Nikola (NKLA) 31 Oct 242024 Q3 Earnings call transcript

Good morning, and welcome to Nikola Corporation's Third Quarter 2024 Earnings and Business Update Call. [Operator Instructions] As a reminder, this conference is being recorded. [Presentation]

Thank you, operator, and good morning, everyone. My name is Soei Shin, Head of Investor Relations. I'd like to welcome those listening by phone and those on the webcast to Nikola Corporation's Third Quarter 2024 Earnings and Business Update Call.

this Steve Officer. A and financial press results distributed are Okray, and and today was Financial Chief release earlier me Girsky, CEO; President Tom business Joining morning. detailing our on This release website, with slides presentation Investor section today's of along call. the accompanying can our Relations found be discussion Today's references non-GAAP to includes measures. non-GAAP non-GAAP adjusted The share, free presentation EBITDA, includes cash measures. adjusted per earnings flow and other the reconciled measures to most comparable are These U.S. today. Today's press discussion found at includes the of release GAAP we our and earnings issued about and can be statements measures expectations plans. also the forward-looking end results, QX future stated, Actual results some our filings results call may explained today's differ materially SEC. are Page the differ with release that from at actual earnings those X cause press and end our of and earnings deck could in also the factors to on of

Forward-looking of statements which made. date they are on speak as the only

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

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

over emissions, emissions gasoline-powered is by X accumulated battery and of equivalent deliver to in COX mobility. cell we to fleets Class every X,XXX million truck trucks of to dealers. With tailpipe continue date, electric and delivered Program which electric trucks zero-emission driving tons points Nikola returned validation over also end cars year. market the avoiding at miles, metric trucks have BEV X future XX over X,XXX our fueled to passenger We are generated the to X that stations, back X.X and trucks the proof fuel

to our future. a objectives the push fleets and lay The for is we're executing strategic our our end strengthening how quarter by sustainable demands third of of resolve operational and forward, path an example a meet

First, record cell at of trucks, guidance we XXX. of we announced fuel the firmly hydrogen range wholesaled within a end electric QX, XX the had to XX

in over cell share We continue electric based market on dominate XX% heavy-duty America recent Polk data. with the the fuel vehicle North most to registration

expanded also since vehicle first We electric the launch in cell more in dealer California. network QX access BEVs allowing XXXX, our Nikola for both time the fuel to cells the and Southern fuel of

building zero-emission zero-emission This to the our Currently, X momentum we offer platform Class Second, needs of the X in commercial powertrains on ecosystem. fleets. North X our business the in diverse unique we're are OEM America. meet end ability to only to speaks

OEM fuel cell electric the market or the expanding vehicles, Regarding pie. we're the increasing only

in-service to for adoption. also powertrains, discrete leader As North proving Year-to-date, the we're fleet vehicles XX end in electric and end market fleets have deployed end America. as driving heavy-duty have grown XX% Quarter-to-quarter, we're battery fuel Across trucks. cell from both XX Nikola zero-emission or fleets X a distinct market in pioneer, fleets QX.

fuel we have cell feedback. and made we've fleets to volume to progress Fourth, of BEV back trucks. XXX dealers year-end the mentioned, solid electric our reiterating vehicle positive on Program date, as end XX back to are is we Third, recall road. the X.X and to BEVs guidance on the XXX returned overwhelmingly

Moving from to vehicles cell of up XX on had network, our electric record fuel the sales business last dealer quarter. We to XX% update.

customers, their but the Sustainability Diageo the Nikola across welcome and existing sales National in gaining Nestle and as brings support drives the and or Plainfield, emissions. helping and What's not their best find from the value delivering also sustainability BEV is vehicles with see they and play strong Nikola meet organic service completed zero-emissions is business range. the and fuel California. wherever short- by as announced Illinois. Class catalyst front, we we and noted Tim trucks. such from their X.X of those NGT, X tail Advantage number a XX fit stands Hortons shortly cell in the good Group Supermarkets Canada. fleets. Nikola partners new first only goods demos, business, goals, long-distance trucks. of in we're performance the created electric for the DHL Southern operations fleets all them traction Truck end J.B. introduced On Next evaluate as recently praise Generation GTS exciting especially pleased U.S. We're The BEV that dealer service excited End the GTS dealers fleet GTS of Kenan will to high diversifying role and network of their Nikola a campus division to up routes. into type Nikola Nikola both them. We're locations end tall in X retail to trial with may its Hunt, its fueler destinations growth and who the of for continue are for for with important of cell of Group dealer with fuel household in deployment begin will its hydrogen Diageo. Nikola demos Loblaw final like behind-the-fence the additional at into that its be, deployment to its sales restaurants

recently ITD, waiting MAX charging in ready XXX-kilowatt ] it to charging support partner, has station [ Toronto. dealer as is and built a Our

building our The quarter. exploring field offtake uncharted better and every demands inform sufficiently leading this ecosystem are dealer the with fueling make the helps suppliers that's deploy, As that we a last to benefit fuel the curve. X fuel pioneering end XXX for learning technologies more the miles fleets stands XX electric increased XXX of of for for from road first that runs X ecosystem, XX%. before Every day, way the miles the to in zero-emission of a the number in-service economy exceeding reaches modular QX, is validating capabilities X.X momentum trucks meet launched testing telling territory, end others data million and within in the of ecosystem HYLA reminder, since Canada's our needed larger kilogram. efforts. To zero-emission scale. data at the the all. We're really in partners in-service kilogram Nikola we development in benchmark transmit on our date, we vehicle stabilization they and have miles, new up fuel the The cell total building the point over electric cell fleets. these average the out XXX runs, is analyzed trucks the alone vehicles follow. per and to trucks and network station quarter, miles last refueling with to XXX,XXX extensive from our Together, faster experience fueling used up accumulated fleets a has more ITD Likewise, fuel dispensed continuous

fleet that to. cell are get pushing availability they the increases built technology, with the comfortable to it and as We more is operators seeing way perform fuel electric fuel are vehicle the

to have avoidance diesel the miles X.X of to runs outperform the a its XX% return average charging continue economy pushing average The of end basis, truck to our electric our last miles gallon Class miles accumulated pipe putting avoided XX economy tail emissions. average the The cell pipe at For tail electric since fuel X equivalent fuel X XX% cell Like XXX FCEVs miles miles the nearly XX% over runs. On to average better we fleets the the electric service. diesel per XXX X.X from per has expectations. of miles all road increased have into or Class X.X In has back gallon fleet diesel XXX distance BEV powertrains, fuel end total, or perform X,XXX than XXX the between exceeding metric constant market, to Since tons end BEV of remains emissions. estimate and to to number quarter. equivalent across of the vehicle, charging are COX vehicles, the vehicle DOE. XXX,XXX both total per of grown battery on operations fuel before converted fleets our

to Moving Chart X.

year-end. fueling deliver by We solutions expect XX to HYLA

better on daily with more Meanwhile, We slated continue our progress are to focusing for team on providing make stations jurisdictions our customers engages scale. we stations and serve we approvals support HYLA as to existing local at the for strategy site as QX permitting.

over of further X,XXX freight fueling In cities, for dispensing operations fueling XXX%. has tons fact, QX, final of several measuring of mobile have corridor. North-South fill. lifetime per of the strong. the over I-X hydrogen grown Since approvals began the Northern we're recorded in commercial network, entire we California we stages Operationally, nearly average metric hydrogen kilograms strengthens Central has for The hydrogen over in total ramp-up and year-to-date the HYLA events, stations an XX very been refueling XXX dispensing in which

Chart Moving X. on to

as We of BEV to the is compromising from resiliency. and performance. are the validating These XX truck last to overwhelmingly challenges, market excited BEV's and hauling case. an X.X one we've that is back months feedback. a back been learned, Program recover have positive the the withstand emerge freight story date, BEVs the its we've lessons road, to use its failures and returned to Of without ability XX about adaptive on many evolving

XXX-mile from the a per an to major Northeast consumer operations to XXX flat X.X route. Most company perfect that this fleet regenerative carbon-free Overall is average considering BEV to of with ports for the its client over the importantly, the load carrier kilowatt the data miles our the source before days a charges end nearly carrier meet on tells for fleet X.X. weighed this than Midwest example, limited run to payloads win X relatively choice by X.X at for this BEV out, XX guidelines it this with X.X carrying BEV or hours carbon one braking For miles completes average When of measure logistics over sustainability linehaul X has us is low end Field cubed run speed XX has out optimizes truck fit. the with services. low distance high-value, a efficiency decent between more per is of charges. hour mile, its

its route haul deploys for clients' zero-emission meeting a in Another X.X steel Southeastern maximizes all end the the preference fleet routes. BEV the This to with for manufacturer major U.S. while load capacity optimization, carrier

also has the quick strong on double to day. It These choice it to exceed twice the end truck one fact, BEV cover no the twice. the and alone X.X other According how BEV charge, wins meet fleet to X.X Tom the end not the the expectations. end XXX-mile anecdotes to against a this route of the payload capability enables examples let the its along back. Passing fleet, but of midday nor goals to In meet manage running to are its productivity financial fleet only fleet for by one range run BEV to the a is The the marketplace adapted partners. results. is sustainability performance, in end of is over charge

Steve. our Thanks, XX contains financial Chart highlights.

$XX to million down XX in was event of the net view higher basis, quarter in $XX QX. for quarter. to have record wholesale dealer. ASP timing in hand $XXX,XXX, as revenue line, deliveries. this revenue these we as the repurchase QX, was fuel another units X% revenue deliver primarily cell increase in vehicles with was million gross top negatively $X from versus The to the the a associated a impacted We BEVs. a of due the last Regarding posted reported of revenue PO by million On we

units softer cells as fuel for the ASP we last that has sales, held quarters truck. are pleased volume XXX,XXX average per the over at increases, expect of we approximately ASP While X

offset $XX fuel and wholesale we volume. With third QX, were million declined reported financing Cash of loss a headwind, quarter, helped unrestricted $XX of cell $XX partially by our cash, compared $XX $XX biggest million. in million a QX. the higher with loss cash ending million. activities to other net from million was million quarter $XXX the proceeds BEV the the respect For of to ATM Again, gross of gross returns by

opportunity to cash our forecasted We XXXX. existing every examining sufficient into, costs and to not is that our but obligations our are beyond operating meet optimize We estimate cash. fund QX

to seek capital support business. maintain our to continue We to sufficient

on Chart to Moving XX.

XXX XXXX, XXX fuel year unchanged remains to fiscal deliveries guidance For at our cell wholesale trucks. for

business our to Our and unit plan and improve optimize us enable building to economics. flywheel-based scale unchanged, supplier the partners remains

cells Steve is and manage truck continue to of truck customers' to Therefore, we of fuel While for producing believe we option expectations. Back use the the cell closing national fuel most cases, remarks. that meeting market remanufacturing customers support also between allocations the plays role for that believe we needs in our best while BEVs a most our our fleets. BEV to

a trucks semitruck per speeds zero breaks I'd few while dinner XXX BEVs trucks, the trucks range bobtail loaded video grades close Phoenix like with evenings. The reliable up we plenty Both and efficiently over third fully and miles the the to with our start video. day, XXX key hour our at The XX X and were to X% XXX message Tom. have emission. miles drove after X,XXX Winslow, please both X Bentonville. Operator, The the Arizona. conquer The X Thanks, I-XX were over per to A traveling loaded ago, the from charge. reiterating of power quietly charge, the range team Mexico on fourth XX platform, in drove the Bentonville, pace headquarters X powertrains, of day, that to day. to and the driver's Payson miles team to through then was XXX% kept reached expected. grades Arkansas Arkansas. to was highway trucks performed They had and New as Oklahoma and Texas miles lunch and and the second charged followed arrived to weeks the XXX on an

This concludes stockholder for remarks. hand will the Soei call I back our questions. now to prepared

We summed the received questions. into through operator. can you, from Thank which most retail Say X of questions investors platform, up be

company long The being first see the In and you how question. when profitable? run, the do

Thanks, Soei. one. that take I'll

many even ensure sustainability And perspective, quarter, to on their doesn't reduce prepared traction, accounts past Nikola as jump fronts. said and lot optimizing said, evidenced remarks, business in this by is the to all we're remains we're first-mover we're clear, the numbers, are corporate of ready here. From flywheel-based strategy. this our as improved plan scale. to out the X allows key business the getting who we making regard, operations That headway to you companies remains be at aspects Scope and though of unchanged. now. the and national that us meet to we've to Winning lean of advantage our the in executing a needs it Just In seek a emissions

transport We're us they're and fuel cell, national emissions electric deliver and that the with from services their battery truck. these zero have offer buying We the relies company for They goods. solutions any real on working logistics with and accounts us. to demoing

Will has Nikola The the flex both? second continue FCEV to Which of to truck both the production BEV. ability question. and is you more offer profitable?

Soei one, I'll this take Tom. and

BEV So, we've on one truck really the we've had either only X platform, in the the zero-emission. the X powertrain other cell. options, all now, always or or fuel market, uptil harped But

flex we both into move market can year, return the we next we in what we demand continue to the as to we actually offer BEVs will to these and As have want. meet ability customers -- can

a pull the I we positive. the start these BEVs So margin point are from will will And from BEVs getting selling inventory make selling from Nikola be year, Nikola should and we recall will cash through inventory. be out, contribution the we next progress we as BEVs,

question, Steve, that Nikola is to company? the actively provide for the can looking last capital support partners

I'll take one also. this

on the building We are lots potential Southern proof we stations. working with road doing the actively We connect work framework, because California a what points. year, have We're It's California. who this outfront to we've have Northern we've building to we partners ability today do We're after the for now, hard talking the and on what customers. and value built. been value different of and

that X trucks. fleets zero-emission a there's We have market XX trucks, growing Class our have deployed for and end and distinct

that weight So willing, value zero-emission want experience, built truck we value Companies to our of build battery and gives that coalition companies that coalition do. looking network others of the cell because we the California. to and pursue refueling you like-minded less and versus the we companies range all more push that we value hydrogen truck, that are in forward our have that's and value user built companies in fuel network range which the California, even

all So we're actively pursuing of them.

I If Steve amplify little that could a Yes. bit said. what just

these We producers have viable hydrogen vector corporate-wide and next Together, heavy-duty decarbonization are for partners the that who who energy OEMs form light-duty economy hydrogen like-minded growth who cells decade, or stated believe a a view thrive. hydrogen fuel looking for bring as goals automotive to market. the either we can we

analyst for Operator, open you Q&A. the can line

Shlisky D.A. Instructions] [Operator Mike We'll Davidson. to with first go

BEV product last the them some here? more were -- you good going last volume the year? kind of build be you positive a Or to change a product I starting and to intend is plan it and in, road quite but going product? still kind go through to around going order sound I those Do what in like all be and actively only saying that comes back But know about actually the a far. out much. going BEV around people a commentary or heard lot, with that the was didn't feedback But it now so strategy is Your you've build-to-order request of there next it the have here, to I if on smaller certain sounded to marketing heard to the much be been market been there

wants. margin Mike, our Right send to our we to this -- seem dealer we're basically, have be we the wherever going on to getting will So be customer do in product. we inventory, which what positive. pull back the And flexibility, a now, have

product. are we the getting So anywhere But through decision could product in sell a just we what pull on make grind we remember, that, a can once this country. from -- And this I we do. to

-- go grinding Tom. So, TBD, through we but ahead, will be

Yes.

on XX more that -- terms returned XX the we've a remarks recall for pending. as we've in put And trucks of are recall, the specificity it prepared to another in said. little Just actual trucks bit got the

to in the addition which Nikola In almost that, XXX, part is we've of recall. inventory and got not

optionality leverage do going we're best market. what's So to to for the that

BEV. repeat, just to as to use are and are pull said, we Steve BEVs, the cases, As for for these return the strong which conducive market we a getting

So we're way. the cards that X have going us to right for in play we those

Okay. Great. had question I I'm you. to quick a pricing going ask for

mentioned down. was why as still you as that? I might were review on try you some to know of the talking is introductory kind that at part and the of fuel BEV going the have to pricing here? your people to think everyday cell again, to sense just And we still when were I just I pricing part as what start product. company? missed you far Or are ASPs the Any trying get maybe about strategy just introductory product a was Can pricing there more

Yes.

in questions not So you Because net revenue revenue, a of going I the impacts but BEV the have gross our it of return/repurchases, think financials there. through. that and and couple revenue, our impacts total XX revenue, our

picture, just believe are QX. We So to a point these for a them in got customer to returns true because normalize need that. for get a you really in we've time

therefore, just And to going time. point it's in QX so QX to be

are some up more several at able time, cost down. intention some that, We we a $XXX,XXX our the to reasonable that we've cases, forgiving this ASP. ASP. to point per last volume least our As number. that's But it operations. be think be long therefore, work We're think important, more the haul, on work balancing kept relates ASP, the scale would it's over probably at in in BOM constantly to about quarters. We and to truck versus And obviously, over get for

Okay.

XXX-kilowatt few company one just or a last then cell last I successfully truck. me. for so, And days another has the heard one fuel Okay. tested

and to that you So projects R&D? of also suspended get need that were like your have a ironed lot getting at improvement there making time. that module a of And capital of that's out some at power what that kind me. bit products the -- so around single there update only the a are much a there situation you you Do all Just other companies can the market. that Or underway? that current to are until is can with lot us is least or there's of it out? go Can on just seems kind

Yes.

So take I'll that.

the better. So to existing product we continue make work to

the BEV. the better old we into is BEV So, market the new put than

will current this and We hydrogen the because focus is efficient a cost continue with And are be a more eye right other to which of just weight business, the our an on truck to people towards lonely we're existing next-gen happy coming clear, be truck. much truck, now. than

merrier small So people companies, an because we're other happy that companies, more here. trying build to we're out coming, big the are ecosystem

it with by partners. to incremental better, And So, looking improvements are yes, we're will leapfrog way, -- But improvements also, reliability. at products, truck, fuelers and which improving we our making incremental need on existing the what then the the making that making actively next-gen we -- have now. are we

We'll next from Research. with question Couzens take our Wolfe Cole

Scott Group. for It's Cole on

internal I you the And Do sufficient last think mentioned the earlier the are expect of expectations that need have point inflect raise quarter after some expect XXXX. guys positive? of capital in guys through actually to flow kind to you that when that for first call I what heard that free you capital at XXXX? you'll on you'd cash

Yes.

cash of unpack to $XXX million but referencing, try mentioned unpack it cash. me We the little the try you're We take quarter let to for with it time prepared let that the approximately to So me remarks bit finished everyone. in flow. unrestricted a

some also payments. payments which terms and policies, half, to quarter. of note cash a there So were round burn related prior of math makes $XXX than and annual than million in because million was to cash What's onetime in quarter settlements, some easier. The million were had the for higher $XXX That quarter, quarter to million. is, important let's the was $XXX burn per $XXX is it there which first supplier the some that higher just this insurance the negotiations

our million, close was which million If $XXX gets you $XXX then quarter. the normalize last to those, very for

you from $XX million $XX gives our the to and you math if to the runway, basis that $XX do Now, for the month, prepared remarks. month cash first X.X half months which a burn X the a million take you down million is to

doing a strategics, are to in talking the So as building. a of are to excited way, of of what by now, number we're they number people answer we by to said we're be we've questions, some interested. And the continue our what who

As we're the few X out in Steve says, in We're of the putting network. we're with only not field hydrogen the the well. making the but trucks, as infrastructure

So there's from good that. interest very

also QX. do speed issues. if In at structure math, it's planning addition, we're improve in being for processing. CARB very our floor looking on end with self-help. terms We're improved voucher We're make We're on in cash rigorous sure to and working discretionary We're dealers of since organization our lean. terms their cash. of our to working the vigilant days with working And own you cycle, of the XX example, conversion

to XXXX. to months all think X raise further much it now necessary sum to X And therefore, right million we've So, we runway into to per $XX million us the we're the runway to up, go working capital try month. to give $XX at that got of to

through given And how conversations progressing be kind view maybe would maybe your what helpful year, through could there the color. customer just some And That's deliveries getting early you can October? close end deliveries? helpful. how we're to provide are are And expectations of informing on talk the of Great. and XXXX quarter-to-date Okay. for maybe if just are you deliveries, trending maybe

what deliveries We've Yes. potential guiding for we're more to got of in QX. wholesale terms than

got it's as more such. to that Now obviously, guided happen. you that need cut But call. you the QX you've and confidence, at we've gives the and talk respect we'll With XXXX, that prospects and to potential, earnings about whenever deal more to why make you

-- Just positive. good. the Customer is positive. the is momentum The feedback sat feedback customer is

lots see feedback on We You lots get of testimonials. that. of

been of, So business. we we next be we'll between and have it's to again, start of that advantage which taking advantage about the haven't to year. able a building the taking X, And switch flexibility

And business a at it, economy. got are Yes. hydrogen And the poised. look really which is incentives, you government you've assisting for when

some have that OEMs and on automotive quite a growth vector. see got for You've cells time been this fuel as working

industrial can sustainability a important are you national reports, accounts. very growth got of You've for their vector zero or is emissions got them their vectors them. growth all for to hydrogen looking you've be partners. is And also if and and producers And gas their that read either -- for trucking these trucking

So pieces we're can it just off. together to right partners, the thing set. all need are really We this pull with take optimistic and the

with our next take question BTIG. Tyler DiMatteo from We'll

hey, to demand before? were line were on Steve, there of of X and bit I wanted nuanced. And a is manufacturability of a trucks. of of How you incremental really as little about up manage comments can BEV sight to kind alluding capacity decision the how a follow your you X curious terms flexibility in if kind decision Just you more say, pushing to the to the how between quickly early the how decision think trucks? that a make to have need of you you maybe early do

need to buy advance that We cables, get there's items lead truck because X have things like the months to X long in some would make to to that. back, would high-voltage it we

So we're in the market now.

As in the putting said, we're market. these Tom back

truck to get back. same what to our they doing want. that the are And own willing go will people want people have and time, can them. we're for We're it, this learning to discovery, demand market. that At pay price We give discovery. the it happy if We back internal we're to

and as Yes. part And of in I the think the our important another inventory point is, to XX recall. XXX approximately repeat

optionality BEV the versus have X. approximately also the trucks to production them we that important So you that if takes the ease use XXX cell, It's X into takes can note fuel any of you which put those to. decide packs, together, we got battery and with, that we ramp-up to

So we're mix balancing also. that in terms of

Yes. take line To But X get into these. These the the a just to be months. BEVs are ones, reman clear, we're X will back other the on rebuilding line. to

quarter managing and fourth side. truck third, to flexibility managing that, we're the And managing the benefit. is a be would to reason is we're the customers, we're important that fuel cell fuel the So add just on

sometimes trucks behind. So, the of fuel, customers the get get sometimes they ahead and the

So if we supplement need market to the could play catch-up with the a little market, bit BEVs. we

for the in of of for And you factors through the of how dictating the are the you for what on I the the the low kind the remainder the versus end as then, terms terms the puts front? that think $XXX here million key at in look rest wholesales do there Great. order the And here to of $XXX fuel kind the million of cells the takes the Okay. high about of year, guess, and of year, range in the book of terms year?

we year seen. I want the that's funnel this of or year trigger pull in next play a they remains benefit large, incentive activity versus year but bunch next to that's to there's And be fairly have mean will this whether tell. that may then a year, time

Yes.

QX, at why a in of you you're takes of customers really really account range. you as new time have hydrogen But going could much really be customers decide and funnel you're technology, -- looking executed wide. to be customers, That's bit done delivery. the new range where It it can whenever, think I wholesale terms looking to in hard a is and before. at takes little to discussions never going to new how imagine, new that maybe the is national a technology it's Tyler, you're argue pinpoint in

Baird. Ben next take question with from We'll Kallo our

Or it Could that? Just that piloting talk give infrastructure? a rate bigger to customers, color us moves you they're and see following of it for of on how trending orders? kind on kind from of last just purchasing see Any existing about wait could question. you and is if then the the you on

So we customers. have repeat

Some fuel. north are trucks sold some big a to large, fairly be yet. require Northern Connecting here enabler haven't we south really lot of because will California a in

of the doing -- is different seed fleets with but part So lot of things. -- our there strategy, lot market is of to Ben, listen, different a a

around the this. cell, XX running are We're XX, XX the fleets running accumulating different So fuel are BEVs. data

seed use do fleets BEV. we can is, data truck more, ultimate cell say because So what's really versus static you -- lots the the a but want buy So to of buy on the we best a to want we're are that of more? case so with ecstatic accumulate on different fuel they

more add also that on maybe any terms desire. Ben, those national a natural bit of company's national note, and think in typically, little it's tension within requires can company. sort account And there's pilot, depending then, important I of I to color duration purchase. it account a mean, in can vary I And pilots a

looking at You've fleet. got which arm, this into really the putting is their sustainability

And sustainability You've got the technology. the pennies got mile put then weigh which logistics commitment to all together commitments of arm, this per new the terms you've the senior with with that in cost. and is trying leadership is cost the

the reliable. demystifying so we half-court and to up the demo to a it's connections not relationships, not building those that shot truck, building speak. getting it's fueling that companies. the layup, to So a we're working within letting be commit at, making It's the something them that And them better is hydrogen, going can either, the but at sure it's

to a a utilize economy the care to prize process, care it's end the the great and at because about one vehicles companies actually of that. our to but about it's hydrogen that get execute So these environment

And do through that just work here. not up what has remember, trying doing it Ben, is every doing easy. it and it's to something day, show We're better. isn't but to nobody yet. And else that's people this everybody done else We about grind why doing

the there you a cost doing if changed? guys and if on are that. to Is get front you know I a has of past, -- trucks breakeven that what lot too, number is? given we remind you the us a Or just revisit EBITDA. that number In guys to number have can

Yes. way number It's we a the I question, are specifically but that you the going neighborhood No, flywheel. on don't the economics want changed. about good would only scale. of or to to the build to the talk Ben. it the the is ZIP code I I call, improve point to unit back mean, hasn't the

gives the and lines can comes the that supplier material they it the invest to us. confidence that So partners that optimize produce

is very number the I flywheel. mention key but part So, the won't is key. today, volume of a a that

or I'd like additional turn question-and-answer to to Soei closing remarks. our conclude any will for That back the call session. over

employees, you. Thank you, of great Nikola we morning. appreciate a joining on everyone behalf We thank Have operator. And day. us all this

conclude We today's participation. That will call. your appreciate