Thursday, February 22, 2024 9:12:59 AM
Published February 22, 2024
Link to Press Release https://nikolamotor.com/press_releases/nikola-corporation-reports-fourth-quarter-and-full-year-2023-results/
Link to Presentation https://nikolamotor.com/wp-content/uploads/2024/02/3.-2024.02.21-Q4-FY-2023-Earnings-Deck-vFinal.pdf
Link to Webcast https://www.webcast-eqs.com/nikola20240222/en
Link to Q&A Questions https://app.saytechnologies.com/nikola-corporation-2023-q4?sort=num_upvotes
Link to Previous Report Nikola Corporation Reports Third Quarter 2023 Results
Highlights
- Delivered the first production hydrogen fuel cell electric truck available in North America
-- Delivered 35 hydrogen fuel cell electric trucks in Q4 ending the period with no finished goods inventory
-- From October 2023 through January 31, 2024, 225 additional voucher requests have been submitted in Calif. for hydrogen fuel cell electric trucks, all for Nikola
- Remain on track to get the first battery-electric trucks back into end user hands by the end of Q1
- Opened first HYLA modular refueling station in Ontario, Calif. and announced partnership with FirstElement Fuel in Oakland, Calif. providing fleets with fueling solutions in Northern and Southern Calif.
- During Q4 raised $230.3M, ending the year with $464.7M of unrestricted cash, highest unrestricted cash balance since Q4 2021
- Added two additional reputable and seasoned board members with deep experience in trucking and energy
-- Jonathan Pertchik, former CEO of TravelCenters of America
-- Carla Tully, whose experience includes leading and scaling energy organizations across Fortune 150, private equity, and startups (appointed in February 2024)
PHOENIX – February 22, 2024 — Nikola Corporation (Nasdaq: NKLA), a global leader in zero-emissions transportation and energy supply and infrastructure solutions, via the HYLA brand, today reported financial results and business updates for the fourth quarter and full year ended December 31, 2023.
“Today we’re sharing what we’ve accomplished and how we are providing fully integrated zero-emissions mobility solutions to fleets right now,” said Nikola President and CEO Steve Girsky. “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.”
“In California, we have 99% of all the hydrogen fuel cell electric tractor HVIP vouchers requested in 2023 through January 2024,” Girsky continued. “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.”
Launch of the Hydrogen Fuel Cell Electric Truck and Hydrogen Refueling Ecosystem
In Q4 2023, we demonstrated our ability to produce, manufacture, and deliver the hydrogen fuel cell electric truck. We believe we have delivered the first production Class 8 hydrogen fuel cell truck available in North America. Fleets are operating the trucks daily, fueling at our first modular refueling site in Ontario, Calif. and our partner FirstElement Fuel’s station in Oakland, Calif.
Looking forward to 2024, we are focused on optimizing revenue and costs in our business, as we seek to scale hydrogen fuel cell electric truck production, secure additional modular refueling sites and deploy modular fuelers to support fleets and bring the battery-electric product back to the marketplace.
Hydrogen Fuel Cell Electric Truck
In Q4 2023, we delivered what we believe is the first production hydrogen fuel cell electric truck available in North America. We produced 42, delivering 35 of those to dealers and reserved seven for continued testing and fleet demos. Every truck delivered to dealers is spoken for by an end user, some of which are already utilizing the trucks in operations daily. End users include:
- Long standing partner Biagi Bros.
- IMC Logistics, the largest marine drayage company in the U.S.
- 4 Gen / Duncan and Sons Lines
- Alberta Motor Transport Association
- Coyote Container
In Calif. 99% (355 of 360) of the hydrogen fuel cell electric HVIP vouchers requested in 2023 through January 2024 are for our hydrogen fuel cell electric truck. We continue to build a strong sales funnel as our sales team works in conjunction with dealers. Initial fleet feedback on truck performance has been positive. Coyote Container completed an 866-mile round trip haul between The Port of Oakland, Port of Long Beach, HYLA Ontario refueling station, and returned to Oakland, stopping for only one refuel.
Battery-Electric Truck
We remain on track to deliver the first re-worked battery-electric trucks with new battery packs back to end users by the end of Q1 and believe all trucks will be returned to end user fleets by the end of Q2 or early Q3. Once end user trucks have been returned, we plan to begin retrofitting the remaining battery-electric trucks in Nikola inventory and selling them for revenue in late Q3 or early Q4.
Since October 2023, there have been 33 additional HVIP voucher requests for the battery-electric truck in Calif. In addition to new battery packs from an alternative supplier, what we call the BEV “2.0” is expected to have a number of additional enhancements, some available upon release and some to be implemented over time, which further improve the trucks capabilities. Some of the improvements include an updated instrument display, a more user-friendly mobile app, and scheduled departure charging to ensure maximum state of charge when a driver begins their route. In addition to the new packs and features, we also expect the trucks will be lighter, improving payload capacity.
Energy
We recently announced the opening of our first HYLA modular refueling station in Ontario, Calif., as well as our collaboration with FirstElement Fuel for fleets to use their refueling station in Oakland, Calif. Fleets are utilizing both fueling locations and hauling freight between Southern and Northern Calif.
Our HYLA team is working to secure additional fueling sites throughout Calif., and believes we have line of sight to secure an additional six in Southern Calif. and three in Northern Calif. in 2024. The HYLA station development strategy is to deploy modular fueling assets as truck network density is amassed in the region. Once truck density is amassed, fixed stations can be constructed and placed into service. Upon the completion of fixed station infrastructure, modular fuelers can be redeployed to a new geography and the cycle can be replicated. We believe the modular refueling strategy allows us to be nimble and rapidly enter new markets, while remaining capital efficient.
Fourth Quarter and Full Year Financial Highlights
Webcast and Conference Call Information
Nikola will host a webcast to discuss its fourth quarter and full year 2023 results and business progress at 7:30 a.m. Pacific Time (10:30 a.m. Eastern Time) on February 22, 2024. To access the webcast, parties in the United States should follow this link: https://www.webcast-eqs.com/nikola20240222/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’s mission is clear: pioneering solutions for a zero-emissions world. As an integrated truck and energy company, Nikola is transforming commercial transportation, with our Class 8 vehicles, including battery-electric and hydrogen fuel cell electric trucks, and our energy brand, HYLA, driving the advancement of the complete hydrogen refueling ecosystem, covering supply, distribution and dispensing. Nikola headquarters is based in Phoenix, Arizona with a manufacturing facility in Coolidge, Arizona.
Nikola headquarters is based in Phoenix, Arizona with a manufacturing facility in Coolidge, Arizona.
For more information visit our website Facebook @nikolamotorcompany, Instagram @nikolamotorcompany, YouTube @nikolamotorcompany, LinkedIn @nikolamotorcompany or Twitter @nikolamotor.
Recent NKLA News
- NIKOLA CHAIRMAN ADDRESSES STOCKHOLDER QUESTIONS ON REVERSE SPLIT PROPOSAL IN DEFINITIVE PROXY STATEMENT • PR Newswire (US) • 04/30/2024 12:05:00 PM
- M&M Residual and Trevor R. Milton Announce Concerns Related to Potential Fraud and Misconduct at Nikola Overseen by Steve Girsky, Britton Worthen and the Board of Directors • Business Wire • 04/11/2024 03:30:00 PM
- Apple Terminates 614 Employees, Disney Unveils June Crackdown on Password Sharing, and More Updates • IH Market News • 04/05/2024 11:38:57 AM
- NIKOLA CORPORATION ANNOUNCES DATE FOR FIRST QUARTER 2024 RESULTS AND WEBCAST AND Q&A PLATFORM FOR SHAREHOLDERS • PR Newswire (US) • 04/04/2024 08:05:00 PM
- NIKOLA PRODUCES 43, WHOLESALES 40 HYDROGEN FUEL CELL ELECTRIC TRUCKS FOR U.S. CUSTOMERS IN Q1 2024 • PR Newswire (US) • 04/04/2024 12:05:00 PM
- NIKOLA CELEBRATES GRAND OPENING OF FIRST HYLA REFUELING STATION IN SOUTHERN CALIFORNIA • PR Newswire (US) • 03/21/2024 10:00:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/07/2024 11:59:55 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/07/2024 11:59:37 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/07/2024 11:59:30 PM
- IMC UNVEILS DESIGN OF ITS 50 NIKOLA HYDROGEN FUEL CELL ELECTRIC TRUCKS AT GRAND OPENING OF SUSTAINABLE FACILITY • PR Newswire (US) • 03/07/2024 09:05:00 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 03/07/2024 07:43:37 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 03/07/2024 07:42:49 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 03/05/2024 08:40:53 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 03/05/2024 08:30:54 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 03/05/2024 08:25:51 PM
- AMD Hits Regulatory Roadblock, GitLab’s Stock Tumbles on Disappointing Earnings, and Latest News • IH Market News • 03/05/2024 11:05:08 AM
- Form 424B3 - Prospectus [Rule 424(b)(3)] • Edgar (US Regulatory) • 03/04/2024 01:21:00 PM
- Form 424B3 - Prospectus [Rule 424(b)(3)] • Edgar (US Regulatory) • 03/04/2024 01:15:14 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 03/04/2024 01:08:35 PM
- THOMAS B. OKRAY NAMED CHIEF FINANCIAL OFFICER OF NIKOLA CORPORATION • PR Newswire (US) • 03/04/2024 01:05:00 PM
- Form 424B3 - Prospectus [Rule 424(b)(3)] • Edgar (US Regulatory) • 03/01/2024 09:48:16 PM
- Form 424B3 - Prospectus [Rule 424(b)(3)] • Edgar (US Regulatory) • 03/01/2024 09:48:09 PM
- Form 424B3 - Prospectus [Rule 424(b)(3)] • Edgar (US Regulatory) • 03/01/2024 09:37:37 PM
- Form 10-K/A - Annual report [Section 13 and 15(d), not S-K Item 405]: [Amend] • Edgar (US Regulatory) • 03/01/2024 09:20:39 PM
- Form 10-Q/A - Quarterly report [Sections 13 or 15(d)]: [Amend] • Edgar (US Regulatory) • 03/01/2024 09:11:02 PM
NanoViricides Reports that the Phase I NV-387 Clinical Trial is Completed Successfully and Data Lock is Expected Soon • NNVC • May 2, 2024 10:07 AM
ILUS Files Form 10-K and Provides Shareholder Update • ILUS • May 2, 2024 8:52 AM
Avant Technologies Names New CEO Following Acquisition of Healthcare Technology and Data Integration Firm • AVAI • May 2, 2024 8:00 AM
Bantec Engaged in a Letter of Intent to Acquire a Small New Jersey Based Manufacturing Company • BANT • May 1, 2024 10:00 AM
Cannabix Technologies to Deliver Breath Logix Alcohol Screening Device to Australia • BLO • Apr 30, 2024 8:53 AM
Hydromer, Inc. Reports Preliminary Unaudited Financial Results for First Quarter 2024 • HYDI • Apr 29, 2024 9:10 AM