Nikola (NKLA) Q4 2022 results

Electric heavy-duty truck maker Nikola said Thursday that it produced 133 battery-electric trucks in the fourth quarter, but delivered only 20 to dealers, resulting in revenue well below Wall Street expectations.

Nikola said it made a series of changes to its battery electric truck during the quarter in response to feedback from early customers. The company also confirmed that the fuel cell version of its truck is still on track to begin production in the second half of 2023, in line with previous guidance.

The stock gained about 3% in pre-market trading.

Here are the key numbers from Nikola Fourth quarter earnings The report, compared to Refinitiv consensus estimates:

• Adjusted loss per share: 37 cents versus the expected 43 cents
• he won: $6.6 million versus the expected $32.1 million

Nikola’s net loss for the fourth quarter was $222.1 million, or 46 cents per share. The truck maker lost $159.4 million, or 39 cents per share on a GAAP basis, in the year-ago period.

As of December 31, Nikola had $233.4 million in cash and cash equivalents, down from $315.7 million at the end of September.

Nikola’s fourth-quarter production came in at 258 trucks built in 2022. That was enough to reach the guidance range it provided in November, when it said it expected to produce between 255 and 305 trucks for the full year.

Production should ramp up somewhat in 2023. Nikola said investors should expect deliveries of 250 to 350 battery electric trucks and 125 to 150 fuel cell trucks coming this year. The company also expects to cut costs on its battery electric trucks by about $105,000 per truck by the end of the year, as it sees savings from its acquisition of battery maker Romeo Power.

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