Nikola Corporation Q3 2024: Record Deliveries Amid Losses

Nikola Corporation ( (NKLA) ) has released its Q3 earnings. Here is a breakdown of the information Nikola Corporation presented to its investors.

Nikola Corporation is a global leader in zero-emissions transportation, specializing in the production of hydrogen fuel cell and battery-electric trucks, and operates within the energy supply and infrastructure sector through its HYLA brand.

In its third quarter of 2024 earnings report, Nikola Corporation announced a record number of hydrogen fuel cell electric truck deliveries and significant growth in fleet adoption, alongside strategic expansions in their dealer network. Despite these operational successes, the company reported substantial financial losses.

Nikola Corporation delivered a record 88 wholesale hydrogen fuel cell electric trucks, marking a 22% increase from the previous quarter. The company’s FCEV fleet adoption surged by 78% year-to-date, with 16 end fleets deploying these vehicles. Strategic partnerships with major national fleet partners such as Kenan Advantage Group and DHL Supply Chain have been highlighted, as well as an expansion in the dealer network with the addition of GTS Group in Southern California. However, the company reported a net loss of $199.8 million for the quarter, an improvement from the previous year’s loss of $425.8 million.

Financially, the company continues to face challenges with a net loss from continuing operations totaling $481.2 million for the first nine months of 2024, compared to $711 million in 2023. The company reiterated its FCEV volume guidance of 300-350 trucks by year-end, highlighting its focus on expanding its HYLA network, expecting to deliver 10 HYLA fueling solutions.

Looking ahead, Nikola remains committed to executing its strategic and operational goals, focusing on expanding its zero-emission solutions and strengthening its market position as a pioneer in sustainable commercial transportation.