Nikola Corporation ($NKLA) has had a tumultuous past, but the American BEV and FCEV automaker is now trending upward. Earlier this morning, the company shared its Q4 and full year results for 2022, which saw some significant drops compared to Q3, but also a lot of accolades on its report card.
Revenues in Q4 2022 were down significantly to $6.56 million compared to over $24 million in Q3. Its GAAP net loss per share was down in Q4 at $0.46, but non-GAAP net loss per share was up at $0.37 compare to $0.28 in Q3. In Q4, Nikola reports it sold $165 million worth of common stock under its at-the-market (ATM) program announced in August 2022. Its available ATM as of 12/31/2022 was $232.2 million compared to $299.5 million at the end of Q3.
Nikola reported 63 Tre BEV deliveries, $24 million in revenue, and $100 million in gross proceeds headed into Q4 of 2022, which saw the automaker enter a partnership with ChargePoint to resell its EV charging products. This was followed by news that it would be relocating the battery manufacturing facility inherited from last year’s acquisition of Romeo Power to its main production facility in Arizona.
The company also bolstered its commercial and sales operations in Q4, which it expects will help increase sales and accelerate truck deliveries in 2023. Looking ahead to 2023, Nikola is expecting slower BEV production in Q1, with 30 deliveries on the low end and a max of 50 deliveries. Meanwhile, Nikola looks to expand BEV production overseas as part of its joint venture with Iveco Group, while simultaneously getting its hydrogen trucks into scaled production bolstered by its newly launched HYLA energy business to refuel them.
Nikola Corporation continues to grow and expand into 2023 and has become a viable commercial EV company to keep an eye on. With its ambitious milestones for the year ahead, the company looks poised to continue its upward trend and make a lasting impact on the industry.
FAQ
Q1. When will electric cars be available in the UK?
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Q3. Which electric car is the best?
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