Nikola Motor Company
Source: Nikola Motor Company
Electric heavy-duty truck maker Nikola said on Thursday it had shipped its first trucks to customers in April and now has purchase orders and letters of intent for more than 500 of its battery-powered Tre electric trucks.
The company is also working with customers, including Anheuser-Busch Inbev, to complete a larger version with hydrogen fuel cells expected next year.
Production of Nikola’s battery-powered electric Tre truck began in late March, and its first 11 trucks were shipped to dealers in April. While Nikola did not recognize revenue from truck deliveries in the first quarter, it raised about $ 1.9 million in service revenue, helping it exceed Wall Street expectations for the period.
Shares initially jumped about 9% on Thursday before falling gains. The stock last rose about 2% as the overall market declined.
Here are the key numbers:
- Adjusted loss per share: 21 cents less than Wall Street’s 27-minute loss, according to Refinitiv consensus estimates
- Income: $ 1.9 million, exceeding Wall Street expectations of about $ 100,000, according to Refinitiv consensus estimates
Analyst coverage for Nikola, which went public through a merger with a special purpose acquisition company in June 2020, is still scarce. None of the seven analysts polled in Refinitiv’s revenue estimate expected Nicholas to reach $ 1 million.
Nikola said he is still well on his way to delivering between 300 and 500 Tres with an electric battery in 2022, according to his guidance issued in February. The electric version of the battery-powered Tre is designed as a small truck for local use.
The state of California made the model eligible for a buyer incentive program late last year. Nicholas said at the end of April that he had purchase orders for 134 of the trucks through the California program.
The company said the Tre Cell version, which will have sufficient range for long-distance work, completed an initial series of tests with Anheuser-Busch in California in late April and is well on its way to production in its second half. 2023.
CFO Kim Brady said during the company’s earnings call that it had about $ 385 million in cash at the end of the first quarter, as well as about $ 409 million remaining in its two existing equity lines with Tumim Stone Capital.
The company also said Monday that it raised an additional $ 200 million through the private sale of convertible banknotes. He expects to have that $ 200 million in hand by early June. With that, Nikola’s cash should be enough to fund operations for at least another year without additional increases, the company said.
Nikola was one of the first start-up electric vehicle companies to go public. Like other electric vehicle manufacturers after SPAC, its shares soared in the weeks after the merger was completed – only to return to earth after a scandal erupted.
Nikola’s honest founder, Trevor Milton, resigned abruptly in September 2020 after short-seller Hindenburg Research claimed to have misled investors about Nikola’s state of the art technology. Milton has been charged by a federal high court with making false statements. Milton denies the allegations.
Nicholas paid $ 125 million to the Hellenic Capital Market Commission in December to settle related charges.
Few investors expected Nikolas to recover from the scandals. By the close of Wednesday, the stock had fallen about 27% from a year to date and 91% from its high of $ 79.73, set in June 2020.
But the company’s recent success in completing and delivering the first battery-powered electric trucks and its progress in developing longer-range trucks for next year seems to be key evidence and could breathe new life into equities.
Nikola (NKLA) profits 1st quarter 2022
Source link Nikola (NKLA) profits 1st quarter 2022