Nikola Engulfed by Macro Uncertainties, Guides For Reduced Opex and Capex Spending, Fewer Truck Production

Loading...
Loading...
  • Nikola Corp NKLA reported third-quarter FY22 sales of $24.24 million, beating the consensus of $22.14 million.
  • The company delivered 63 Tre BEVs in Q3.
  • Operating loss for the quarter improved to $(229.7) million from $(271.8) million a year ago.
  • Adjusted EBITDA loss widened to $(105.9) million versus $(85) million last year.
  • EPS loss of $(0.28) beat the consensus of $(0.38).
  • The company held $316.3 million in cash and equivalents.
  • Nikola CFO Kim Brady said on the conference call the company will cut OpEx and CapEx spending in 2023 by 20% to 30% by taking a cautious approach due to the uncertain macro environment.
  • The company plans to reduce headcount by 7% this month.
  • "During the third quarter, we continued to produce and deliver Nikola Tre BEVs to dealers and customers," said Nikola President Michael Lohscheller." 
  • "We also made significant advancements in developing our energy business, announcing our intent to develop access of up to 300 metric tons per day of hydrogen and up to 60 stations by 2026, and our collaboration with E.ON in Europe."
  • Price action: NKLA shares are trading lower by 4.55% at $3.15 on the last check Thursday.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsPenny StocksSmall CapMoversTrading IdeasBriefs
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...