Q1 2024 Nikola Corp Earnings Call Transcript
Key Points
- Nikola Corp (NKLA) successfully sold all produced hydrogen fuel cell electric trucks, with each having a designated end user, indicating strong market demand.
- The company achieved a 99% share of the hydrogen fuel cell electric truck voucher requests in California, demonstrating a significant market lead and first-mover advantage.
- Nikola Corp (NKLA) has improved its liquidity position significantly, more than doubling its unrestricted cash to $464.7 million and reducing cash usage by approximately 35%.
- The company has completed all footprint-related capital expenditures in Coolidge, which is expected to further reduce cash use in 2024.
- Nikola Corp (NKLA) opened its first modular hydrogen fueling station in Ontario, California, enhancing its hydrogen infrastructure and supporting daily customer operations.
- Nikola Corp (NKLA) faced supplier part constraints that limited the number of trucks that could be sold, potentially impacting revenue growth.
- The company reported a substantial net loss from continuing operations totaling $864.6 million for the full year.
- Gross loss for the year was negatively impacted by the battery electric truck recall, including significant reserves for recall costs and write-downs of inventory components.
- Despite improvements, Nikola Corp (NKLA) still operates at a negative gross margin, with high production costs per unit that need to be addressed to achieve profitability.
- The company anticipates continued challenges with supplier delays in ramping up new components for both the hydrogen fuel cell electric truck and modular refueling assets.
And good morning, everyone, and welcome to Nikola Corporation's Fourth Quarter and Full Year 2023 Earnings and Business Update Call. Joining me today are Steve Girsky, President and CEO, and Brian to hoover Corporate Controller. 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. These measures are reconciled to the most comparable U.S. GAAP measures and can be found at the end of the Q4 earnings press release we issued today. Today's discussion also includes forward-looking statements about our future results, expectations and plans. Actual results may differ materially from those stated and some factors that could cause actual results to differ are also explained at the end of today's earnings press release on page 2 of our earnings call deck and also in our filings with the SEC. Forward-looking statements speak only as of the date on which they are made. You are
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