Nikola Corporation (NASDAQ:NKLA) Q3 2024 Results Conference Call October 31, 2024 10:30 AM ET

Company Participants

Soei Shin - Head of Investor Relations
Steve Girsky - President and CEO
Tom Okray - CFO

Conference Call Participants

Mike Shlisky - D. A. Davidson
Ben Kallo - Baird

Soei Shin

Welcome to Nikola Corporation's third quarter 2024 earnings and business update call. Joining me today are Steve Girsky, President and CEO and Tom Okray, Chief Financial Officer. A press release detailing our financial and business results was distributed earlier this morning. This release can be found on the Investor Relations section of our website, along with presentation slides accompanying today's call.

Today's discussion includes references to non-GAAP measures. The presentation includes adjusted EBITDA, non-GAAP earnings per share, adjusted free cash flow and other non-GAAP measures. These measures are reconciled to the most comparable U.S. GAAP measures and can be found at the end of the Q3 earnings press release we issued today.

Today's discussion also includes forward-looking statements about our future results, expectations and plans. Actual results may differ materially from those stated and some factors that could cause actual results to differ are also explained at the end of today's earnings press release on Page 2 of our earnings call deck and in our filings with the SEC. forward-looking statements speak only as of the date on which they are made.

You are cautioned not to put undue reliance on forward-looking statements. After Steve and Tom's prepared remarks, we'll take questions from our stockholders and then conclude with questions from analysts.

Steve Girsky

Thanks, Soei, and good morning, everyone. Welcome to our third quarter 2024 earnings and business update call. Year to date through the third quarter, we had record sales of hydrogen fuel cell electric trucks, a 78% growth in fuel cell electric vehicle fleet adoption and a nearly 350% increase in hydrogen fuel dispensed at our commercial stations.

We also returned 78 BEV 2.0 trucks back to end fleets and dealers. With every truck delivered and fueled at our stations, we continue to deliver proof points to the market that zero emission trucks are driving the future of Class 8 mobility.

Program to date, Nikola fuel cell electric trucks and battery electric trucks have accumulated over 4 million validation miles, avoiding over 6,000 metric tons of CO2 tailpipe emissions, which is equivalent to the emissions generated by over 1500 gasoline powered passenger cars in one year. The third quarter is an example of how we're executing our strategic and operational objectives by strengthening our resolve to push forward, meet the demands of our end fleets, and lay a path for a sustainable future.