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Nikola | 8-K: Nikola Corporation Reports Fourth Quarter and Full Year 2023 Results

SEC announcement · Feb 22 09:01

NKLA +7.35%

Summary by Moomoo AI

On February 22, 2024, Nikola Corporation, a pioneer in zero-emissions transportation, announced its financial results for the fourth quarter and full year ended December 31, 2023. The company reported the delivery of 35 hydrogen fuel cell electric trucks in Q4, ending the period with no finished goods inventory. Additionally, 225 voucher requests for these trucks were submitted in California from October 2023 through January 2024. Nikola also remains on track to return the first battery-electric trucks to end users by the end of Q1 2024. The company opened its first HYLA modular refueling station in Ontario, California, and announced a partnership with FirstElement Fuel in Oakland, California. Financially, Nikola raised $230.3 million in Q4, concluding the year with $464.7 million in unrestricted cash, marking the highest balance since Q4 2021. Two new board members with extensive experience in trucking and energy were appointed, including Jonathan Pertchik and Carla Tully. Nikola's President and CEO, Steve Girsky, highlighted the company's achievements and its commitment to providing integrated zero-emissions mobility solutions. The company's financial highlights for Q4 2023 included a net loss from continuing operations of $153.6 million and an adjusted EBITDA loss of $102 million. Despite these losses, the company's production and delivery of hydrogen fuel cell electric trucks and the establishment of refueling infrastructure demonstrate progress in its business strategy.

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