Nikola NKLA Q3 2023 earnings

Electric truck manufacturers Nikola The company said Thursday it has received nearly 300 orders for its new hydrogen fuel cell semi-truck, but its earlier battery-electric trucks are facing costly recalls.

In August, Nikola recalled all of its Tre battery-electric trucks, a total of 209, due to fires caused by leaking coolant from the truck’s battery pack. The company said Thursday that after investigating the cause, it decided to replace the battery packs in all 209 trucks at an estimated cost of $61.8 million.

The company expects to resume deliveries of electric trucks to customers in the first quarter of next year. Nikola said dealers ordered 47 electric vehicles in the third quarter despite the recall.

Nikola said it has received 277 “non-binding” orders for its new fuel cell trucks from 35 different fleet customers. A total of three trucks were shipped in the third quarter, compared with 63 units in the same period last year.

Here are the key numbers from Nikola’s third-quarter earnings report Report.

• Adjusted loss per share: Wall Street analysts polled by LSEG (formerly Refinitiv) expected 30 cents, compared with expectations of 14 cents
• income: Negative $1.7 million compared with Wall Street expectations of $13.3 million, according to LSEG

Nikola’s net loss was $425.8 million, or 50 cents per share. On an adjusted basis, excluding stock-based compensation, the loss was 30 cents per share. A year ago, Nikola lost $236.2 million, or 54 cents per share.

Nikola reported negative $1.7 million in third-quarter revenue after paying out about $2.4 million to ex-dealers as new CEO Steve Girsky refocuses the company’s sales focus In California. Its revenue in the third quarter of 2022 was US$24.2 million.

Nikola raised $250 million in the third quarter. The company had $362.9 million in cash as of September 30, up from $226.7 million on June 30 and $121.1 million as of March 31.