On Thursday, Shares of Nikola Corporation (NASDAQ: NKLA) rose 5.98% to $7.63. The stock recorded $7.50 as its minimum price and hit the max level of $8.29, during its most recent trading session. It traded total volume of 12,736,517 shares higher than the average volume of 12.55M shares. Nikola Corporation (NKLA), a global leader in zero-emissions transportation solutions, Stated financial results for the quarter ended March 31, 2022.
- Began serial production of the Nikola Tre BEV on March 21
- Received Purchase Orders (POs) for 134 Tre BEVs utilizing California’s HVIP incentive through April
- Shipped 11 saleable production trucks to dealers in April for customer delivery
- Completed Tre FCEV alpha pilot testing with Anheuser-Busch (A-B) in Southern California operations in April
- Completed Phase 1 of Coolidge, Arizona manufacturing facility in March
- Announced $200 million Senior Note Investment by Antara Capital
During the first quarter, the final 10 of a total fleet of 40 pre-series Tre BEVs came off the line in Coolidge, Arizona. Pre-series trucks continue to be used in customer pilots, dealer demos, and internal R&D testing. On April 29, we successfully completed our first Tre BEV customer pilot with TTSI. We also successfully completed a 14-day pilot with Univar Solutions (NYSE: UNVR). We are currently undergoing pilot testing with several other customers, including Covenant Logistics ( CVLG).
On March 21, 2022, we began serial production of the Nikola Tre BEV in Coolidge, Arizona. We began shipping saleable Tre BEVs to dealers in April for customer deliveries. Customer POs for 134 trucks have been issued to our dealers utilizing California HVIP. To date, we have received POs, LOIs, and MOUs for a total of 510 Nikola Tre BEVs.
Nikola Tre FCEV Program Update
Tre FCEV alpha pilot testing with Anheuser-Busch (A-B) in Southern California was successfully concluded on April 29. The Tre FCEV alphas logged over 12,000 miles in A-B operations. FCEV alpha pilot testing is scheduled to begin with TTSI by the end of May. We plan to begin building the first six beta FCEV trucks by the end of Q2 2022 and complete them by the end of Q3 2022. This first batch is expected to be followed by builds of a second batch of five and a third batch of eight beta trucks. Each beta cohort will incorporate learnings from alpha fleet testing and previous batches. Validation of the beta fleet trucks is scheduled to progress through the first half of 2023, followed by the start of serial production planned in the second half of 2023.
Coolidge, Arizona Manufacturing Facility Update
Phase 1 of the Coolidge, Arizona facility is completed with a production capacity of 2,500 trucks. We have begun the Phase 2 assembly area expansion, which is expected to be completed in 2023 and provide a production capacity of up to 20,000 trucks per year on two shifts.
Energy Business Updates
In Q1, we selected our first dispensing station location with our station partner, TravelCenters of America (TA). Nikola and TA plan to jointly build hydrogen refueling infrastructure on TA’s existing station in Ontario, California along Interstate 10.
On April 26, 2022, TC Energy, in conjunction with Nikola, announced a plan to evaluate a hydrogen production hub in Crossfield, Alberta. The hub is expected to produce an estimated 60 tonnes of hydrogen per day, with the capacity to expand to up to 150 tonnes per day. Nikola is intended to serve as TC Energy’s anchor customer for the hub.
NKLA has the market capitalization of $3.12B and its EPS growth ratio for the past five years was 0. The return on assets ratio of the Company was -69.80% while its return on investment ratio stands at 0. Price to sales ratio was 3119183.92 while 27.60% of the stock was owned by institutional investors.
