Nikola Corp. reported wide misses on revenue and deliveries for the final three months of the year as parts shortages and ramp issues affected its business.
(Bloomberg) — Nikola Corp. reported wide misses on revenue and deliveries for the final three months of the year as parts shortages and ramp issues affected its business.
The big-rig maker delivered just 20 battery-electric trucks in the fourth quarter, finishing the year at 131, far behind its already lowered expectations of delivering 300 of its Tre BEV vehicles to dealers. Nikola had cut its guidance twice last year.
Fourth-quarter revenue came in at $6.56 million, significantly below analyst expectations of $32 million, the company said Thursday. Still, Nikola posted a narrower-than-expected adjusted loss of 37 cents per share for the year, better than the estimate compiled by Bloomberg analysts of 48 cents per share.
“During the fourth quarter we strengthened our commercial and sales operations, which is expected to lead to increased sales and accelerated customer deliveries,” Nikola Chief Executive Officer Michael Lohscheller said in a statement.
Nikola’s shares rose 2.1% in early trading at 9:06 a.m. in New York. The stock is up almost 8% year-to-date, having plunged 78% in 2022.
Nikola sees itself as a first-mover in clean-energy commercial vehicles, but has had trouble getting its electric trucks to market. Development has been hampered by supply-chain snarls including parts shortages as well as managerial turmoil. In November, the company cut its deliveries outlook, citing worsening economic conditions and warning that the headwinds may persist through 2023.
The company expects deliveries to grow in 2023 to as many as 350 battery-electric big rigs as supply chain snarls keep weighing on output.
Longer-term, Nikola’s ambition has always been to sell longer range fuel-cell powered trucks that run on hydrogen. The manufacturer also is working on building out fueling infrastructure. The company says its on track to deliver between 125 and 150 Tre FCEVs in the fourth quarter of this year.
While problems persist, Nikola is ramping output of its BEV semi. Nikola built 133 of its Tre BEV trucks in the fourth quarter, up from 75 in the prior three-month period.
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