Written by Cláudio Afonso | LinkedIn | X
Nikola released its third-quarter earnings results on Thursday missing the Wall Street consensus on revenue and reporting a sharp decline in cash and cash equivalents to $198.3 million, down from $464.7 million at the end of last year.
Despite achieving record shipments of 90 units and wholesale deliveries of 88 in the third quarter, total revenue reached $25.2 million, falling short of the consensus estimate of $37.2 million.
During the earnings conference call, the company announced that its net revenue was negatively impacted by $7.7 million as it repurchased 20 BEV trucks from one of its dealers.
In the earnings call, the company’s CFO Tom Okray said Nikola has “a PO in hand to deliver these units to another dealer.”
“We have a customer for them [the 20 returned trucks] in Q4,” Okray added later in the call.
Gross revenue grew 5% sequentially to $32.9 million, compared to $31.3 million in the second quarter of the year.
Nikola said it had already handed back 78 BEV trucks to dealers and fleets citing “overwhelmingly positive feedback” after a major recall last year. The CFO added later in the call that the company also has another 81 units to be returned.
Additionally, Nikola disclosed that has 150 BEV trucks in its inventory.
The Phoenix-based company reported a third-quarter loss of $2.75 per share, falling short of the average analyst estimate of a $2.35 loss, according to LSEG data.
The company reported a loss from operations of $178.8 million while reiterating its annual guidance of 300-350 fuel cell electric vehicles (FCEV).
As of the time of writing, Nikola shares are trading 6% lower at $3.97, marking an 84% decline year-to-date and leaving the company with a market cap of approximately $200 million.
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
