Nikola (NKLA) Q3 2024 earnings summary

Executive summary

• Achieved record 88 wholesale deliveries of hydrogen fuel cell electric trucks in Q3 2024, up 22% sequentially, maintaining over 90% North American market share for heavy-duty FCEVs.

• FCEV fleet adoption increased 78% year-to-date, with national fleet partners and 16 end fleets deploying Nikola FCEVs.

• Expanded dealer network to 19 locations, including new partnerships in Southern California and Canada.

• Returned 78 BEV 2.0 trucks to fleets and dealers, resuming customer deliveries and accumulating over 715,000 in-service miles across 19 fleets.

• Reiterated year-end volume guidance of 300-350 FCEVs.

Financial highlights

• Q3 2024 revenue was $25.2 million, up from $1.7 million in Q3 2023, driven by higher FCEV sales and partially offset by BEV returns and lower service revenue.

• Gross loss for Q3 2024 was $61.9 million, improved from $125.5 million in Q3 2023, but impacted by BEV repurchases.

• Net loss from continuing operations was $199.8 million in Q3 2024, a 53% improvement from $425.8 million in Q3 2023.

• Adjusted EBITDA loss was $123.6 million in Q3 2024, compared to $188.6 million in Q3 2023.

• Cash and cash equivalents at September 30, 2024, totaled $198.3 million, down from $464.7 million at year-end 2023.

Outlook and guidance

• Reiterated full-year 2024 FCEV wholesale delivery guidance of 300-350 trucks.

• Existing cash is sufficient to fund operations into, but not beyond, Q1 2025; additional capital is required.

• Expect to deliver 10 HYLA hydrogen fueling solutions by year-end 2024.

• 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.