Lordstown and Nikola joined Fisker in affirming key production goals Thursday, while Lucid slashed its 2022 EV production guidance again late Wednesday.
RIDE stock sharply trimmed gains Thursday, but extended this week's big rally after delivering a surprise profit. NKLA stock popped as revenue beat. FSR stock turned lower and LCID stock tumbled.
More emerging U.S. EV makers, battery plays and charging companies will report over the coming week. Their production ramp, delivery guidance and other targets are in the spotlight.
The global auto industry finds itself mired in challenges that span ongoing chip and other supply disruptions to rising inflation and fears of a U.S. and global recession.
That fact weighs on auto giants, let alone EV-only startups, such as Lordstown and Fisker, which have yet to deliver a single electric car.
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Nikola Earnings, NKLA Stock
Estimates: Analysts expect Nikola to widen losses to 27 cents per share, from 20 cents a year earlier. They see nominal revenue of $16.6 million, up from $1.9 million the prior quarter. There is no year-ago revenue, FactSet shows.
Results: Early Thursday, Nikola posted a net loss of 25 cents per share. Revenue came in at $18.1 million, on deliveries of 48 Tre EVs and four "mobile charging trailers."
Nikola maintained that it expects to deliver 300 to 500 electric vehicles in 2022. In the second quarter, Nikola produced 50 Tre semi-trucks and delivered 48 to dealers, up from 11 deliveries in the first four months of 2022. Results came in at the low end of Q2 production and delivery guidance for 50-60 EVs, which management tied to "two weeks of production losses in Q2 related to battery-pack delivery delays from Romeo Power."
It expects to build fuel-cell "beta" Tre trucks by the end of August. It also expects to start building its first hydrogen production station in Arizona in the second half of 2022. It's expanding its European joint venture with IVECO for Tre EVs.
"We are ramping up production capacity in Coolidge, Ariz.," Nikola said in an earnings release early Thursday.
Nikola previously missed a goal to start Tre deliveries in 2021.
Outlook: For the full year, Wall Street sees Nikola losing $1.10 a share, worse than a loss of 79 cents in 2021.
On Monday, Nikola announced the $144 million acquisition of Romeo Power in an all-stock transaction. Romeo Power designs and manufactures lithium-ion battery modules and packs.
Nikola is Romeo's largest production customer. With the deal, it hopes to bring battery manufacturing in-house.
On Tuesday, Nikola finally won shareholder approval to issue new stock, overriding the opposition of its founder and former CEO, Trevor Milton.
NKLA stock rose 6.3%, off very low levels, to 7.95 Thursday. It jumped 28% for the week, rebounding off the 10-week moving average. Romeo Power stock surged 10% Friday and leapt 57%, to 86 cents, for the week. Nikola stock remains 49% below its old high.
Lordstown Earnings, RIDE Stock
Early Thursday, Lordstown reaffirmed expectations to start producing the Endurance, its first EV, in Q3. It still expects deliveries in Q4. It also projects lower operating loss in the second half of 2022 and capital expenditures of $140 million-$150 million. Lordstown CFO CFO Adam Kroll said the company will need to raise "substantially more capital" to meet production goals.
For Q2, Lordstown posted EPS of 32 cents. That came from the sale of the Lordstown facility to China's Foxconn, its contract manufacturing partner, not EV deliveries. The Q2 result compared to a loss of 61 cents a share a year ago and estimates for a 44-cent loss, according to FactSet.
RIDE stock surged 25% Thursday morning but closed just 1.7% higher, to 2.98. It soared 33% for the week, just regaining a falling 40-week average. It remains 67% off its old high.
Both auto giants and EV-only startups are chasing Tesla, the global leader in pure electric vehicles. Tesla's battery expertise and command over the EV supply chain help to explain its edge vs. a growing crush of rivals.
Lucid Earnings, LCID Stock
Estimates: Analysts expected Lucid to sharply narrow losses to 39 cents per share, from $1.17 a year earlier. They saw revenue of $145.5 million, up from $57.7 million the prior quarter. There is no year-ago revenue, FactSet shows.
Results: Late Wednesday, luxury EV maker Lucid disclosed that it lost 33 cents a share on revenue of $97.3 million.
The startup is now looking to produce 6,000-7,000 EVs in 2022, half its previous guidance. It already slashed the production target earlier this year, citing supply constraints.
"Our revised production guidance reflects the extraordinary supply chain and logistics challenges we encountered," said Lucid CEO Peter Rawlinson in an earnings release late Wednesday. "We've identified the primary bottlenecks, and we are taking appropriate measures."
Lucid delivered 679 EVs in Q2, a slight ramp from 360 EVs in the prior quarter. It reported 37,000 reservations, up from 30,000 in early May, after hiking prices. It also warned in May of "global supply-chain and logistics challenges, including Covid-related factory shutdowns in China."
Lucid has begun delivering the Lucid Air Grand Touring, which costs $154,000 for an EPA-estimated range of 516 miles. A more affordable Pure model is supposed to launch in Q4.
Deliveries mark a milestone moment for a startup. Many EV startups fail to live up to initial hype or to deliver a single vehicle.
The award-winning Lucid Air had been favorably compared to Tesla cars.
Outlook: For the full year, Wall Street sees Lucid losing $1.16 a share, significantly less than a loss of $6.41 in 2021, which covers only three reported quarters.
Lucid stock plunged 9.7% to 18.56 in Thursday's stock market action, after rallying for four consecutive days into earnings. Shares gained 1.7% for the week but closed just below the 10-week moving average. LCID stock remains 68% below its November 2021 high.
Fisker Earnings, FSR Stock
Estimates: Analysts polled by FactSet expected Fisker to lose 41 cents per share, widening losses from 16 cents a year ago. Fisker is a pre-revenue company.
Results: Also late Wednesday, Fisker disclosed a net loss of 36 cents per share.
Fisker backed its plan to start producing the Ocean SUV on Nov. 17. It "fully sold out" 5,000 preorders for the launch edition, which requires a $5,000 down payment per customer, the company said in an earnings release late Wednesday.
Fisker reported 56,000 Ocean reservations as of Aug. 1, up from 45,000 in May.
It kept spending guidance of $715 million-$790 million unchanged Wednesday.
Outlook: For the full year, Wall Street sees Fisker losing $1.62 a share, one cent worse than 2021.
FSR stock reversed lower, down 0.3% after jumping 6.6% to 11.10 Thursday morning. Shares gained 8.4% for the week, rallying further above the 10-week average.
Fisker stock continues 56% below its November 2021 high.
By 2027, Fisker is looking to produce one million EVs annually.
It has yet to launch its first EV, an electric SUV called Ocean. But on Wednesday, Fisker said it is on track to start producing the EV in November. Earlier, the company began requiring a $5,000 nonrefundable deposit, which some called a bold move with no guarantee of imminent delivery.
Losses have ballooned as Fisker ramps up for production.
Fisker has partnered with contract manufacturing partner Magna.
The Fisker Ocean stands out on price-vs.-range specs. The most affordable version starts at under $40,000 with an estimated range of 250 miles, but goes up to $70,000 for 350 miles.
Find Aparna Narayanan on Twitter at @IBD_Aparna.
