Nikola stock dips after Q1 revenue miss

Nikola (NASDAQ:NKLA) shares fell around 5% premarket on Tuesday after the electric truckmaker reported first quarter revenue that fell short of Wall Street estimates.

The company reported revenue of $7.5M for the quarter, which fell 29.8% year-on-year and missed expectations of $15.32M. Truck sales fell 25.4% to $7.41M, despite ramping up production for its hydrogen fuel cell electric trucks (FCEVs).

The company delivered 40 FCEVs in the quarter, thus exceeding the high-end of its guidance range of 30–35 trucks. That makes 75 wholesaled FCEVs in the first two quarters of serial production.

“We’re seeing green shoots with repeat and new fleets, some in new markets such as N.Y. While our initial focus has been California and Canada, we can expand our reach to meet the demands of end fleet users virtually anywhere in the U.S.,” the company said in a statement.

Nikola (NKLA) also completed the first delivery of a remediated battery truck in Q1 and now expects to complete remediation of these units by the end of 2024.

The company narrowed its net loss from $169.1M a year ago to $147.7M, aided by lower operating expenses. Adjusted loss per share amounted to -$0.09 and were in-line with analysts estimates.

Shares of Nikola (NKLA) are down 23% year-to-date. Seeking Alpha’s Quant system rates the stock as Sell.