PHOENIX - Nikola (NASDAQ:NKLA) Corporation (NASDAQ:NKLA), a pioneer in zero-emission vehicles, reported its first-quarter financial results today, surpassing analyst expectations for adjusted earnings per share (EPS) but falling short on revenue.
The company announced a Q1 adjusted EPS of -$0.09, modestly beating the consensus estimate of -$0.10. However, revenue for the quarter stood at $7.49 million, significantly below the analyst projection of $14.96 million.
Shares were down 0.7% in premarket trading Tuesday.
President and CEO Steve Girsky commented on the company's focus on execution, highlighting the delivery of 40 hydrogen fuel cell electric trucks (FCEVs) in Q1, which exceeded the high end of their guidance range. This achievement marks the second quarter of serial production for Nikola's FCEVs, with a program-to-date total of 75 trucks wholesaled. The company also noted the expansion of its HYLA hydrogen modular refueling stations in North America, including new locations in Ontario, near the Port of Long Beach, California, and the first station in Alberta, Canada.
Despite the revenue shortfall, Nikola's continued dominance in the Class 8 FCEV market is evident with a 99% market share of HVIP vouchers, ending the quarter with 362 of 367 unredeemed vouchers requested from 2023 through March 2024. The company also completed the first delivery of a remediated battery-electric vehicle (BEV) back to a customer in Q1, with expectations to complete remediation of these units by the end of 2024.
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