Written by Cláudio Afonso | LinkedIn | X
Nikola released its third-quarter earnings results on Thursday, posting a revenue of $25.2 million — missing consensus estimates of $37.2 million.
Wall Street analysts had forecasted revenue growth from the second to the third quarter as shipments hit 90 units between July and September, a new record for the truck manufacturer.
The company reported a loss from operations of $178.8 million while reiterating its annual guidance of 300-350 fuel cell electric vehicles (FCEV).
Nikola achieved a lower net loss for the third quarter at 199.8 million. The company recorded a gross loss of $61.9 million for the quarter, with a gross margin of negative 246%.
The Phoenix-based company said that FCEV Fleet adoption is up 78% year-to-date, with 16 end fleets deploying Nikola FCEVs and 32 distinct end fleets across both powertrains.
In the third quarter of the year, Nikola sold 88 fuel cell trucks and shipped 90 units, a new record that sent year to date sales figures to 200 units.
“Year-to-date, we had record sales of hydrogen fuel cell electric trucks, a 78% increase in FCEV fleet adoption, and a nearly 350% increase in hydrogen fuel dispensed at our commercial stations,” said Nikola’s CEO Steve Girsky.
“We also returned 78 BEV “2.0s” back to end fleets and dealers. With every truck delivered and fueled at our HYLA stations, we continue to deliver proof points to the market that zero-emission trucks are driving the future of Class 8 mobility,” the chief executive added.
Nikola shares closed over 3% lower on Wednesday at $4.23, marking an 84% decline year-to-date and leaving the company with a market cap of approximately $214 million. Following the release of its latest results, the stock fell 5% in the first trading hours.
Earlier this month, Nikola announced that it provided more than 5,000 hydrogen fueling sessions between December 27, 2023, and September 30.
DHL Supply Chain and the drinks firm Diageo announced recently that they will add two fuel cell electric trucks (FCEV) from Nikola to their U.S. fleet.
Nikola informed employees of a new round of layoffs, coming less than 18 months after the company cut 23% of its Arizona workforce.
The latest round impacted 135 employees, roughly 15% of the company’s workforce.
Written by Cláudio Afonso | LinkedIn | X
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