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Sep 30, 2021
Nikola Q3 2021 Earnings Report
Nikola reported progress in validation of the Nikola Tre BEV, inauguration of Ulm, Germany joint venture manufacturing facility, and strategic partnerships to advance hydrogen refueling ecosystem.
Key Takeaways
Nikola Corporation reported financial results for Q3 2021, highlighting continued execution on their business plan. Key achievements included progress in validating the Nikola Tre BEV, inaugurating the joint venture manufacturing facility in Ulm, Germany, and forming strategic partnerships for hydrogen refueling infrastructure. The company also reserved $125 million for a potential settlement with the SEC.
Up to 25 Tre BEV trucks are expected to be delivered to dealers and customers by the end of 2021, and Tre FCEV is on schedule with testing underway.
Continued progress in building out the sales and service network with dealers in 28 states, consisting of over 130 locations.
The joint venture manufacturing facility in Ulm, Germany, was inaugurated in September.
A $125 million reserve was allocated to fund a potential settlement with the SEC.
Forward Guidance
Nikola anticipates achieving key milestones in Q4 2021, focusing on delivering pre-series Nikola Tre BEVs, expanding fleet testing, securing land for hydrogen production, and establishing additional hydrogen infrastructure partnerships.
Positive Outlook
- Deliver pre-series Nikola Tre BEVs for use on public roads hauling customer freight.
- Announce additional fleet testing dealers/customers.
- Purchase land for our first centralized hydrogen production hub facility and/or commercial on-site gaseous generation station.
- Announce additional hydrogen infrastructure/ecosystem partners.
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