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3 Former SPACs Report Earnings: What Fisker, Velodyne Lidar, Virgin Galactic Investors Should Know

3 Former SPACs Report Earnings: What Fisker, Velodyne Lidar, Virgin Galactic Investors Should Know

One of the hottest sectors for investors in 2020 was SPACs. As the SPAC story continues in 2021, an important theme for investors and analysts to monitor is when recently merged SPACs report quarterly earnings.

Some SPAC mergers involve pre-revenue companies, so it could be important to monitor what the company is saying about its timeline and deal pipeline.

Here's a look at three former SPACs that reported earnings Thursday after the market closed.

Fisker: Electric vehicle company Fisker Inc (NYSE: FSR) reported for the first time since closing its SPAC merger in the fourth quarter.

The company said it remains on track to start production of the Fisker Ocean electric SUV in the fourth quarter of fiscal 2021. The vehicle has 12,467 reservations.

Fisker said retail daily reservations are up 400% since mid-October. Survey results from reservation holders show 70% of customers are current internal combustion vehicle drivers and 50% of customers drive a non-premium automobile.

The company highlighted a deal signed with Foxconn for the  production of a second vehicle in the fourth quarter of 2023.

Fisker ended the quarter with $991.2 million in cash and no debt.

Related Link: 10 Top SPAC Picks For Investors To Consider In 2021

Virgin Galactic: Space travel company Virgin Galactic (NYSE: SPCE) reported fourth-quarter and full-year earnings after the close Thursday. The pre-revenue company highlighted some upcoming events for investors.

The company said it will roll out its second spaceship March 30. A rocket-powered spaceflight is targeted to occur in May.

The company also highlighted an upcoming flight with the Italian Air Force that will bring in revenue for Virgin Galactic.

As of Dec. 31, the company had over 600 reservations from “future astronauts” who will take flight with the company to space.

Velodyne Lidar: In 2020, Velodyne Lidar (NASDAQ: VLDR) became the first public pure play lidar company for investors.

The company reported fourth-quarter revenue of $17.8 million. The revenue figure was down from $19 million reported in last year’s comparable period due to COVID-19 manufacturing shutdowns and an inability to fulfill certain customer orders.

Velodyne shipped a record 4,237 units in the fourth quarter, including 718 solid state units.

Velodyne had full fiscal year revenue of $95.4 million.

The company has a pipeline of 194 projects as of Feb. 19 from 26 signed agreements. Velodyne said it has the opportunity for $1 billion in revenue from fiscal 2021 through fiscal 2025 based on signed agreements. A pipeline of potential contracts could be worth up to $4.4 billion in revenue.

Disclosure: Author is long shares FSR and SPCE.

Photo courtesy of Fisker. 


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