Nikola’s fourth-quarter revenue falls short as it delivers just 20 trucks

Electric heavy-truck maker Nikola said Thursday it produced 133 battery-electric trucks in the fourth quarter, but delivered just 20 to dealers, generating revenue that fell well short of Wall Street’s expectations.

Nikola said it made a series of changes to its battery-electric truck during the quarter in response to feedback from early customers. The company also confirmed that the fuel-cell version of its truck is still on track to begin production in the second half of 2023, in line with earlier guidance.

The stock fell more than 5% Thursday.

Here are the key numbers from Nikola’s fourth-quarter earnings report, compared with Refinitiv consensus estimates:

• Adjusted loss per share: 37 cents vs. 43 cents expected
• Revenue: $6.6 million vs. $32.1 million expected

Nikola’s fourth-quarter net loss was $222.1 million, or 46 cents per share. The truck maker lost $159.4 million, or 39 cents per share on a GAAP basis, in the year-ago period.

As of Dec. 31, Nikola had $233.4 million in cash and equivalents available, down from $315.7 million at the end of September.

Nikola’s fourth-quarter production brought it to 258 trucks built in 2022. That was just enough to hit the guidance range it provided in November, when it said it expected to produce between 255 and 305 trucks for the full year.

Production should ramp up somewhat in 2023. Nikola said investors should expect it to deliver between 250 and 350 battery-electric trucks and 125 to 150 of its upcoming fuel-cell trucks this year. The company also expects to reduce costs on its battery-electric trucks by about $105,000 per truck by year-end as it realizes savings from its acquisition of battery-pack maker Romeo Power.

This is breaking news. Please check back for updates.