Home Business Revenues of Nikola (NKLA) for the 1st quarter of 2022

Revenues of Nikola (NKLA) for the 1st quarter of 2022

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Company Nikola Motor Company

Source: Nikola Motor Company

Electric heavy truck manufacturer Nicholas said on Thursday that it had sent its first semi-trucks to customers in April, and that it now has orders and letters of intent for more than 500 of its Tre battery electric trucks.

The company also works with customers, including Anheuser-Busch Inbev to complete a version on longer-range hydrogen fuels that should be next year.

Production of Nikola’s Tre battery electric semi-truck began in late March, and its first 11 trucks were shipped to dealers in April. Although Nikola did not recognize any revenue from truck deliveries in the first quarter, it received about $ 1.9 million in service revenue, which helped it exceed Wall Street expectations for the period.

The stock initially jumped about 9% on Thursday before cutting some earnings amid widespread market sell-offs. Shares rose 6.4% at the end of the day.

Here are the key figures:

  • Adjusted losses per share: 21 cents, less than the 27-cent loss expected by Wall Street, according to Refinitiv consensus estimates
  • Income: $ 1.9 million, more than Wall Street’s expectations of about $ 100,000, according to Refinitiv consensus estimates

Coverage by analysts Nicolas, which became public by merging with a special acquisition company in June 2020, remains weak. None of the seven analysts surveyed in Refinitiv’s consensus revenue estimate expected Nikola to receive $ 1 million.

Nikola said he is still on track to supply 300 to 500 of his rechargeable electric Tres in 2022, according to instructions published in February. The rechargeable electric version of the Tre is designed as a short-range truck for local use.

The state of California late last year made a model eligible to participate in a customer incentive program. Nikola said that as of the end of April he had orders to purchase 134 trucks under the California program.

The company said the Tre-Fuel version, which will have ample range for long service, has completed an initial series of tests with Anheuser-Busch in California in late April and is on track to begin production in the second half of 2023.

Chief Financial Officer Kim Brady said during the company’s earnings report that at the end of the first quarter it had about $ 385 million in cash, as well as about $ 409 million left on two existing capital lines with Tumim Stone Capital.

The company also said Monday that it has raised an additional $ 200 million through the private sale of convertible bills. He expects to receive that $ 200 million by early June. At the same time, Nikola should have enough money to finance the activity for at least another year without additional increases, the company said.

Nikola was one of the first EV startups to go public. Like other EV makers after SPAC, its shares soared a few weeks after the merger was completed – only to return to the ground after the scandal.

Trevor Milton, open founder of Nikola, suddenly resigned in September 2020 after vendor Hindenburg Research said it had misled investors regarding the state of Nico’s technology. Milton has since accused by the federal grand jury for false statements. Milton denies the charges.

Nicola paid the Securities and Exchange Commission $ 125 million in December to settle related fees.

Few investors expected Nikola to recover from the scandals. Since closing on Thursday, shares have fallen about 22% since the beginning of the year and 90% from a high of $ 79.73 set in June 2020.

But the company’s recent success in completing and supplying its first electric trucks with batteries, as well as progress in developing longer-range trucks for launch next year, seem to be key evidence and could breathe new life into the stock.

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