Loading...
•
Mar 31, 2023
Nikola Q1 2023 Earnings Report
Nikola had a solid quarter, building sales momentum with Class 8 battery electric truck deliveries and orders for hydrogen fuel-cell trucks, and refocusing on North America and hydrogen fuel cell technology.
Key Takeaways
Nikola Corporation reported its Q1 2023 results, highlighting a strategic refocus on the North American market, hydrogen fuel cell trucks, and the HYLA hydrogen refueling business. The company received orders for 140 hydrogen fuel cell electric trucks and executed a joint development agreement with Voltera to develop up to 50 HYLA hydrogen refueling stations. Nikola reported a GAAP net loss per share of $0.31 and a non-GAAP net loss per share of $0.26.
Reprioritizing and refocusing the company on North America, hydrogen fuel cell electric truck, HYLA hydrogen refueling business, and autonomous technologies.
Orders received from 12 customers for 140 Nikola hydrogen fuel cell electric trucks.
Executed joint development agreement with Voltera to develop up to 50 HYLA hydrogen refueling stations.
Reported GAAP net loss per share of $0.31 and non-GAAP net loss per share of $0.26 for Q1 2023.
Forward Guidance
Nikola is focused on the North American market, hydrogen fuel cell trucks, the HYLA hydrogen refueling business, and autonomous technologies. They are realigning their cost structure and expect substantial gross margin improvement.
Positive Outlook
- Focusing on North American market.
- Developing hydrogen fuel cell trucks.
- Expanding HYLA hydrogen refueling business.
- Advancing autonomous technologies.
- Converting the assembly line to accommodate both hydrogen fuel cell and battery electric trucks on the same line.
Challenges Ahead
- Manufacturing and energy are capital intensive businesses.
- Selling stake in European manufacturing joint venture to Iveco Group.
- Pausing truck production in Coolidge to modify the assembly line.
- Facing risks related to development and testing of fuel-cell power modules and hydrogen storage systems.
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...