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Nikola Corporation Reports Second Quarter 2022 Results

  • Produced 50 Nikola Tre BEVs in Coolidge, Arizona, and delivered 48 to dealers

  • Reported revenues of $18.1 million, GAAP net loss per share of $0.41, and non-GAAP net loss per share of $0.25

  • Cash & Restricted Cash of $529.2 million and $312.5 million remaining ELOC commitment totaling $841.8 million in total liquidity at the end of Q2, up from $794.0 million in Q1

  • Announced station progress in California in the cities of Ontario, Colton, and a location servicing the Port of Long Beach

  • Stockholders approved proposal 2 increasing authorized shares from 600 million to 800 million

PHOENIX – August 4, 2022Nikola Corporation (Nasdaq: NKLA), a global leader in zero-emissions transportation solutions, today reported financial results for the quarter ended June 30, 2022.

“Our momentum continued during the second quarter as we began delivering production vehicles to dealers and recognizing revenue from the sale of our Nikola Tre BEVs,” said Mark Russell, Nikola’s Chief Executive Officer. “We are committed to executing on our second half milestones.”

Financial Overview

We reported $18.1 million in revenues on deliveries of 48 Tre BEVs and four (4) Mobile Charging Trailers (MCT) in Q2. Two (2) additional Tre BEVs were delivered in the first week of July, which will be reported as part of Q3 revenues. We increased our total liquidity to $841.8 million in Q2 from $794.0 million at the end of Q1. As mentioned in May, we also successfully raised $200 million in a private placement of convertible notes during the quarter.

Nikola Tre BEV Update

During the second quarter, we produced 50 Nikola Tre BEVs and delivered 48 of those to dealers. We also continued pilot testing with a number of fleets to help facilitate additional orders and build our backlog. Pilots completed / ongoing include:

  • TTSI (Complete) – 106 days / 11,752 miles / 93% uptime

  • Univar Solutions (Complete) – 14 days / 858 miles / 100% uptime

  • Covenant Logistics (Extended & Ongoing) – 111 days / 3,423 miles / 94% uptime

  • RoadOne / IKEA (Complete) – 36 days / 3,285 miles / 91% uptime

  • Benore Logistics Systems (Complete) – 30 days / 2,296 miles / 100% uptime

Nikola Tre FCEV Program Update

In the second quarter, we began Tre FCEV alpha pilot testing with TTSI in Southern California. As of today, the trucks have accumulated over 3,800 miles. We expect to begin FCEV pilot testing with Walmart in Southern California on August 22.

During the second quarter, we began building the first Tre FCEV betas. The first batch of betas are scheduled to be complete by the end of August. We expect to build two additional batches of Tre FCEV betas by the end of the fourth quarter. Beta trucks incorporate learnings from the alpha trials and will be used for engineering and product development.

Coolidge, Arizona Manufacturing Facility Update

We are ramping up production capacity in Coolidge, Arizona. We expect to increase our throughput to five units per shift by November of this year. Phase 2 expansion is underway and on track to be completed by Q1 2023.

H2 Dispensing Station Updates

On August 3, we announced we had made significant progress in partnership with TravelCenters of America on the first hydrogen dispensing station in Ontario, California. We have executed the definitive agreement, agreed on the station design, and have ordered key equipment.

We also executed a land lease in Colton, California to build a greenfield hydrogen dispensing station, and identified a parcel servicing the Port of Long Beach to build a greenfield hydrogen dispensing station. We anticipate the stations will be complete by Q4 2023.

Nikola – IVECO European JV

In June, together with IVECO, we agreed to expand our 50/50 European JV to include engineering and product development. During the second quarter, the JV entity began building the first EU Tre 4×2 BEV alphas. Production for EU Tre BEV is expected to commence in the second half of 2023. The JV also started building EU Tre FCEV betas, which are expected to begin production in the first half of 2024.

Second Quarter Financial Highlights

Business Outlook

We remain on track to achieve the following milestones in 2022:

  • Deliver 300 to 500 production Tre BEV trucks

  • Successful FCEV alpha pilot testing with Anheuser-Busch and TTSI

  • Build, validate and test Tre FCEV beta trucks

  • Announce location, break ground, and commence construction of the first hydrogen production hub in Arizona

  • Announce two or more dispensing station partners in California

Webcast and Conference Call Information

Nikola will host a webcast to discuss its second-quarter results at 6:30 a.m. Pacific Time (9:30 a.m. Eastern Time) on August 4, 2022. To access the webcast, parties in the United States should follow this link: https://www.webcast-eqs.com/register/nikola20220804/en.

The live audio webcast, along with supplemental information, will be accessible on the Company’s Investor Relations website at https://nikolamotor.com/investors/news?active=events. A recording of the webcast will also be available following the earnings call.

About Nikola Corporation

Nikola Corporation is globally transforming the transportation industry. As a designer and manufacturer of zero-emission battery-electric and hydrogen-electric vehicles, electric vehicle drivetrains, vehicle components, energy storage systems, and hydrogen station infrastructure, Nikola is driven to revolutionize the economic and environmental impact of commerce as we know it today. Founded in 2015, Nikola Corporation is headquartered in Phoenix, Arizona. For more information, visit www.nikolamotor.com or Twitter @nikolamotor.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of federal securities laws with respect to Nikola Corporation (the “Company”), including statements relating to the Company’s future performance and milestones; expected timing of manufacturing facility expansion and production capacity; expectations regarding hydrogen dispensing stations, our joint venture, and our pilot programs; timing of completion of testing, production, as well as other milestones; the Company’s business outlook; and terms and potential benefits of planned collaborations with strategic partners. These forward-looking statements generally are identified by words such as “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” and similar expressions. Forward-looking statements are predictions, projections, and other statements about future events based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: design and manufacturing changes and delays, including global shortages in parts and materials; general economic, financial, legal, regulatory, political and business conditions and changes in domestic and foreign markets; the potential effects of COVID-19; the outcome of legal, regulatory and judicial proceedings to which the Company is, or may become a party; demand for and customer acceptance of the Company’s trucks; the results of customer pilot testing; the execution and terms of definitive agreements; risks associated with development and testing of fuel-cell power modules and hydrogen storage systems; risks related to the rollout of the Company’s business and the timing of expected business milestones; the effects of competition on the Company’s future business; the availability of and need for capital; the impact of our recently-announced planned acquisition; and the factors, risks and uncertainties regarding the Company’s business described in the “Risk Factors” section of the Company’s quarterly report on Form 10-Q for the quarter ended March 31, 2022 filed with the SEC, in addition to the Company’s subsequent filings with the SEC. These filings identify and address other important risks and uncertainties that could cause the Company’s actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, the Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

Use of Non-GAAP Financial Measures

This press release references Adjusted EBITDA, non-GAAP net loss, and non-GAAP net loss per share, basic and diluted, all of which are non-GAAP financial measures and are presented as supplemental measures of the Company’s performance. The Company defines Adjusted EBITDA as earnings before interest expense, taxes, depreciation and amortization, stock-based compensation expense, and certain other items determined by the Company. Non-GAAP net loss is defined as net loss adjusted for stock-based compensation expense and certain other items determined by the Company. Non-GAAP net loss per share basic and diluted is defined as non-GAAP net loss divided by weighted average basic and diluted shares outstanding. These non-GAAP measures are not substitutes for or superior to measures of financial performance prepared in accordance with generally accepted accounting principles in the United States (GAAP) and should not be considered as an alternative to any other performance measures derived in accordance with GAAP.

The Company believes that presenting these non-GAAP measures provides useful supplemental information to investors about the Company in understanding and evaluating its operating results, enhancing the overall understanding of its past performance and future prospects, and allowing for greater transparency with respect to key financial metrics used by its management in financial and operational-decision making. However, there are a number of limitations related to the use of non-GAAP measures and their nearest GAAP equivalents. For example, other companies may calculate non-GAAP measures differently or may use other measures to calculate their financial performance, and therefore any non-GAAP measures the Company uses may not be directly comparable to similarly titled measures of other companies.


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*MCTs are merchandised goods sourced from external suppliers and therefore are not a part of our manufacturing costs.