Nikola Motor Firm
Supply: Nikola Motor Firm
Electrical heavy truck maker Nikola stated that it produced 75 vehicles within the third quarter, and delivered 63 to sellers earlier than quarter-end, producing sufficient income to beat Wall Avenue’s expectations.
However the firm trimmed its manufacturing steering for the complete 12 months and declined to offer steering for 2023. Nikola’s shares have been down virtually 3% in mid-morning buying and selling.
The information was included in Nikola’s third-quarter earnings report, launched on Thursday morning. Listed below are fthe key numbers, in contrast with Refinitiv consensus estimates:
- Adjusted loss per share: 28 cents vs. 39 cents anticipated
- Income: $24.2 million vs. $22.1 million anticipated
The 75 vehicles constructed in the course of the third quarter is an enchancment over the 50 it constructed in the course of the second quarter and brings the corporate’s year-to-date manufacturing to 125. However Nikola will not construct as many vehicles this 12 months because it had initially deliberate: It beforehand advised traders that it planned to build between 300 and 500 trucks by the top of 2022, however on Thursday it stated that it now expects to construct between 255 and 305 vehicles by year-end.
Nikola declined to offer manufacturing steering for 2023, citing uncertainties across the timing and prices of its deliberate manufacturing facility expansions.
Michael Lohscheller, who formally turned Nikola’s CEO on Thursday following Mark Russell’s retirement, stated that Nikola made “important developments” in constructing out a hydrogen refueling community forward of the deliberate launch of its fuel-cell-powered vehicles subsequent 12 months. The corporate stated final month that it is working to have entry to as much as 300 metric tons of hydrogen gasoline per day, because it goals to have 60 refueling stations up and operating by 2026.
Nikola stated it is on observe to finish 17 “beta”, or pre-production, gasoline cell vehicles by the top of 2022. The corporate constructed 6 within the third quarter; these vehicles might be used for pilot exams with Walmart and different truck-fleet operators.
Nikola stated Thursday that it had about $404 million in money available as of the top of the quarter, down from about $587 million as of June 30. The corporate stated that complete included $100.5 million raised through an “at-the-market” inventory providing.
Nikola filed a registration assertion in August that permits it to raise a total of $400 million through gross sales of recent inventory infrequently.
Nikola completed the acquisition of one in every of its battery-pack suppliers, Romeo Energy, in October. Nikola stated that bringing Romeo’s operations in-house might put it aside as much as $350 million over the subsequent 4 years. The truck maker paid $144 million in inventory – no money – for Romeo.