Nikola Corp (NASDAQ: NKLA) reported its quarterly earnings Thursday. The company clocked fourth-quarter sales of $11.53 million, vs. $5.46 million a year ago, missing the consensus of $12.64 million.
Adjusted EPS loss of $(0.11) beat the consensus loss of $(0.13).
Nikola produced 42 trucks in the quarter versus 133 a year ago. It shipped 35 trucks against 20 a year back.
The company bagged 225 additional voucher requests for hydrogen fuel cell electric trucks from October 2023 through January 31, 2024.
Nikola remains on track to get the first battery-electric trucks back into end-user hands by the end of the first quarter.
The company disclosed opening its first HYLA modular refueling station in Ontario and partnering with FirstElement Fuel in Oakland, providing fleets with fueling solutions in Northern and Southern California.
The company's gross loss was $(38.24) million versus $(26.97) million a year ago. Adjusted EBITDA loss declined to $(102.03) million from $(131.49) million a year ago.
NKLA's net cash used for operating activities was $(117.75) million versus $(150.10) a year ago. The company held $464.7 million in cash and equivalents.
"In California, we have 99% of all the hydrogen fuel cell electric tractor HVIP vouchers requested in 2023 through January 2024," CEO Steve Girsky said. "There are more requests for our fuel cell truck alone than all other truck OEMs combined on both battery and hydrogen fuel cell electric trucks in the same period."
Nikola battled a host of trials and tribulations including leadership changes come amid ongoing financial challenges. Recently it tapped CEO Stephen Girsky as the new acting CFO, after Anastasiya Pasterick, resigned in November.
Nikola stock lost 14% year-to-date versus Rivian Automotive, Inc (NASDAQ: RIVN), which shed 44%.
Price Action: NKLA shares are trading lower by 0.78% at $0.6972 on the last check Thursday.