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Nikola (NKLA) earnings Q1 2023

Nikola Motor Firm

Supply: Nikola Motor Firm

Electrical heavy truck maker Nikola stated that it is “refocusing the corporate on North America” because it exited a European three way partnership with its chassis provider.

The information got here as the corporate reported its first-quarter results. Listed below are the important thing numbers, along with Wall Road estimates as reported by Refinitiv.

  • Adjusted loss per share: 26 cents, versus 26 cents anticipated.
  • Income: $11.1 million, versus $12.5 million anticipated.

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Nikola’s web loss for the quarter was $169.1 million, or 26 cents per share, adjusted. A yr in the past, Nikola lost $152.9 million, or 21 cents per share on an adjusted foundation, on income of $1.9 million.

Nikola had $121.1 million in money remaining as of March 31, down from $233.4 million on the finish of 2022.

As a part of a realignment to preserve money, Nikola introduced in a single day that it has offered its share of a European three way partnership to its longtime associate, Italian heavy-truck maker Iveco Group, for $35 million in money and 20.6 million Nikola shares that might be returned by Iveco. Beneath the deal, Iveco will proceed to produce chassis and associated elements to Nikola and can stay an investor within the firm.

“Manufacturing and power are capital intensive companies, and we have to stay targeted the place we have now aggressive and first mover benefits,” Nikola stated in a press release.

Nikola produced 63 battery-electric vans and delivered 31 to sellers within the quarter. Its sellers offered 33 vans to finish prospects through the interval. Manufacturing of Nikola’s subsequent mannequin, a longer-range fuel-cell powered model of its semitruck, is on observe to start in July as beforehand anticipated.

Nikola at the moment has orders for a complete of 140 fuel-cell vans for 12 fleet prospects, it stated.

Nikola stated it is going to quickly droop manufacturing of the battery-electric truck whereas it reconfigures its meeting line to construct each the battery-electric and fuel-cell vans. Whereas it expects the fuel-cell truck to turn out to be its main product, it is going to proceed to construct battery-electric vans to order after manufacturing of the fuel-cell truck begins, it stated.

“As we transfer ahead, we might be specializing in the North American market, hydrogen gas cell vans, the HYLA hydrogen refueling enterprise, and autonomous applied sciences,” CEO Michael Lohscheller stated. “Now we have the fitting merchandise on the proper time.”

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