Nikola (NKLA) Q4 2022 results: Deliveries and revenues stumble, but plenty in the works for 2023
Nikola Corporation shared its Q4 and full year results for 2022 earlier this morning, and although some of its numbers saw significant drops compared to Q3, the American BEV and FCEV automaker has a lot of accolades on its report card and even bigger plans for this coming year. See the full results below.
Nikola Corporation ($NKLA) kicked off Q1 of 2022 by delivering just 11 Tre BEVs, but had reported a 48 deliveries (an 125% percent increase) in Q2, bolstered by revenues totaling $18.1 million. By the third quarter, its disgraced former CEO was found guilty on three of four counts of fraud in federal court at the same time the commercial EV automaker was trending upward, transcending miles beyond its turbulent past.
Nikola reported 63 Tre BEV deliveries, $24 million in revenue, and $100 million in gross proceeds headed into Q4 of 2022, which saw the automaker enter a partnership with ChargePoint to resell its EV charging products. This was followed by news that it would be relocating the battery manufacturing facility inherited from last year’s acquisition of Romeo Power to its main production facility in Arizona.
Simultaneously, the company continues to make large strides in the other half of its commercial vehicle business – Tre Fuel Cell EVs. On paper, Nikola’s finances took a slight step back in Q4 2022, but the progress of its energy business and commercial EV production continues to harden. If Nikola can execute its 2023 milestones laid out today, its overall upward trend for the year should continue.
Nikola BEV deliveries slow in Q4 2022 but outlook steady
Following a press release outlining its Q4 and full year 2022 reports, Nikola Corporation shared its full presentation with investors including key financial metrics and an outlook for this next fiscal year. Overall, numbers were encouraging despite increased losses, which could be justified by the number of expanded business ventures the American automaker is currently trying to get up and running.
Revenues in Q4 2022 were down significantly to $6.56 million compared to over $24 million in Q3. Its GAAP net loss per share was down in Q4 at $0.46, but non-GAAP net loss per share was up at $0.37 compare to $0.28 in Q3. In Q4, Nikola reports it sold $165 million worth of common stock under its at-the-market (ATM) program announced in August 2022. Its available ATM as of 12/31/2022 was $232.2 million compared to $299.5 million at the end of Q3.
In Q4 2022, Nikola shared it produced 133 Tre BEV trucks, which is nearly double the 75 it produced a quarter prior. However, it only delivered 20 of the them. The automaker states it used 2022’s final quarter to improve the BEV trucks based on customer feedback. This included an over-the-air (OTA) update that increased range and adding charging capabilities up to 350 kW.
The company also bolstered its commercial and sales operations ind Q4, which it expects will help increase sales and accelerate truck deliveries in 2023. Looking ahead to 2023, it looks like Nikola is expecting slower BEV production in Q1, with 30 deliveries on the low end and a max of 50 deliveries.
Meanwhile, Nikola looks to expand BEV production overseas as part of its joint venture with Iveco Group, while simultaneously getting its hydrogen trucks into scaled production bolstered by its newly launched HYLA energy business to refuel them.
Here is the company’s full milestone list for 2023:
- Complete the build of 10 gamma FCEVs by Q2 2023
- Realize approximately $105,000 in cost savings in battery modules and packs for each Tre BEV truck by Q4 2023
- Achieve final investment decision for Phoenix Hydrogen Hub by Q3 2023
- Announce at least two refueling station partners by June
- Deliver 250 – 350 Tre BEVs to dealers for the full year 2023
- Deliver 125 – 150 Tre FCEVs in Q4 2023
Nikola Corporation continues to grow and expand into 2023 and has become a viable commercial EV company to keep an eye on. We’re sure there will be more to report on in Q1 2023 and beyond. Check back soon.
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Environment
U.S. crude oil falls below $60 a barrel to lowest since 2021 on tariff-fueled recession fears
A view shows disused oil pump jacks at the Airankol oil field operated by Caspiy Neft in the Atyrau Region, Kazakhstan April 2, 2025.
Pavel Mikheyev | Reuters
U.S. oil prices dropped below $60 a barrel on Sunday on fears President Donald Trump’s global tariffs would push the U.S., and maybe the world, into a recession.
Futures tied to U.S. West Texas intermediate crude fell more than 3% to $59.74 on Sunday night. The move comes after back-to-back 6% declines last week. WTI is now at the lowest since April 2021.
Worries are mounting that tariffs could lead to higher prices for businesses, which could lead to a slowdown in economic activity that would ultimately hurt demand for oil.
Oil futures, 5 years
The tariffs, which are set to take effect this week, “would likely push the U.S. and possibly global economy into recession this year,” according to JPMorgan. The firm on Thursday raised its odds of a recession this year to 60% following the tariff rollout, up from 40%.
Fueled by incentives from the Illinois EPA and the state’s largest utility company, new EV registrations nearly quadrupled the 12% first-quarter increase in EV registrations nationally – and there are no signs the state is slowing down.
Despite the dramatic slowdown of Tesla’s US deliveries, sales of electric vehicles overall have perked up in recent months, with Illinois’ EV adoption rate well above the Q1 uptick nationally. Crain’s Chicago Business reports that the number of new EVs registered across the state totaled 9,821 January through March, compared with “just” 6,535 EVs registered in the state during the same period in 2024.
Those numbers represent more than 50% growth in EV registrations – far beyond the expected 12% first-quarter increase nationally being projected by Cox Automotive. (!)
What’s going on in Illinois?
While President Trump and Elmo were running for re-election, they campaigned on the threat promise of canceling the $7,500 federal tax credit for EVs. Along with California Governor Gavin Newsom, Illinois’ Governor JB Pritzker made countermoves – launching a $4,000 rebate for new electric cars and up to $1,500 for the purchase of a new electric motorcycle.
At the same time, the state’s largest utility, ComEd, launched a $90 million EV incentive program featuring a new Point of Purchase initiative to deliver instant discounts to qualifying business and public sector customers who make the switch to electric vehicles. That program has driven a surge in Class 3-6 medium duty commercial EVs, which are eligible fro $20-30,000 in utility rebates on top of federal tax credits and other incentives (Class 1-2 EVs are eligible for up to $7,500).
We covered the launch of those incentives when the program was announced at Chicago Drives Electric last year, but the message here is simple: incentives work.
SOURCES: Chicago Business, Ray Cunningham; featured image by the author.
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The electric construction equipment experts at XCMG just released a new, 25 ton electric crawler excavator ahead of bauma 2025 – and they have their eye on the global urban construction, mine operations, and logistical material handling markets.
Powered by a high-capacity 400 kWh lithium iron phosphate battery capable of delivering up to 8 hours of continuous operation, the XE215EV electric excavator promises uninterrupted operation at a lower cost of ownership and with even less downtime than its diesel counterparts.
XCMG is delivering on part of that reduced downtime promise with the lower maintenance and easier repair needs of electric equipment, and delivering on the rest of it with lickety-quick DC fast charging that can recharge the machine’s massive battery in 1.5-2 hours … but that’s not the slick bit. The XCMG XE125EV can be powered up without leaving the job site thanks to its BYD battery swap technology.
We first covered XCMG and its battery swap technology back in January, and covered similar battery-swap tech being developed by MOOG Construction offshoot ZQUIP, as well – but while XCMG’s battery tech has been in production for several years, it’s still not widely known about in the West (even within the industry).
XCMG showed off its latest electric equipment at the December 2024 bauma China, including an updated version of its of its 85-ton autonomous electric mining truck that features a fully cab-less design – meaning there isn’t even a place for an operator to sit, let alone operate. And that’s too bad, because what operator wouldn’t want to experience an electric truck putting down 1070 hp more than 16,000 lb-ft of torque!?
Easy in, easy out
The best part? All of the company’s heavy equipment assets – from excavators to terminal tractors to dump trucks and wheel loaders – all use the same 400 kWh BYD battery packs, Milwaukee tool style. That means an equipment fleet can utilize x number of vehicles with a fraction of the total battery capacity and material needs of other asset brands. That’s not just a smart use of limited materials, it’s a smarter use of energy.
You can check out all the XE215EV’s specs at this tear sheet, and get an in-person look at the Chinese company’s latest electric excavator this week in Munich, Germany.
SOURCE | IMAGES: XCMG.
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