Nikola Q3 2022 Earnings Report
Key Takeaways
Nikola Corporation reported Q3 2022 results with revenues of $24.2 million. The company produced 75 Nikola Tre BEVs and delivered 63 to dealers. They also completed the purchase of land in Buckeye, AZ for a hydrogen production hub and signed a term sheet for collaboration with E.ON in Europe for hydrogen supply and dispensing infrastructure.
Produced 75 Nikola Tre BEVs in Coolidge, AZ and delivered 63 to dealers
Completed purchase of land in Buckeye, AZ for hydrogen production hub
Signed term sheet for collaboration with E.ON in Europe for hydrogen supply and dispensing infrastructure
Announced in November the execution of a Purchase Order for 100 Nikola Tre BEVs by Zeem Solutions
Nikola
Nikola
Forward Guidance
Nikola is focused on scaling production, developing its energy business, and advancing its technology.
Positive Outlook
- On track to complete the Phase 2 assembly expansion by the end of Q1 2023, at which time our production capacity will be up to 20,000 units per year.
- Upon completion of Phase 2, the facility will be capable of producing the BEV and FCEV on the same line, in addition to the Bosch Fuel Cell Power Module.
- Negotiating a robust portfolio of hydrogen supply opportunities across North America.
- Strategic partnership with E.ON is expected to offer customers an integrated mobility solution to promote the use of hydrogen.
- Plan to begin production of EU version Tre BEVs in the second half of 2023, and EU version Tre FCEVs in the second half of 2024.
Challenges Ahead
- Design and manufacturing changes and delays, including global shortages in parts and materials
- General economic, financial, legal, regulatory, political and business conditions and changes in domestic and foreign markets
- The effects of inflation and COVID-19
- The outcome of legal, regulatory and judicial proceedings to which the Company or Romeo is, or may become a party
- Demand for and customer acceptance of the Company’s trucks