Electrical truck maker Nikola stated Thursday that it has obtained almost 300 orders for its new hydrogen gas cell semitruck – nevertheless it’s going through what will likely be a pricey recall of its earlier battery-electric vehicles.

Nikola recalled all of its Tre battery-electric vehicles, 209 in complete, in August following a fireplace attributable to a coolant leak in a truck’s battery pack. It stated on Thursday that after an investigation into the causes, it has determined to interchange the battery packs on all 209 vehicles at an estimated value of $61.8 million.

It expects to renew delivering battery-electric vehicles to clients within the first quarter subsequent 12 months. Regardless of the recall, a seller ordered 47 battery-electric through the third quarter, Nikola stated.

Nikola stated it presently has 277 “non-binding” orders for its new fuel-cell truck, from 35 totally different fleet clients. It shipped a complete of three vehicles through the third quarter, versus 63 within the year-ago quarter.

Listed below are the important thing numbers from Nikola’s third-quarter earnings report.

• Adjusted loss per share: 30 cents vs. 14 cents anticipated by Wall Avenue analysts polled by LSEG, previously generally known as Refinitiv
• Income: Destructive $1.7 million vs. Wall Avenue’s estimate of $13.3 million, in keeping with LSEG

Nikola’s internet loss was $425.8 million, or 50 cents per share. On an adjusted foundation, excluding stock-based compensation, it misplaced 30 cents per share. A 12 months in the past, Nikola misplaced $236.2 million, or 54 cents per share.  

Nikola reported unfavourable income of $1.7 million within the third quarter, after it paid out about $2.4 million to purchase again seven vehicles from former sellers as new CEO Steve Girsky refocused the corporate’s gross sales efforts on California. Its income was $24.2 million within the third quarter of 2022.

Nikola raised $250 million through the third quarter. As of Sept. 30, it had $362.9 million in money, up from $226.7 million as of June 30 and simply $121.1 million as of March 31.