Nikola (NKLA) Q4 2022 Results

Electric heavy truck maker Nikola said on Thursday that it produced 133 battery-electric trucks in the fourth quarter but delivered them to just 20 dealers, generating revenue that fell short of Wall Street’s expectations.

Nicola said it made a series of changes to its battery-electric truck during the quarter in response to early customer feedback. The company also confirmed that a fuel-cell version of its truck is on track to start production in the second half of 2023, as per previous guidance.

The stock rose about 3% in premarket trade.

Here are Nicola’s key numbers Fourth Quarter Earnings The report, compared to Refinitiv consensus estimates:

• Adjusted loss per share: 37 cents vs. 43 cents expected
• Revenue: $6.6 million and $32.1 million expected

Nicola’s fourth-quarter net loss was $222.1 million, or 46 cents a share. The truck maker lost $159.4 million, or 39 cents per share, on a GAAP basis in the year-earlier period.

As of Dec. 31, Nicola had $233.4 million in cash and cash equivalents, down from $315.7 million at the end of September.

Nikola’s fourth-quarter production brought 258 trucks in 2022. That was enough to hit the guidance range it gave in November, which expected it to produce between 255 and 305 trucks for the full year.

Production should increase marginally in 2023. Investors should expect to deliver 250 to 350 battery-electric trucks this year and 125 to 150 upcoming fuel cell trucks, Nicola said. The company expects to reduce costs for its battery-electric trucks by about $105,000 per truck by the end of the year, realizing savings from the acquisition of battery-pack maker Romeo Power.

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