“R.itemList.length” “- this.config.text.ariaShown
“This.config.text.ariaFermé”
(Bloomberg) – Nikola Corp’s first earnings report. it’s full of potholes, with executives and analysts exchanging beards and investors sinking the shares of the electric truck manufacturer.
Inventory fell 18% due to consultation after the company, which develops giant platforms powered by batteries and fuel cells, said it lost $86.64 million in the quarter, a net loss five times that of a year ago.
Minutes after Nikola issued his statement, founder Trevor Milton tweeted that the Phoenix-based company had provided analysts with figures on the number of shares in the company. He wrote that, in light of those figures, the manufacturer exceeded expectations, some of which said he fell short.
Analysts responded in form by urging CEO Mark Russell on Nikola’s effects to get more data on new customers, the production schedule, and any confirmation of a partnership with a manufacturer that will build the company’s electrical collection model, called Badger.
“Then, Mark, I wonder, is that all we have? Paul Coster, a JPMorgan analyst who estimates Nikola is the equivalent of a purchase, told Russell. Jeff Osborne de Cowen said he was looking to keep up with Milton’s social media timelines.” a little confusing.”
Nikola hopes to start testing the electric edition of his first semi-trailer, the Tre, with consumers decided in 2021. The company has a joint venture with CNH Industrial NV’s Iveco truck unit to begin limited vehicle production in Ulm, Germany, at the end of next year. Hydrogen-powered trucks will be built in Coolidge, Arizona, and will begin operations in 2023, where the company opened its first production facility in the United States last week.
Russell rejected the call to name new consumers beyond Anheuser-Busch InBev SA, which in the past had announced the order for 800 semi-finished fuel cells. In a telephone interview, Russell said the company had potential buyers around the world.
“We had a fleet week in Europe where we brought consumers, and we had representatives of a market component at our headquarters,” Russell said. “Many of the target consumers came here to see us. We’ve been talking to them for some time.”
Nikola indexed its shares in early June after an opposite merger with a venture company and temporarily saw its market capitalization jump to just $29 billion, for a time surpassing the valuation of Ford Motor Co. Lordstown Motors Corp. and Fisker Inc. are now looking to do the same.
After completing the quarter with $707.3 million in money and equivalents, Milton said in an interview that Nikola would be monetaryly cautious in marketing the products. The Company plans to raise another $264.5 million by purchasing inventory guarantees.
“We operate a very tight shipment here and spend cash, but when it’s needed,” Milton said. “That’s why we’re going to succeed and others have failed. They spent cash as if it had just been distributed.”
(Updates with the founder’s tweets from the third paragraph).
For more items like this, contact us at bloomberg.com
Subscribe now to forward with the most trusted business news feed.
© 2020 Bloomberg L.P.