Nikola Motor Company
Source: Nikola Motor Company
Electric heavy truck manufacturer Nicola On Thursday, the company said it shipped its first semi-truck to customers in April and currently has a purchase order and agreement for more than 500 battery-powered electric Tre trucks.
The company also works with clients, including: Anheuser-Busch Inbev Complete the long-range hydrogen fuel cell-powered version scheduled for next year.
Production of Nicola’s battery-powered Tre semi-trucks began in late March, with the first 11 trucks shipped to dealers in April. Nicola wasn’t aware of truck delivery revenue in the first quarter, but raised about $ 1.9 million in service-related revenue, helping to exceed Wall Street’s expectations during this period.
Stock prices on Thursday soared initially by about 9% before refraining from rising. Stock prices rose about 2% as the entire market fell.
The key numbers are:
- Adjusted loss per share: According to Refinitiv’s consensus estimates, 21 cents is narrower than Wall Street’s expected loss of 27 cents.
- Revenue: Refinitiv’s consensus estimate is $ 1.9 million, which is higher than Wall Street’s estimate of about $ 100,000.
Nicola’s analyst coverage released in June 2020 due to the merger with the special acquisition company is still thin. None of the seven analysts surveyed in Refinitiv’s earnings consensus estimate expected Nicola to fall below $ 1 million.
Nicola said it was still on track to provide 300-500 battery electric tresses in 2022, in line with the guidance issued in February. The battery electric version of Tre is designed as a short haul truck for local use.
California made the model eligible for a buyer incentive program at the end of last year. Nicola said it had a purchase order for 134 trucks through the California program as of the end of April.
According to the company, the fuel cell version of Tre, which has a range sufficient for long-distance transport, will complete its first series of tests in Anheuser-Busch, California in late April and will go into production in the second half of the year. 2023.
CFO Kim Brady said at the company’s earnings briefing that cash at the end of the first quarter was about $ 385 million, leaving about $ 409 million in the two existing equity lines with Tumim Stone Capital. Said.
The company also said it raised another $ 200 million on Monday through a private sale of convertible bonds. We expect to have $ 200 million by early June. So Nicola’s cash should be enough to fund the operation for at least another year without additional salary increases, the company said.
Nicola was one of the first EV startups to be released. Like other post-SPACEB EV makers, its share surged in the weeks following the merger. It just returned to Earth after the scandal surfaced.
Nikola’s candid founder, Trevor Milton, Sudden resignation In September 2020, shortseller Hindenburg Research claimed to have misled investors about the state of Nicola’s technology.Milton since then Indicted by a federal grand jury For making false statements. Milton has denied the charges.
Nicola paid the Securities and Exchange Commission $ 125 million In December to settle related charges.
Few investors expected Nicola to recover from the scandal. By Wednesday’s closing, stocks were down about 27% year-on-year, down 91% from the June 2020 high of $ 79.73.
However, the company’s recent completion and successful delivery of its first battery-powered electric truck, as well as progress in the development of long-haul trucks for next year’s launch, is important evidence and could breathe new life into the stock. there is.
Nikola (NKLA) Revenues Q1 2022
Source link Nikola (NKLA) Revenues Q1 2022