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Nikola NKLA Q3 2023 earnings

Nikola TRE FCEV2

Courtesy: Nikola

Electrical truck maker Nikola mentioned Thursday that it has acquired practically 300 orders for its new hydrogen gas cell semitruck – however it’s dealing with what will likely be a pricey recall of its earlier battery-electric vans.

Nikola recalled all of its Tre battery-electric trucks, 209 in whole, in August following a fireplace brought on by a coolant leak in a truck’s battery pack. It mentioned on Thursday that after an investigation into the causes, it has determined to switch the battery packs on all 209 vans at an estimated price of $61.8 million.

It expects to renew delivering battery-electric vans to prospects within the first quarter subsequent 12 months. Regardless of the recall, a vendor ordered 47 battery-electric in the course of the third quarter, Nikola mentioned.

Nikola mentioned it presently has 277 “non-binding” orders for its new fuel-cell truck, from 35 completely different fleet prospects. It shipped a complete of three vans in the course of the third quarter, versus 63 within the year-ago quarter.

Listed here are the important thing numbers from Nikola’s third-quarter earnings report.

  • Adjusted loss per share: 30 cents vs. 14 cents anticipated by Wall Avenue analysts polled by LSEG, previously generally known as Refinitiv
  • Income: Destructive $1.7 million vs. Wall Avenue’s estimate of $13.3 million, in response to LSEG

Nikola’s web loss was $425.8 million, or 50 cents per share. On an adjusted foundation, excluding stock-based compensation, it misplaced 30 cents per share. A year ago, Nikola misplaced $236.2 million, or 54 cents per share.  

Nikola reported adverse income of $1.7 million within the third quarter, after it paid out about $2.4 million to former sellers as new CEO Steve Girsky refocused the corporate’s gross sales efforts on California. Its income was $24.2 million within the third quarter of 2022.

Nikola raised $250 million in the course of the third quarter. As of Sept. 30, it had $362.9 million in money, up from $226.7 million as of June 30 and simply $121.1 million as of March 31.

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