Nikola's fourth-quarter revenue falls short as it delivers just 20 trucks

Electric heavy-truck shaper Nikola said Thursday it produced 133 battery-electric trucks successful the 4th quarter, but delivered conscionable 20 to dealers, generating gross that fell good abbreviated of Wall Street's expectations.

Nikola said it made a bid of changes to its battery-electric motortruck during the 4th successful effect to feedback from aboriginal customers. The institution besides confirmed that the fuel-cell mentation of its motortruck is inactive connected way to statesman accumulation successful the 2nd fractional of 2023, successful enactment with earlier guidance.

The banal gained astir 3% successful premarket trading.

Here are the cardinal numbers from Nikola's fourth-quarter earnings report, compared with Refinitiv statement estimates:

• Adjusted nonaccomplishment per share: 37 cents vs. 43 cents expected
• Revenue: $6.6 cardinal vs. $32.1 cardinal expected

Nikola's fourth-quarter nett nonaccomplishment was $222.1 million, oregon 46 cents per share. The motortruck shaper mislaid $159.4 million, oregon 39 cents per stock connected a GAAP basis, successful the year-ago period.

As of Dec. 31, Nikola had $233.4 cardinal successful currency and equivalents available, down from $315.7 cardinal astatine the extremity of September.

Nikola's fourth-quarter accumulation brought it to 258 trucks built successful 2022. That was conscionable capable to deed the guidance scope it provided successful November, erstwhile it said it expected to nutrient betwixt 255 and 305 trucks for the afloat year.

Production should ramp up somewhat successful 2023. Nikola said that investors should expect it to present betwixt 250 and 350 battery-electric trucks and 125 to 150 of its upcoming fuel-cell trucks this year. The institution besides expects to trim costs connected its battery-electric trucks by astir $105,000 per motortruck by year-end arsenic it realizes savings from its acquisition of battery-pack shaper Romeo Power.

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