Nikola Corporation (NKLA)

[WeTheMarket]

Nikola Corporation Reports Third Quarter 2022 Results
November 03 2022 - 09:00AM
PR Newswire (US)
https://ih.advfn.com/stock-market/NASDAQ/nikola-NKLA/stock-news/89457862/nikola-corporation-reports-third-quarter-2022-resu

Highlights
- Produced 75 Nikola Tre BEVs in Coolidge, AZ and delivered 63 to dealers
- Reported revenues of $24.2 million, GAAP net loss per share of $0.54, and non-GAAP net loss per share of $0.28
- Completed purchase of land in Buckeye, AZ for hydrogen production hub
- Signed term sheet for collaboration with E.ON in Europe for hydrogen supply and dispensing infrastructure
- Announced in November the execution of a Purchase Order for 100 Nikola Tre BEVs by Zeem Solutions
- Unveiled the European Tre BEV and Tre FCEV at IAA in Hanover, Germany in September
- Raised $100.5 million in gross proceeds through ATM
- Completed the acquisition of Romeo Power in October

PHOENIX, Nov. 3, 2022 /PRNewswire/ -- Nikola Corporation (Nasdaq: NKLA), a global leader in zero-emissions transportation and energy supply and infrastructure solutions, today reported financial results for the quarter ended September 30, 2022.



On September 19, 2022, as a part of our joint venture with IVECO, Nikola revealed the European version of the Tre FCEV beta on the IAA main stage. Nikola plans to begin production of the EU version of the Tre FCEV in the second half of 2024.

"During the third quarter we continued to produce and deliver Nikola Tre BEVs to dealers and customers," said Nikola President, Michael Lohscheller. "We also made significant advancements in developing our energy business, announcing our intent to develop access of up to 300 metric-tons per day of hydrogen and up to 60 stations by 2026, and our collaboration with E.ON in Europe."

Energy Business Announcements
On October 20, we announced our intent to develop access of up to 300 metric-tons per day (TPD) of hydrogen and up to 60 dispensing stations by 2026, and highlighted the potential benefits to our business model from the Inflation Reduction Act. This supply is expected to be supported by the previously announced projects referenced below, which are being developed with our partners.

- Buckeye, AZ Production Hub – phased development up to 150 metric-TPD
- Terre Haute, IN Wabash Valley Resources – 50 metric-TPD
- Crossfield, Alberta TC Energy – 60 metric-TPD
- Clinton County, PA KeyState – 100 metric-TPD

We are negotiating a robust portfolio of hydrogen supply opportunities across North America. Further details will be provided following execution.

On September 29, we acquired a parcel of land in Buckeye, AZ with the intent to build a hydrogen production hub with our partners. We are undergoing zoning and permitting requirements and have ordered long lead-time equipment including electrolyzers and liquefaction equipment.

On August 4, we announced the locations of three hydrogen dispensing stations in California. The stations will be located in Colton, Ontario, and a location servicing the Port of Long Beach. California is a launch market for Nikola and these stations intend to support key customers to help advance the state's efforts to decarbonize the transport sector.

On September 16, we announced our collaboration with E.ON with the objective to establish hydrogen supply and related infrastructure to meet the demand of customers in Europe. E.ON is one of Europe's largest operators of energy networks and energy infrastructure. The strategic partnership is expected to offer customers an integrated mobility solution to promote the use of hydrogen. Both parties have signed a term sheet to underpin the collaboration and will be negotiating a definitive agreement to finalize the terms.

Strong Showing at IAA
On September 19, as a part of our joint venture with IVECO, we revealed our European version of the Tre BEV and FCEV beta on the IAA main stage. There was a high level of interest in our FCEVs, which we believe further validates our business plan and the role we will play in the global transition to the hydrogen economy. We plan to begin production of EU version Tre BEVs in the second half of 2023, and EU version Tre FCEVs in the second half of 2024.

Tre FCEV Update
During the third quarter, we continued our FCEV pilot with TTSI and began pilot testing with Walmart. To date the trucks have logged over 9,700 and 5,500 miles respectively. In Q3 we completed six beta trucks. Development testing on the beta trucks has begun at various locations. We expect to complete 17 beta trucks for the full year by the end of Q4.

Tre BEV Update
During the third quarter, we produced 75 Nikola Tre BEVs delivering 63 of those to dealers. We began pilot testing with both SAIA and Walmart logging over 1,600 miles and 2,700 miles to date, respectively. On November 2, we announced Zeem Solutions executed a Purchase Order for 100 Nikola Tre BEVs.

Coolidge, Arizona Manufacturing Facility
In Coolidge, we are currently producing three trucks on one shift and have the capability to produce five trucks per shift. We remain on track to complete the Phase 2 assembly expansion by the end of Q1 2023, at which time our production capacity will be up to 20,000 units per year. Upon completion of Phase 2, the facility will be capable of producing the BEV and FCEV on the same line, in addition to the Bosch Fuel Cell Power Module.

Completed Acquisition of Romeo Power
On October 14, we completed the acquisition of Romeo Power, further solidifying our commitment to transforming the transportation industry.


Third Quarter Financial Highlights

(1) A reconciliation of the non-GAAP versus GAAP information is provided below in the financial statement tables in this press release.

Webcast and Conference Call Information
Nikola will host a webcast to discuss its third quarter results at 6:30 a.m. Pacific Time (9:30 a.m. Eastern Time) on November 3, 2022. To access the webcast, parties in the United States should follow this link: https://www.webcast-eqs.com/register/nikola20221103/en.

The live audio webcast, along with supplemental information, will be accessible on the Company's Investor Relations website at https://nikolamotor.com/investors/news?active=events. A recording of the webcast will also be available following the earnings call.

About Nikola Corporation
Nikola Corporation is globally transforming the transportation industry. As a designer and manufacturer of zero-emission battery-electric and hydrogen-electric vehicles, electric vehicle drivetrains, vehicle components, energy storage systems, and hydrogen station infrastructure, Nikola is driven to revolutionize the economic and environmental impact of commerce as we know it today. Founded in 2015, Nikola Corporation is headquartered in Phoenix, Arizona. For more information, visit our website or Twitter @nikolamotor.