PHOENIX – Nikola Corporation (NASDAQ:) (NASDAQ:NKLA), a pioneer in zero-emission vehicles, today reported first-quarter financial results that beat analysts’ expectations for adjusted earnings per share (EPS) but were below analysts’ expectations. revenue.
The company reported first-quarter adjusted earnings per share of -$0.09, slightly beating the consensus estimate of -$0.10. However, revenue for the quarter was $7.49 million, significantly below analysts’ estimates of $14.96 million.
Shares fell 0.7% in premarket trading Tuesday.
President and CEO Steve Girsky commented on the company’s focus on execution, highlighting the delivery of 40 hydrogen fuel cell electric trucks (FCEVs) in the first quarter, exceeding the high end of their guidance range. This achievement marks Nikola’s second quarter of volume production of the FCEV, with a total of 75 bulk trucks sold through the program to date. The company also noted the expansion of its HYLA modular hydrogen fueling stations in North America, including new locations in Ontario, near the Port of Long Beach, California, and the first station in Alberta, Canada.
Despite the revenue shortfall, Nikola’s continued dominance in the Class 8 FCEV market is clear, with 99% HVIP voucher market share, ending the quarter with 362 of the 367 vouchers outstanding outstanding from 2023 to March 2024. The company also completed the first delivery of HVIP vouchers. The refurbished battery electric vehicle (BEV) will be returned to the customer in the first quarter, and refurbishment of these units is expected to be completed by the end of 2024.
This article was created with the help of AI and reviewed by an editor. For more information please see our Terms and Conditions.
remove advertising
.