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Mar 31, 2024
Nikola Q1 2024 Earnings Report
Nikola's Q1 2024 performance reflected continued execution on hydrogen fuel cell electric trucks (FCEVs) and expansion of HYLA's North American reach.
Key Takeaways
Nikola Corporation reported its Q1 2024 results, highlighting the delivery of 40 FCEVs, exceeding the high-end of guidance. The company is focused on expanding its hydrogen infrastructure and remediating BEVs, with first sale agreement for credits generated for Model Year 22.
Wholesaled 40 FCEVs in Q1, exceeding the high-end of guidance.
Expanded HYLA's North American reach with new hydrogen refueling stations in Ontario, Long Beach, and Alberta.
Completed the first delivery of a remediated BEV back to customer in Q1.
Maintained dominant market share of HVIP vouchers for Class 8 FCEVs.
Forward Guidance
Nikola is focused on executing its plans, expanding its hydrogen infrastructure, and remediating BEVs. They expect to opportunistically sell on-hand inventory for revenue in 2025.
Positive Outlook
- Expanding into new markets like N.Y.
- Confident about their ability to monetize NOx and particulate matter credits.
- HYLA team is executing its Hydrogen Highway Plan, and we remain on track.
- Completed first delivery of remediated BEV back to customer in Q1.
- They now expect to provide nine hydrogen fueling solutions by mid-year 2024 and 14 by year-end 2024.
Challenges Ahead
- Ability to sell Nikola’s on-hand inventory will be dependent upon future battery supply.
- Now expect to opportunistically sell on-hand inventory for revenue in 2025.
- Prioritizing returning BEVs to customers and dealers and now expect to complete remediation of these units by year-end 2024.
Historical Earnings Impact
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