Nikola Q3 2023 Earnings Report
Key Takeaways
Nikola Corporation reported Q3 2023 results, raising $250M and increasing unrestricted cash by $136.2M. The company continues to see strong demand for zero-emissions trucks, with 277 non-binding orders for hydrogen fuel cell electric trucks. Customer demos have started in Southern California, accumulating more than 6,000 miles with 98% uptime.
Raised $250M, increasing unrestricted cash by $136.2M, and tripling unrestricted cash since Q1 2023.
Received purchase orders for 47 battery-electric trucks from one dealer despite the truck being in recall.
Received 277 non-binding orders from 35 customers for the hydrogen fuel cell electric truck.
Hydrogen fuel cell electric demos started in Southern California using mobile fueler and third-party fueling assets.
Nikola
Nikola
Forward Guidance
The press release contains forward-looking statements regarding Nikola's future financial and business performance, business plan, strategy, and opportunities. These statements are subject to risks and uncertainties.
Positive Outlook
- Expectations with respect to customer demand for trucks
- Beliefs regarding competition and competitive and first-mover advantage
- Expectations regarding hydrogen supply and plans to secure adequate hydrogen supply
- Expectations regarding customer demand related to such incentives
- Company's sales efforts
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
- Risks related to the recall, including higher than expected costs, the discovery of additional problems, delays retrofitting the trucks and delivering such trucks to customers, supply chain and other issues that may create additional delays, order cancellations as a result of the recall, litigation, complaints and/or product liability claims, and reputational harm