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NKLA

Nikola Corporation

https://www.nikolamotor.com

Industry

Agricultural - Machinery

Nikola Corporation operates as a technology innovator and integrator that works to develop energy and transportation solutions. It operates through two business units, Truck and Energy. The Truck business unit develops and commercializes battery hydrogen-electric and battery-electric semi-trucks to the trucking sector. The Energy business unit develops and constructs a network of hydrogen fueling stations; and offers BEV charging solutions for its FCEV and BEV customers, as well as other third-party customers. The company also assembles, integrates, and commissions its vehicles in collaboration with its business partners and suppliers. Nikola Corporation is headquartered in Phoenix, Arizona.

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Nikola Corp (NASDAQ:NKLA) reported a rise in the average sales price of its fuel cell electric vehicle (FCEV) trucks by $30,000 in Q1 compared to the previous quarter, reaching $381,000. Unlike other EV makers facing price drops amid a price war, Nikola plans to maintain flexibility in pricing for large fleet deals to expand its customer base beyond California and Canada. The company aims to target fleets with over 1000 trucks and is open to adjusting prices for significant deals. Nikola wholesaled 40 trucks, produced 43, and reported a Q1 revenue of $7.5 million with a net loss of $147.7 million. Nikola's stock fell 5.4% to $0.6 on Tuesday, marking a nearly 27% decline year-to-date.

Portfolio Pulse from Anan Ashraf

May 08, 2024 | 12:12 pm

Nikola Corp has expressed substantial doubt about its ability to continue as a going concern, citing anticipated capital expenditures of approximately $90M for the remainder of FY24, as revealed in a conference call.

Portfolio Pulse from Benzinga Newsdesk

May 07, 2024 | 3:51 pm

During a conference call, a Nikola executive mentioned that the company is facing supply constraint issues with batteries, which could impact its production capabilities and timelines.

Portfolio Pulse from Benzinga Newsdesk

May 07, 2024 | 3:10 pm

Nikola Corporation anticipates delivering between 50 and 60 fuel cell trucks in Q2, according to Reuters.

Portfolio Pulse from Benzinga Newsdesk

May 07, 2024 | 2:55 pm

Nikola Corp reported a 30% decline in Q1 sales year-over-year, missing analyst estimates with $7.5 million versus the expected $15.8 million. The adjusted EPS loss improved to $(0.09) from $(0.22) Y/Y, beating the consensus loss estimate of $(0.10). Production and shipment of trucks decreased and increased, respectively, compared to last year. Despite maintaining a dominant market share in HVIP vouchers for Class 8 FCEVs, the company faced a gross loss increase and postponed the delivery timeline for its battery trucks to the end of 2024. Nikola's stock price fell by 9.93% following these announcements and ongoing challenges, including potential fraudulent conduct allegations and medium-term hurdles like inadequate charging infrastructure.

Portfolio Pulse from Anusuya Lahiri

May 07, 2024 | 2:33 pm

Nikola shares are trading lower due to worse-than-expected Q1 financial results.

Portfolio Pulse from Benzinga Newsdesk

May 07, 2024 | 12:58 pm

Nikola Corporation reported the production of 43 trucks in Q1 2024 and successfully shipped 40 of those trucks. This update provides a glimpse into the company's operational progress and its ability to deliver on production targets.

Portfolio Pulse from Benzinga Newsdesk

May 07, 2024 | 11:17 am

Nikola (NASDAQ:NKLA) reported Q1 2024 adjusted EPS of $(0.11), missing the $(0.10) estimate, with sales of $7.50M also missing the $15.79M estimate. This represents a 32.56% decrease in sales compared to the same period last year.

Portfolio Pulse from Benzinga Newsdesk

May 07, 2024 | 11:11 am

Tesla's visit to China and potential FSD approval led to a stock surge, while Rivian received an $827 million incentive from Illinois. Fisker faces legal issues and potential bankruptcy. Chinese EV startups and Ford reported strong sales, boosting their stocks. The KraneShares EV ETF also saw gains.

Portfolio Pulse from Shanthi Rexaline

May 04, 2024 | 9:09 pm

Nikola Corporation (NASDAQ:NKLA) shares are trading lower amid broad market weakness. The company's Chairman, Steven Shindler, addressed shareholders in a video, urging them to vote 'Yes' on all five proposals at the annual stockholder meeting, highlighting the reverse stock split (Proposal 2) as a key measure to prevent potential delisting and improve financial stability. Nikola aims to align its share price with Russell 3000 companies to attract more investors. The company is down 27.93% year-to-date, with an average 12-month price target of $1 by analysts.

Portfolio Pulse from Erica Kollmann

April 30, 2024 | 7:14 pm

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