Nikola (NKLA) came out with a quarterly loss of $0.09 per share in line with the Zacks Consensus Estimate. This compares to loss of $0.26 per share a year ago. These figures are adjusted for non-recurring items.A quarter ago, it was expected that this pioneer in zero-emission trucks would post a loss of $0.16 per share when it actually produced a loss of $0.11, delivering a surprise of 31.25%.Over the last four quarters, the company has surpassed consensus EPS estimates two times.Nikola, which belongs to th ...

[Q1 2024 Performance Overview](index=1&type=section&id=Nikola%20Corporation%20Reports%20First%20Quarter%202024%20Results) Nikola exceeded FCEV delivery guidance, accelerated hydrogen infrastructure, and reported Q1 2024 revenues of $7.5 million with a net loss of $147.7 million [Business & Operational Highlights](index=1&type=section&id=Business%20%26%20Operational%20Highlights) Nikola exceeded FCEV delivery guidance, expanded hydrogen infrastructure, began monetizing CARB credits, and progressed BEV remediation [Hydrogen Fuel Cell Electric Truck (FCEV)](index=1&type=section&id=Hydrogen%20Fuel%20Cell%20Electric%20Truck) Nikola wholesaled 40 FCEVs in Q1, exceeding guidance, with trucks accumulating over 830,000 miles and expanding market reach - Wholesaled **40 FCEVs** in Q1, exceeding guidance and bringing the program-to-date total to **75 trucks**[3](index=3&type=chunk)[5](index=5&type=chunk) - Program-to-date, FCEVs accumulated over **830,000 miles** with average fuel economy exceeding the **7.2 mi/kg** target[4](index=4&type=chunk) - Expanding market reach beyond California and Canada into new areas like New York[3](index=3&type=chunk)[5](index=5&type=chunk) [Energy & HYLA Infrastructure](index=2&type=section&id=Energy) HYLA accelerated its hydrogen refueling plan, expecting 9 solutions by mid-2024 and 14 by year-end, including new stations - Accelerated hydrogen refueling plan, now expecting **9 solutions by mid-2024** and **14 by year-end 2024**[6](index=6&type=chunk) - During Q1, HYLA opened new hydrogen refueling stations in Ontario (CA), Port of Long Beach (CA), and Alberta, Canada[5](index=5&type=chunk) [Battery-Electric Truck (BEV)](index=2&type=section&id=Battery-Electric%20Truck) First remediated BEV delivered in Q1, full remediation by year-end 2024, with inventory sales expected in 2025 and software updates - Completed first delivery of a remediated BEV in Q1, with all remediations expected by **year-end 2024**[8](index=8&type=chunk)[5](index=5&type=chunk) - Sales of on-hand BEV inventory are now expected opportunistically in **2025**, dependent on future battery supply[8](index=8&type=chunk) - BEV 2.0 updated to share software commonality with FCEV, enabling over-the-air updates and new ADAS features[9](index=9&type=chunk) [Regulatory & Policy Impact](index=2&type=section&id=Constructive%20Green%20Policies) Nikola holds 99% of unredeemed HVIP vouchers for Class 8 FCEVs and executed its first CARB credit sale - Holds **99% market share** (**362 of 367**) of unredeemed HVIP vouchers for Class 8 FCEVs[7](index=7&type=chunk) - Executed first sale of CARB credits (NOx and PM), with revenue to be recognized in **Q2 2024**, expecting a meaningful future stream[7](index=7&type=chunk) [Financial Performance](index=3&type=section&id=Financial%20Performance) Nikola reported Q1 2024 revenues of $7.5 million, a net loss of $147.7 million, and ended with $345.6 million cash [Financial Highlights Summary](index=3&type=section&id=First%20Quarter%20Financial%20Highlights) Q1 2024 saw 43 trucks produced, $7.5 million revenue, a $57.6 million gross loss, and a $147.7 million net loss | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Trucks Produced | 43 | 63 | | Trucks Shipped | 40 | 31 | | Total Revenues | $7.5M | $10.7M | | Gross Loss | $(57.6)M | $(22.7)M | | Loss from Operations | $(145.4)M | $(127.2)M | | Net Loss from Continuing Operations | $(147.7)M | $(145.3)M | | Adjusted EBITDA | $(104.0)M | $(103.7)M | | Net Loss per Share (Continuing Ops) | $(0.11) | $(0.26) | | Non-GAAP Net Loss per Share | $(0.09) | $(0.22) | [Consolidated Statement of Operations](index=5&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) Q1 2024 total revenues were $7.5 million, gross loss widened to $57.6 million, and net loss from continuing operations was $147.7 million | Line Item (In thousands) | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Total Revenues | $7,497 | $10,677 | | Total Cost of Revenues | $65,072 | $33,374 | | **Gross Loss** | **$(57,575)** | **$(22,697)** | | Research and Development | $39,497 | $61,806 | | Selling, General, and Administrative | $48,291 | $42,697 | | **Loss from Operations** | **$(145,363)** | **$(127,200)** | | **Net Loss from Continuing Operations** | **$(147,722)** | **$(145,251)** | | **Net Loss** | **$(147,722)** | **$(169,094)** | [Consolidated Balance Sheet](index=7&type=section&id=CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS) As of March 31, 2024, total assets were $1.15 billion, cash $345.6 million, liabilities $565.9 million, and equity $586.3 million | Account (In thousands) | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Cash and cash equivalents | $345,637 | $464,715 | | Total Current Assets | $469,309 | $572,412 | | **Total Assets** | **$1,152,153** | **$1,274,857** | | Total Current Liabilities | $271,293 | $260,105 | | **Total Liabilities** | **$565,878** | **$555,683** | | **Total Stockholders' Equity** | **$586,275** | **$719,174** | [Consolidated Statement of Cash Flows](index=8&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) Q1 2024 net cash used in operations was $115.6 million, investing activities provided $4.9 million, resulting in a $115.7 million net decrease | Cash Flow Activity (In thousands) | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net Cash Used in Operating Activities | $(115,603) | $(176,022) | | Net Cash Provided by (Used in) Investing Activities | $4,940 | $(50,517) | | Net Cash Provided by (Used in) Financing Activities | $(5,055) | $115,916 | | **Net Decrease in Cash** | **$(115,718)** | **$(110,623)** | [Non-GAAP Financial Measures & Reconciliations](index=4&type=section&id=Use%20of%20Non-GAAP%20Financial%20Measures) Nikola provides non-GAAP measures like Adjusted EBITDA and non-GAAP net loss, with Q1 2024 Adjusted EBITDA at $(104.0) million - The company uses non-GAAP measures like Adjusted EBITDA and non-GAAP net loss to supplement GAAP reporting, adjusting for specific items[16](index=16&type=chunk)[17](index=17&type=chunk) Reconciliation to Adjusted EBITDA (in thousands) | Reconciliation to Adjusted EBITDA (in thousands) | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net loss from continuing operations | $(147,722) | $(145,251) | | **Adjusted EBITDA** | **$(104,030)** | **$(103,749)** | Reconciliation to Non-GAAP Net Loss (in thousands, except per share) | Reconciliation to Non-GAAP Net Loss (in thousands, except per share) | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net loss from continuing operations | $(147,722) | $(145,251) | | **Non-GAAP net loss** | **$(116,904)** | **$(119,820)** | | **Non-GAAP net loss per share** | **$(0.09)** | **$(0.22)** |

Nikola Corporation (NKLA) is slated to release first-quarter 2024 results on May 7, before market open. The Zacks Consensus Estimate for the to-be-reported quarter’s loss per share and revenues is pegged at 9 cents and $15.05 million, respectively.For the first quarter, the consensus estimate for NKLA’s loss per share has remained unchanged in the past 60 days. Its bottom-line estimates imply growth of 65.38% from the year-ago reported number.The Zacks Consensus Estimate for its quarterly revenues suggests ...

Continued focus on regaining Nasdaq compliance and resetting operational and financial foundations to achieve the next level of financial stability while advancing business initiativesPHOENIX, April 30, 2024 /PRNewswire/ -- In a recent social media post, Nikola Corporation (Nasdaq: NKLA), a global leader in zero-emissions transportation and energy supply and infrastructure solutions, via the HYLA brand, invited NKLA stockholders to submit questions related to the Proxy Statement filed earlier in the month. ...

The most recent trading session ended with Nikola (NKLA) standing at $0.65, reflecting a +1.51% shift from the previouse trading day's closing. The stock's performance was ahead of the S&P 500's daily gain of 0.32%. Elsewhere, the Dow saw an upswing of 0.38%, while the tech-heavy Nasdaq appreciated by 0.35%.Shares of the pioneer in zero-emission trucks have depreciated by 38.14% over the course of the past month, underperforming the Auto-Tires-Trucks sector's loss of 7.23% and the S&P 500's loss of 2%.The i ...

Nikola (NKLA) is one of the stocks most watched by Zacks.com visitors lately. So, it might be a good idea to review some of the factors that might affect the near-term performance of the stock.Shares of this pioneer in zero-emission trucks have returned -42.3% over the past month versus the Zacks S&P 500 composite's -3.2% change. The Zacks Automotive - Domestic industry, to which Nikola belongs, has lost 2.1% over this period. Now the key question is: Where could the stock be headed in the near term?Althoug ...

The electric semi-truck maker still faces existential challenges.Nikola (NKLA -2.44%), a maker of electric semi-trucks, went public by merging with a special purpose acquisition company (SPAC) in June 2020. Its shares opened at $37.55 and more than doubled to an all-time high of $79.73 a week later. But today, Nikola's stock trades at less than $1.Nikola's investors fled as it broadly missed its own production estimates, its founder and former CEO, Trevor Milton, was convicted of securities and wire fraud i ...

Nikola (NKLA) has been one of the most searched-for stocks on Zacks.com lately. So, you might want to look at some of the facts that could shape the stock's performance in the near term.Over the past month, shares of this pioneer in zero-emission trucks have returned +2.2%, compared to the Zacks S&P 500 composite's -1.7% change. During this period, the Zacks Automotive - Domestic industry, which Nikola falls in, has lost 4%. The key question now is: What could be the stock's future direction?While media rel ...

Nikola Corp (NASDAQ: NKLA) is in focus today after Bob Lutz – a former executive of the “Big Three” said the EV push happened “too soon and too fast”.Are you looking for signals & alerts from pro-traders? Sign-up to Invezz Signals™ for FREE. Takes 2 mins.Lutz shares view on the EV pushCopy link to sectionLutz is somewhat dovish on the electric vehicle movement at least for the near term because it’s based mostly on a “colossal amount of hype”. Both media and the government “made it sound like everybody’s ne ...

Nikola (NASDAQ:NKLA) stock is plunging lower by more than 10% after the company filed a proxy statement to document the proposals at its upcoming annual meeting of stockholders. These proposals include a reverse stock split in a range between 1-for-10 and 1-for-30 and reducing authorized common stock to 1 billion from 1.6 billion. The date of the meeting has not yet been confirmed.Nikola also seeks to increase the common stock available for issuance under the Nikola Corporation 2020 Stock Incentive Plan by ...