Phoenix, Arizona-based Nikola (NKLA) reported a larger loss than expected this past week when it revealed its Q3 financial report, sending the EV commercial truck manufacturer's shares down over 5 percent.
The company lost $2.75 per share this past quarter, and reported revenue of almost $25.2 million. It initially estimated a revenue of $37.2 million. Cash and equivalents dropped to $198.3 million, compared to $464.7 million at the end of 2023.
The OEM's wholesale deliveries of its hydrogen fuel cell (FCEV) semi trucks, however, increased by 22 percent compared to the second quarter. Additionally, Nikola's fleet partners, specifically Kenan Advantage Group and DHL Supply Chain, announced FCEV deployment. For the first time since the FCEV semi hit the market, Nikola's dealer network grew for the first time with the inclusion of GTS Group. There's now a total of 19 Nikola service and sales locations in the country.
[Related: Nikola FCEVs join DHL Supply Chain, Diageo North America's new partnership]
Nikola confirms it remains on track to produce 300-350 FCEVs and 10 more HYLA-branded fueling stations by year's end. Providing existing stations with more customer support solutions is still in the cards. More than 5,900 fueling events have been recorded so far for the greater HYLA network, dispensing over 210 metric tons of hydrogen.
[Related: Tom's Truck Center opens hydrogen refueling station]
Around 200 examples of the company's battery-electric semi, the BEV 2.0, was recalled last year after several caught on fire. Nikola has since identified the problem, changed battery suppliers, and now has an updated battery design. A total of 78 units have been returned to the market so far. The company did not provide a timeline as to when the remaining trucks will be back in service.
“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."
