Nikola (NKLA) Q4 2022 results: Deliveries and revenues stumble, but plenty in the works for 2023

Nikola Corporation shared its Q4 and full year results for 2022 earlier this morning, and although some of its numbers saw significant drops compared to Q3, the American BEV and FCEV automaker has a lot of accolades on its report card and even bigger plans for this coming year. See the full results below.

Nikola Corporation ($NKLA) kicked off Q1 of 2022 by delivering just 11 Tre BEVs, but had reported a 48 deliveries (an 125% percent increase) in Q2, bolstered by revenues totaling $18.1 million. By the third quarter, its disgraced former CEO was found guilty on three of four counts of fraud in federal court at the same time the commercial EV automaker was trending upward, transcending miles beyond its turbulent past.

Nikola reported 63 Tre BEV deliveries, $24 million in revenue, and $100 million in gross proceeds headed into Q4 of 2022, which saw the automaker enter a partnership with ChargePoint to resell its EV charging products. This was followed by news that it would be relocating the battery manufacturing facility inherited from last year’s acquisition of Romeo Power to its main production facility in Arizona.

Simultaneously, the company continues to make large strides in the other half of its commercial vehicle business – Tre Fuel Cell EVs. On paper, Nikola’s finances took a slight step back in Q4 2022, but the progress of its energy business and commercial EV production continues to harden. If Nikola can execute its 2023 milestones laid out today, its overall upward trend for the year should continue.

Nikola BEV deliveries slow in Q4 2022 but outlook steady

Following a press release outlining its Q4 and full year 2022 reports, Nikola Corporation shared its full presentation with investors including key financial metrics and an outlook for this next fiscal year. Overall, numbers were encouraging despite increased losses, which could be justified by the number of expanded business ventures the American automaker is currently trying to get up and running.

Revenues in Q4 2022 were down significantly to $6.56 million compared to over $24 million in Q3. Its GAAP net loss per share was down in Q4 at $0.46, but non-GAAP net loss per share was up at $0.37 compare to $0.28 in Q3. In Q4, Nikola reports it sold $165 million worth of common stock under its at-the-market (ATM) program announced in August 2022. Its available ATM as of 12/31/2022 was $232.2 million compared to $299.5 million at the end of Q3.

In Q4 2022, Nikola shared it produced 133 Tre BEV trucks, which is nearly double the 75 it produced a quarter prior. However, it only delivered 20 of the them. The automaker states it used 2022’s final quarter to improve the BEV trucks based on customer feedback. This included an over-the-air (OTA) update that increased range and adding charging capabilities up to 350 kW.

The company also bolstered its commercial and sales operations ind Q4, which it expects will help increase sales and accelerate truck deliveries in 2023. Looking ahead to 2023, it looks like Nikola is expecting slower BEV production in Q1, with 30 deliveries on the low end and a max of 50 deliveries.

Meanwhile, Nikola looks to expand BEV production overseas as part of its joint venture with Iveco Group, while simultaneously getting its hydrogen trucks into scaled production bolstered by its newly launched HYLA energy business to refuel them.

Here is the company’s full milestone list for 2023:

  • Complete the build of 10 gamma FCEVs by Q2 2023
  • Realize approximately $105,000 in cost savings in battery modules and packs for each Tre BEV truck by Q4 2023
  • Achieve final investment decision for Phoenix Hydrogen Hub by Q3 2023
  • Announce at least two refueling station partners by June
  • Deliver 250 – 350 Tre BEVs to dealers for the full year 2023
  • Deliver 125 – 150 Tre FCEVs in Q4 2023

Nikola Corporation continues to grow and expand into 2023 and has become a viable commercial EV company to keep an eye on. We’re sure there will be more to report on in Q1 2023 and beyond. Check back soon.

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