Nikola(NKLA) - 2024 Q1 - Quarterly Results

Q1 2024 Performance Overview 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 Nikola exceeded FCEV delivery guidance, expanded hydrogen infrastructure, began monetizing CARB credits, and progressed BEV remediation Hydrogen Fuel Cell Electric Truck (FCEV) 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][5] - Program-to-date, FCEVs accumulated over 830,000 miles with average fuel economy exceeding the 7.2 mi/kg target[4] - Expanding market reach beyond California and Canada into new areas like New York[3][5] Energy & HYLA Infrastructure 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] - During Q1, HYLA opened new hydrogen refueling stations in Ontario (CA), Port of Long Beach (CA), and Alberta, Canada[5] Battery-Electric Truck (BEV) 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][5] - Sales of on-hand BEV inventory are now expected opportunistically in 2025, dependent on future battery supply[8] - BEV 2.0 updated to share software commonality with FCEV, enabling over-the-air updates and new ADAS features[9] Regulatory & Policy Impact 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] - Executed first sale of CARB credits (NOx and PM), with revenue to be recognized in Q2 2024, expecting a meaningful future stream[7] Financial Performance 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 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 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 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 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 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][17] 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) |