Nikola Corporation reports third quarter 2022 results

Nikola Corporation reported financial results for the quarter ended September 30, 2022.

Nikola Corporation (Nasdaq: NKLA), a global leader in zero-emissions transportation and energy supply and infrastructure solutions, reported financial results for the quarter ended September 30, 2022.

During the third quarter we continued to produce and deliver Nikola Tre BEVs to dealers and customers,” said Nikola President, Michael Lohscheller. “We also made significant advancements in developing our energy business, announcing our intent to develop access of up to 300 metric-tons per day of hydrogen and up to 60 stations by 2026, and our collaboration with E.ON in Europe.

Energy Business Announcements

On October 20, Nikola announced its intent to develop access of up to 300 metric-tons per day (TPD) of hydrogen and up to 60 dispensing stations by 2026, and highlighted the potential benefits to its business model from the Inflation Reduction Act. This supply is expected to be supported by the previously announced projects referenced below, which are being developed with its partners.

  • Buckeye, AZ Production Hub – phased development up to 150 metric-TPD
  • Terre Haute, IN Wabash Valley Resources – 50 metric-TPD
  • Crossfield, Alberta TC Energy – 60 metric-TPD
  • Clinton County, PA KeyState – 100 metric-TPD

Nikola is negotiating a robust portfolio of hydrogen supply opportunities across North America. Further details will be provided following execution.

On September 29, Nikola acquired a parcel of land in Buckeye, AZ with the intent to build a hydrogen production hub with its partners. Nikola is undergoing zoning and permitting requirements and have ordered long lead-time equipment including electrolyzers and liquefaction equipment.

On August 4, Nikola announced the locations of three hydrogen dispensing stations in California. The stations will be located in Colton, Ontario, and a location servicing the Port of Long Beach. California is a launch market for Nikola and these stations intend to support key customers to help advance the state’s efforts to decarbonize the transport sector.

On September 16, Nikola announced its collaboration with E.ON with the objective to establish hydrogen supply and related infrastructure to meet the demand of customers in Europe. E.ON is one of Europe’s largest operators of energy networks and energy infrastructure. The strategic partnership is expected to offer customers an integrated mobility solution to promote the use of hydrogen. Both parties have signed a term sheet to underpin the collaboration and will be negotiating a definitive agreement to finalize the terms.

Strong Showing at IAA

On September 19, as a part of its joint venture with Iveco Group, Nikola revealed its European version of the Tre BEV and FCEV beta on the IAA main stage. There was a high level of interest in our FCEVs, which Nikola believes further validates its business plan and the role it will play in the global transition to the hydrogen economy. Nikola plan to begin production of EU version Tre BEVs in the second half of 2023, and EU version Tre FCEVs in the second half of 2024.

Tre FCEV Update

During the third quarter, Nikola continued its FCEV pilot with TTSI and began pilot testing with Walmart. To date the trucks have logged over 9,700 and 5,500 miles respectively. In Q3 Nikola completed six beta trucks. Development testing on the beta trucks has begun at various locations. Nikola expects to complete 17 beta trucks for the full year by the end of Q4.

Tre BEV Update

During the third quarter, Nikola produced 75 Nikola Tre BEVs delivering 63 of those to dealers. It began pilot testing with both SAIA and Walmart logging over 1,600 miles and 2,700 miles to date, respectively. On November 2, Nikola announced Zeem Solutions executed a Purchase Order for 100 Nikola Tre BEVs.

Coolidge, Arizona Manufacturing Facility

In Coolidge, Nikola is currently producing three trucks on one shift and have the capability to produce five trucks per shift. It remains on track to complete the Phase 2 assembly expansion by the end of Q1 2023, at which time its production capacity will be up to 20,000 units per year. Upon completion of Phase 2, the facility will be capable of producing the BEV and FCEV on the same line, in addition to the Bosch Fuel Cell Power Module.

Completed Acquisition of Romeo Power

On October 14, Nikola completed the acquisition of Romeo Power, further solidifying its commitment to transforming the transportation industry.

Third Quarter Financial Highlights


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