Q3 2024 Nikola Corp Earnings Call Transcript
Key Points
- Nikola Corp (NKLA) achieved record sales of hydrogen fuel cell electric trucks in Q3 2024, with a 78% growth in fleet adoption.
- The company expanded its dealer network in Southern California, increasing access to both fuel cell and battery electric vehicles.
- Nikola Corp (NKLA) is the only OEM offering two zero-emission powertrains on one commercial Class 8 platform in North America.
- The company reported a significant increase in hydrogen fuel dispensed at its commercial stations, up nearly 350% year-to-date.
- Nikola Corp (NKLA) has successfully returned 78 BEV 2.0 trucks to end fleets and dealers, receiving overwhelmingly positive feedback.
- Nikola Corp (NKLA) reported a gross loss of $62 million in Q3 2024, an increase from the $55 million loss in Q2.
- The company's unrestricted cash declined by $58 million from Q2, ending the quarter with $198 million.
- Nikola Corp (NKLA) anticipates needing to raise additional capital as existing cash is only sufficient to fund operations into Q1 2025.
- The average selling price (ASP) for fuel cell vehicles decreased by 7% from Q2, reflecting softer pricing as volume increases.
- The company faces challenges in scaling operations and optimizing unit economics, requiring significant volume increases.
Good morning, and welcome to Nikola Corporation's third-quarter 2024 Earnings and Business Update Call. (Operator Instructions) As a reminder, this conference is being recorded.
Thank you, operator, and good morning, everyone. My name is Soei Shin, Head of Investor Relations. I'd like to welcome those listening by phone and those on the webcast to Nikola Corporation's Third Quarter 2024 Earnings and Business Update Call. Joining me today are Steve Girsky, President and CEO; and Tom Okray, Chief Financial Officer.
A press release detailing our financial and business results was distributed earlier this morning. This release can be found on the Investor Relations section of our website, along with presentation slides accompanying today's call. Today's discussion includes references to non-GAAP measures.
The presentation includes adjusted EBITDA, non-GAAP earnings per share, adjusted free cash flow and other non-GAAP measures. These measures are reconciled to the most comparable US GAAP measures and can be found at
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