Nikola's Shares Plunge On Lower-Than-Expected Q1 Revenue; Reprioritizes Business

Nikola Corp NKLA reported first-quarter FY23 sales of $11.12 million compared to $1.89 million a year ago, missing the consensus of $12.51 million.
The company's gross loss was $(32.91) million for the quarter versus a profit of $431 thousand in 1Q22.
Adjusted EBITDA loss expanded to $(126.72) million from $(79.15) million a year ago.
Adjusted EPS was $(0.26), in line with the consensus.
Also Read: Nikola Partners With Voltera On Hydrogen Station Funding
NKLA's net cash used in operating activities was $(179.96) million versus $(131.3) million in 1Q22.
"Nikola had a very solid quarter, building sales momentum with Class 8 battery electric truck deliveries to customers, and orders for 140 hydrogen fuel cell trucks from customers," stated Nikola CEO Michael Lohscheller.
The company held $121.14 million in cash and equivalents as of March 31, 2023.
In a separate press release, Nikola announced that it sold its stake in the European manufacturing joint venture to Iveco Group.
The company will now we will be focusing on the North American market, hydrogen fuel cell trucks, the HYLA hydrogen refueling business, and autonomous technologies.
Price Action: NKLA shares are trading lower by 15.2% at $0.8343 on the last check Tuesday.

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