Nikola Corporation, a pioneer in zero-emissions transportation, held its First Quarter 2024 earnings and business update call on May 7, 2024. The call, led by President and CEO Steve Girsky and new CFO Tom Okray, highlighted the company's progress in the execution phase of delivering hydrogen fuel cell electric trucks (FCEVs) and expanding its market reach. Nikola exceeded Q1 expectations by wholesaling 40 FCEVs, surpassing the high-end guidance range and totaling 75 trucks in the first two quarters of serial production. The company has also seen growth in repeat and new fleet customers, including expansion into new markets such as New York. Nikola's hydrogen refueling network, HYLA, continues to expand with new stations in North America, supporting the company's Hydrogen Highway...Show More

Nikola Corporation, a pioneer in zero-emissions transportation, held its First Quarter 2024 earnings and business update call on May 7, 2024. The call, led by President and CEO Steve Girsky and new CFO Tom Okray, highlighted the company's progress in the execution phase of delivering hydrogen fuel cell electric trucks (FCEVs) and expanding its market reach. Nikola exceeded Q1 expectations by wholesaling 40 FCEVs, surpassing the high-end guidance range and totaling 75 trucks in the first two quarters of serial production. The company has also seen growth in repeat and new fleet customers, including expansion into new markets such as New York. Nikola's hydrogen refueling network, HYLA, continues to expand with new stations in North America, supporting the company's Hydrogen Highway Plan. The company also delivered on its promise of the first 'BEV 2.0' battery-electric truck by the end of Q1. Financially, Nikola reported a gross loss of $57.6 million for the quarter, with a sequential improvement in cash burn. The company remains focused on building scale to optimize cost structure and achieve profitability. Additionally, Nikola addressed investor questions regarding a proposed reverse stock split aimed at preventing delisting from Nasdaq, attracting new investors, and providing financial flexibility for future capital raises.