Nikola Motor Company’s (Nikola’s) adjusted loss per share worsened YoY to USD 0.37 in Q4 2022 (from USD 0.23 per share in Q4 2021); however, it was better than the analyst consensus estimates of a USD 0.46 loss per share. Meanwhile, the annual adjusted loss per share worsened to USD 1.11 per share in 2022 from USD 0.79 per share in 2021. 

The company also reported a revenue of USD 6.56 million in Q4 2022 (compared to zero revenue in Q4 2021), missing consensus by nearly 81%. Annual revenue came in at USD 50.83 million in 2022. Nikola’s stock closed 7.2% lower than its opening price on the 23rd following the earnings release.

Nikola’s gross profit for Q4 2022 was a negative USD 45.8 million. This trickled down to negatively impact the operating loss, which worsened to USD 195.4 million in Q4 2022, from  USD 162.7 million in 4Q 2021, despite operating expenses falling 8.0% YoY. The reduction in operating expenses was attributed to research and development expenses dropping 23.9% YoY (46.4% of operating expenses in Q4 2022). Meanwhile, the annual operating loss worsened to USD 748.7 million from USD 693.5 million in 2021. 

Nikola plans to complete the build of 10 gamma FCEVs by Q2 2023 and realize approximately USD 105,000 in cost savings in battery modules and packs for each Tre BEV truck by Q4 2023. It expects to deliver 250–350 Tre BEVs to dealers for 2023 and deliver 125–150 Tre FCEVs in Q4 2023. As of February 2023, Nikola had completed 17 FCEV beta trucks and secured orders for FCEVs from customers such as Plug Power (75 FCEVs) and Biagi Brothers (15 FCEVs). During Q4, Nikola produced 133 Nikola Tre BEVs delivering 20 to dealers.