According to media reports, electric truck maker Nikola said on May 7 that its first-quarter revenue fell short of Wall Street expectations due to a lower number of hydrogen fuel cell trucks delivered due to an uncertain macroeconomic outlook and lower customer spending.
According to data released by LSEG, Nikola reported corporate revenue of $7.5 million in the first quarter, below analysts' expectations of $15.8 million. Subsequently, the company's shares fell 4.5% in afternoon trading.
Two quarters after the start of production, Nikola delivered 75 hydrogen fuel cell trucks and completed deliveries of retrofitted all-electric trucks at the end of the first quarter. Nikola said it opened hydrogen fueling stations for its hydrogen-powered trucks in California and Alberta, Canada, in March.
Nikola executives said on a conference call following the earnings release that the company expects to deliver 50 to 60 fuel cell hydrogen-powered trucks in the second quarter.
Nikola has also found it more difficult to sell hydrogen-powered large trucks against the backdrop of rising borrowing costs and consumers and businesses reducing their consumption of relatively pricier EVs in favor of lower-priced hybrids.
Despite Nikola's ramped up production of hydrogen-powered large trucks, its truck revenue fell 26% in the first quarter to $7.4 million. Its net loss was $147.7 million, down from $169.1 million in the year-ago quarter, driven by a 15% reduction in the company's operating expenses.
Nikola's cash and cash equivalents were $345.6 million at the end of the first quarter, down from $464.7 million at the end of the prior quarter.
