Electrical heavy truck maker Nikola mentioned that it produced 75 vehicles within the third quarter, and delivered 63 to sellers earlier than quarter-end, producing sufficient income to beat Wall Road’s expectations.
However the firm trimmed its manufacturing steerage for the total 12 months and declined to offer steerage for 2023. Nikola’s shares closed down practically 11% following the information.
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 buyers that it deliberate to construct between 300 and 500 vehicles by the top of 2022, however on Thursday it mentioned that it now expects to construct between 255 and 305 vehicles by year-end.
Nikola declined to present manufacturing steerage for 2023, citing uncertainties across the timing and prices of its deliberate manufacturing facility expansions.
Michael Lohscheller, who formally grew to become Nikola’s CEO on Thursday following Mark Russell’s retirement, mentioned that Nikola made “vital developments” in constructing out a hydrogen refueling community forward of the deliberate launch of its fuel-cell-powered vehicles subsequent 12 months. The corporate mentioned 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 working by 2026.
Nikola mentioned it is on observe to finish 17 “beta”, or pre-production, gas cell vehicles by the top of 2022. The corporate constructed 6 within the third quarter; these vehicles shall be used for pilot assessments with Walmart and different truck-fleet operators.
Nikola mentioned Thursday that it had about $404 million in money readily available as of the top of the quarter, down from about $587 million as of June 30. The corporate mentioned that whole included $100.5 million raised by way of an “at-the-market” inventory providing.
Nikola filed a registration assertion in August that enables it to lift a complete of $400 million by way of gross sales of latest inventory once in a while.
Nikola accomplished the acquisition of one among its battery-pack suppliers, Romeo Energy, in October. Nikola mentioned that bringing Romeo’s operations in-house might put it aside as much as $350 million over the following 4 years. The truck maker paid $144 million in inventory – no money – for Romeo.