Nikola Motor Company
Source: Nikola Motor Company
Electric heavy duty truck manufacturer Nikola said it produced 75 trucks in the third quarter and delivered 63 to dealers before the end of the quarter, generating enough revenue to beat Wall Street expectations.
But the company cut its full-year production guidance and declined to provide guidance for 2023. Nikola shares closed up nearly 11% on the news.
The news was included in Nikola’s third quarter earnings report, released Thursday morning. Here are the key numbers, compared to Refinitiv’s consensus estimates:
- Adjusted loss per share: 28 cents versus the 39 cents expected
- Income: $24.2 million vs. $22.1 million expected
The 75 trucks built during the third quarter are an improvement over the 50 trucks it built during the second quarter and brings the company’s year-to-date production to 125. But Nikola won’t build as many trucks this year as originally planned: Previously told investors it planned to build between 300 and 500 trucks by the end of 2022, but on Thursday said it now expects to build between 255 and 305 trucks by the end of the year.
Nikola declined to give production guidance for 2023, citing uncertainties about the timing and costs of planned factory expansions.
Michael Lohscheller, who officially became Nikola CEO on Thursday following the retirement of Mark Russell, said Nikola made “significant progress” in building a hydrogen fueling network ahead of the planned launch of its trucks with fuel cells next year. The company said last month it is working to access up to 300 metric tons of hydrogen gas per day as it aims to have 60 fueling stations by 2026.
Nikola said it is on track to complete 17 “beta,” or pre-production, fuel cell trucks by the end of 2022. The company built 6 in the third quarter; those trucks will be used for pilot tests with Walmart and other truck fleet operators.
Nikola said Thursday it had about $404 million in cash at the end of the quarter, up from about $587 million on June 30. The company said the total included $100.5 million raised through an “on-market” share. The offer of
Nikola filed a registration statement in August that allows it to raise a total of $400 million from sales of new shares from time to time.
Nikola completed the acquisition of one of its battery suppliers, Romeo Power, in October. Nikola said bringing Romeo’s operations in-house could save up to $350 million over the next four years. The truck maker paid $144 million in stock — no cash — for the Romeo.
