Nikola Corporation continues to show growth as an EV startup still recovering from the wrongdoings of its defamed founder, reporting increases Tre BEV deliveries and revenue according to its Q3 2022 report. With expansions to its current US manufacturing facility and additional footprints on the way, Nikola continues to distance itself from its turbulent past.
With its latest quarterly report, Nikola Corporation continues to trend upward with good publicity for a change. Last month, the company’s former CEO and founder Trevor Milton was found guilty on three of four counts of fraud in federal court. Milton had been charged with two counts of securities fraud and two counts of wire fraud pertaining to statements he made while he was acting chairman and CEO of the company.
Nikola Corporation had zero involvement in the Milton trial as it had settled its own issues with the SEC last December, in the form of an $125 million settlement agreement. Since then, Nikola Corporation has been working to rebuild a reputation its former chief tarnished, and has been making encouraging progress so far.
After delivering just 11 Tre BEVs in Q1 of this year, Nikola reported a 125% percent increase in Q2 (48 deliveries), bolstered by revenues totaling $18.1 million. With its Q3 2022 report, Nikola has continued this upward trend and shared some updates to its production expansions.
Nikola demonstrates continued growth in Q3 2022
Nikola Corporation posted its results for Q3 2022 this morning, following a call with investors. Per the company, its quarterly revenues saw gains at $24.2 million, its GAAP net loss per share was $0.54, and non-GAAP net losses per share were $0.28. The company also raised $100.5 million in gross proceeds through its at-the-market (ATM) program.
On the BEV front, the automaker continues to demonstrate progress in both manufacturing and deliveries to customers. In Q3 of 2022, Nikola produced 75 Tre trucks and delivered 63 of them – a 50% increase compared to a quarter ago.
The company also reported that it has begun pilot testing its BEV trucks with both SAIA and Walmart, logging over 1,600 and 2,700 miles with each company respectively. Just yesterday, Nikola announced an additional order for 100 Tre BEVs from “fleet-as-a-service” provider, Zeem.
Nikola shared that it is currently producing three trucks per shift at its manufacturing facility in Coolidge, AZ, but already has the capability to up that output to five trucks per shift. Meanwhile, the company states its Phase 2 expansion in Arizona remains on track to be completed by the end of Q1 next year.
When complete, Phase 2 will offer Nikola Corporation the ability to produce both Tre BEVs and Hydrogen fuel cell EVs on the same assembly line. Here are some additional updates from Nikola for Q3 2022:
- Completed acquisition of Romeo Power on October 14
- Completed purchase of land in Buckeye, AZ for hydrogen production hub
- Signed term sheet for collaboration with E.ON in Europe for hydrogen supply and dispensing infrastructure
- Unveiled the European Tre BEV and Tre FCEV at IAA in Hanover, Germany in September
You can check out Nikola’s press release for all of its financial details for Q3 2022. Furthermore, you can listen to the investor webcast recording here.