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Nikola (NASDAQ: NKLA)
Q3 2024 Earnings Call
Oct 31, 2024, 10:30 a.m. ET

Nikola Reports Strong Growth in Q3 2024 Earnings Call

Agenda Overview

• Prepared Remarks
• Question and Answer Session
• Call Participants

Opening Remarks:

Operator

Good morning, and welcome to Nikola Corporation’s third quarter 2024 earnings and business update call. All participants are currently in listen-only mode. We will begin with a brief video presentation, then management will make prepared remarks, followed by a Q&A session.

Please note, this call is being recorded. [Commercial break]

Soei Shin — Head of Investor Relations

Thank you, operator, and good morning, everyone. I’m Soei Shin, head of investor relations. We welcome everyone listening via phone and those joining us online to Nikola Corporation’s third quarter 2024 earnings call. Today, I am accompanied by Steve Girsky, our president and CEO, and Tom Okray, our chief financial officer.

A press release detailing our financial results was shared this morning and is available on our website in the Investor Relations section. Please note that our presentation includes non-GAAP measures like adjusted EBITDA, non-GAAP earnings per share, and adjusted free cash flow.

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These measures are reconciled with the most comparable U.S. GAAP measures, available at the end of the Q3 earnings release. The conversation will also include forward-looking statements about our future results and expectations. Actual results may differ significantly from those stated due to various factors. More information can be found in our SEC filings and at the end of the earnings press release.

Forward-looking statements only reflect conditions at the time they are made, and we advise against placing excessive reliance on them. After Steve and Tom’s remarks, we will open the floor for questions from stockholders and analysts.

Steve Girsky — President and Chief Executive Officer

Thank you, Soei, and good morning, everyone. Welcome to our Q3 2024 earnings and business update call. Year-to-date, we’ve achieved record sales in hydrogen fuel cell electric trucks, marked by a 78% growth in fuel cell electric vehicle fleet adoption and a nearly 350% rise in hydrogen fuel dispensed at our stations. We also returned 78 BEV 2.0 trucks to end fleets and dealers.

Each truck we deliver proves that zero-emission vehicles are pivotal to the future of Class 8 transportation. Since our launch, Nikola’s fuel cell and battery electric trucks have accumulated more than 4 million validation miles, preventing over 6,000 metric tons of CO2 emissions—equivalent to the yearly emissions of 1,500 gasoline-powered cars. Our performance in Q3 demonstrates our commitment to meeting the demands of the market and creating a sustainable future. At the close of Q3, we announced a record 88 hydrogen fuel cell electric trucks sold, well within our guidance range of 80 to 100.

We maintain a leading position in North America’s heavy-duty fuel cell electric vehicle market, capturing over 90% market share according to recent registration data. Additionally, we expanded our dealer network in Southern California, allowing greater accessibility to both Nikola fuel cells and battery electric vehicles for potential customers.

Currently, we’re the only original equipment manufacturer (OEM) providing two zero-emission powertrains on one Class 8 platform in North America, which enhances our capability to meet the varying needs of our clients. Year-to-date, the number of in-service fleets has risen 78%, now totaling 16 distinct end fleets, up from just nine at the start of the year.

Across both powertrains, 32 different fleets are utilizing Nikola fuel cell or battery electric trucks. Each quarter reinforces that heavy-duty zero-emission vehicles are becoming a growing segment in North America. We reaffirm our year-end guidance of delivering 300 to 350 fuel cell electric vehicles.

As for our BEV 2.0 trucks, we’ve made significant progress on the recall front, successfully returning 78 units to fleets and dealers, and the feedback has been overwhelmingly positive. In a business update, our dealer network achieved record sales of 88 fuel cell electric vehicles this quarter, reflecting a 22% increase compared to last quarter. On the retail side, growth continues robustly from existing end fleet partnerships.

Prominent fleet partners like J.B. Hunt, Kenan Advantage Group, and DHL have recently expanded their use of Nikola’s fuel cell electric vehicles, emphasizing our role in helping them achieve sustainability targets for their operations as well as for their customers, including Nestle and Diageo. Notably, Nikola will support Diageo’s operations by deploying its first behind-the-fence hydrogen fueler at their facility in Plainfield, Illinois. Together, these end fleets are bringing household goods to consumers while maintaining zero tailpipe emissions.

Our commitment to sustainability is central to our business strategy. We’re pleased to integrate the GTS Group into our dealer network in Southern California, marking an exciting expansion as they will introduce the Next Generation Truck division focused on the sales and service of Nikola’s trucks.

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Nikola Corporation Sees Progress in Zero-Emission Truck Ecosystem

The addition of a new dealer supports efforts for more zero-emission Class 8 trucks, with Nikola now boasting 19 sales and service locations across the U.S. Increased momentum is being observed in the company’s partnerships, particularly in Canada, where Loblaw Supermarkets has praised the performance of the BEV 2.0 after a successful trial. Additionally, Tim Hortons is set to start demonstrations of both the fuel cell and battery electric vehicles (BEVs) soon, aiming to determine the best options for its delivery routes.

Our dealer partner, ITD, is well-prepared to support Mac’s charging needs and has constructed a 400-kilowatt charging station in Toronto. Last quarter, we initiated Canada’s first modular refueling station at a dealer location with ITD. Together, we are advancing the zero-emission ecosystem for everyone involved. Through testing and exploring new technologies, Nikola is charting new pathways in this industry.

Each day, the data collected from our in-service trucks is instrumental in enhancing the driving experience for fleet operators. The fuel dispensed through the HYLA network not only aids our fueling partners but also drives the ongoing development needed to meet rising demand. Increased deployment of trucks accelerates the learning curve toward a more stable ecosystem. Nikola leads the charge in these innovative efforts.

As of now, 16 fuel cell electric vehicles (FCEVs) across end fleets have traversed over 1 million road miles, a significant jump from nine fleets and 120,000 miles in Q1. This performance affirms an average fuel economy benchmark of 7.2 miles per kilogram. A noteworthy indicator of our FCEV’s capabilities is that the number of runs surpassing 400 miles before needing fuel has risen to 285, marking a 48% increase since the last quarter. Fleet operators are increasingly confident in the technology, allowing them to optimize performance effectively. Meanwhile, 19 end fleets using the BEV 2.0 have collectively driven over 715,000 miles since its return to active service.

The average distance between charges for BEV 2.0 has also improved by 10%, now reaching 143 miles compared to 130 miles in the previous quarter. Similar to the FCEVs, fleets are pushing the BEV 2.0 to meet expectations. Since reintroducing it to the market, nearly 950 runs (27%) have exceeded 200 miles before recharging; this performance is equivalent to 8.0 miles per gallon diesel equivalent, which is 23% better than the Class 8 average of 6.5 miles per diesel gallon according to the Department of Energy. All operational fleets together have avoided approximately 2,700 metric tons of CO2 emissions. Looking ahead, we anticipate delivering 10 HYLA fueling solutions by the year’s end.

Our strategy aims to enhance support at existing refueling stations for better customer service as we advance our scale. Progress continues on additional stations scheduled for Q4, with active engagement for site approvals in Northern and Central California. This work is expected to strengthen the North-South I-5 freight corridor. Notably, across the lifespan of the HYLA network, we have documented over 5,900 fueling events and dispensed more than 210 metric tons of hydrogen at an average of 36 kilograms per fill.

The expansion of mobile hydrogen refueling stations has been robust this year. Since we began monitoring commercial fuel operations in Q1, total hydrogen dispensing has surged nearly 350%. We are thrilled that the BEV 2.0 is back on highways, successfully transporting freight.

To date, we have returned 78 BEVs to the market, receiving overwhelmingly positive feedback. A notable lesson learned is the BEV’s resilience. The past year has showcased the ability of the BEV to navigate challenges and rise to new standards without compromising performance. One fleet has optimized its linehaul operations for a major brand, successfully leveraging the BEV 2.0 to carry low payloads from Northeast ports to the Midwest, completing over 800 miles in two days with an average distance of nearly 160 miles between charges. This efficiency reflects a consumption rate of 2.5 kilowatt-hours per mile, quite impressive given an average speed of 60 to 70 miles per hour on relatively flat terrain.

Another fleet has deployed the BEV 2.0 for deliveries to a major steel manufacturer in the Southeastern U.S., capitalizing on route optimization to meet client demands for zero-emission transport. A quick midday charge has allowed this fleet to double productivity by running a 160-mile trip twice daily. The fleet noted that no competitor can match the BEV’s range or capability under challenging conditions.

These examples illustrate how the BEV 2.0 fulfills and often exceeds market expectations, making it the preferred choice for fleets committed to sustainability. Now, let’s turn to Tom to discuss our financial results.

Tom Okray — Chief Financial Officer

Thank you, Steve. Chart 10 outlines our financial highlights. In Q3, we reported gross revenue of $33 million, a slight rise from the previous record of $31 million. This increase can be attributed to higher wholesale deliveries. However, net revenue took a hit of $8 million due to the repurchase of 20 BEVs, which we see as a timing issue as we have a purchase order to delivery these units to another dealer.

The average selling price (ASP) for fuel cell vehicles in this quarter was $361,000, falling 7% from Q2. Although we expect a decline in ASP as we scale, we are pleased that the average ASP for fuel cells has remained approximately $370,000 per unit over the last year.

For the third quarter, we posted a gross loss of $62 million, compared to $55 million in Q2. BEV returns, again, were a significant factor in this loss, although this was partially offset by increased fuel cell wholesale volumes. Our unrestricted cash decreased by $58 million from Q2, finishing the quarter at $198 million. The decrease was somewhat cushioned by net proceeds of $20 million from our ATM program and $75 million from other financing activities.

We are focused on identifying ways to optimize our cash flow. We believe that our current cash reserves will cover operational costs and obligations up until Q1 2025 at minimum. Maintaining enough capital to support our operations remains a priority. Moving on to Chart 11.

For fiscal year 2024, our guidance on fuel cell wholesale deliveries continues to be set at 300 to 350 trucks. Our business plan remains on track as we strive to scale our operations.

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Nikola Corporation Discusses Production and Market Strategy for Zero-Emission Trucks

Enhancing Efficiency in Unit Economics

Nikola Corporation continues to refine its production methods in collaboration with supplier partners to improve unit economics. Company leaders assert that fuel cell trucks provide the best solution for many customer needs, while battery electric vehicles (BEVs) also maintain relevance in national fleets. This dual focus allows Nikola to balance production of fuel cells and remanufactured BEVs to meet customer expectations effectively.

Closing Remarks and Performance Insights

Steve Girsky — President and Chief Executive Officer

Thank you, Tom. To conclude, I’d like to present a video that highlights our key message: we offer two powertrains on a single platform, both achieving zero emissions. Recently, our team successfully tested two trucks, fully loaded, traversing the route from our Phoenix headquarters to Bentonville, Arkansas. They expertly navigated 6% grade hills through Payson and Winslow, Arizona.

The team utilized I-40 during their second day, passing through New Mexico, Texas, and Oklahoma before reaching Bentonville on day four. Charging occurred during drivers’ lunch breaks and evening meals. Our loaded BEVs displayed a range of 210 to 310 miles per charge, while bobtail configurations managed between 380 to 490 miles per charge. Both vehicles maintained highway speeds of 65 to 70 miles per hour and performed reliably.

Both trucks exhibited 100% reliability, showcasing the power required for their journey, arriving at Bentonville quietly and efficiently after covering 1,200 miles. Operator, please begin the video.

Q&A Session: Stockholder Inquiries

Operator

That concludes our prepared remarks. I will now turn the call back over to Soei for stockholder questions.

Soei Shin — Head of Investor Relations

Thank you, operator. We have gathered several questions from retail investors via the Say platform. Most can be summarized into three main inquiries. The first question: In the long run, when do you expect the company to achieve profitability?

Tom Okray — Chief Financial Officer

Thank you, Soei. To clarify, our foundational business plan remains intact. We are, however, optimizing our operations to ensure they are scalable and efficient. While these improvements may not be immediately visible in our numbers, we have made significant strides in several areas. Securing national accounts is vital for implementing our strategy, and our recent quarter shows promising results. Nikola’s position as a first mover enables us to cater to businesses looking to reduce their Scope 3 emissions.

Our fuel cell and battery electric trucks provide viable zero-emission options for any firm reliant on logistics to transport goods. Collaborating with national accounts, we see interest in demos and purchases of our trucks.

Soei Shin — Head of Investor Relations

The second question posed: Which truck—FCEV or BEV—is more profitable? And will you continue to offer both models?

Steve Girsky — President and Chief Executive Officer

I’ll address this one, Soei. We have consistently emphasized having one truck platform with two zero-emission powertrain options. Up until now, we primarily offered either the BEV or fuel cell option. Starting next year, we will have the capability to market both systems simultaneously, responding to customer demand.

As we work through the recall, we anticipate a rising interest in the BEVs, which we will be selling from our inventory. I must note that the BEVs available from our inventory will contribute positively to cash margins.

Soei Shin — Head of Investor Relations

Thank you, Steve. Lastly, is Nikola actively seeking partners to secure capital support for the company?

Steve Girsky — President and Chief Executive Officer

I can take this one as well. We are engaged in discussions with various potential partners who appreciate our work and achievements. Our efforts thus far are focused on laying a solid foundation, and we have tangible proof of our capabilities on the road with customers.

We have developed hydrogen stations and established connections between Northern and Southern California. Currently, we have 32 diverse fleets utilizing our trucks, indicating a strong market for Class 8 zero-emission vehicles. Consequently, we aim to unite companies committed to advancing zero-emission technologies.

We seek partnerships with organizations valuing our battery trucks for their range and user experience, as well as those interested in our fuel cell trucks for added range and reduced weight. Furthermore, we welcome companies that appreciate our hydrogen refueling network built in California.

Tom Okray — Chief Financial Officer

To elaborate on Steve’s comments, we actively pursue partnerships with organizations that have established clear decarbonization goals for the next decade, hydrogen producers who view hydrogen as a sustainable energy source, and automotive manufacturers focused on fuel cell technology.

Together, we envision a thriving hydrogen economy.

Soei Shin — Head of Investor Relations

Operator, please open the line for analyst questions.

Operator

Thank you. [Operator instructions] We’ll start with Mike Shlisky from D.A. Davidson.

Michael Shlisky — Analyst

Good morning! Thank you for answering my questions. Your comments about the BEV are optimistic. Previously, it seemed like the strategy was more build-to-order, without much emphasis on marketing. Given the positive feedback, will there be a shift in your approach towards actively marketing the BEV next year, or will it remain a smaller volume, build-to-order initiative?

Steve Girsky — President and Chief Executive Officer

Our model allows us flexibility based on customer preferences, Mike. We’re noticing an increasing demand for the BEV, and the margin-positive inventory gives us a solid foundation to adjust our strategy moving forward.

We can sell these trucks nationwide, so we are evaluating our options as we progress through this phase. Tom, would you like to add something?

Tom Okray — Chief Financial Officer

Certainly! To clarify our recall process, we have returned 78 trucks as mentioned earlier, with another 81 awaiting recall. Additionally, nearly 150 trucks are in Nikola’s inventory, distinct from those involved in the recall. We aim to leverage this potential as we advance.

Fuel Cell and BEV Strategies: Insights from Company Leadership

Key Market Strategies Highlighted

In a recent discussion, company leaders outlined their strategies for battery electric vehicles (BEV) and fuel cell products. They noted a positive market response for these use cases and affirmed their commitment to enhancing products while maintaining financial balance.

Michael Shlisky — Analyst

I’m curious about pricing. Can you explain the decline in average selling prices (ASPs)? Was the BEV impact significant? Also, when do you expect to transition from introductory pricing to more standard pricing for your fuel cell products?

Tom Okray — Chief Financial Officer

You raised a few key points. The recent return of 20 BEVs has affected our total revenue and net income. It’s important to normalize these returns for a clearer financial picture.

We view these returns as a temporary situation, as we anticipate finding a customer for them in Q4. Our average selling price has remained stable at around $370,000 per truck. While we are balancing volume and ASP, getting our operations to scale is currently our priority. Long-term, we aim to push ASP higher and reduce bill of materials (BOM) costs.

Michael Shlisky — Analyst

Understood. One other thing—I’ve recently heard that another company successfully tested a 200-kilowatt fuel cell truck. Can you update us on your research and development efforts? Are projects underway, or are they on hold until finances stabilize? What’s the competition look like?

Steve Girsky — President and Chief Executive Officer

We’re actively working on improving our existing truck models. The new BEV we launched offers enhancements over the prior model.

Moreover, we are focused on optimization in terms of cost and weight, looking towards a next-generation truck that will outperform the current model. Having other companies enter the hydrogen space is welcomed as it fosters a broader ecosystem, which is beneficial for everyone involved. Incremental improvements are underway for both our trucks and fueling solutions with our partners, while we explore next-gen products that represent significant advancements.

Michael Shlisky — Analyst

Thank you. That clarifies things for me.

Steve Girsky — President and Chief Executive Officer

Thank you, Mike.

Operator

Next, we have Cole Couzens from Wolfe Research.

Cole Couzens — Analyst

Hello, everyone. You mentioned earlier that you expect to have enough capital through the first quarter of 2025. Will you likely need to raise more capital later in 2025? Additionally, when do you anticipate seeing positive free cash flow?

Tom Okray — Chief Financial Officer

Let me break down our cash flow situation. We ended the quarter with approximately $198 million in unrestricted cash, rounded to $200 million for ease of calculation. Our quarterly cash burn reached $162 million, which is higher than the previous quarter’s cash burn of $145 million. This increase reflects some one-time expenses and annual payments.

When normalized, the cash burn of $162 million aligns closely with last quarter’s figures. If we anticipate a cash burn of $30 million to $40 million monthly, we project a runway of five to six and a half months. We are in discussions with various strategic partners who are enthusiastic about our developments in hydrogen infrastructure and trucks. Our cash conversion cycle has improved by 45 days since Q1, and we are optimizing our spending practices.

Cole Couzens — Analyst

That’s helpful. Can you share how deliveries are trending so far this quarter, and what are your initial expectations for 2025 deliveries?

Steve Girsky — President and Chief Executive Officer

We see potential for greater than anticipated wholesale deliveries in Q4. However, successfully converting potential deals is crucial to making this a reality. We will provide further details about 2025 during the Q4 earnings call.

Tom Okray — Chief Financial Officer

Customer feedback has been positive, with strong testimonials reflecting high levels of satisfaction. Our flexible approach in transitioning between product strategies also gives us an edge, which we are looking to leverage more effectively moving forward.

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Fuel Cell Truck Market Gains Momentum Amid Growing Interest and Support

Steve Girsky — President and Chief Executive Officer

Absolutely. The market is favorably positioned because of government incentives promoting hydrogen. Automotive manufacturers have invested significantly in fuel cells, recognizing this technology as a viable growth opportunity. Moreover, industrial gas companies view hydrogen as a critical area for expansion. Strong commitments to zero emissions from national accounts indicate that trucking partners are also prioritizing hydrogen solutions. All the components are in place; we just need to collaborate effectively with partners to maximize this potential.

Cole Couzens — Analyst

Thanks, guys. I’ll hand it back over.

Steve Girsky — President and Chief Executive Officer

Thank you, Cole.

Operator

Our next question comes from Tyler DiMatteo with BTIG.

Tyler DiMatteo — Analyst

Good morning, everyone. I appreciate the opportunity to ask my questions.

Steve, could you elaborate on the timing involved in making decisions between the two truck types? How much lead time is necessary to ensure efficient manufacturing? Specifically, if battery electric vehicle (BEV) demand increases, when would you need to act on that?

Steve Girsky — President and Chief Executive Officer

We need a lead time of three to six months. Certain components, like high-voltage cables, require advance ordering for effective truck production. We are currently active in the market, as Tom previously mentioned, and are committed to evaluating demand and pricing. If customers show interest and willingness to invest in a specific model, we are ready to accommodate that demand.

Tom Okray — Chief Financial Officer

It’s noteworthy that we currently hold about 150 trucks in our inventory, along with another 81 involved in a recall. This totals approximately 230 trucks, providing us flexibility for managing production increases as needed. Additionally, our BEVs utilize nine battery packs, whereas fuel cells require only two, so we are considering these dynamics as we strategize our mix.

Steve Girsky — President and Chief Executive Officer

It’s important to clarify that we are rebuilding the existing inventory on a remanufacturing line. Reintroducing the BEVs will take roughly three to six months. Therefore, we look at this as a benefit for the third and fourth quarters. Flexibility is crucial as we balance customer needs and fuel availability; thus, BEVs could complement our offerings in times of high demand for fuel cell trucks.

Tyler DiMatteo — Analyst

Thanks for that detail. Regarding future fuel cell wholesale sales for the rest of the year, what key factors are influencing the $300 million to $350 million range you’ve projected? I’m curious about the variables at play between the lower and upper limits of that estimate.

Tom Okray — Chief Financial Officer

We have a sizable pool of orders waiting to be finalized. However, it’s unclear whether customers will commit this year or delay until next year. Additionally, various incentives might affect delivery timing, potentially skewing sales figures across the years.

Steve Girsky — President and Chief Executive Officer

When dealing with new technologies and customers, especially in the hydrogen sector, it’s challenging to provide exact forecasts. The $300 million to $350 million range reflects the uncertainty inherent in adapting to both new technologies and customer readiness.

Tyler DiMatteo — Analyst

Thank you, I appreciate the insights. I’ll turn it back to you.

Steve Girsky — President and Chief Executive Officer

Thanks, Tyler.

Operator

Next, we’ll hear from Ben Kallo with Baird.

Ben Kallo — Analyst

Good morning. Thank you for taking my question. I’d like to follow up on the previous discussion regarding customer purchasing patterns. How do you see this evolving, especially if they’re currently piloting our trucks? Are customers leaning towards larger orders, or are they hesitant due to infrastructure concerns?

Steve Girsky — President and Chief Executive Officer

We are seeing repeat orders from various customers. Some are significant, although they depend on the availability of fuel; connecting distribution routes will help spur sales in currently underserved areas, like Northern California. Our strategy involves diversifying our customer base by introducing multiple fleets to explore various applications of our trucks.

Tom Okray — Chief Financial Officer

To add to that, when it comes to national accounts, pilot programs are standard before committing to larger orders. These pilots can last varying lengths, depending on each company’s goals. Balancing sustainability commitments with operational costs is a common challenge for these companies. Building relationships and establishing trust through demonstrations and reliable infrastructure is vital to moving ahead effectively.

Steve Girsky — President and Chief Executive Officer

We aim to facilitate a smooth transition for companies looking to adopt our trucks, making hydrogen technology accessible while ensuring they can reliably fuel and maintain the vehicles. This represents not just an operational shift but an opportunity to commit to sustainable practices that resonate across the economy.

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Nikola Discusses Growth and Financial Strategy in Latest Earnings Call

Leadership Insights on Future Goals

President and Chief Executive Officer

“And remember, Ben, this isn’t just about doing what everybody else is doing and trying to do it better. We’re doing something that nobody else has done yet. And it’s not easy. We grind through it every day, but that’s why people show up to work here.”

Analyst Questions on Financial Goals

Ben Kallo — Analyst

Thank you for that. In the past, you guys have provided a number of trucks that lead to breakeven EBITDA. Has that number changed? Could you also touch on what you’re doing regarding costs? Thank you.

CEO Emphasizes Scale for Success

Steve Girsky — President and Chief Executive Officer

Yeah. It’s a good question, Ben. The specific number is still in the same range; I prefer not to disclose it on this call. However, I’d like to highlight the importance of building scale. This growth provides confidence to our supplier partners, encouraging them to invest in optimizing production lines that support our needs. Volume is essential, and while I won’t mention a specific number today, it’s a critical element of our growth model.

Ben Kallo — Analyst

OK. Thank you, guys.

Operator

That concludes our question-and-answer session. I will now turn the call back over to Soei for any additional remarks.

Closing Remarks from Investor Relations

Soei Shin — Head of Investor Relations

Thank you, operator. We appreciate everyone joining us this morning, and on behalf of all Nikola employees, we thank you. Have a great day.

Operator

[Operator signoff]

Duration: 0 minutes

List of Participants

Soei Shin — Head of Investor Relations

Steve Girsky — President and Chief Executive Officer

Tom Okray — Chief Financial Officer

Michael Shlisky — Analyst

Mike Shlisky — Analyst

Cole Couzens — Analyst

Tyler DiMatteo — Analyst

Ben Kallo — Analyst

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