May 7 2024: Nikola Corporation, a leader in zero-emission vehicles, released its first-quarter financial report today, revealing mixed results. While adjusted earnings per share (EPS) slightly exceeded expectations, revenue fell short significantly, leading to a 0.7% decline in premarket trading on Tuesday.
The company reported an adjusted EPS of -$0.09 for Q1, slightly better than the consensus estimate of -$0.10. However, revenue for the quarter came in at $7.49 million, notably below the analyst projection of $14.96 million.
CEO Steve Girsky emphasized the company’s focus on execution, highlighting the successful delivery of 40 hydrogen fuel cell electric trucks (FCEVs) during Q1, surpassing their guidance range. This achievement marks the second consecutive quarter of serial production for Nikola’s FCEVs, with a total of 75 trucks wholesaled to date. Additionally, Nikola expanded its HYLA hydrogen modular refueling stations across North America, including new locations in Ontario, near the Port of Long Beach, California, and the first station in Alberta, Canada.
Despite the revenue miss, Nikola maintains a dominant position in the Class 8 FCEV market, boasting a 99% market share of HVIP vouchers. The company ended the quarter with 362 of 367 unredeemed vouchers requested from 2023 through March 2024. Furthermore, Nikola completed the first delivery of a remediated battery-electric vehicle (BEV) back to a customer in Q1, with plans to finalize remediation of these units by the end of 2024.