Nikola reported financial results for the third quarter of 2022, posting a net loss of $236.2 million and reporting revenues of $24.2 million.
The net loss was less than the $267.57 million loss a year earlier, while revenue beat estimates of $22.1 million, according to Refinitiv data cited by Reuters. Nikola also raised $100.5 million in gross proceeds through its at-the-market (ATM) program.
The good news is the company produced more electric trucks than Wall Street expected—75 Nikola Tre BEV Class 8 electric trucks—at its plant in Coolidge, Arizona. That production number exceeded Wall Street estimates of 70 units (according to Visible Alpha); it also exceeded the Q2 production figure of 50 units.
The bad news is Nikola will miss its goal of delivering at least 300 semi-trucks this year; in a conference call with analysts, its execs declined to issue fresh forecasts. The company was expected to deliver 300-500 Tre BEVs this year, but has so far delivered 111 trucks and produced 125 units.
During the third quarter, the startup delivered 63 Tre BEVs to dealers, up from 50 during the previous quarter. The Coolidge plant is currently making three trucks on one shift and has the capability to produce five trucks per shift.
Gallery: Nikola Tre BEV
Nikola says it remains on track to complete the Phase 2 assembly expansion by the end of Q1 2023, at which time the production capacity will be up to 20,000 units per year. With Phase 2 complete, the plant will be capable of producing the BEV and FCEV on the same line, in addition to the Bosch Fuel Cell Power Module.
Nikola also began Tre BEV pilot testing with both SAIA and Walmart, logging over 1,600 miles (2,575 kilometers) and 2,700 miles (4,345 kilometers) to date, respectively.
On November 2, the company announced a new purchase order for 100 Nikola Tre BEVs from Zeem Solutions. The order placed by Zeem will help to satisfy the zero-emission EV "fleet-as-a-service" provider's current customer demand at its California depot and other future national locations. Zeem offers an all-inclusive EV depot fleet solution for freight and logistics companies.
Nikola provided an update regarding its Tre FCEV model as well, which continued a pilot with TTSI and began pilot testing with Walmart. To date, the trucks have logged over 9,700 miles (6,027 kilometers) and 5,500 miles (8,851 kilometers) respectively. The company completed six beta trucks in Q3 and began development testing at various locations. Nikola expects to complete 17 beta trucks for the full year by the end of Q4.
Regarding overseas markets, Nikola plans to begin production of the European version of the Tre BEV in the second half of 2023, followed by the Tre FCEV in the second half of 2024.