Nikola reports a 30% hit to revenue in Q1

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on May 7, 2024
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  • Nikola reported its financial results for the first quarter on Tuesday.
  • Here's what its CEO Steve Girsky said in a press release today.
  • Nikola stock is currently down well over 30% versus its year-to-date high.

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Shares of Nikola Corp (NASDAQ: NKLA) are roughly flat in premarket on Tuesday after the EV firm came in shy of revenue estimates for its fiscal first quarter.

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How many vehicles did Nikola deliver in Q1?

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The electric vehicles company delivered 40 of its hydrogen fuel cell electric trucks in Q1 – up a more than expected 14% sequentially.

Production stood at 43 units in the recently concluded quarter. Steve Girsky – its chief executive said in a press release today. 

We continue to move forward rapidly and execute our plans. And please keep that in mind – we are in the execution phase, not the planning or concepting phase.

$NKLA continues to expand HYLA footprint in North America in the first quarter. Nikola stock is now down well over 30% versus its year-to-date high in late March.

Nikola Q1 earnings snapshot

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  • Lost $147.7 million versus the year-ago $169.09 million
  • Per-share loss also narrowed from 26 cents to 11 cents
  • Adjusted loss printed at 9 cents as per the earnings report
  • Revenue declined 30% year-on-year to $7.49 million
  • Consensus was 10 cents a share loss on $15.78 million revenue

Nikola ended the quarter with million in unrestricted cash. CEO Girsky also said on Tuesday:

Last quarter, I talked about getting on the field with the first deliveries of our hydrogen fuel cell electric trucks. Today, we are executing plays, competing, and cultivating more green shoots as we expand upon current markets and enter new ones.

Wall Street currently has a consensus “hold” rating on Nikola shares.

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