• Nikola Motor Company (Nikola), a developer of heavy-duty battery-electric vehicles (BEV) and fuel cell electric vehicle (FCEV) trucks, reported its Q1 2022 results today. The company generated revenue of USD 1.9 million during the quarter (vs. zero revenue in Q1 2021) arising as a result of selling 10 Nikola mobile charging trailers. It reported a net loss of USD 152.9 million this quarter (USD 0.37 loss per share), which is 1.3x the loss in Q1 2021 (USD 0.31 per loss per share).

<ul><li>The company also added 135 more purchase orders for the BEVs, bringing the total order book to 510 BEV trucks. The new orders came from Wegmans (50 BEV trucks), Arizona Lithium (1 BEV truck), Univar Solutions (6 BEV trucks), and additional orders from Hybrid and Zero-Emission Truck as well as Bus Voucher Incentive Project (HVIP) deals (78 BEVs). However, Nikola has not received new orders for its FCEVs during the quarter, and thus the order book remains at 1,010 FCEV trucks.</ul>

<ul><li>Nikola commenced series production of “Nikola Tre” BEV in March, and so far has shipped 11 trucks to dealers for customer delivery. Its pre-series BEV trucks completed customer pilots with Total Transportation Services (TTSI) and Univar Solutions, and Nikola is currently conducting additional BEV pilots with several customers including Covenant Logistics. It plans to deliver 300–500 Nikola Tre BEVs to customers this year.</ul>

<ul><li>The company also revealed that it concluded the FCEV alpha testing pilot, which the company began in February 2022 with AB–InBev. Nikola plans to commence another alpha testing program of the FCEV with TTSI later this month. It intends to build six beta FCEV trucks by the end of Q3 2022 to be followed by a second and third batch of trucks, with plans to run the validation process through 1H 2023 and commence serial production in 2H 2023.</ul>

• Nikola is continuing its work toward expanding the production capacity at its Coolidge facility. It concluded Phase I of the project this quarter, bringing its production capacity to 2,500 trucks per year. Phase II, expected to be completed in Q1 2023, will increase capacity further to 20,000 units per year.

• Updates on new developments in its hydrogen ecosystem include selecting Travel Centers of America (TA) to jointly build hydrogen fueling infrastructure across the US and highlighting its plan to evaluate a hydrogen production hub in Crossfield, Alberta in partnership with natural gas company TC Energy.