Nikola Motor Company
Source: Nikola Motor Co.
Electric truck maker Nikola said on Thursday it produced 133 battery-electric trucks in the fourth quarter but only delivered 20 to dealers, generating revenue well below Wall Street expectations.
Nikola said it made a series of changes to its battery electric truck during the quarter in response to feedback from early customers. The company also confirmed that the fuel cell version of its truck is still on track to begin production in the second half of 2023, in line with previous guidance.
The stock was down about 4% in early trading after initially rising pre-market.
Here are the key numbers from Nikola’s fourth quarter earnings report, compared to consensus estimates from Refinitiv:
- Adjusted loss per share: 37 cents vs. 43 cents expected
- Income: $6.6 million vs $32.1 million expected
Nikola’s net loss in the fourth quarter 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, in the year-ago period.
As of December 31, Nikola had $233.4 million in cash and cash equivalents, up from $315.7 million at the end of September.
Nikola’s fourth-quarter production boosted it to 258 trucks built in 2022. That was just enough to hit the guidance range it provided in November, when it announced it planned to produce between 255 and 305 trucks for the full year.
Production is expected to increase somewhat in 2023. Nikola said investors should expect it to deliver between 250 and 350 battery electric trucks and 125 to 150 of its upcoming fuel cell trucks this year. The company also expects to cut costs for its battery-electric trucks by about $105,000 per truck by the end of the year as it realizes savings from its acquisition of battery maker Romeo Power.
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