Nikola Motor Enterprise
Source: Nikola Motor Company
Electric heavy truck maker Nikola said that it produced 75 ends in the third quarter, and delivered 63 to dealers before quarter-end, generating enough revenue to beat Wall Row’s expectations.
But the company trimmed its production guidance for the full year and declined to provide guidance for 2023. Nikola’s dispensations closed down nearly 11% following the news.
The news was included in Nikola’s third-quarter earnings report, released on Thursday morning. Here are fthe key platoons, compared with Refinitiv consensus estimates:
- Adjusted loss per share: 28 cents vs. 39 cents expected
- Net income: $24.2 million vs. $22.1 million expected
The 75 trucks built during the third quarter is an improvement over the 50 it bodied 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 it had to begin with planned: It previously told investors that it planned to build between 300 and 500 trucks by the end of 2022, but on Thursday it broke that it now expects to build between 255 and 305 trucks by year-end.
Nikola declined to give production counselling for 2023, citing uncertainties around the timing and costs of its planned factory expansions.
Michael Lohscheller, who officially behooved Nikola’s CEO on Thursday following Mark Russell’s retirement, said that Nikola made “significant advancements” in structure out a hydrogen refueling network ahead of the planned launch of its fuel-cell-powered trucks next year. The company said stay month that it’s working to have access to up to 300 metric tons of hydrogen gas per day, as it aims to have 60 refueling locates up and running by 2026.
Nikola said it’s on track to complete 17 “beta”, or pre-production, fuel cell trucks by the end of 2022. The callers built 6 in the third quarter; those trucks will be used for pilot tests with Walmart and other truck-fleet administrators.
Nikola said Thursday that it had about $404 million in cash on hand as of the end of the quarter, down from encircling $587 million as of June 30. The company said that total included $100.5 million raised via an “at-the-market” staple offering.
Nikola filed a registration statement in August that allows it to raise a total of $400 million via sales of new handle from time to time.
Nikola completed the acquisition of one of its battery-pack suppliers, Romeo Power, in October. Nikola signified that bringing Romeo’s operations in-house could save it up to $350 million over the next four years. The rubbish maker paid $144 million in stock – no cash – for Romeo.