(Reuters) -Nikola missed Wall Avenue expectations for first-quarter income on Tuesday, as the electrical truck maker delivered fewer hydrogen gas cell vans amid an unsure macroeconomic outlook and lowered spending by clients.
The corporate reported income of $7.5 million, lacking expectations of $15.8 million, in accordance with LSEG knowledge. Its shares fell 5.8% earlier than the bell.
It delivered 75 of its hydrogen gas cell vans within the first two quarters of manufacturing and accomplished the supply of its reworked battery truck on the finish of the primary quarter.
The corporate, nevertheless, delayed its supply timeline for its reworked battery vans to 2024 finish from its earlier plan to finish it by the top of the second quarter or early third quarter.
Nikola is discovering it powerful to promote its hydrogen large rigs as customers and companies curb spending on comparatively pricer electrical autos amid excessive borrowing prices and switch to cheaper hybrid options.
Income from the corporate’s vans fell 26% to $7.4 million, regardless of ramping up manufacturing for its hydrogen large rigs.
Its web loss stood at $147.7 million, smaller than $169.1 million a 12 months in the past, helped by a 15% discount in working bills.
Nikola’s money and money equivalents on the finish of the primary quarter stood at $345.6 million, down from $464.7 million, within the prior three months.
The corporate mentioned it opened refueling stations in California and Canada’s Alberta for its hydrogen vans in March.
(Reporting by Zaheer Kachwala in Bengaluru; Modifying by Arun Koyyur)
