Nikola Corp. has hit a milestone in the world of transportation, making history by delivering its first batch of hydrogen fuel-cell electric trucks in the United States. Based on information from ABC15 Arizona, the Phoenix-headquartered firm announced the delivery of 35 trucks to dealers on a fourth-quarter earnings call. The company said it had sold out its available inventory, having produced a total of 42 trucks, with the remaining seven earmarked for testing and demos.
Nikola is also making progress on its battery-electric truck front. According to a Phoenix Business Journal article, the company recalled these trucks due to a coolant leak last August but is now "on-track" to return them with improved battery packs to customers. These redesigned vehicles are expected to start generating revenue by the fourth quarter. Additionally, Nikola has bagged 33 voucher requests for its battery electric trucks in California and looks to upgrade the vehicles with new features.
Despite the advancements in its vehicle lineup, Nikola has faced financial challenges. It reported a considerable net loss of $154 million in Q4, although this was a significant reduction from the $966 million net loss in the previous year's quarter. The company also missed revenue expectations, bringing in $11.5 million against the $13.2 million forecast by analysts. Regardless of these financial setbacks, the company's stock remained unchanged at 70 cents a share following the announcement.
The company's legal and executive dramas also continue to unfold. Nikola's Chief Legal Officer, Britton Worthen, shared on the earnings call that Nikola had sold its intellectual property for several electric vehicle projects, including the much-discussed Badger electric pickup truck, to Embr Motors. Steve Girsky, CEO of Nikola, elucidated the company's progress and ongoing plans in a statement, emphasizing their role in offering "fully integrated zero-emissions mobility solutions" to fleets. On a more controversial note, Dave Sparks of "Diesel Brothers" fame inked a deal with Nikola for the Badger assets and has expressed ambitions to bring the truck to market, sparking further discussion about Nikola's future path.
In connection to its board dynamics, an M&M Residual statement accused Nikola's current management of stock dilution and argued for urgent changes in the boardroom, given the company's disclosure of substantial doubts about its ongoing viability. Worthen countered by highlighting Nikola's commitment to resisting any takeover attempts by ex-CEO Trevor Milton's associates and reaffirmed the board's current vision for steering the company forward.
