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Nikola (NKLA) investor relations material
Nikola Q3 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2024 earnings summary31 Oct, 2024
Executive summary
Achieved record 88 wholesale deliveries of hydrogen fuel cell electric trucks in Q3 2024, with 78% year-to-date growth in FCEV fleet adoption and expanded dealer network to 19 locations.
Returned 78 BEV 2.0 trucks to fleets and dealers, resuming customer deliveries and accumulating over 715,000 in-service miles across 19 fleets.
Trucks have accumulated over 4 million validation miles, avoiding 6,000 metric tons of CO2 emissions.
Reiterated year-end guidance of 300-350 FCEV deliveries and 10 HYLA fueling solutions.
Significant impairment charges and a one-for-thirty reverse stock split were recorded in Q3 2024.
Financial highlights
Q3 2024 revenue was $25.2 million to $33 million, up from negative $1.7 million in Q3 2023, driven by higher FCEV sales and offset by BEV returns.
Gross loss for Q3 2024 was $61.9 million, improved from $125.5 million in Q3 2023, but higher than Q2 due to BEV returns.
Net loss from continuing operations was $199.8 million in Q3 2024, a 53% improvement from Q3 2023.
Cash and cash equivalents at September 30, 2024, totaled $198.3 million, down from $464.7 million at year-end 2023.
Cash burn for Q3 was $162 million, with net cash used in operating activities of $399.5 million for the nine months ended September 30, 2024.
Outlook and guidance
Existing resources are only expected to fund operations into, but not beyond, Q1 2025; additional capital is required.
The company expects to complete the BEV recall retrofit and return all trucks to dealers and end users within the first half of 2025.
Capital expenditures for the remainder of 2024 are expected to be approximately $20 million, subject to capital availability.
Focus remains on scaling volume, optimizing costs, and maintaining sufficient cash to support business needs.
What is driving BEV 2.0 end fleet preference?
What is the focus of HYLA fueling strategy?
What is the average hydrogen dispensed per fill?
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Frequently asked questions
Nikola Corporation is an energy and transportation solutions company. The Company's primary product offering includes natural gas fueled heavy-duty vehicles, electric transportation technologies, stationary energy storage systems, hydrogen fueling stations and hydrogen production facilities. Nikola produces zero emission electric trucks, buses and other vehicle types for both the long-haul freight segment as well as urban transit markets. The company is based in Phoenix, Arizona.
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