Nikola Corporation (NASDAQ: NKLA) stock saw a moderate dip after its fourth-quarter results revealed a smaller-than-expected loss per share yet missed revenue estimates.
Nikola (NKLA) has announced its quarterly earnings, revealing an adjusted loss of $0.11 per share. This figure surpassed analyst expectations by $0.02, beating the consensus estimate of a $0.13 loss per share. However, the company fell short on revenue, reporting $11.53 million against a forecast of $13.15 million.
Despite missing revenue targets, Nikola made significant progress, notably in producing and delivering 35 hydrogen fuel cell electric trucks. This accomplishment underscores the company’s commitment to expanding its line of zero-emissions vehicles.
Moreover, Nikola concluded the quarter with a robust unrestricted cash balance of $464.7 million, marking its highest since Q4 2021. This financial stability will support Nikola’s endeavors to increase the production of hydrogen fuel cell electric trucks and deploy modular fuelers to support fleets.
Steve Girsky, President and CEO of Nikola, expressed optimism about the company’s progress, stating,
“We began delivering production hydrogen fuel cell electric trucks in Q4, fleets are fueling daily at our modular refueling station in Ontario, California, we continue to rack up HVIP vouchers, and we are on track to start getting our battery-electric trucks back to end users by the end of the first quarter.”
Nikola Q4 Achievements
Nikola achieved several milestones throughout the quarter, including the successful delivery of the first production hydrogen fuel cell electric truck in North America. The company also opened its premier HYLA modular refueling station in Ontario, California.
Moreover, Nikola has disclosed that between October 2023 and January 31, 2024, an additional 225 voucher requests have been filed in California for its hydrogen fuel cell electric trucks, exclusively for Nikola, highlighting the strong demand for its offerings.
Looking ahead, Nikola remains focused on optimizing revenue and costs, with plans to reintroduce battery-electric trucks with new battery packs to end users by the end of Q1.
Nikola (NASDAQ: NKLA) Stock Price Action
NKLA stock declined 0.13% to close at $0.70 on Thursday. The traders had exchanged hands with 73,253,030 (73.25 million) shares compared to the average daily trading volume of 102.98 million.
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