Fisker Inc.'s financial history is the story of a company that raised significant capital through the SPAC public offering and subsequent equity raises, burned through that capital at a rate that its vehicle production and sales volumes could not sustain, and ultimately ran out of runway before achieving the scale required to reach cash flow breakeven. The SPAC merger completed in October 2020 raised approximately $1 billion, valuing the pre-revenue company at approximately $2.9 billion. At the time of the merger, Fisker had no production vehicles, no manufacturing facility, and revenue consisting primarily of vehicle reservation deposits. The valuation reflected the electric vehicle market enthusiasm of the 2020-2021 period, when investors were willing to ascribe large valuations to EV companies based on total addressable market size and product concept attractiveness rather than demonstrated production capability. The company raised additional capital through equity offerings in 2021 as the stock price remained elevated, building a cash position that was intended to fund the engineering, software development, and pre-production activities required to bring the Ocean to market. By early 2022, Fisker had a cash position of approximately $1.5 billion — a figure that appeared substantial for a pre-revenue company but that automotive industry observers noted was far below the capital that Tesla, Rivian, and Lucid had each raised to fund their production ramp-ups. Revenue from vehicle sales began in the second half of 2023, as Ocean deliveries commenced. The first full year of Ocean deliveries produced revenue of approximately $273 million — a figure that fell well short of projections and reflected both the slower-than-expected production ramp and the quality and software issues that impeded demand. The cost structure of producing Oceans at below-breakeven volumes meant that each vehicle sold was generating a gross loss, with manufacturing costs exceeding selling prices at the production volumes Fisker was achieving. By fiscal year 2023, Fisker had accumulated losses of several hundred million dollars and a cash position that was declining rapidly. The company's attempts to reduce cash burn through production pauses, headcount reductions, and aggressive inventory liquidation — including a controversial large order from a rental car company at discounted prices — were insufficient to extend the runway to the point where a strategic transaction or additional capital raise could be completed. The June 2024 bankruptcy filing with approximately $500 million in debt marked the financial endpoint of a company that had once been valued at nearly $4 billion.