Nikola Q3 Earnings: Revenue Miss, EPS Miss, 88 FCEVs Delivered, Fleet Adoption Update And More

Nikola Corp NKLA reported third-quarter financial results before the market open on Thursday. Here’s a rundown of the report.

Q3 Earnings: Nikola reported third-quarter revenue of $25.18 million, missing analyst estimates of $37.23 million, according to Benzinga Pro. The EV maker reported a third-quarter adjusted loss of $2.75 per share, missing estimates for a loss of $2.35 per share.

Nikola said it delivered record sales of 88 fuel cell electric vehicles (FCEV) in the third quarter, up 22% quarter-over-quarter. The company had previously guided for sales of 80 to 100 fuel cell electric trucks in the period. Nikola also said it had 16 end fleets deploying Nikola FCEVs, and 32 distinct end fleets across both powertrains in the quarter, up 78% year-to-date.

“Year-to-date, we had record sales of hydrogen fuel cell electric trucks, a 78% increase in FCEV fleet adoption, and a nearly 350% increase in hydrogen fuel dispensed at our commercial stations,” said Steve Girsky, president and CEO of Nikola.

“We also returned 78 BEV “2.0s” back to end fleets and dealers. With every truck delivered and fueled at our HYLA stations, we continue to deliver proof points to the market that zero-emission trucks are driving the future of Class 8 mobility.” 

See Also: Uber Q3 Earnings: 31 Million Daily Trips, $1Billion Op Income, CEO Not Looking For Big M&A Deals, CFO Expects To Grow Organically

Outlook: Nikola reiterated FCEV volume guidance of 300 to 350 trucks by the end of the year. The company also expects to deliver 10 HYLA fueling solutions by year-end.

Nikola also noted that it returned its BEV 2.0 vehicle back into service. Since the program started, the company has returned 78 BEVs back to the market to “overwhelmingly positive feedback.”

Management will hold a conference call to discuss the quarter with analysts and investors at 10:30 a.m. ET.

NKLA Price Action: Nikola shares were down 2.6% at $4.12 at the time of publication Thursday, according to Benzinga Pro. Nikola shares are now down about 83% year-to-date.

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Photo: courtesy of Nikola.