Nikola Motor Company
Source: Nikola Motor Company
Electric heavy-truck maker Nikola said Thursday it produced 133 battery-electric trucks within the fourth quarter, but delivered just 20 to dealers, generating revenue that fell well wanting Wall Street’s expectations.
Nikola said it made a series of changes to its battery-electric truck throughout the quarter in response to feedback from early customers. The corporate also confirmed that the fuel-cell version of its truck continues to be on the right track to start production within the second half of 2023, in keeping with earlier guidance.
The stock was down about 4% in early trading after initially rising premarket.
Listed below are the important thing numbers from Nikola’s fourth-quarter earnings report, compared with Refinitiv consensus estimates:
- Adjusted loss per share: 37 cents vs. 43 cents expected
- Revenue: $6.6 million vs. $32.1 million expected
Nikola’s fourth-quarter net loss was $222.1 million, or 46 cents per share. The truck maker lost $159.4 million, or 39 cents per share on a GAAP basis, within the year-ago period.
As of Dec. 31, Nikola had $233.4 million in money and equivalents available, down from $315.7 million at the tip of September.
Nikola’s fourth-quarter production brought it to 258 trucks inbuilt 2022. That was barely enough to hit the guidance range it provided in November, when it said it expected to supply between 255 and 305 trucks for the total yr.
Production should ramp up somewhat in 2023. Nikola said that investors should expect it to deliver between 250 and 350 battery-electric trucks and 125 to 150 of its upcoming fuel-cell trucks this yr. The corporate also expects to cut back costs on its battery-electric trucks by about $105,000 per truck by year-end because it realizes savings from its acquisition of battery-pack maker Romeo Power.
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