Nikola reported lower-than-expected first-quarter revenue, citing a decrease in deliveries of hydrogen fuel cell trucks due to an uncertain macroeconomic environment and reduced customer spending.
The company’s financial results for the quarter revealed a decline in total revenues, with a non-GAAP net loss per share of $0.09. The adjusted EBITDA loss amounted to $104 million, with an operating loss of $145.4 million.
Despite these challenges, Nikola managed to produce 43 trucks in the first quarter, 40 of which were shipped. While production declined year over year from 63 units, shipments increased from 31.
Nikola exceeded its own guidance by wholesaling 40 fuel cell electric vehicles (FCEVs) in the first quarter, surpassing the high end of the guidance range. This marked the second quarter of serial production of FCEVs for Nikola, bringing the total wholesaled FCEVs to 75 units.
The company’s market expansion efforts included the opening of HYLA hydrogen modular refueling stations in Ontario and near the Port of Long Beach, California, as well as the first hydrogen refueling station in Alberta, Canada.
Steve Girsky, CEO of Nikola, underscored the company’s focus on execution, stating, “We continue to move forward rapidly and execute our plans. And please keep that in mind – we are in the execution phase, not the planning or concepting phase.”
He highlighted the progress made in the previous quarter, from the initial deliveries of hydrogen fuel cell electric trucks to actively competing and expanding into new markets.
