Nikola misses Q1 revenue expectations, but delivers 40 hydrogen fuel cell trucks, still down 0.7%

From Investing.com: 2024-05-07 07:54:52

Nikola Corporation (NASDAQ:NKLA) reported a Q1 adjusted EPS of -$0.09, beating estimates but fell short on revenue with $7.49 million compared to the projected $14.96 million. Despite this, the company delivered 40 hydrogen fuel cell electric trucks in Q1, exceeding expectations. Shares were down 0.7% in premarket trading.

Nikola’s dominance in the Class 8 FCEV market is evident with a 99% market share of HVIP vouchers and completed the first delivery of a remediated battery-electric vehicle back to a customer in Q1. The company remains focused on execution and highlighted the expansion of hydrogen modular refueling stations in North America.

President and CEO, Steve Girsky, emphasized Nikola’s execution focus, highlighting the delivery of 40 hydrogen fuel cell electric trucks in Q1, which exceeded expectations. The company’s strong foothold in the Class 8 FCEV market is evident, with a 99% market share of HVIP vouchers. The company continues to expand its hydrogen modular refueling stations in North America.



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