32.57 per share of our Class A common stock and subject to certain adjustments under the terms of the 2026 Capped Call Transactions. The strike price is initially $19.70 per share of Class A common stock, subject to customary anti-dilution adjustments that mirror corresponding adjustments for the 2026 Notes. |
Warrants
Warrants | 3 Months Ended |
Mar. 31, 2022 | |
Warants [Abstract] | |
Warrants | Warrants Public and Private Warrants On March 19, 2021, the Company announced that it would redeem all of its outstanding warrants (the “Public Warrants”) to purchase shares of the Company’s Class A common stock, par value $0.00001 per share (the “Common Stock”), that were issued under the Warrant Agreement, dated August 9, 2018 (the “Warrant Agreement”), by and between the Company and Continental Stock Transfer & Trust Company, as warrant agent (the “Warrant Agent”), as part of the units sold in the Company’s initial public offering (the “IPO”), for a redemption price of $0.01 per Public Warrant (the “Redemption Price”), that remained outstanding at 5:00 p.m. New York City time on April 22, 2021 (the “Redemption Date”). The Private Placement Warrants were not subject to this redemption. In addition, in accordance with the Warrant Agreement, the Company’s board of directors elected to require that, upon delivery of the notice of redemption, all Public Warrants were to be exercised only on a “cashless basis.” Accordingly, holders could not exercise Public Warrants and receive Common Stock in exchange for payment in cash of the $11.50 per warrant exercise price. Instead, a holder exercising a Public Warrant was deemed to pay the $11.50 per warrant exercise price by the surrender of 0.5046 of a share of Common Stock that such holder would have been entitled to receive upon a cash exercise of a Public Warrant. Accordingly, by virtue of the cashless exercise of the Public Warrants, exercising warrant holders received 0.4954 of a share of Common Stock for each Public Warrant surrendered for exercise. For the unexercised 225,906 Public Warrants outstanding at the Redemption Date, the Company paid $2,259 to redeem the unexercised warrants in the second quarter of 2021. There are no Public Warrants outstanding as of March 31, 2022 and December 31, 2021. During March 2021, the 9,360,000 warrants to purchase Common Stock that were originally issued under the Warrant Agreement in a private placement simultaneously with the IPO were exercised by the Company’s former sponsor on a cashless basis for 4,907,329 shares of Common Stock (4,452,671 shares of Common Stock surrendered) and are no longer outstanding. During the three-months ended March 31, 2021, the Company received cash proceeds of $89 million upon the exercise of 7,733,400 Public Warrants immediately prior to the announcement to redeem the Public Warrants. Cashless exercises of public and private warrants increased additional paid-in capital by $277 million for the three-months ended March 31, 2021. Magna Warrants On October 29, 2020, the Company granted Magna up to 19,474,454 warrants, each with an exercise price of $0.01, to acquire underlying shares of Class A common stock of Fisker, which represented approximately 6.0% ownership in Fisker on a fully diluted basis as of the grant date. The right to exercise vested warrants expires on October 29, 2030. The warrants are accounted for as an award issued to non-employees measured on October 29, 2020 with three interrelated performance conditions that are separately evaluated for achievement. Milestone Percentage of Number of (a) (i) Achievement of the “preliminary production specification” gateway as set forth in the Development Agreement; (ii) entering into the Platform Agreement; and (iii) entering into the Initial Manufacturing Agreement 33.3 % 6,484,993 (b) (i) Achievement of the “target agreement” gateway as set forth in the Development Agreement and (ii) entering into the Detailed Manufacturing Agreement, which will contain terms and conditions agreed to in the Initial Manufacturing Agreement 33.3 % 6,484,993 (c) Start of pre-serial production 33.4 % 6,504,468 19,474,454 The cost upon achievement of each milestone is recognized when it is probable that a milestone will be met. The cost for awards to nonemployees is recognized in the same period and in the same manner as if the Company had paid cash for the goods or services. At March 31, 2022, Magna satisfied the first and second milestones and the Company capitalized costs as an intangible asset representing the future economic benefit to Fisker Inc. As of December 31, 2021 and March 31, 2022, the Company determined the third milestone is probable of achievement and capitalized a portion of the award's fair value corresponding to the service period beginning at the grant date and ending in the fourth quarter of 2022. The unrecognized portion of the award will be recognized ratably over the remainder of the service period ending upon start of pre-serial production, which is estimated to occur in the fourth quarter of 2022. Changes in the estimated timing of start of pre-serial production will require a cumulative adjustment for a change in accounting estimate. For the three months ended March 31, 2022, recognized cost of $6.7 million associated with services rendered increased capitalized cost - manufacturing to $238.2 million as of March 31, 2022. Because there are multiple milestones to achieve, the intangible asset is under development and will be complete when start of pre-serial production begins. The Company will amortize the aggregate capitalized cost in a systematic and rational manner. Throughout its useful life, including the period of time before completion, the Company will assess the intangible asset for impairment. If an indicator of impairment exists, the undiscounted cash flows will be estimated and then if the carrying amount of the intangible asset is not recoverable, determine its fair value and record an impairment loss. At March 31, 2022, no indicator of impairment exists. The fair value of each warrant is equal to the intrinsic value (e.g., stock price on grant date less exercise price) as the exercise price is $0.01. The terms of the warrant agreement require net settlement when exercised. Using the measurement date stock price of $8.96 for a share of Class A common stock, the warrant fair values for each tranche is shown below. Capitalized cost also results in an increase to additional paid in capital equal to the fair value of the vested warrants. Awards vest when a milestone if met. Magna has 12,969,986 vested and exercisable warrants to acquire underlying Class A common stock of Fisker as of March 31, 2022, none of which are exercised. Fair value Capitalized at March 31, 2022 Milestone (a) $ 58,041 $ 58,041 Milestone (b) 58,041 58,041 Milestone (c) 58,215 38,131 $ 174,297 $ 154,213 |
Loss Per Share
Loss Per Share | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Loss Per Share | Loss Per Share The Company computes earnings (loss) per share of Class A Common Stock and Class B Common Stock using the two-class method required for participating securities. Basic and diluted earnings per share was the same for each period presented as the inclusion of all potential Class A Common Stock and Class B Common Stock outstanding would have been anti-dilutive. Basic and diluted earnings per share are the same for each class of common stock because they are entitled to the same liquidation and dividend rights. The following table sets forth the computation of basic and diluted loss per Class A Common Stock and Class B Common Stock: Three-months Ended March 31, 2022 2021 Numerator: Net loss $ (122,074) $ (176,843) Denominator: Weighted average Class A common shares outstanding 164,154,491 147,483,435 Weighted average Class B common shares outstanding 132,354,128 132,354,128 Weighted average Class A and Class B common shares outstanding- Basic and Diluted 296,508,619 279,837,563 Net loss per share attributable to Class A and Class B Common shareholders- Basic $ (0.41) $ (0.63) Net loss per share attributable to Class A and Class B Common shareholders- Diluted $ (0.41) $ (0.63) The following table presents the potential common shares outstanding that were excluded from the computation of diluted net loss per share of common stock as of the periods presented because including them would have been antidilutive: As of March 31, 2022 2021 Convertible senior notes 33,891,845 — Stock options and warrants 30,560,564 29,048,269 Total 64,452,409 29,048,269 |
Stock Based Compensation
Stock Based Compensation | 3 Months Ended |
Mar. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Stock Based Compensation | Stock Based Compensation The 2020 Equity Incentive Plan (the “Plan”) is a stock-based compensation plan which provides for the grants of options and restricted stock to employees and consultants of the Company. Options granted under the Plan may be either incentive options (“ISO”) or nonqualified stock options (“NSO”). Also, the Company established a 2020 Employee Stock Purchase Plan (the “ESPP”) under which Class A Common Stock may be issued. As of March 31, 2022, no shares have been issued under the ESPP. Stock-based compensation expense is as follows (in thousands): Three-months Ended March 31, 2022 2021 General and administrative expense $ 1,773 $ 174 Research and development 3,292 643 Total $ 5,065 $ 817 Stock options Options under the Plan may be granted at prices as determined by the Board of Directors, provided, however, that (i) the exercise price of an ISO and NSO shall not be less than 100% of the estimated fair value of the shares on the date of grant, and (ii) the exercise price of an ISO granted to a 10% shareholder shall not be less than 110% of the estimated fair value of the shares on the date of grant. The fair value of the shares is determined by the Board of Directors on the date of grants. Stock options generally have a contractual life of 10 years. Upon exercise, the Company issues new shares. In 2016 and 2017, the Company’s founders were granted an aggregate of 15,882,711 options which are fully vested and are not related to performance. Options granted to other employees and consultants become vested and are exercisable over a range of up to six years from the date of grant. The following table summarizes option activity under the Plan: Options Weighted Weighted Balance as of December 31, 2021 17,695,560 1.44 5.6 Granted 128,700 13.45 Exercised (95,900) 2.45 Forfeited (137,782) 12.27 Balance as of March 31, 2022 17,590,578 1.43 5.4 The fair value of each stock option grant under the Plan was estimated on the date of grant using the Black-Scholes option pricing model, with the following range of assumptions: Three Months Ended March 31, 2022 Expected term (in years) 6.3 Volatility 76.4% to 80.3% Dividend yield 0.0% Risk-free interest rate 1.55% to 2.16% Common stock price $12.90 The Black-Scholes option pricing model requires various highly subjective assumptions that represent management’s best estimates of the fair value of the Company’s common stock, volatility, risk-free interest rates, expected term, and dividend yield. As the Company’s shares have actively traded for a short period of time subsequent to the Business Combination, volatility is based on a benchmark of comparable companies within the automotive and energy storage industries. The expected term represents the weighted-average period that options granted are expected to be outstanding giving consideration to vesting schedules. Since the Company does not have an extended history of actual exercises, the Company has estimated the expected term using a simplified method which calculates the expected term as the average of the time-to-vesting and the contractual life of the awards. The Company has never declared or paid cash dividends and does not plan to pay cash dividends in the foreseeable future; therefore, the Company used an expected dividend yield of zero. The risk-free interest rate is based on U.S. Treasury rates in effect during the expected term of the grant. The expected volatility is based on historical volatility of publicly-traded peer companies. Restricted stock awards During the three months ended March 31, 2022, the Company granted employees, who rendered services during the year ended December 31, 2021 and were employees of the Company on the grant date, a restricted stock unit (“RSU”) award based in proportion to the service period beginning from the employee’s hire date to the end of the year. The restricted stock unit awards vested on the grant date which resulted in the release of 339,340 shares of Class A common stock equal to stock-based compensation expense of $1.5 million recognized in the three-months ended March 31, 2022. The Company’s founders declined to receive an award related to performance in 2021. In accordance with the Company’s Outside Director Compensation Policy, each outside Board of Directors member will receive an annual RSU equal to $200,000 granted on the date of the Company’s annual shareholders’ meeting which vests in 25% increments at the end of each calendar quarter. Each Outside Director may elect to convert all or a portion of his or her annual Board of Directors retainer, excluding any annual retainer that an Outside Director may receive for serving as Lead Director and any annual retainers for committee service, into RSUs in lieu of the applicable cash retainer payment (“RSU Election”). The number of Class A common shares granted to Outside Directors annually are based on the 30-day average closing trading price of Class A common stock on the day preceding the grant date (“RSU Value”). When an Outside Director exercises his or her RSU Election, the number of Class A common shares equal the amount of cash subject to such RSU Election divided by the applicable RSU Value and are fully vested. The following table summarizes RSU activity under the Plan: RSU Awards Weighted Average Grant Date Fair Value Unvested as of December 31, 2021 17,174 $ 13.47 Awarded 360,582 12.43 Vested (353,160) 11.54 Forfeited (1,016) 11.46 Unvested as of March 31, 2022 23,580 $ 12.72 Performance-based restricted stock awards In the third quarter of 2021, the Company’s compensation committee ratified and approved performance-based restricted stock units (“PRSUs”) to all employees (“Grantee”) the value of which is determined based on the Grantee’s level within the Company (“PRSU Value”). Each PRSU is equal to one underlying share of Class A common stock. Also, PRSUs will be awarded to any new employee hired during 2022 and 2023 on a pro-rata basis based on a reduction in time of service. The number of shares subject to a Grantee’s PRSU award equals the Grantee’s PRSU Value divided by the closing price per Class A common share on the service inception date, or if the service inception date is not a trading day, the closing price per Share on the closest trading day immediately prior to the service inception date; in each case rounded down to the nearest whole number. Each PRSU award shall vest as to 50% of the PRSU Value upon the Committee’s determination, in its sole discretion, and certification of the occurrence of the Ocean Start of Production and shall vest as to 50% of the PRSUs upon the first anniversary of the Ocean Start of Production, in each case, subject to (i) the Grantee’s continuous service through the applicable vesting date, (ii) the Grantee’s not committing any action or omission that would constitute Cause for termination through the applicable vesting date, as determined in the sole discretion of the Company, and (iii) the Ocean Start of Production occurring on or before December 31, 2022. The compensation committee has discretion to reduce or eliminate the number of PRSUs that shall vest pursuant to each PRSU award upon the certification of the occurrence of the Ocean Start of Production and/or upon the first anniversary of the Ocean Start of Production, after considering, any factors that it deems relevant, which could include but are not limited to (i) Company performance against key performance indicators, and (ii) departmental performance against goals. The service inception date precedes the grant dates for both performance conditions. The grant date for each of the performance conditions is the date Grantees have a mutual understanding of the key terms and conditions of the PRSU, which will occur when each performance conditions is achieved, and the compensation committee has determined whether it will exercise its discretion to adjust the PRSU award. As of March 31, 2022, the Company has approved and authorized PRSUs equal to 2,388,389 shares of Class A common stock with a PRSU value of $33.7 million. Recognition of stock-based compensation occurs when the grant date is determined, and performance conditions are probable of achievement. Measurement of stock-based compensation attributed to the PRSU awards will be based on the fair value of the underlying Class A common stock once the grant date is determined (e.g., variable accounting). |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions On March 8, 2021, the Company appointed Mitchell Zuklie to its Board of Directors . Mr. Zuklie is the chairman of the law firm of Orrick, Herrington & Sutcliff LLP (‘‘Orrick’’), which provides various legal services to the Company. During the three-months ended March 31, 2022 and 2021, the Company incurred expenses for legal services rendered by Orrick totaling approximately $1.7 million and $0.3 million, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies The Company is not a party to any material legal proceedings and is not aware of any pending or threatened material claims. From time to time however, the Company may be subject to various legal proceedings and claims that arise in the ordinary course of its business activities. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The Company’s condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) as determined by the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) and pursuant to the regulations of the U.S. Securities and Exchange Commission (“SEC”). |
Unaudited Interim Financial Statements | Unaudited Interim Financial Statements The condensed consolidated balance sheet as of March 31, 2022, the condensed consolidated statements of operations, the condensed consolidated statements of changes in stockholders’ equity, and the condensed consolidated statements of cash flows for the three-months ended March 31, 2022 and 2021, as well as other information disclosed in the accompanying notes, are unaudited. The consolidated balance sheet as of December 31, 2021 was derived from the audited consolidated financial statements as of that date. The interim condensed consolidated financial statements and the accompanying notes should be read in conjunction with the annual consolidated financial statements and the accompanying notes contained in our Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on February 28, 2022. Comprehensive loss is not separately presented as the amounts are equal to net loss for the three-months ended March 31, 2022 and 2021. |
Supplier Risk | Supplier Risk The Company finalized nomination of suppliers during the quarter for engineering, development, testing, tooling and production of components for serial production of its vehicles. As of March 31, 2022, these supplier contracts do not represent unconditional purchase obligations with take-or-pay or specified minimum quantities provisions with the exception of an agreement securing battery capacity for the Fisker Ocean SUV. Under the terms of the agreement, the battery supplier will deliver two different battery solutions for the Fisker Ocean SUV, with an initial battery capacity of over 5 gigawatt-hours annually, from 2023 through 2025. |
Use of Estimates | Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP required management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the condensed consolidated financial statements and accompanying notes. The Company bases these estimates on historical experience and on various other assumptions that it believes are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying amounts of assets and liabilities that are not readily apparent from other sources. Actual results may differ materially from these estimates. |
Fair Value Measurements | Fair Value Measurements The Company follows the accounting guidance in ASC 820, Fair Value Measurement , for its fair value measurements of financial assets and liabilities measured at fair value on a recurring basis. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. The accounting guidance requires fair value measurements be classified and disclosed in one of the following three categories: Level 1: Quoted prices in active markets for identical assets or liabilities. Level 2: Observable inputs other than Level 1 prices, for similar assets or liabilities that are directly or indirectly observable in the marketplace. Level 3: Unobservable inputs which are supported by little or no market activity and that are financial instruments whose values are determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant judgment or estimation. |
Income Taxes | Income Taxes Income taxes are recorded in accordance with ASC 740, Income Taxes (“ASC 740”), which provides for deferred taxes using an asset and liability approach. The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the condensed consolidated financial statements or tax returns. Deferred tax assets and liabilities are determined based on the difference between the consolidated financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Valuation allowances are provided, if based upon the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. There are transactions that occur during the ordinary course of business for which the ultimate tax determination is uncertain. As of March 31, 2022, there were no material changes to either the nature or the amounts of the uncertain tax positions previously determined for the year ended December 31, 2021. The Company’s income tax provision consists of an estimate for U.S. federal, foreign and state income taxes based on enacted rates, as adjusted for allowable credits, deductions, uncertain tax positions, changes in deferred tax assets and liabilities, and changes in the tax law. The Company maintains a valuation allowance against the full value of its U.S. and state net deferred tax assets because the Company believes the recoverability of the tax assets is not more likely than not as of March 31, 2022. |
Derivative Liability | Derivative Liability The Company accounts for its public and private warrants as a derivative liability initially measured at its fair values and remeasured in the condensed consolidated statements of operations at the end of each reporting period. When the warrants are exercised, the corresponding derivative liability is de-recognized at the underlying fair value of the Class A common stock that is issued to the warrant holder less any cash paid in accordance with the warrant agreement. Upon either cash or cashless exercise, the de-recognized derivative liability results in an increase in additional paid in capital equal to the difference between the fair value of the underlying Class A common stock and its par value. A cashless exercise results in the warrant holder surrendering Class A common stock equal to the stated warrant exercise price based on the contractual terms in the warrant agreement that govern the cashless conversion. |
Equity Awards | Equity Awards The grant date for an option or stock award is established when the grantee has a mutual understanding of the key terms and conditions of the option or award, the award is authorized, including all the necessary approvals unless approval is essentially a formality or perfunctory, and the grantee begins to benefit from, or be adversely affected by, underlying changes in the price of the Company’s Class A common shares. An award or option is authorized on the date that all approval requirements are completed (e.g., action by the compensation committee approving the award and the number of options, restricted shares or other equity instruments to be issued to individual employees). |
Net Loss per Share of Common Stock | Net Loss per Share of Common Stock Basic net loss per share of common stock is calculated using the two-class method under which earnings are allocated to both common shares and participating securities. Undistributed net losses are allocated entirely to common shareholders since the participating security has no contractual obligation to share in the losses. Basic net loss per share is calculated by dividing the net loss attributable to common shares by the weighted-average number of shares of common stock outstanding for the period. The diluted net loss per share of common stock is computed by dividing the net loss using the weighted-average number of common shares and, if dilutive, potential common shares outstanding during the period. Potential common shares consist of stock-based compensation awards and warrants to purchase common stock (using the treasury stock method). |
Recently adopted accounting pronouncements | Recently adopted accounting pronouncements In December 2020, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes , which is intended to simplify various aspects related to accounting for income taxes. ASU No. 2019-12 removes certain exceptions to the general principles in ASC 740 and also clarifies and amends existing guidance to improve consistent application. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted. This guidance had no effect on the Company’s condensed consolidated financial statements upon adoption in 2022. In March 2021, the FASB issued ASU 2020-06, Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40) . This ASU simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. The ASU eliminates the current models that require separation of beneficial conversion and cash conversion features from convertible instruments and simplifies the derivative scope exception guidance pertaining to equity classification of contracts in an entity’s own equity. The ASU also introduces additional disclosures for convertible debt and freestanding instruments that are indexed to and settled in an entity’s own equity. The ASU amends the diluted earnings per share guidance, including the requirement to use if-converted method for all convertible instruments and an update for instruments that can be settled in either cash or shares. We early adopted ASU 2020-06 effective on January 1, 2021 applying the modified retrospective method. Since the Company does not have any financial instruments as of January 1, 2021 within the scope of ASU 2020-06, early adoption had no effect on the Company’s condensed consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . This guidance introduces a new model for recognizing credit losses on financial instruments based on an estimate of current expected credit losses. This ASU also provides updated guidance regarding the impairment of available-for-sale debt securities and includes additional disclosure requirements. The new guidance is effective for non-public companies, and public business entities that meet the definition of a Smaller Reporting Company as defined by the Securities and Exchange Commission (SEC), for interim and annual periods beginning after December 15, 2022. On December 31, 2021, the Company became a large accelerated filer, as defined by the SEC, and, as a result, adopted this guidance effective January 1, 2021, which did not have a material impact on the Company's consolidated financial statements. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The Company’s financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used for such measurements were as follows (in thousands): Fair Value Measured as of March 31, 2022: Level 1 Level 2 Level 3 Total Assets included in: Money market funds included in cash and cash equivalents $ 882,894 $ — $ — $ 882,894 Equity investment $ 15,120 $ — $ — $ 15,120 Total fair value $ 898,014 $ — $ — $ 898,014 Fair Value Measured as of December 31, 2021: Level 1 Level 2 Level 3 Total Assets included in: Money market funds included in cash and cash equivalents $ 1,191,079 $ — $ — $ 1,191,079 Total fair value $ 1,191,079 $ — $ — $ 1,191,079 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Intangible Assets | The Company has the following intangible assets (in thousands): As of March 31, 2022 Amortization Period Gross Accumulated Net Capitalized cost - manufacturing 8 years $ 238,219 $ — $ 238,219 $ 238,219 $ — $ 238,219 As of December 31, 2021 Amortization Gross Accumulated Net Capitalized cost - manufacturing 8 years $ 231,525 $ — $ 231,525 $ 231,525 $ — $ 231,525 |
Property and Equipment, net (Ta
Property and Equipment, net (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property and Equipment, Net | Property and equipment, net, consists of the following (in thousands): March 31, 2022 December 31, 2021 Machinery and equipment $ 1,242 $ 1,174 Furniture and fixtures 450 307 IT hardware and software 5,047 3,778 Leasehold improvements $20 20 Construction in progress 117,078 81,160 Total property and equipment 123,837 86,439 Less: Accumulated depreciation and amortization (1,175) (796) Property and equipment, net $ 122,662 $ 85,643 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Payables and Accruals [Abstract] | |
Summary Of Components Of Accrued Expenses | A summary of the components of accrued expenses is as follows (in thousands): March 31, 2022 December 31, 2021 Accrued vendor liabilities $ 97,506 $ 67,293 Accrued payroll 2,757 1,989 Accrued professional fees 1,107 3,579 Accrued interest 695 6,165 Accrued other 312 608 Total accrued expenses $ 102,377 $ 79,634 |
Customer Deposits (Tables)
Customer Deposits (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Deposit Liabilities Disclosure [Abstract] | |
Summary of Customer Deposits | Customer deposits consists of the following (in thousands): March 31, 2022 December 31, 2021 Customer reservation deposits $ 10,301 $ 5,546 Customer SUV option 754 754 Total customer deposits $ 11,055 $ 6,300 |
Convertible Senior Notes (Table
Convertible Senior Notes (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Summary of 2026 Notes | As of March 31, 2022, the 2026 Notes consisted of the following (in thousands): Principal $ 667,500 Unamortized debt issuance costs (7,948) Net carrying amount $ 659,552 |
Warrants (Tables)
Warrants (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Warants [Abstract] | |
Schedule of Stockholders Equity Note Warrants or Rights Fair Value of Vested Warrants | The warrants are accounted for as an award issued to non-employees measured on October 29, 2020 with three interrelated performance conditions that are separately evaluated for achievement. Milestone Percentage of Number of (a) (i) Achievement of the “preliminary production specification” gateway as set forth in the Development Agreement; (ii) entering into the Platform Agreement; and (iii) entering into the Initial Manufacturing Agreement 33.3 % 6,484,993 (b) (i) Achievement of the “target agreement” gateway as set forth in the Development Agreement and (ii) entering into the Detailed Manufacturing Agreement, which will contain terms and conditions agreed to in the Initial Manufacturing Agreement 33.3 % 6,484,993 (c) Start of pre-serial production 33.4 % 6,504,468 19,474,454 Fair value Capitalized at March 31, 2022 Milestone (a) $ 58,041 $ 58,041 Milestone (b) 58,041 58,041 Milestone (c) 58,215 38,131 $ 174,297 $ 154,213 |
Loss Per Share (Tables)
Loss Per Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Summary of Computation of Basic and Diluted Loss | The following table sets forth the computation of basic and diluted loss per Class A Common Stock and Class B Common Stock: Three-months Ended March 31, 2022 2021 Numerator: Net loss $ (122,074) $ (176,843) Denominator: Weighted average Class A common shares outstanding 164,154,491 147,483,435 Weighted average Class B common shares outstanding 132,354,128 132,354,128 Weighted average Class A and Class B common shares outstanding- Basic and Diluted 296,508,619 279,837,563 Net loss per share attributable to Class A and Class B Common shareholders- Basic $ (0.41) $ (0.63) Net loss per share attributable to Class A and Class B Common shareholders- Diluted $ (0.41) $ (0.63) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following table presents the potential common shares outstanding that were excluded from the computation of diluted net loss per share of common stock as of the periods presented because including them would have been antidilutive: As of March 31, 2022 2021 Convertible senior notes 33,891,845 — Stock options and warrants 30,560,564 29,048,269 Total 64,452,409 29,048,269 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Stock-based Compensation Expense | Stock-based compensation expense is as follows (in thousands): Three-months Ended March 31, 2022 2021 General and administrative expense $ 1,773 $ 174 Research and development 3,292 643 Total $ 5,065 $ 817 |
Summary of Stock Option Activity | The following table summarizes option activity under the Plan: Options Weighted Weighted Balance as of December 31, 2021 17,695,560 1.44 5.6 Granted 128,700 13.45 Exercised (95,900) 2.45 Forfeited (137,782) 12.27 Balance as of March 31, 2022 17,590,578 1.43 5.4 |
Summary of Share-based Payment Award, Stock Options, Valuation Assumptions | The fair value of each stock option grant under the Plan was estimated on the date of grant using the Black-Scholes option pricing model, with the following range of assumptions: Three Months Ended March 31, 2022 Expected term (in years) 6.3 Volatility 76.4% to 80.3% Dividend yield 0.0% Risk-free interest rate 1.55% to 2.16% Common stock price $12.90 |
Schedule of RSU Activity | The following table summarizes RSU activity under the Plan: RSU Awards Weighted Average Grant Date Fair Value Unvested as of December 31, 2021 17,174 $ 13.47 Awarded 360,582 12.43 Vested (353,160) 11.54 Forfeited (1,016) 11.46 Unvested as of March 31, 2022 23,580 $ 12.72 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2022USD ($)GWhbattery_solution | Dec. 31, 2021USD ($) | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Accounting Policies [Abstract] | ||||
Accumulated losses | $ 741,319 | $ 619,245 | ||
Cash and cash equivalents | $ 1,042,562 | $ 1,202,439 | $ 985,422 | $ 991,158 |
Number of battery solutions | battery_solution | 2 | |||
Battery capacity in gigawatt-hours | GWh | 5 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Fair Value Measurement of Financial Assets and Liabilities on a Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fair value | $ 898,014 | $ 1,191,079 |
Equity investment | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fair value | 15,120 | |
Money market funds included in cash and cash equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fair value | 882,894 | 1,191,079 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fair value | 898,014 | 1,191,079 |
Level 1 | Equity investment | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fair value | 15,120 | |
Level 1 | Money market funds included in cash and cash equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fair value | 882,894 | 1,191,079 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fair value | 0 | 0 |
Level 2 | Equity investment | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fair value | 0 | |
Level 2 | Money market funds included in cash and cash equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fair value | 0 | 0 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fair value | 0 | 0 |
Level 3 | Equity investment | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fair value | 0 | |
Level 3 | Money market funds included in cash and cash equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fair value | $ 0 | $ 0 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | Mar. 16, 2022 | Mar. 31, 2022 | Mar. 31, 2021 | May 06, 2022 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Payments for equity method investment | $ 10,000 | $ 0 | ||
Unrealized gains recognized on equity securities | 5,120 | $ 0 | ||
Subsequent Event | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Fair value of equity method investment | $ 10,200 | |||
Allego B.V. (“Allego”) | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Payments for equity method investment | $ 10,000 | |||
Ownership percentage | 5.00% | |||
Common Class A | Allego B.V. (“Allego”) | Subsequent Event | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Common stock price | $ 10.20 | |||
Common Class A | Allego B.V. (“Allego”) | Fisker Group | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Sale of stock, number of shares issued in transaction | 1,000,000 | |||
Level 2 | Convertible senior notes | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Long term debt fair value | $ 564,900 |
Intangible Assets - Summary of
Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Finite-Lived Intangible Assets [Line Items] | ||
Amortization Period | 8 years | |
Gross Carrying Amount | $ 238,219 | $ 231,525 |
Accumulated Amortization | 0 | 0 |
Net | $ 238,219 | $ 231,525 |
Capitalized cost - manufacturing | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization Period | 8 years | 8 years |
Gross Carrying Amount | $ 238,219 | $ 231,525 |
Accumulated Amortization | 0 | 0 |
Net | $ 238,219 | $ 231,525 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Details) | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Amortization expense | $ 0 |
Amortization period | 8 years |
Property and Equipment, net - S
Property and Equipment, net - Summary of Property And Equipment, Net (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 123,837 | $ 86,439 |
Less: Accumulated depreciation and amortization | (1,175) | (796) |
Property and equipment, net | 122,662 | 85,643 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 1,242 | 1,174 |
Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 450 | 307 |
IT hardware and software | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 5,047 | 3,778 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 20 | 20 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 117,078 | $ 81,160 |
Property and Equipment, net - A
Property and Equipment, net - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | ||
Accrued property and equipment | $ 27 | $ 35.4 |
Accrued Expenses - Summary of C
Accrued Expenses - Summary of Components of Accrued Expenses (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Accrued Expenses [Line Items] | ||
Total accrued expenses | $ 102,377 | $ 79,634 |
Accrued vendor liabilities | ||
Accrued Expenses [Line Items] | ||
Total accrued expenses | 97,506 | 67,293 |
Accrued payroll | ||
Accrued Expenses [Line Items] | ||
Total accrued expenses | 2,757 | 1,989 |
Accrued professional fees | ||
Accrued Expenses [Line Items] | ||
Total accrued expenses | 1,107 | 3,579 |
Accrued interest | ||
Accrued Expenses [Line Items] | ||
Total accrued expenses | 695 | 6,165 |
Accrued other | ||
Accrued Expenses [Line Items] | ||
Total accrued expenses | $ 312 | $ 608 |
Customer Deposits - Summary of
Customer Deposits - Summary of Customer Deposits (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Deposit Liabilities Disclosure [Line Items] | ||
Total customer deposits | $ 11,055 | $ 6,300 |
Customer reservation deposits | ||
Deposit Liabilities Disclosure [Line Items] | ||
Total customer deposits | 10,301 | 5,546 |
Customer SUV option | ||
Deposit Liabilities Disclosure [Line Items] | ||
Total customer deposits | $ 754 | $ 754 |
Convertible Senior Notes - Addi
Convertible Senior Notes - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | |
Aug. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Debt Disclosure [Line Items] | |||
Interest expense related to the amortization of debt issuance costs | $ 4,383,000 | $ 0 | |
2026 Notes Capped Call Transaction | |||
Debt Disclosure [Line Items] | |||
Payments for capped call option | $ 96,800,000 | ||
Option indexed to Class A Common stock (in shares) | 33,900,000 | ||
Initial cap price per share (in dollars per share) | $ 32.57 | ||
Strike price (in dollars per share) | $ 19.70 | ||
2026 Notes | |||
Debt Disclosure [Line Items] | |||
Issuance of notes | $ 667,500,000 | ||
Debt instrument interest rate | 2.50% | ||
Initial placement amount | $ 625,000,000 | ||
Debt instrument option to purchase additional notes principal amount | 100,000,000 | ||
Exercised amount | 42,500,000 | ||
Proceeds from issuance of notes | $ 562,200,000 | ||
Debt instrument initial conversion price (in dollars per share) | $ 19.70 | ||
Debt instrument redemption price equal to percentage of the principal amount of the notes | 100.00% | ||
Number of consecutive trading days | 30 days | ||
Number of business days used to determine conversion price of notes | 5 days | ||
Number of consecutive trading days in measurement period | 10 days | ||
Threshold percentage of the principal amount of notes including accrued and unpaid interest required to repurchase of notes in the event of fundamental change | 100.00% | ||
Interest expense related to the amortization of debt issuance costs | 200,000 | ||
Contractual interest expense | 4,000,000 | ||
Sinking fund amount | $ 0 | ||
Debt instrument sinking fund description | No sinking fund is provided for the 2026 Notes, which means that we are not required to redeem or retire them periodically. | ||
2026 Notes | Minimum | |||
Debt Disclosure [Line Items] | |||
Number of trading days used to determine the conversion price | 20 days | ||
Number of trading days based on last reported sale price of common stock | 20 days | ||
Threshold percentage of product of the reported sale price of common stock and the applicable conversion rate of the notes on trading day for conversion of notes | 98.00% | ||
2026 Notes | Common Class A | |||
Debt Disclosure [Line Items] | |||
Debt conversion converted instrument (in shares) | 0.0507743 | ||
Minimum percentage of conversion price required to redeem notes based on last reported sale price of common stock | 130.00% |
Convertible Senior Notes - Summ
Convertible Senior Notes - Summary of 2026 Notes (Details) - 2026 Notes $ in Thousands | Mar. 31, 2022USD ($) |
Loans notes trade and other payables disclosure [Line Items] | |
Principal | $ 667,500 |
Unamortized debt issuance costs | (7,948) |
Net carrying amount | $ 659,552 |
Warrants - Additional Informati
Warrants - Additional Information (Details) $ / shares in Units, $ in Thousands | Oct. 29, 2020milestone$ / sharesshares | Mar. 31, 2021shares | Mar. 31, 2022USD ($)$ / sharesshares | Jun. 30, 2021USD ($) | Mar. 31, 2021USD ($)shares | Dec. 31, 2021USD ($)$ / sharesshares | Mar. 19, 2021$ / sharesshares |
Class of Stock [Line Items] | |||||||
Common stock surrendered (in shares) | 4,452,671 | ||||||
Recognition of Magna warrants | $ | $ 6,695 | ||||||
Number of interrelated performance conditions | milestone | 3 | ||||||
Intangible assets | $ | 238,219 | $ 231,525 | |||||
Common Stock | |||||||
Class of Stock [Line Items] | |||||||
Class of warrant or exercise price of warrants or rights (in dollars per share) | $ / shares | $ 11.50 | ||||||
Common stock price surrendered for exercise of warrants (in dollars per share) | $ / shares | 0.5046 | ||||||
Conversion of warrants (in shares) | 4,907,329 | ||||||
Proceeds from issuance of warrants | $ | $ 89,000 | ||||||
Warrants exercised (in shares) | 7,733,400 | 7,733,400 | |||||
Additional Paid-in Capital | |||||||
Class of Stock [Line Items] | |||||||
Recognition of Magna warrants | $ | $ 6,695 | ||||||
Public Warrants | |||||||
Class of Stock [Line Items] | |||||||
Warrant redemption price (in dollars per share) | $ / shares | 0.01 | ||||||
Class of warrant or exercise price of warrants or rights (in dollars per share) | $ / shares | $ 11.50 | ||||||
Warrants outstanding (in shares) | 0 | 0 | |||||
Redemption of unexercised warrants | $ | $ 2,259 | ||||||
Public Warrants | Redemption Date | |||||||
Class of Stock [Line Items] | |||||||
Warrants outstanding (in shares) | 225,906 | ||||||
Public Warrants | Common Stock | |||||||
Class of Stock [Line Items] | |||||||
Cashless exercise price of warrants (in dollars per share) | $ / shares | $ 0.4954 | ||||||
Private Placement | |||||||
Class of Stock [Line Items] | |||||||
Recognition of Magna warrants | $ | $ 277,000 | ||||||
Magna Warrants | |||||||
Class of Stock [Line Items] | |||||||
Class of warrant or exercise price of warrants or rights (in dollars per share) | $ / shares | $ 0.01 | ||||||
Class of warrant or right number of warrants granted (in shares) | 19,474,454 | ||||||
Proportion of equity ownership interest in subsidiary | 6.00% | ||||||
Exercise vested warrants expire date | Oct. 29, 2030 | ||||||
Shares issued for vested and exercise of warrants (in shares) | 12,969,986 | ||||||
Exercise of warrants (in shares) | 0 | ||||||
Class A Common Stock | |||||||
Class of Stock [Line Items] | |||||||
Common stock par value (in dollars per share) | $ / shares | $ 0.00001 | $ 0.00001 | $ 0.00001 | ||||
Class A Common Stock | Common Stock | |||||||
Class of Stock [Line Items] | |||||||
Exercise of warrants (in shares) | 24,140,361 | ||||||
Class A Common Stock | Magna Warrants | Measurement Input, Share Price | |||||||
Class of Stock [Line Items] | |||||||
Common stock, measurement date stock price (in dollars per share) | $ / shares | 8.96 | ||||||
Warrant | Magna Warrants | |||||||
Class of Stock [Line Items] | |||||||
Exercise Price (in dollars per share) | $ / shares | $ 0.01 | ||||||
Spartan Energy Acquisition Corp | Private Placement Warrants | |||||||
Class of Stock [Line Items] | |||||||
Number of warrants exercised (in shares) | 9,360,000 | 9,360,000 |
Warrants - Schedule of Warrants
Warrants - Schedule of Warrants Accounted as Awards to Non Employees Measured on Performance Conditions that are Evaluated for Achievement (Details) | Oct. 29, 2020shares |
Schedule Of Warrants Accounted As Awards To Non Employees Measured On Performance Conditions That Are Evaluated For Achievement [Line Items] | |
Number of Warrants that Vest Upon Achievement (in shares) | 19,474,454 |
(a) (i) Achievement of the “preliminary production specification” gateway as set forth in the Development Agreement; (ii) entering into the Platform Agreement; and (iii) entering into the Initial Manufacturing Agreement | |
Schedule Of Warrants Accounted As Awards To Non Employees Measured On Performance Conditions That Are Evaluated For Achievement [Line Items] | |
Percentage of Warrants that Vest Upon Achievement | 33.30% |
Number of Warrants that Vest Upon Achievement (in shares) | 6,484,993 |
(b) (i) Achievement of the “target agreement” gateway as set forth in the Development Agreement and (ii) entering into the Detailed Manufacturing Agreement, which will contain terms and conditions agreed to in the Initial Manufacturing Agreement | |
Schedule Of Warrants Accounted As Awards To Non Employees Measured On Performance Conditions That Are Evaluated For Achievement [Line Items] | |
Percentage of Warrants that Vest Upon Achievement | 33.30% |
Number of Warrants that Vest Upon Achievement (in shares) | 6,484,993 |
(c) Start of pre-serial production | |
Schedule Of Warrants Accounted As Awards To Non Employees Measured On Performance Conditions That Are Evaluated For Achievement [Line Items] | |
Percentage of Warrants that Vest Upon Achievement | 33.40% |
Number of Warrants that Vest Upon Achievement (in shares) | 6,504,468 |
Warrants - Schedule of Stockhol
Warrants - Schedule of Stockholders Equity Note Warrants or Rights Fair Value of Vested Warrants (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Statement [Line Items] | |
Fair value | $ 174,297 |
Capitalized at March 31, 2022 | 154,213 |
Milestone (a) | |
Statement [Line Items] | |
Fair value | 58,041 |
Capitalized at March 31, 2022 | 58,041 |
Milestone (b) | |
Statement [Line Items] | |
Fair value | 58,041 |
Capitalized at March 31, 2022 | 58,041 |
Milestone (c) | |
Statement [Line Items] | |
Fair value | 58,215 |
Capitalized at March 31, 2022 | $ 38,131 |
Loss Per Share - Summary of Com
Loss Per Share - Summary of Computation of Basic and Diluted Loss (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Numerator: | ||
Net loss | $ (122,074) | $ (176,843) |
Denominator: | ||
Weighted average Class A and Class B Common shares outstanding- Basic (in shares) | 296,508,619 | 279,837,563 |
Weighted average Class A and Class B Common shares outstanding- Diluted (in shares) | 296,508,619 | 279,837,563 |
Net loss per share attributable to Class A and Class B Common shareholders- Basic (in dollars per share) | $ (0.41) | $ (0.63) |
Net loss per share attributable to Class A and Class B Common shareholders- Diluted (in dollars per share) | $ (0.41) | $ (0.63) |
Class A Common Stock | ||
Denominator: | ||
Weighted average Class A and Class B Common shares outstanding- Basic (in shares) | 164,154,491 | 147,483,435 |
Class B Common Stock | ||
Denominator: | ||
Weighted average Class A and Class B Common shares outstanding- Basic (in shares) | 132,354,128 | 132,354,128 |
Loss Per Share - Schedule of An
Loss Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities (in shares) | 64,452,409 | 29,048,269 |
Convertible senior notes | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities (in shares) | 33,891,845 | 0 |
Stock options and warrants | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities (in shares) | 30,560,564 | 29,048,269 |
Stock Based Compensation - Addi
Stock Based Compensation - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2022 | Sep. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||||
Number of shares issued under the plan (in shares) | 0 | |||||
Minimum estimated fair value percentage of exercise priced on the date of grant | 100.00% | |||||
Minimum percentage of shareholders | 10.00% | |||||
Minimum estimated percentage of fair value of shares | 110.00% | |||||
Granted (in shares) | 128,700 | |||||
Contractual life of awards | 5 years 4 months 24 days | 5 years 7 months 6 days | ||||
Stock-based compensation | $ 5,065 | $ 817 | ||||
Share-based Payment Arrangement, Option | ||||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||||
Expiration period | 10 years | |||||
Performance-Based Restricted Stock Awards | Share-based Payment Arrangement, Tranche One | ||||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||||
Award vesting percentage | 50.00% | |||||
Performance-Based Restricted Stock Awards | Share-based Payment Arrangement, Tranche Two | ||||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||||
Award vesting percentage | 50.00% | |||||
Employee Stock Purchase Plan | ||||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||||
Granted (in shares) | 15,882,711 | 15,882,711 | ||||
Contractual life of awards | 6 years | 6 years | ||||
Class A Common Stock | ||||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||||
Restricted stocks issued (in shares) | 339,340 | |||||
Stock-based compensation | $ 1,500 | |||||
Stock issued during period, value, restricted stock award, gross | $ 200,000 | |||||
Defined contribution plan, employers matching contribution, annual vesting percentage | 25.00% | |||||
Class A Common Stock | Restricted Stock Units (RSUs) | ||||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||||
Number of common shares granted to outside directors annually are based on the period average closing trading price of common stock on the day preceding the grant date | 30 days | |||||
Class A Common Stock | Performance-Based Restricted Stock Awards | ||||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||||
Stock issued during period, value, restricted stock award, gross | $ 33,700 | |||||
Number of awards convertible into each underlying share (in shares) | 1 | |||||
Number of shares authorized under the plan (in shares) | 2,388,389 |
Stock Based Compensation - Summ
Stock Based Compensation - Summary of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | $ 5,065 | $ 817 |
General and administrative expense | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | 1,773 | 174 |
Research and development | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | $ 3,292 | $ 643 |
Stock Based Compensation - Su_2
Stock Based Compensation - Summary of Stock Option Activity (Details) - $ / shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Options | ||
Beginning balance (in shares) | 17,695,560 | |
Granted (in shares) | 128,700 | |
Exercised (in shares) | (95,900) | |
Forfeited (in shares) | (137,782) | |
Ending balance (in shares) | 17,590,578 | 17,695,560 |
Weighted Average Exercise Price | ||
Beginning balance (in dollars per share) | $ 1.44 | |
Granted (in dollars per share) | 13.45 | |
Exercised (in dollars per share) | 2.45 | |
Forfeited (in dollars per share) | 12.27 | |
Ending balance (in dollars per share) | $ 1.43 | $ 1.44 |
Weighted Average Contractual Term (in Years) | 5 years 4 months 24 days | 5 years 7 months 6 days |
Stock Based Compensation - Su_3
Stock Based Compensation - Summary of Share-based Payment Award, Stock Options, Valuation Assumptions (Details) | 3 Months Ended |
Mar. 31, 2022$ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected term (in years) | 6 years 3 months 18 days |
Volatility, minimum | 76.40% |
Volatility, maximum | 80.30% |
Dividend yield | 0.00% |
Risk-free interest rate, minimum | 1.55% |
Risk-free interest rate, maximum | 2.16% |
Common Stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Common stock price | $ 12.90 |
Stock Based Compensation - RSU
Stock Based Compensation - RSU Activity (Details) - RSUs | 3 Months Ended |
Mar. 31, 2022$ / sharesshares | |
RSU Awards | |
Unvested beginning balance (in shares) | shares | 17,174 |
Awarded (in shares) | shares | 360,582 |
Vested (in shares) | shares | (353,160) |
Forfeited (in shares) | shares | (1,016) |
Unvested ending balance (in shares) | shares | 23,580 |
Weighted Average Grant Date Fair Value | |
Unvested beginning balance (in dollars per share) | $ / shares | $ 13.47 |
Awarded (in dollars per share) | $ / shares | 12.43 |
Vested (in dollars per share) | $ / shares | 11.54 |
Forfeited (in dollars per share) | $ / shares | 11.46 |
Unvested ending balance (in dollars per share) | $ / shares | $ 12.72 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Orrick | ||
Related Party Transaction [Line Items] | ||
Expense incurred for legal services | $ 1.7 | $ 0.3 |