Nikola Corporation reports results for the third quarter of 2022

Nikola Corporation (Nasdaq: NKLA), a global leader in zero-emission transportation, energy and infrastructure solutions, today reported financial results for the quarter ended September 30, 2022.

“During the third quarter, we continued to manufacture and deliver Nikola Tre BEVs to dealers and customers,” said Nikola President Michael Loescheler. “We have also made significant progress in developing our energy business, announcing our intention to access 300 metric tonnes of hydrogen per day and 60 stations by 2026, as well as our collaboration with E.ON in Europe.”

Announcements about energy business
On October 20, we announced our intention to expand access to 300 metric tons per day (TPD) of hydrogen and up to 60 distribution stations by 2026 and highlighted the potential benefits to our business model from the Inflation Reduction Act. This delivery is expected to be supported by the previously announced projects linked below which are being developed with our partners.

We are negotiating a robust portfolio of hydrogen supply opportunities across North America. More information will be provided after implementation.

On September 29, we purchased a plot of land in Buckeye, Arizona, with the intention of building a hydrogen production center with our partners. We are undergoing zoning and permitting requirements and have ordered long life equipment including electrolyzers and liquefaction equipment.

On August 4, we announced the location of three hydrogen dispensing stations in California. The stations will be located in Colton, Ontario and a location serving the Port of Long Beach. California is a launch market for Nikola, and the stations are intended to support key customers to help advance the state’s efforts to decarbonize the transportation sector.

On September 16, we announced cooperation with E.ON with the aim of setting up hydrogen supply and related infrastructure to meet customer demand in Europe. E.ON is one of the largest operators of energy networks and energy infrastructure in Europe. The strategic partnership is expected to offer customers an integrated mobile solution to promote the use of hydrogen. Both sides have signed the terms of cooperation and will negotiate a final agreement to finalize the terms.

Strong showing at IAA
On September 19, as part of our joint venture with Iveco Group, we have introduced our European beta version of the Tre BEV and FCEV on the IAA Main Stage. There has been a high level of interest in our FCEVs, which we believe further validates our business plan and the role we will play in the global transition to the hydrogen economy. We plan to start production of the EU version of the Tre BEV in the second half of 2023 and the EU version of the Tre FCEV in the second half of 2024.

Tre FCEV upgrade
During the third quarter, we continued our FCEV pilot with TTSI and began pilot testing with Walmart. To date, the trucks have traveled over 9,700 and 5,500 miles, respectively. In the third quarter, we finished six beta versions of the trucks. Beta testing of the trucks has begun in various locations. We plan to complete 17 beta trucks for the full year by the end of Q4.

Tre BEV update
During the third quarter, we produced 75 Nikola Tre BEVs, delivering 63 to the dealer. We have begun pilot testing both SAIA and Walmart, logging over 1,600 miles and 2,700 miles to date, respectively. On November 2, we announced Zeem Solutions has completed an order for 100 Nikola Tre BEV vehicles.

Coolidge, Arizona manufacturing facility
At Coolidge, we currently produce three trucks per shift and have the capacity to produce five trucks per shift. We are still on track to complete Phase 2 of our assembly expansion by the end of the first quarter of 2023, bringing our production capacity to 20,000 units per year. Once Phase 2 is complete, the plant will be able to produce BEVs and FCEVs on the same line in addition to the Bosch fuel cell power module.

Completed acquisition of Romeo Power
On October 14, we completed the acquisition of Romeo Powerfurther strengthening our commitment to transforming the transportation industry.

Key financial indicators for the third quarter

SOURCE: Nikola