Nikola Corporation (Nasdaq: NKLA), a global leader in zero-emissions transportation solutions, today reported financial results for the quarter ended March 31, 2021 reported a loss of $120.2 million in its first quarter.
- Technology encompasses world’s first free-standing / self-supported electrode with a cathode that has 4x the energy density of lithium-ion
- Achieves 2,000 cycles
- Cell technology expected to cost 50% less to produce than lithium-ion
- Could drive down the cost of hydrogen and double the range of battery-electric vehicles worldwide
- Nikola will share IP with all other OEM’s around the world that contribute.
The Phoenix-based company said it had a loss of 31 cents per share. Losses, adjusted for stock option expense and non-recurring costs, were 14 cents per share.
“During the first quarter Nikola continued to deliver on our previously communicated milestones and execute on our business plan,” said Mark Russell, Nikola’s Chief Executive Officer. “We have had continued success in commissioning and validating the Nikola Tre BEVs, and are nearing completion of both our Ulm, Germany and Coolidge, Arizona manufacturing facilities.”
On April 8, 2021, Nikola and RIG360 Service Network (RIG360) announced an expansive sales and service dealer network spanning more than 65 service center locations. RIG360 service centers are located in key metropolitan areas and at major intersections of the interstate highway system throughout the southeast, northeast, and midwestern regions. The agreement, once finalized, is expected to provide a service and maintenance network and a reputable sales channel for Nikola’s customers.
On April 14, 2021, Nikola, IVECO, and OGE announced their intent to accelerate the deployment of hydrogen infrastructure and fueling solutions throughout Germany. Nikola will lead the installation of hydrogen fueling locations for all OEM FCEVs at key locations supported by OGE’s hydrogen pipeline network. The collaboration, once finalized, between Nikola, IVECO, and OGE is expected to enable cost-effective distribution of hydrogen from production to storage and fueling locations in Germany.
On April 22, 2021, Nikola and TravelCenters of America agreed to collaborate on the installation of hydrogen fueling stations for heavy-duty trucks at two existing TA-Petro sites. The first two stations will be constructed at existing TA-Petro locations in California. They are targeted to be commercially operational by Q1 2023. The agreement with TravelCenters of America, once finalized, sets the foundation for the buildout of hydrogen refueling infrastructure across the country.
On May 6, 2021, Nikola announced a collaboration with Total Transportation Services Inc., one of Southern California’s prominent port trucking companies, to expedite zero-emission transportation at the Port of Los Angeles/Long Beach. The collaboration, once finalized, includes vehicle trials and a letter of intent to order 100 Nikola Class 8 BEV and FCEV semi-trucks.
CWEB Analysts have initiated a HOLD Rating for Nikola Corporation (NASDAQ: NKLA). The fundamentals of the company are strong but a staggering $120.2 million loss in its first quarter has raised some concerns. Second quarter will be the test for Nikola. If losses have decreased we can see a Strong Buy opportunity and positive cash flow.
Image Credit Nikola
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