Nikola Corporation's Q4 2023 Results Claim Progress

By Bobby Samwell • Thursday, February 22 10:54 • Permanent Link

Nikola Corporation (NASDAQ: NKLA) has reported its fourth-quarter and full-year 2023 results, claiming significant progress in its zero-emissions transportation and energy solutions. In reality, the progress is modest.

The company delivered the first production hydrogen fuel cell electric truck available in North America and ended the quarter with no finished goods inventory, delivering 35 hydrogen fuel cell electric trucks. Additionally, 225 additional voucher requests have been submitted in California for hydrogen fuel cell electric trucks, further underlining Nikola's position in the market.

Steve Girsky, President and CEO of Nikola, emphasized the company's accomplishments, stating, "We began delivering production hydrogen fuel cell electric trucks in Q4, fleets are fueling daily at our modular refueling station in Ontario, California, we continue to rack up HVIP vouchers, and we are on track to start getting our battery-electric trucks back to end users by the end of the first quarter."

Girsky further highlighted Nikola's market-leading position, stating, "There are more requests for our fuel cell truck alone than all other truck OEMs combined on both battery and hydrogen fuel cell electric trucks in the same period. It's a testament to our market-leading position, quality of our products, and the high level of Nikola fleet success. We are making the most of our head start and capitalizing on our first-mover advantage."

Key financial highlights for the fourth quarter and full year 2023 include:

Trucks produced: 42
Trucks shipped: 35
Total revenues: $11,532 (Q4 2023) and $35,839 (full year 2023)
Gross profit (loss): $(38,236) (Q4 2023) and $(214,067) (full year 2023)
Net loss from continuing operations: $(153,596) (Q4 2023) and $(864,621) (full year 2023)

Nikola's shares have moved -0.9% and are currently trading at a price of $0.7.

Looking ahead, Nikola is focused on optimizing revenue and costs, scaling hydrogen fuel cell electric truck production, securing additional modular refueling sites, and deploying modular fuelers to support fleets. The company remains on track to deliver the first re-worked battery-electric trucks with new battery packs back to end users by the end of Q1, with plans to retrofit the remaining battery-electric trucks in inventory and sell them for revenue in late Q3 or early Q4.

Nikola's full 8-K submission is available here.

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