Electrical heavy-truck maker Nikola mentioned Thursday it shipped its first semitrucks to clients in April, and that it now has buy orders and letters of intent for over 500 of its battery-electric Tre vehicles.

The corporate can also be working with shoppers together with Anheuser-Busch Inbev to finish a longer-range hydrogen gasoline cell-powered model due subsequent 12 months.

Manufacturing of Nikola’s battery-electric Tre semitruck started in late March, and its first 11 vehicles had been shipped to sellers in April. Whereas Nikola did not acknowledge any income from truck deliveries within the first quarter, it did acquire about $1.9 million in services-related income, serving to it to beat Wall Road’s expectations for the interval.

Listed below are the important thing numbers:

• Adjusted loss per share: 21 cents, narrower than the lack of 27 cents per share anticipated by Wall Road, in response to Refinitiv consensus estimates.
• Income: $1.9 million, beating Wall Road’s expectation of about $100,000, in response to Refinitiv consensus estimates.

The analyst protection on Nikola, which went public by way of a merger with a special-purpose acquisition firm in June 2020, continues to be skinny. Not one of the seven analysts surveyed in Refinitiv’s income consensus estimate anticipated Nikola to crack $1 million.

Nikola mentioned that it is nonetheless on monitor to ship between 300 and 500 of its battery-electric Tres in 2022, according to its steerage issued in February. The battery electrical model of the Tre is designed as a short-range truck for native use.

The state of California made the mannequin eligible for a purchaser incentive program late final 12 months. Nikola mentioned as of the tip of April it had buy orders for 134 of the vehicles via the California program.

The corporate mentioned the gasoline cell model of the Tre, which can have vary enough for long-haul responsibility, accomplished an preliminary sequence of checks with Anheuser-Busch in California in late April and is on monitor to enter manufacturing within the second half of 2023.

Nikola was one of many first EV startups to go public. Like different post-SPAC EV makers, its shares soared within the weeks after the merger was accomplished – solely to fall again to earth after a scandal surfaced.

Nikola’s outspoken founder, Trevor Milton, abruptly resigned in September 2020 after short-seller Hindenburg Analysis alleged that he had misled buyers concerning the state of Nikola’s know-how. Milton has since been indicted by a federal grand jury for making false statements. Nikola paid the Securities and Trade Fee $125 million in December to settle associated fees.

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