Fisker Inc. Announces First Quarter 2023 Financial Results

Company delivers first Fisker Ocean Ones in Copenhagen, Denmark and Munich, Germany, establishing delivery process to early customers.
Fisker inaugurated its first two customer locations in April at the Vienna and Copenhagen Centers+, which were followed by the opening of two Fisker showrooms in Munich, one at Motorworld plus our flagship Lounge; the Los Angeles flagship Lounge is expected to open later this month. Additional locations to be opened across Europe and US throughout 2023.
US EPA testing completed for the Fisker Ocean Extreme; Fisker expects to receive EPA and CARB approvals later this month and then start US deliveries in June.
Q1 2023 operational results consistent with company expectations. Ended quarter with a solid cash and cash equivalents balance of $652.5 million. This excludes $22 million of pending VAT receivables.
Fisker Ocean awareness and recognition continues to expand; Fisker recently won the prestigious German Red Dot award for product design. Fisker Ocean and PEAR reservations and orders total over 70,000 as of May 8, 2023.
Four-stage production plan shifts to right based on current homologation and supply chain timelines. Fisker plans to produce 1,400-1,700 vehicles in Q2, provided all partners deliver. Fisker expects to have a steep ramp up in Q3, followed by a monthly run rate of approximately 6,000 vehicles for the rest of the year, and forecasts 32,000-36,000 units produced in calendar 2023.

Fisker Inc. (NYSE: FSR) ("Fisker"), driven by a mission to create the world's most emotional and sustainable electric vehicles, today announced its financial results for the first quarter ended March 31, 2023.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230509005561/en/

Company delivers first Fisker Ocean Ones in Copenhagen, Denmark and Munich, Germany, establishing delivery process to early customers. (Photo: Business Wire)

"It has been a fantastic weekend to have kicked off customer deliveries and opened our flagship Lounge in Munich yesterday. Now we are entering into a new era, becoming a revenue generating car company!" stated Henrik Fisker, Chairman and Chief Executive Officer of Fisker.

Recent Updates:

First customer vehicle delivered in Copenhagen, Denmark on May 5, 2023 capitalizing on its dual-homologation strategy in Europe and the US where the class-leading Fisker Ocean has a large global total addressable market. Fisker completed the US National Highway Traffic Safety Administration (NHTSA) FMVSS self-certification and EPA completed its confirmatory testing; Fisker expects to receive the remaining approvals from the EPA (COC) and the California Air Resources Board (CARB EO) later this month. US deliveries to commence after US EPA certification.
The Fisker Ocean Extreme achieved a combined WLTP range of up to 707 km/440 UK miles with 20-inch wheels/tires equipped, exceeding previous estimates and indicating that the Fisker Ocean Extreme, including the limited edition Fisker Ocean One, has the longest range of any battery electric SUV sold in Europe today.
Four-stage supplier ramp up and vehicle assembly plan shifts to right on current homologation and supplier readiness timelines. 2023-to-date, Fisker has manufactured 55 engineering, marketing, and customer vehicles to start the registration and delivery process in Germany and Denmark. Production will ramp up next week and European deliveries are expected to pick up shortly after. Activated fleet of testing and validation vehicles in many regions of the world, focused on validating customer functions and features to continuously improve the customer experience; vehicles are fully connected and may receive software updates. A significant focus has been preparing for high quality vehicle assembly, with inline commissioning and automated end of line testing, so Fisker can achieve a maximum monthly run rate of 6,000 vehicles towards the end of Q3 into Fisker's stage 4 plan. Fisker adjusts its annual production forecast to 32,000-36,000 units and expects to produce 1,400-1,700 customer vehicles in Q2, provided all partners deliver. This adjustment reflects updated homologation timing, supply chain maturity and ramp readiness progress.
Deftpower named as European public charging platform provider, which complements Fisker's Allego partnership in Europe, and when combined with Chargepoint's network in North America, provides Fisker Ocean customers with access to over 600,000 charging points.
Fisker partnered with Ample to deliver battery swappable Fisker Ocean vehicles for fleet customers by Q1 2024. Ample's battery-swapping system will bring a new level of affordability to the Fisker Ocean and will help further Fisker's long-term strategy to increase scale and adoption of its EVs in the US and Europe.
Fisker Ocean reservations and orders approximated 65,000 as of May 8, 2023. During the first quarter, Fisker was disciplined with its marketing spend amidst the ongoing macro turbulence. PEAR reservations exceeded 6,000 as of May 8, 2023.
Fisker Ocean world tour continued, including events in France (Autonomy Mobility World Expo), Norway (Nordic EV Summit), the United Kingdom (Fully Charged Live UK), and the United States (Qualtrics X4 Summit).
Delivered a new version of our Web application and iOS App, including an updated interactive configurator. The new Fisker Web and Apps offer a more intuitive experience exploring and buying a Fisker EV. These products are available in multiple languages and will be continually updated.
The Fisker Ocean won the internationally recognized Red Dot award for outstanding product design. The Fisker Ocean was evaluated on four key design qualities: product function, aesthetics, ease of use, and responsibility / sustainability – and was awarded Best Electric Vehicle 2023.
Fisker continues to bolster its internal technical capabilities and our global team totals more than 900 as of May 8, 2023.
Fisker will be adding an optional "hard core" off-road package called Force E, which can be applied to AWD Oceans after purchase. This will move the Ocean into a new market segment, with few direct EV competitors at its price point. The Force E is expected to be available in Q4 this year. Images will be released later today.
PEAR development continues. Fisker has now reduced the parts count by 25% through a new process we call "steel ++". As we are finalizing our battery partners, launch of PEAR production will shift into 2025.
Fisker is planning its inaugural Investor Product Day event this summer, where it will showcase several new models that will be part of Fisker's goal to produce 1 million vehicles in 2027.

First Quarter 2023 Financial Highlights:

Cash and cash equivalents of $652.5 million as of March 31, 2023; this excludes $22 million of pending VAT receivables. Approximately $47 million raised from Fisker's $350 million at-the-market (ATM) equity program during the first quarter of 2023.
Loss from operations totaled $121.6 million, which includes higher Q1 R&D expenses milestones that are not expected to repeat.
Net loss totaled $120.6 million and $0.38 loss per share.
Net cash used in operating activities totaled $83.7 million and capital expenditures totaled $45.7 million.
Weighted average shares outstanding totaled 321.0 million for the three months ended March 31, 2023.

2023 Business Outlook

Four-stage supplier ramp up and vehicle assembly plan moves to right on updated homologation timing. Fisker expects to produce 1,400-1,700 vehicles in Q2, provided Fisker's suppliers and partners can support this volume and ramp; Fisker also revises calendar 2023 production volume guidance to 32,000-36,000 vehicles. The following information reflects Fisker's expectations for key non-GAAP operating expenses and capital expenditures for full-year 2023. Fisker is projecting the total of these items to be within a range of $535 million to $610 million, consistent with its prior expectations last provided in the Q4 and Full Year 2022 Earnings Release. Fisker anticipates an 8-12% gross margin range for full year 2023 and potentially positive adjusted EBITDA ¹ , provided input costs do not change dramatically.

Key Expense Item	USD, millions
Research & Development (Non-GAAP) ¹	$	160 - 190
Selling, General, and Administrative (Non-GAAP) ¹	$	130 - 160
Capital Expenditures	$	245 - 260
Total	$	535 - 610

¹ Excludes stock-based compensation expense. A reconciliation to the corresponding GAAP amount is not provided as the quantification of stock-based compensation excluded from the non-GAAP measure, which may be significant, cannot be reasonably calculated or predicted without unreasonable efforts. The Non-GAAP adjustment for stock-based compensation expense requires additional inputs such as number of shares granted and market price volatilities that are not currently ascertainable and cannot be reasonably estimated.

Conference Call Information

Fisker Inc. will host a conference call to discuss the results at 5:00 a.m. Pacific Time (8:00 a.m. Eastern Time) today, May 9, 2023. The live audio webcast will be accessible on Fisker's Investor Relations website at https://investors.fiskerinc.com . A recording of the webcast will also be available following the conference call.

Use of Non-GAAP Financial Measures (Unaudited)

This press release and the accompanying tables references certain non-generally accepted accounting principles in the United States (GAAP) financial measures, including non-GAAP adjusted loss from operations, non-GAAP selling, general, and administrative expense, non-GAAP research and development expense and non-GAAP total operating expenses. These non-GAAP financial measures differ from their directly comparable GAAP financial measures due to adjustments made to exclude stock-based compensation expense. None of these non-GAAP financial measures is a substitute for or superior to measures of financial performance prepared in accordance with GAAP and should not be considered as an alternative to any other performance measures derived in accordance with GAAP.

Fisker believes that presenting these non-GAAP financial measures provides useful supplemental information to investors about Fisker in understanding and evaluating its operating results, enhancing the overall understanding of its past performance and future prospects, and allowing for greater transparency with respect to key financial metrics used by its management in financial and operational-decision making. However, there are a number of limitations related to the use of non-GAAP measures and their nearest GAAP equivalents. For example, other companies may calculate non-GAAP measures differently, or may use other measures to calculate their financial performance, and therefore any non-GAAP measures Fisker uses may not be directly comparable to similarly titled measures of other companies. Therefore, both GAAP financial measures of Fisker's financial performance and the respective non-GAAP measures should be considered together. Please see the reconciliation of non-GAAP financial measures to the most directly comparable GAAP measure in the tables below.

Disclosure Information

Fisker uses the investor relations section on its website as a means of complying with its disclosure obligations under Regulation FD. It also uses various social media channels as a means of disclosing information about Fisker and its products to its customers, investors and the public (e.g., @fiskerinc on Twitter, Facebook, Instagram, YouTube, TikTok and LinkedIn). Accordingly, investors should monitor Fisker's investor relations website and these social media channels in addition to following Fisker's press releases, SEC filings, and public conference calls and webcasts.

About Fisker Inc.

California-based Fisker Inc. is revolutionizing the automotive industry by developing the most emotionally desirable and eco-friendly electric vehicles on Earth. Passionately driven by a vision of a clean future for all, the company is on a mission to become the No. 1 e-mobility service provider with the world's most sustainable vehicles. To learn more, visit www.FiskerInc.com – and enjoy exclusive content across Fisker's social media channels: Facebook , Instagram , Twitter , YouTube , and LinkedIn .

Download the revolutionary new Fisker mobile app from the App Store or Google Play store.

Forward-Looking Statements

This press release includes forward-looking statements, which are subject to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as "feel," "believes," expects," "estimates," "projects," "intends," "should," "is to be," or the negative of such terms, or other comparable terminology and include, among other things, the statements quoted by our Chief Executive Officer, the timing of start of production and delivery of the Fisker Ocean or the Fisker PEAR, the sufficiency of our cash to fund production launch of the Fisker Ocean, and statements regarding Fisker's future performance under "2023 Business Outlook," the reported financial results for the first quarter of 2023, which are subject to completion of Fisker's internal review, and other future events that involve risks and uncertainties. Such forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements contained herein due to many factors, including, but not limited to: Fisker's limited operating history; Fisker's ability to enter into additional manufacturing and other contracts with Magna, or other OEMs or tier-one suppliers in order to execute on its business plan; the risk that OEM and supply partners do not meet agreed upon timelines or experience capacity constraints; Fisker may experience significant delays in the design, manufacture, regulatory approval, launch and financing of its vehicles; Fisker's ability to execute its business model, including market acceptance of its planned products and services; Fisker's inability to retain key personnel and to hire additional personnel; competition in the electric vehicle market; Fisker's inability to develop a sales distribution network; and the ability to protect its intellectual property rights; and those factors discussed in Fisker's Annual Report on Form 10-K, under the heading "Risk Factors," filed with the Securities and Exchange Commission (the "SEC"), as supplemented by Quarterly Reports on Form 10-Q, and other reports and documents Fisker files from time to time with the SEC. Any forward-looking statements speak only as of the date on which they are made, and Fisker undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.

First Quarter 2023 Financial Results

Fisker Inc. and Subsidiaries Unaudited Condensed Consolidated Statements of Operations (amounts in thousands, except share and per share data)

	Three Months Ended
	March 31, 2023			December 31, 2022			March 31, 2022

Revenue	$	198		$	306		$	12
Costs of goods sold		164			238			11
Gross margin		34			68			1

Operating costs and expenses:
Selling, general and administrative (1)		44,648			44,802			21,992
Research and development (2)		76,999			133,400			101,460
Total operating costs and expenses		121,647			178,202			123,452

Loss from operations		(121,613	)		(178,134	)		(123,451	)

Other income (expense):
Other income (expense)		(45	)		433			(371	)
Interest income		6,894			5,685			265
Interest expense		(4,601	)		(4,599	)		(4,383	)
Unrealized gain/(loss) recognized on equity securities		(730	)		(1,220	)		5,120
Foreign currency gain/(loss)		(401	)		7,916			746
Total other income (expense)		1,117			8,215			1,377
Net loss before income taxes		(120,496	)		(169,919	)		(122,074	)
Provision for income taxes		(59	)		(185	)		-
Net loss	$	(120,555	)	$	(170,104	)	$	(122,074	)

Basic and Diluted net loss per share	$	(0.38	)	$	(0.54	)	$	(0.41	)
Basic and Diluted weighted average common shares outstanding		320,983,589			314,891,794			296,508,619


(1) Selling, general and administrative reconciliation
GAAP selling, general and administrative	$	44,648		$	44,802		$	21,992
Stock-based compensation benefit/(expense)		657			(762	)		(1,773	)
Non-GAAP selling, general and administrative	$	45,305		$	44,040		$	20,219

(2) Research and development reconciliation
GAAP research and development	$	76,999		$	133,400		$	101,460
Stock-based compensation benefit/(expense)		985			(1,414	)		(3,292	)
Non-GAAP research and development	$	77,984		$	131,986		$	98,168

Fisker Inc. and Subsidiaries Unaudited Condensed Consolidated Balance Sheets (amounts in thousands, except share and per share data)

	As of:
	March 31, 2023		December 31, 2022
Current assets:
Cash and cash equivalents	$	652,534	$	736,549
Restricted cash		4,624		-
Prepaid expenses and other current assets		126,305		91,765
Equity investment		2,410		3,140
Total current assets		785,873		831,454

Non-current assets:
Property and equipment, net		420,607		387,137
Intangible assets		241,322		246,922
Right of use asset, net		38,680		33,424
Other non-current assets		18,064		16,489
Total noncurrent assets		718,673		683,972
Total assets	$	1,504,546	$	1,515,426

Current liabilities:
Accounts payable	$	68,317	$	58,871
Accrued expenses		310,710		264,925
Lease liabilities (short term)		7,323		7,085
Total current liabilities		386,350		330,881

Non-current liabilities:
Customer deposits		15,669		15,334
Lease liabilities		33,587		27,884
Convertible notes		661,250		660,822
Total non-current liabilities		710,506		704,040
Total liabilities		1,096,856		1,034,921

Stockholder's equity		407,690		480,505
Total liabilities and equity	$	1,504,546	$	1,515,426

Fisker Inc. and Subsidiaries Unaudited Condensed Consolidated Statements of Cash Flows (amounts in thousands, except share and per share data)

	Three Months Ended March 31,
	2023			2022
Cash flows from Operating Activities
Net loss	$	(120,555	)	$	(122,074	)
Stock-based compensation		(1,642	)		5,065
Depreciation and Amortization		9,150			379
Accretion of debt issuance costs		428			204
Unrealized (gain)/loss recognized on equity securities		730			(5,120	)
Change in operating assets and liabilities		25,208			15,402
Other operating activities		2,939			156
Net cash used in operating activities		(83,742	)		(105,988	)

Cash flows from Investing Activities
Purchase of equity securities		-			(10,000	)
Purchase of property and equipment		(45,748	)		(45,750	)
Net cash used in investing activities		(45,748	)		(55,750	)

Cash flows from Financing Activities
Proceeds from exercise of stock options		2,788			1,861
Proceeds from stock issuance under "At-the-market" offering		47,986			-
Payments for "At-the-market" issuance costs		(675	)		-
Net cash provided by financing activities		50,099			1,861

Net increase / (decrease) in cash and cash equivalents		(79,391	)		(159,877	)
Cash and cash equivalents, beginning of period		736,549			1,202,439
Cash, cash equivalents and restricted cash, end of period	$	657,158		$	1,042,562

Source: Fisker Inc.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230509005561/en/

Fisker Inc. Communications
Frank Boroch, VP, Investor Relations & Treasury
fboroch@fiskerinc.com

Matthew DeBord, Sr. Director, Communications Strategy & Storytelling
mdebord@fiskerinc.com

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QIAGEN expands QIAstat-Dx syndromic testing menu in the U.S. with launch of molecular test to improve gastrointestinal care

QIAGEN (NYSE: QGEN; Frankfurt Prime Standard: QIA) today announced the launch of the QIAstat-Dx Gastrointestinal Panel 2 in the United States. The launch comes after the recent clearance of the syndromic test for clinical use by the U.S. Food and Drug Administration (FDA) and marks a significant step forward in improving the accuracy and efficiency of gastrointestinal (GI) infection diagnosis.

The QIAstat-Dx Gastrointestinal Panel 2 takes about an hour to simultaneously look for up to 16 clinically relevant bacterial, viral and parasitic pathogens that cause most GI infections. Acute infectious gastroenteritis is a common reason for hospitalizations and outpatient physician visits in the U.S., with an estimated 180 million cases per year. [1]

The panel leverages QIAstat-Dx's ability to quickly multiply many genetic targets using real-time PCR technology in the same reaction – an important advance compared to traditional microbiological testing, which often requires samples to be incubated for at least 24 hours and up to 10 days of specimen collection. Software interprets signals from the reaction and provides positive or negative results for each pathogen. QIAstat-Dx additionally provides easy-to-view cycle threshold (Ct) values and amplification curves that can offer additional insights not available with end-point PCR or other techniques.

"The QIAstat-Dx Gastrointestinal Panel 2 allows medical professionals to identify which GI pathogen they are dealing with quickly," said Fernando Beils, Senior Vice President and Head of the Molecular Diagnostics Business Area at QIAGEN. "This is QIAGEN's answer to two major problems in treating GI infections: diagnosis of overlapping symptoms and laborious testing methods."

"It can be very difficult to clinically distinguish between viral, bacterial and parasitic causes of GI illness. We can easily set up and get a full panel of results back faster than culture and microscopy, and access to Ct values for each detected pathogen can provide valuable information when interpreting when interpreting multiple pathogen detections," added Romney Humphries, Ph.D., professor of Pathology, Microbiology, and Immunology and division director for Laboratory Medicine at Vanderbilt University Medical Center in the U.S. about the clinical utility of QIAstat-Dx.

The new panel expands QIAGEN's U.S. menu for syndromic testing, building on the use of the QIAstat-Dx Respiratory Panel Plus that can identify 21 pathogens causing respiratory infections from viral and bacterial pathogens. Both Panels are available as cost-efficient, single-use cartridges that slot easily into the QIAstat-Dx Analyzer 1.0. As they contain all reagents, set up takes less than a minute and requires no precision pipetting.

The U.S. launch supports healthcare providers with diagnosing and treating patients quickly and accurately. They will be able to quickly isolate those at risk of transmitting infections and identify negative cases sooner, reducing the burden of unnecessary testing and treatment costs on the healthcare system and patients. Syndromic tests have also been shown to improve the detection of co-infections, reducing the need for additional testing like endoscopies. By providing fast results, syndromic testing enables healthcare providers to make informed decisions and discontinue empiric antibiotic treatment when viral pathogens are detected, reducing overall antibiotic usage and supporting the goal of responsible antimicrobial stewardship.

Syndromic testing with cloud-based connectivity and epidemiological insights

QIAstat-Dx solutions and syndromic tests to support diagnosing diseases are available in more than 100 countries worldwide, including the U.S. and many across Europe. More than 4,000 cumulative systems were installed worldwide at the end of 2023. Hospitals, laboratories and clinics value the QIAstat-Dx range as an easy-to-use automated solution for the reliable detection of various pathogens.

QIAstat-Dx is available in two formats: The QIAstat-Dx version that brings together up to four Analytical Modules into one integrated system, and the QIAstat-Dx Rise higher-capacity version that provides comprehensive testing for up to 160 tests per day using eight Analytical Modules. QIAstat-Dx Rise is available with CE-IVD marking in Europe and other countries that accept this marking.

With a QIAstat-Dx Connectivity plan, QIAstat-Dx connects to the QIAsphere cloud-based platform that provides remote monitoring of the instruments and test status, allowing customers to receive push notifications on their personal devices. It can monitor an unlimited number of instruments across different hospitals or satellite labs, reducing system downtime and enabling fast and accurate syndromic testing. Connectivity is achieved through the Qbase hub, which can be connected to QIAstat-Dx in minimal time through hospitals' LAN or Wi-Fi network, ensuring sensitive patient data remains within the hospital network.

QIAsphere also allows users to view and export reports on real-time local, regional and global epidemiology data through QIAsphere Insights to support epidemiological surveillance . Further, with the recent release of a medical reference app for QIAstat-Dx users, the Pathogen Guide , QIAstat-Dx is poised as a leader in digital diagnostic technology for customers around the world.

Learn more about QIAstat-Dx and the Gastrointestinal Panel 2 at https://www.qiagen.com/applications/syndromic-testing/benefits/gastrointestinal-care

About QIAGEN

Qiagen N.V., a Netherlands-based holding company, is the leading global provider of Sample to Insight solutions that enable customers to gain valuable molecular insights from samples containing the building blocks of life. Our sample technologies isolate and process DNA, RNA and proteins from blood, tissue and other materials. Assay technologies make these biomolecules visible and ready for analysis. Bioinformatics software and knowledge bases interpret data to report relevant, actionable insights. Automation solutions tie these together in seamless and cost-effective workflows. QIAGEN provides solutions to more than 500,000 customers around the world in Molecular Diagnostics (human healthcare) and Life Sciences (academia, pharma R&D and industrial applications, primarily forensics). As of March 31, 2024, QIAGEN employed approximately 5,900 people in over 35 locations worldwide. Further information can be found at http://www.qiagen.com .

Forward-Looking Statement

Certain statements contained in this press release may be considered forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. To the extent that any of the statements contained herein relating to QIAGEN's products, including those products used in the response to the COVID-19 pandemic, timing for launch and development, marketing and/or regulatory approvals, financial and operational outlook, growth and expansion, collaborations, markets, strategy or operating results, including without limitation its expected adjusted net sales and adjusted diluted earnings results, are forward-looking, such statements are based on current expectations and assumptions that involve a number of uncertainties and risks. Such uncertainties and risks include, but are not limited to, risks associated with management of growth and international operations (including the effects of currency fluctuations, regulatory processes and dependence on logistics), variability of operating results and allocations between customer classes, the commercial development of markets for our products to customers in academia, pharma, applied testing and molecular diagnostics; changing relationships with customers, suppliers and strategic partners; competition; rapid or unexpected changes in technologies; fluctuations in demand for QIAGEN's products (including fluctuations due to general economic conditions, the level and timing of customers' funding, budgets and other factors); our ability to obtain regulatory approval of our products; difficulties in successfully adapting QIAGEN's products to integrated solutions and producing such products; the ability of QIAGEN to identify and develop new products and to differentiate and protect our products from competitors' products; market acceptance of QIAGEN's new products and the integration of acquired technologies and businesses; actions of governments, global or regional economic developments, weather or transportation delays, natural disasters, political or public health crises, including the breadth and duration of the COVID-19 pandemic and its impact on the demand for our products and other aspects of our business, or other force majeure events; as well as the possibility that expected benefits related to recent or pending acquisitions may not materialize as expected; and the other factors discussed under the heading "Risk Factors" contained in Item 3 of our most recent Annual Report on Form 20-F. For further information, please refer to the discussions in reports that QIAGEN has filed with, or furnished to, the U.S. Securities and Exchange Commission.

Source: Qiagen N.V.
Category: Corporate

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Registered and non-registered shareholders entitled to vote at the Meeting may vote by proxy in advance of the Meeting. However, only registered shareholders and duly appointed proxyholders (including non-registered shareholders who have duly appointed themselves as proxyholder) will be entitled to vote at the Meeting during the live audio webcast. Non-registered shareholders who have not duly appointed themselves as proxyholders will be able to attend the Meeting and ask questions, but will not be able to vote. Guests will be able to attend the Meeting but will not be able to submit questions, vote their shares (if any) or otherwise participate in the Meeting. Please note that registered shareholders will need the 16-digit control number indicated on the form of proxy accompanying their Notice of Meeting to log on to the Meeting as a "Shareholder". Duly appointed proxyholders will need the Appointee Name and 8-character Appointee Identification Number to log on to the Meeting as a "Proxyholder / Appointee". Otherwise, shareholders or duly appointed proxyholders, as applicable, will have to log on as "Guests". Please refer to the Company's Management Information Circular in the Investor Relations section of our website for additional details on how to log on to the Meeting.

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(millions of dollars)		Quarter ended											Six months ended					%
		2024		2024		2023		2023		2023	% Change				2024		2023	Change
		Q2		Q1		Q4		Q3		Q2	Quarter over Quarter	Year over Year		March 31		March 31		Year over Year
Consolidated
Revenue	$	42.2	$	35.4	$	42.2	$	46.0	$	37.6	19%	12%		$	77.6	$	75.8	2%
Net Revenue ^(A)	$	11.5	$	9.7	$	11.2	$	12.1	$	9.9	19%	16%		$	21.2	$	19.7	8%
Adjusted EBITDA ^(A)	$	0.7	$	(1.1)	$	0.6	$	1.7	$	(1.7)	166%	142%		$	(0.4)	$	(4.6)	92%
Net income (loss)	$	2.1	$	(3.6)	$	1.6	$	(0.6)	$	(2.6)	158%	181%		$	(1.5)	$	(7.2)	79%
Net income (loss) per diluted share	$	0.03	$	(0.05)	$	0.02	$	(0.01)	$	(0.04)	160%	175%		$	(0.02)	$	(0.10)	80%
Adjusted Net income (loss) ^(A)	$	1.3	$	(1.2)	$	0.8	$	1.0	$	(1.9)	207%	168%		$	0.1	$	(4.0)	103%
Adjusted Net income (loss) ^(A) per diluted share	$	0.02	$	(0.02)	$	0.01	$	0.01	$	(0.03)	200%	167%		$	-	$	(0.06)	100%

U.S. Appraisal segment
Revenue	$	32.6	$	26.8	$	31.2	$	33.5	$	28.0	22%	16%		$	59.3	$	56.3	6%
Net Revenue ^(A)	$	9.2	$	7.5	$	8.6	$	9.2	$	7.7	23%	19%		$	16.6	$	15.4	9%
Net Revenue ^(A) margin		28.3%		27.9%		27.5%		27.5%		27.6%					28.1%		27.3%
Adjusted EBITDA ^(A)	$	4.4	$	2.7	$	3.9	$	4.8	$	3.1	65%	40%		$	7.1	$	5.5	30%
Adjusted EBITDA ^(A) margin		47.9%		35.8%		46.0%		52.0%		40.6%					42.5%		35.5%

U.S. Title segment
Revenue	$	2.0	$	2.0	$	2.3	$	2.6	$	2.2	0%	-9%		$	4.1	$	4.6	-11%
Net Revenue ^(A)	$	0.9	$	1.0	$	1.0	$	1.2	$	0.8	-7%	9%		$	1.9	$	1.6	13%
Net Revenue ^(A) margin		44.0%		47.3%		45.0%		45.2%		36.8%					45.7%		35.7%
Adjusted EBITDA ^(A)	$	(1.7)	$	(1.6)	$	(1.6)	$	(1.6)	$	(2.3)	-2%	28%		$	(3.3)	$	(5.2)	37%
Adjusted EBITDA ^(A) margin		-184.8%		-167.9%		-150.4%		-133.6%		-279.3%					-176.0%		-316.4%

Canadian segment
Revenue	$	7.6	$	6.6	$	8.7	$	9.9	$	7.4	15%	2%		$	14.2	$	14.9	-5%
Net Revenue ^(A)	$	1.4	$	1.2	$	1.6	$	1.7	$	1.4	15%	3%		$	2.7	$	2.7	-2%
Net Revenue ^(A) margin		18.9%		18.8%		17.9%		17.6%		18.7%					18.8%		18.3%
Adjusted EBITDA ^(A)	$	0.9	$	0.7	$	1.2	$	1.3	$	1.0	26%	-8%		$	1.6	$	1.8	-13%
Adjusted EBITDA ^(A) margin		62.3%		56.8%		72.9%		73.7%		69.8%					59.7%		67.0%

Corporate segment
Adjusted EBITDA ^(A)	$	(2.9)	$	(2.9)	$	(2.9)	$	(2.8)	$	(3.5)	-4%	16%		$	(5.8)	$	(6.7)	14%

						Quarter ended					Six months ended
		Q2 2024		Q1 2024		Q4 2023		Q3 2023		Q2 2023	March 31, 2024		March 31, 2023

Net income (loss)	$	2.1	$	(3.6)	$	1.6	$	(0.6)	$	(2.6)	$	(1.5)	$	(7.2)
Operating expenses		11.2		11.6		10.9		10.7		11.9		22.8		25.1
Amortization		0.8		0.8		0.9		1.0		1.0		1.6		2.0
Restructuring expenses		-		-		-		-		0.4		-		1.7
Interest expense		0.1		0.1		0.1		0.1		0.1		0.2		0.2
Interest income		(0.4)		(0.4)		(0.3)		(0.2)		(0.2)		(0.8)		(0.3)
Net foreign exchange (gain) loss		(2.2)		2.0		(1.8)		1.8		0.1		(0.2)		1.1
Loss (gain) on fair value of derivatives		0.1		(0.2)		(0.1)		(0.5)		(0.3)		(0.1)		(0.3)
Income tax recovery		(0.2)		(0.6)		(0.1)		(0.2)		(0.5)		(0.8)		(2.6)
Net Revenue	$	11.5	$	9.7	$	11.2	$	12.1	$	9.9	$	21.2	$	19.7

						Quarter ended					Six months ended
		Q2 2024		Q1 2024		Q4 2023		Q3 2023		Q2 2023	March 31, 2024		March 31, 2023

Net income (loss)	$	2.1	$	(3.6)	$	1.6	$	(0.6)	$	(2.6)	$	(1.5)	$	(7.2)
Stock-based compensation expense		0.4		0.8		0.3		0.3		0.3		1.2		0.8
Amortization		0.8		0.8		0.9		1.0		1.0		1.6		2.0
Restructuring expenses		-		-		-		-		0.4		-		1.7
Interest expense		0.1		0.1		0.1		0.1		0.1		0.2		0.2
Interest income		(0.4)		(0.4)		(0.3)		(0.2)		(0.2)		(0.8)		(0.3)
Net foreign exchange (gain) loss		(2.2)		2.0		(1.8)		1.8		0.1		(0.2)		1.1
Loss (gain) on fair value of derivatives		0.1		(0.2)		(0.1)		(0.5)		(0.3)		(0.1)		(0.3)
Income tax recovery		(0.2)		(0.6)		(0.1)		(0.2)		(0.5)		(0.8)		(2.6)
Adjusted EBITDA	$	0.7	$	(1.1)	$	0.6	$	1.7	$	(1.7)	$	(0.4)	$	(4.6)

						Quarter ended					Six months ended
		Q2 2024		Q1 2024		Q4 2023		Q3 2023		Q2 2023	March 31, 2024		March 31, 2023

Net income (loss)	$	2.1	$	(3.6)	$	1.6	$	(0.6)	$	(2.6)	$	(1.5)	$	(7.2)
Stock-based compensation expense		0.4		0.8		0.3		0.3		0.3		1.2		0.8
Amortization of intangibles		0.4		0.4		0.4		0.4		0.4		0.8		0.8
Restructuring expenses		-		-		-		-		0.4		-		1.7
Net foreign exchange (gain) loss		(2.2)		2.0		(1.8)		1.8		0.1		(0.2)		1.1
Loss (gain) on fair value of derivatives		0.1		(0.2)		(0.1)		(0.5)		(0.3)		(0.1)		(0.3)
Related tax effects		0.5		(0.6)		0.4		(0.4)		(0.2)		(0.1)		(0.9)
Adjusted Net Income (Loss)	$	1.3	$	(1.2)	$	0.8	$	1.0	$	(1.9)	$	0.1	$	(4.0)

(millions of dollars)		Quarter ended
		2024			2023			2023			2023			2023		% Change
		Q1			Q4			Q3			Q2			Q1		Quarter over Quarter		Year over Year
Consolidated
Revenue	$	35.4		$	42.2		$	46.0		$	37.6		$	38.2		-16	%	-7	%
Net Revenue ^(A)	$	9.7		$	11.2		$	12.1		$	9.9		$	9.8		-13	%	-1	%
Adjusted EBITDA ^(A)	$	(1.1	)	$	0.6		$	1.7		$	(1.7	)	$	(2.9	)	-280	%	64	%
Net (loss) income	$	(3.6	)	$	1.6		$	(0.6	)	$	(2.6	)	$	(4.6	)	-322	%	22	%
Net (loss) income per diluted share	$	(0.05	)	$	0.02		$	(0.01	)	$	(0.04	)	$	(0.06	)	-350	%	17	%
Adjusted Net (loss) income ^(A)	$	(1.2	)	$	0.8		$	1.0		$	(1.9	)	$	(2.1	)	-241	%	43	%
Adjusted Net (loss) income ^(A) per diluted share	$	(0.02	)	$	0.01		$	0.01		$	(0.03	)	$	(0.03	)	-300	%	33	%

U.S. Appraisal segment
Revenue	$	26.8		$	31.2		$	33.5		$	28.0		$	28.3		-14	%	-5	%
Net Revenue ^(A)	$	7.5		$	8.6		$	9.2		$	7.7		$	7.6		-13	%	-2	%
Net Revenue ^(A) margin		27.9	%		27.5	%		27.5	%		27.6	%		27.0	%
Adjusted EBITDA ^(A)	$	2.7		$	3.9		$	4.8		$	3.1		$	2.3		-32	%	16	%
Adjusted EBITDA ^(A) margin		35.8	%		46.0	%		52.0	%		40.6	%		30.4	%

U.S. Title segment
Revenue	$	2.0		$	2.3		$	2.6		$	2.2		$	2.4		-13	%	-14	%
Net Revenue ^(A)	$	1.0			1.0		$	1.2			0.8		$	0.8		-8	%	18	%
Net Revenue ^(A) margin		47.3	%		45.0	%		45.2	%		36.8	%		34.7	%
Adjusted EBITDA ^(A)	$	(1.6	)	$	(1.6	)	$	(1.6	)	$	(2.3	)	$	(2.9	)	-2	%	44	%
Adjusted EBITDA ^(A) margin		-167.9	%		-150.4	%		-133.6	%		-279.3	%		-353.4	%

Canadian segment
Revenue	$	6.6		$	8.7		$	9.9		$	7.4		$	7.5		-24	%	-12	%
Net Revenue ^(A)	$	1.2		$	1.6		$	1.7		$	1.4		$	1.4		-20	%	-8	%
Net Revenue ^(A) margin		18.8	%		17.9	%		17.6	%		18.7	%		17.9	%
Adjusted EBITDA ^(A)	$	0.7		$	1.2		$	1.3		$	1.0		$	0.9		-38	%	-19	%
Adjusted EBITDA ^(A) margin		56.8	%		72.9	%		73.7	%		69.8	%		64.2	%

Corporate segment
Adjusted EBITDA ^(A)	$	(2.9	)	$	(2.9	)	$	(2.8	)	$	(3.5	)	$	(3.2	)	2	%	9	%

								Quarter ended
		Q1 2024			Q4 2023			Q3 2023			Q2 2023			Q1 2023

Net (loss) income	$	(3.6	)	$	1.6		$	(0.6	)	$	(2.6	)	$	(4.6	)
Operating expenses		11.6			10.9			10.7			11.9			13.2
Amortization		0.8			0.9			1.0			1.0			1.0
Restructuring expenses		-			-			-			0.4			1.3
Interest expense		0.1			0.1			0.1			0.1			0.1
Interest income		(0.4	)		(0.3	)		(0.2	)		(0.2	)		(0.1	)
Net foreign exchange loss (gain)		2.0			(1.8	)		1.8			0.1			1.0
Gain on fair value of derivatives		(0.2	)		(0.1	)		(0.5	)		(0.3	)		-
Income tax recovery		(0.6	)		(0.1	)		(0.2	)		(0.5	)		(2.1	)
Net Revenue	$	9.7		$	11.2		$	12.1		$	9.9		$	9.8

Fisker Inc. Announces First Quarter 2023 Financial Results

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