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Sep 30, 2023
Nikola Q3 2023 Earnings Report
Reported financial results and business updates.
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.
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
Historical Earnings Impact
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Avg. Return Before/After Earnings
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