Electrical heavy-truck maker Nikola mentioned Thursday it produced 133 battery-electric vans within the fourth quarter, however delivered simply 20 to sellers, producing income that fell properly wanting Wall Avenue’s expectations.
Nikola mentioned it made a sequence of adjustments to its battery-electric truck in the course of the quarter in response to suggestions from early prospects. The corporate additionally confirmed that the fuel-cell model of its truck continues to be on observe to start manufacturing within the second half of 2023, consistent with earlier steering.
The inventory fell greater than 5% Thursday.
Listed below are the important thing numbers from Nikola’s fourth-quarter earnings report, in contrast with Refinitiv consensus estimates:
- Adjusted loss per share: 37 cents vs. 43 cents anticipated
- Income: $6.6 million vs. $32.1 million anticipated
Nikola’s fourth-quarter web loss was $222.1 million, or 46 cents per share. The truck maker misplaced $159.4 million, or 39 cents per share on a GAAP foundation, within the year-ago interval.
As of Dec. 31, Nikola had $233.4 million in money and equivalents out there, down from $315.7 million on the finish of September.
Nikola’s fourth-quarter manufacturing introduced it to 258 vans inbuilt 2022. That was simply sufficient to hit the steering vary it supplied in November, when it mentioned it anticipated to supply between 255 and 305 vans for the total 12 months.
Manufacturing ought to ramp up considerably in 2023. Nikola mentioned traders ought to count on it to ship between 250 and 350 battery-electric vans and 125 to 150 of its upcoming fuel-cell vans this 12 months. The corporate additionally expects to scale back prices on its battery-electric vans by about $105,000 per truck by year-end because it realizes financial savings from its acquisition of battery-pack maker Romeo Energy.
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