Nikola Delivers First Hydrogen Fuel Cell Truck in US

In a groundbreaking move set to reshape the landscape of North American trucking, Nikola Corp proudly announced the delivery of the inaugural production hydrogen fuel cell truck during the fourth quarter. This milestone not only marks a significant achievement for Nikola but also heralds a new era of sustainable transportation.

Amidst the flurry of announcements, Nikola’s President and CEO, Steve Girsky, expressed immense pride in the company’s accomplishments. “Today, we’re sharing what we’ve accomplished and how we are providing fully integrated zero-emissions mobility solutions to fleets right now,” said Girsky, highlighting Nikola’s unwavering commitment to environmental responsibility and innovation.

The delivery of the first production Class 8 hydrogen fuel cell truck in North America signifies Nikola’s prowess in designing, building, and delivering cutting-edge hydrogen fuel cell trucks. Despite facing supply chain challenges, Nikola produced 42 hydrogen trucks, with 35 already delivered to dealers. Notable customers include industry stalwarts like Biagi Bros, IMC Logistics, and Alberta Motor Transport.

How many vehicles did Nikola deliver in Q4?

Nikola’s revenue more than doubled in Q4 ($11.5M vs $5.5M) but slipped in 2023 ($35.8M) compared to 2022 ($49.7M). Net losses were lower in Q4 ($153.6M vs $222M). However, Nikola’s losses widened from 2022, with a $966M net loss in 2023. Gross margins also fell to (597%) from (173%) in 2022 as the company looks to overcome the recall. (source )

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Nikola Corp opened its first HYLA hydrogen refuelling station in Ontario, California, this month (find out more). Steve Girsky – its chief executive, said in a press release today:

There are more requests for our fuel cell truck alone than all other truck OEMs combined on battery and hydrogen fuel cell electric trucks in the same period.

$NKLA raised a little over $230 million in its Q4. Wall Street currently has a consensus “overweight” rating on the EV stock.

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Nikola Q4 earnings snapshot

• Lost $0.15 million versus the year-ago $2.22 million
• The per-share loss also narrowed from 36 cents to 14 cents
• Adjusted loss printed at 11 cents as per the earnings report
• Revenue more than doubled year-on-year to $11.53 million
• Consensus was 13 cents a share loss on $13.16 million revenue (source )

Nikola ended the quarter with $464.7 million in unrestricted cash. CEO Girsky also said on Thursday:

We are on track to get our battery-electric trucks back to end users by the end of the first quarter. We are making the most of our head start and capitalizing on our first-mover advantage.

Moreover, Nikola’s dominance in the hydrogen fuel truck segment is further underscored by its impressive acquisition of 99.9% of the hydrogen fuel truck HVIP vouchers in California, solidifying its position as a frontrunner in the race towards sustainable transportation solutions.

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However, Nikola’s vision extends beyond hydrogen fuel cell trucks. The company is also making significant strides in battery electric trucks. After recalling all Tre BEV trucks last summer, Nikola will deliver the first reworked electric trucks equipped with new battery packs by the end of Q1. These trucks, featuring upgrades such as increased payload capacity, are poised to revolutionize the electric trucking landscape.

Despite facing challenges such as net losses and negative gross margins, Nikola remains undeterred in its mission to drive positive change in the transportation industry. With a strong cash position and a relentless focus on innovation, Nikola is well-positioned to navigate the complexities of the Farm & Heavy Construction Machinery industry while cementing its status as a leader in zero-emissions transportation.

Hall’s Positive View on Conquering Challenges in Hydrogen Infrastructure

Bill Hall, a senior marine engineer, transitioned into trucking later in life, founding Coyote Container in Northern California. Now, he’s made a significant move as one of the pioneering retail buyers of a hydrogen-powered Nikola Tre electric truck.

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With a pragmatic outlook, Hall invested in the future of transportation, leveraging a $360,000 incentive from the California Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project (HVIP) to make his purchase. While the exact cost remains undisclosed, Hall notes that it was less than acquiring a new diesel truck for his needs.

Anticipating annual mileage between 40,000 to 50,000 miles, Hall plans to operate his Nikola Tre within California’s range of hydrogen refuelling stations. Despite the limited infrastructure, he remains optimistic, especially with developments from established players like FirstElement Fuel and upcoming stations under Nikola’s Hyla brand.

While challenges persist, such as adapting to hydrogen refuelling designed for smaller vehicles, Hall sees the potential for pricing parity with diesel shortly. He’s banking on the long-term viability of hydrogen technology, confident that it will benefit the trucking industry and extend to other sectors.

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Hall’s journey, having received his Nikola Tre on his 61st birthday, reflects his unwavering determination and belief in the transformative power of hydrogen fuel cell technology. As Nikola ramps up production and establishes a sales presence in Southern California, Hall’s story embodies the forward-looking spirit driving the evolution of the transportation industry.( source)

As Nikola continues to make waves in the industry, investors and industry observers alike are urged to keep a close eye on the company’s journey towards profitability and sustainability. With its unwavering commitment to innovation and sustainability, Nikola is poised to reshape the future of trucking, one hydrogen fuel cell at a time.