Nikola (NKLA) Q4 2022 results

Nikola Motor Company

Source: Nikola Motor Firm

Electric large-truck maker Nikola mentioned Thursday it produced 133 battery-electric powered vans in the fourth quarter, but shipped just 20 to dealers, producing earnings that fell effectively small of Wall Street’s anticipations.

Nikola mentioned it made a series of modifications to its battery-electric powered truck throughout the quarter in reaction to feedback from early buyers. The organization also verified that the fuel-cell edition of its truck is nevertheless on keep track of to start creation in the next 50 percent of 2023, in line with previously guidance.

The stock was down about 4% in early trading soon after at first increasing premarket.

In this article are the crucial numbers from Nikola’s fourth-quarter earnings report, when compared with Refinitiv consensus estimates:

  • Altered decline for every share: 37 cents vs. 43 cents predicted
  • Income: $6.6 million vs. $32.1 million expected

Nikola’s fourth-quarter web reduction was $222.1 million, or 46 cents for every share. The truck maker dropped $159.4 million, or 39 cents for each share on a GAAP basis, in the year-ago period of time.

As of Dec. 31, Nikola had $233.4 million in money and equivalents offered, down from $315.7 million at the close of September.

Nikola’s fourth-quarter production brought it to 258 vehicles constructed in 2022. That was just sufficient to hit the guidance array it delivered in November, when it claimed it envisioned to generate in between 255 and 305 vehicles for the total 12 months.

Generation must ramp up rather in 2023. Nikola said investors really should count on it to supply involving 250 and 350 battery-electrical vans and 125 to 150 of its impending fuel-cell vans this yr. The enterprise also expects to reduce costs on its battery-electric vans by about $105,000 per truck by calendar year-end as it realizes cost savings from its acquisition of battery-pack maker Romeo Ability.

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