Nikola Corporation, an innovator in zero-emissions transportation, has reported its financial performance for the first quarter ending March 31, 2024. The company experienced a net loss from continuing operations of $147.7 million, a slight increase from the $145.3 million loss in the same period the previous year. Basic and diluted net loss per share was $0.11, improving from the previous year's $0.31. Revenue from truck sales decreased by 26% year-on-year to $7.4 million, primarily due to a return reserve related to a dealer agreement cancellation and an estimated reserve for future returns. Service and other revenues saw a significant decline of 87% to $79,000, largely due to a drop in sales of Mobile Charging Trailers and other charging products following a recall. The cost of revenues...Show More

Nikola Corporation, an innovator in zero-emissions transportation, has reported its financial performance for the first quarter ending March 31, 2024. The company experienced a net loss from continuing operations of $147.7 million, a slight increase from the $145.3 million loss in the same period the previous year. Basic and diluted net loss per share was $0.11, improving from the previous year's $0.31. Revenue from truck sales decreased by 26% year-on-year to $7.4 million, primarily due to a return reserve related to a dealer agreement cancellation and an estimated reserve for future returns. Service and other revenues saw a significant decline of 87% to $79,000, largely due to a drop in sales of Mobile Charging Trailers and other charging products following a recall. The cost of revenues related to truck sales rose by 87% to $61.7 million, driven by provisions for net realizable value reserves and estimated warranty expenses. Research and development expenses decreased by 36% to $39.5 million, reflecting lower spending on outside development and tooling for FCEV prototype builds. Selling, general, and administrative expenses increased by 13% to $48.3 million, mainly due to fees related to an equipment purchase cancellation. Nikola's business development has been marked by the initiation of commercial production of Tre BEVs in 2022 and Tre FCEV in 2023, as well as the establishment of a floor plan financing arrangement for dealers. The company also faced challenges, including a voluntary recall of BEV trucks and a legal complaint filed by Lion Electric alleging interference with business relationships. Looking ahead, Nikola plans to continue commercializing its heavy-duty trucks, expand manufacturing facilities, invest in hydrogen fueling infrastructure, and develop technology partnerships to enhance market competitiveness.