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- Nikola Corp NKLA reported first-quarter FY23 sales of $11.12 million compared to $1.89 million a year ago, missing the consensus of $12.51 million.
- The company's gross loss was $(32.91) million for the quarter versus a profit of $431 thousand in 1Q22.
- Adjusted EBITDA loss expanded to $(126.72) million from $(79.15) million a year ago.
- Adjusted EPS was $(0.26), in line with the consensus.
- Also Read: Nikola Partners With Voltera On Hydrogen Station Funding
- NKLA's net cash used in operating activities was $(179.96) million versus $(131.3) million in 1Q22.
- "Nikola had a very solid quarter, building sales momentum with Class 8 battery electric truck deliveries to customers, and orders for 140 hydrogen fuel cell trucks from customers," stated Nikola CEO Michael Lohscheller.
- The company held $121.14 million in cash and equivalents as of March 31, 2023.
- In a separate press release, Nikola announced that it sold its stake in the European manufacturing joint venture to Iveco Group.
- The company will now we will be focusing on the North American market, hydrogen fuel cell trucks, the HYLA hydrogen refueling business, and autonomous technologies.
- Price Action: NKLA shares are trading lower by 15.2% at $0.8343 on the last check Tuesday.
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