Posted 11/2/2023, 2:51:11 PM
Nikola Widens Q3 Losses to $425.7M But Increases Cash Reserves Despite Truck Recall
- Nikola reported $425.7M net loss in Q3 2023, widened from $236.2M loss in Q3 2022
- The company raised $250M in Q3, tripling unrestricted cash since Q1 2023 to $136.2M
- Despite voluntary recall, received orders for 47 battery-electric trucks from one dealer
- Added new executives - Mary Chan as COO and Joe Cappello as President of Energy
- Expects to deliver battery-electric trucks again in Q1 2024; recall costs estimated at $61.8M
