Nikola Corp (NKLA) 2022 Q4 法說會逐字稿

Good morning. Welcome to the Nikola Corporation's Fourth Quarter and Full-Year 2022 Earnings and Business Update Call. Currently, all participants are in a listen-only mode. We begin today's call with a short video presentation, followed by management's prepared remarks. A brief question-and-answer session will follow the formal prepared remarks. (Operator Instructions) As a reminder, this conference is being recorded.

早上好。歡迎來到 Nikola Corporation 的第四季度和 2022 年全年收益和業務更新電話會議。目前，所有參與者都處於只聽模式。我們以簡短的視頻演示開始今天的電話會議，然後是管理層準備好的評論。在正式準備好的評論之後將進行簡短的問答環節。 （操作員說明）提醒一下，正在錄製此會議。

It is now my pleasure to introduce Dhillon Sandhu from Investor relations.

現在我很高興從投資者關係部介紹 Dhillon Sandhu。

Thank you, operator, and good morning everyone. Welcome to Nikola Corporation's fourth quarter and full-year 2022 earnings and business update call. With me today are Michael Lohscheller, Chief Executive Officer; and Kim Brady, Chief Financial Officer.

謝謝接線員，大家早上好。歡迎來到 Nikola Corporation 的第四季度和 2022 年全年收益和業務更新電話會議。今天和我在一起的是首席執行官 Michael Lohscheller；和首席財務官 Kim Brady。

The press release detailing our financial and business results was distributed shortly after 9:00 A.M. Eastern Time this morning. The release can be found on the Investor Relations section of our Web site, along with presentation slides accompanying today's call.

詳細介紹我們的財務和業務結果的新聞稿在美國東部時間上午 9:00 後不久發布。東部時間今天早上。可以在我們網站的“投資者關係”部分找到該新聞稿，以及今天電話會議隨附的演示幻燈片。

Today's discussions include references to non-GAAP measures. These measures are reconciled to the most comparable U.S. GAAP measures and can be found at the end of the Q4 earnings press release we issued today. Today's discussions also include forward-looking statements about our future expectations and plans. Actual results may differ materially from those stated, and factors that could cause actual results to differ are also explained at the end of today's earnings press release and on page two of our earnings call deck. 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.

今天的討論包括對非 GAAP 措施的提及。這些措施與最具可比性的美國公認會計原則措施相一致，可以在我們今天發布的第四季度收益新聞稿末尾找到。今天的討論還包括有關我們未來預期和計劃的前瞻性陳述。實際結果可能與所述結果存在重大差異，可能導致實際結果不同的因素也在今天的收益新聞稿末尾和我們的收益電話會議的第二頁進行了解釋。前瞻性陳述僅代表發表之日的情況。請注意不要過分依賴前瞻性陳述。

After the video presentation, Michael and Kim Brady will give their prepared remarks, followed by analysts' Q&A, then we will conclude with questions from our shareholders.

視頻演示結束後，Michael 和 Kim Brady 將發表他們準備好的評論，然後是分析師問答環節，然後我們將以股東的提問作為結尾。

We will now begin the video presentation.

我們現在開始視頻演示。

(presentation)

（推介會）

Thank you, Dhillon, and good morning, everyone. Nikola is much more than just a truck company. Yes, we have successfully launched the Nikola Tre BEV in March of '22, and now on track to launch the first FCEV Class 8 in the second-half of this year. But we offer much more than just zero-emission trucks to our customers. We believe we are the only commercial EV company offering integrated mobility solution consisting of trucks and energy. With that goal in mind, we made a lot of positive changes in the fourth quarter of 2022, and are laying the building blocks for the commercialization of both truck deliveries and our hydrogen business.

謝謝你，Dhillon，大家早上好。 Nikola 不僅僅是一家卡車公司。是的，我們已於 22 年 3 月成功推出 Nikola Tre BEV，現在有望在今年下半年推出首款 FCEV Class 8。但我們為客戶提供的不僅僅是零排放卡車。我們相信我們是唯一一家提供包括卡車和能源在內的綜合移動解決方案的商業電動汽車公司。考慮到這一目標，我們在 2022 年第四季度做出了很多積極的改變，並為卡車交付和氫能業務的商業化奠定了基礎。

We made a lot of progress on the energy side, securing hydrogen supply for our FCEVs. We plan to produce, distribute, and dispense hydrogen with our partners. This is expected to be an important revenue and profit stream in the future of our company. With the FCEV launch in the second-half of 2023, we believe we will be the first in the Class 8 segment, and the Nikola Tre FCEV is the perfect offtake for our hydrogen. On the BEV side, we improved our truck substantially. This resulted in a lower number of deliveries in Q4 of 2022. We think this sets up well for a stronger 2023. Additionally, we made several changes on the commercial side of the business. Kim will comment on this further, but I wanted to briefly touch on our liquidity and capital position.

我們在能源方面取得了很大進展，確保了我們 FCEV 的氫氣供應。我們計劃與我們的合作夥伴一起生產、分銷和分配氫氣。預計這將成為我們公司未來的重要收入和利潤來源。隨著 FCEV 在 2023 年下半年的推出，我們相信我們將成為第 8 類細分市場中的第一家，而 Nikola Tre FCEV 是我們氫氣的完美選擇。在 BEV 方面，我們大幅改進了我們的卡車。這導致 2022 年第四季度的交付量減少。我們認為這為更強勁的 2023 年奠定了良好基礎。此外，我們在業務的商業方面進行了多項更改。 Kim 將對此作進一步評論，但我想簡要談談我們的流動性和資本狀況。

Nikola has demonstrated the strong ability to access the capital markets. And we believe we maintain sufficient capital to continue and execute our business plan in 2023. Building an integrated hydrogen ecosystem to support our truck deployment and creating a scalable energy business is a top priority for us. We have accelerated the execution of our goals in building this business, and have reached several key milestones in the last few months. We recently announced the launch of our new hydrogen energy brand, HYLA, which will provide an integrated solution for our customers covering solutions for hydrogen energy supply, distribution, and dispensing, and infrastructure solutions.

尼古拉展示了進入資本市場的強大能力。我們相信我們有足夠的資本在 2023 年繼續和執行我們的業務計劃。建立一個集成的氫生態系統來支持我們的卡車部署和創建可擴展的能源業務是我們的首要任務。我們加快了建立這項業務的目標的執行速度，並在過去幾個月中達到了幾個關鍵的里程碑。我們最近宣布推出我們的新氫能品牌 HYLA，它將為我們的客戶提供涵蓋氫能供應、分配和分配以及基礎設施解決方案的集成解決方案。

Over 300 fleet, government, supplier, energy and media representatives attended the HYLA launch event. We believe this new brand will provide a dynamic platform for growing the energy business. The scale of this business is expected to be significant. During the fourth quarter, we announced our intent to develop access to up to 300 metric-tons per day of hydrogen, and 60 dispensing stations by 2026 in North America. Hydrogen supply and infrastructure will be supported by several supply projects with partners and third-party offtake agreements. We announced the potential benefits of regulatory initiatives, like the Federal Inflation Reduction Act, IRA, which includes hydrogen production tax credits of up to $3.00 per kilogram.

超過 300 名車隊、政府、供應商、能源和媒體代表參加了 HYLA 發布活動。我們相信這個新品牌將為發展能源業務提供一個充滿活力的平台。該業務的規模預計將很大。在第四季度，我們宣布我們打算到 2026 年在北美每天開發多達 300 公噸的氫氣和 60 個分配站。與合作夥伴和第三方承購協議的幾個供應項目將支持氫氣供應和基礎設施。我們宣布了監管舉措的潛在好處，例如聯邦通貨膨脹減少法案 (IRA)，其中包括高達每公斤 3.00 美元的製氫稅收抵免。

These incentives when combined with existing programs such as the low-carbon fuel standard, LCFS, in certain states, and truck incentive programs, like (inaudible) in California, create positive tailwinds for supporting our customers and creating values in Nikola's HYLA energy brand. We have also progressed the development of our European truck and energy business with the announcement of our collaboration with E.ON for hydrogen supply and infrastructure. We have made several announcements recently which provide tangible proof points of delivery for building a hydrogen energy business.

這些激勵措施與某些州的低碳燃料標準、LCFS 和卡車激勵計劃（如加利福尼亞州的（聽不清））等現有計劃相結合，為支持我們的客戶和為 Nikola 的 HYLA 能源品牌創造價值創造了積極的順風。我們還宣布與 E.ON 在氫氣供應和基礎設施方面的合作，從而推動了我們歐洲卡車和能源業務的發展。我們最近發布了幾項公告，為建立氫能業務提供了切實的交付點。

Phoenix Hydrogen Hub, in the City of Buckeye, the initial production of 30 metric-tons per day, and expect it to expand up to 150 metric-tons per days. This production will support the fueling of up to 750 Nikola FCEVs in Phase 1, and up to 3,750 when fully completed. Since purchasing the land, in 2022, the project continues to make solid progress and has been fully engaged in the permitting process as well as ordering long lead-time equipment. Additionally, on December 1, we announced the project was invited to participate in Phase 2 of the Department of Energy Loan Program Office application process. We also announced our intent to purchase 30 metric-tons per day of liquefaction equipment from Plug Power, which will support production activities at the Phoenix Hydrogen Hub.

位於 Buckeye 市的 Phoenix Hydrogen Hub 初始產量為每天 30 公噸，預計將擴大到每天 150 公噸。這一生產將在第一階段為多達 750 輛 Nikola FCEV 提供燃料，完全完成後將達到 3,750 輛。自購買土地以來，該項目在 2022 年繼續取得穩步進展，並已全面參與許可流程以及訂購長周期設備。此外，在 12 月 1 日，我們宣布該項目受邀參與能源部貸款計劃辦公室申請流程的第二階段。我們還宣布打算每天從 Plug Power 購買 30 公噸的液化設備，這將支持 Phoenix Hydrogen Hub 的生產活動。

Overall, these actions underpin the solid progress made by this important project. In addition to the progress on the Phoenix Hydrogen Hub, we also announced a strategic supply partnership for up to 125 metric-tons per day of hydrogen supply with Plug Power where we will have access to Plug's green hydrogen production network across the country. We believe Plug Power will be a strong partner to help underpin the supply requirements of our hydrogen business. Plug will also buy up to 75 FCEVs from us over the next three years, and will also be a supplier of a hydrogen liquefier, a key piece of equipment at the Phoenix Production Hub.

總體而言，這些行動鞏固了這一重要項目取得的紮實進展。除了 Phoenix Hydrogen Hub 取得的進展外，我們還宣布與 Plug Power 建立戰略供應合作夥伴關係，每天供應高達 125 公噸的氫氣，我們將可以使用 Plug 在全國的綠色制氫網絡。我們相信 Plug Power 將成為一個強大的合作夥伴，幫助支持我們氫業務的供應需求。 Plug 還將在未來三年內從我們這裡購買多達 75 輛 FCEV，並且還將成為氫液化器的供應商，這是鳳凰城生產中心的關鍵設備。

We announced another strategic collaboration for hydrogen supply with Fortescue Future Industries, FFI, a global green energy company and a division of Fortescue Metals Group. FFI is building a global portfolio of green energy projects, and their collaboration with Nikola will cover hydrogen supply and infrastructure across North America, including a potential investment in the Phoenix Production Hub. We believe FFI will provide our Energy business with another important partner in bringing hydrogen supply to our customers. Our previously announced investment in Terre Haute, Indiana-based Wabash Valley Resources is expected to provide us with up to 53 metric-tons per day, supporting our truck deployment in the Midwest.

我們宣布了與 Fortescue Future Industries, FFI 的另一項氫供應戰略合作，FFI 是一家全球綠色能源公司，也是 Fortescue Metals Group 的一個部門。 FFI 正在構建全球綠色能源項目組合，他們與 Nikola 的合作將涵蓋整個北美的氫氣供應和基礎設施，包括對鳳凰城生產中心的潛在投資。我們相信 FFI 將為我們的能源業務提供另一個重要的合作夥伴，為我們的客戶提供氫氣供應。我們之前宣布的對總部位於印第安納州特雷霍特的 Wabash Valley Resources 的投資預計每天可為我們提供多達 53 公噸的資源，以支持我們在中西部部署卡車。

This project is on track and is expected to receive a final investment decision later in 2023. Our Crossfield, Alberta, Canada project with TC Energy, up to 60 metric-tons per day, which is intended to support our Canada truck market entry strategy. Canada represents an important market for Nikola, with supportive incentives for trucks and energy. And we see good potential for truck sales in Canada. In the Clinton County, Pennsylvania, KeyState offtake term sheet, announced in 2022, will supply up to 100 metric-tons per day to support our deployment of trucks in the Mid-Atlantic and Eastern states which are important markets for Nikola.

該項目正在按計劃進行，預計將在 2023 年晚些時候收到最終投資決定。我們與 TC Energy 合作的加拿大艾伯塔省克羅斯菲爾德項目，每天產量高達 60 公噸，旨在支持我們的加拿大卡車市場進入戰略。加拿大對 Nikola 來說是一個重要的市場，對卡車和能源有支持性的激勵措施。我們看到加拿大卡車銷售的巨大潛力。在賓夕法尼亞州的克林頓縣，KeyState 承購條款清單于 2022 年宣布，每天將供應多達 100 公噸，以支持我們在大西洋中部和東部各州部署卡車，這些是 Nikola 的重要市場。

These projects, offtake agreements, and others under negotiation will underpin our goal of achieving 300 metric-tons per day of hydrogen supply by 2026, which will help fuel up to approximately 7,500 trucks per day. This is an important baseline for our truck deliveries, and could be a significant revenue generation opportunity for Nikola. We have also continued progress on our dispensing station network, announcing an additional station located in West Sacramento, California, on February 21. This announcement in addition to the previously announced stations in Colton, Ontario, and a location servicing the port of Long Beach, brings the total to four in California.

這些項目、承購協議和其他正在談判中的項目將支持我們到 2026 年實現每天 300 公噸氫氣供應的目標，這將有助於每天為大約 7,500 輛卡車提供燃料。這是我們卡車交付的重要基準，對於 Nikola 來說可能是一個重要的創收機會。我們還在我們的配藥站網絡上繼續取得進展，於 2 月 21 日宣佈在加利福尼亞州西薩克拉門托增設一個配藥站。除了之前宣布的安大略省科爾頓配藥站和一個為長灘港提供服務的地點外，這一公告還包括：使加利福尼亞州的總數達到四個。

Augmenting our fixed dispensing station network, on January 18 this year, we announced a major step forward in our hydrogen refueling capabilities with the completion of our heavy-duty 10,000 pounds per square inch Hydrogen Mobile Fueler. It is the first of its kind, and is capable of fueling our FCEVs in flexible locations with efficient fill time. Coupled with our Hydrogen Tube Trailer with a 960 kilogram capacity, this will allow customers to refuel trucks back-to-back. The first three mobile fuelers have completed commissioning and are released for operation by Nikola's Truck Validation Team. The fourth mobile fueler is currently going through commissioning and will be deployed for use in March.

今年 1 月 18 日，我們宣佈在加氫能力方面邁出重要一步，完成了每平方英寸 10,000 磅的重型氫氣移動加油站，從而擴大了我們的固定加油站網絡。這是同類產品中的首創，能夠以高效的加註時間在靈活的地點為我們的 FCEV 加油。再加上我們容量為 960 公斤的氫氣管拖車，這將使客戶能夠連續為卡車加油。前三個移動加油站已完成調試，並由 Nikola 的卡車驗證團隊發布運行。第四個移動燃料加註器目前正在進行調試，將於 3 月部署使用。

Mobile fueling solutions will allow us the flexibility to deploy hydrogen fueling infrastructure strategically at customer depots and Nikola refueling stations complementing permanent fueling infrastructure. For customers, this provides them with great flexibility and a refueling experience that is similar to what they experience today with diesel or natural gas, either behind the fence or as a refueling service that comes to their depot. For Nikola, it provides us the flexibility to refuel customer trucks in geographic areas with limited truck density, and could be scaled to match the capacity introduced into that area as more FCEVs are sold. Mobile fueling solutions also potentially reduced CapEx by upwards of two-thirds the cost of a permanent station.

移動加氫解決方案將使我們能夠靈活地在客戶加油站和 Nikola 加氫站戰略性地部署氫燃料基礎設施，以補充永久性加氫基礎設施。對於客戶而言，這為他們提供了極大的靈活性和與他們今天使用柴油或天然氣的體驗類似的加油體驗，無論是在柵欄後面還是作為到達他們的倉庫的加油服務。對於尼古拉，它為我們提供了在卡車密度有限的地理區域為客戶卡車加油的靈活性，並且隨著更多 FCEV 的銷售，它可以擴展以匹配引入該區域的容量。移動加油解決方案還可能將資本支出降低至永久加油站成本的三分之二以上。

The steady execution of our energy goals gives us a growing portfolio of valuable supply and infrastructure assets. We believe this gives Nikola a head start and competitive advantage in the zero-emission transportation sector and will help create sustainable shareholder value.

我們能源目標的穩步執行為我們提供了越來越多的有價值的供應和基礎設施資產組合。我們相信，這使尼古拉在零排放運輸領域處於領先地位和競爭優勢，並將有助於創造可持續的股東價值。

In the fourth quarter, we successfully completed FCEV alpha pilot testing with Walmart and TTSI accumulating over 7,800 and 9,500 miles respectively. As of today, we have completed the build and commissioning of 17 Tre beta FCEVs. The beta trucks are undergoing development, testing, and validation. Beta trucks incorporate a number of improvements from the alphas based on testing and customer input. From winter testing of the alphas, we have improved water management and our fuel cell and exhaust systems. We also improved the performance, range, and efficiency of the beta vehicles.

第四季度，我們成功完成了與沃爾瑪和 TTSI 的 FCEV alpha 試點測試，分別累計超過 7,800 英里和 9,500 英里。截至今天，我們已經完成了 17 輛 Tre beta FCEV 的建造和調試。 Beta 卡車正在進行開發、測試和驗證。 Beta 卡車根據測試和客戶輸入對 alpha 進行了多項改進。從 alpha 的冬季測試中，我們改進了水管理以及我們的燃料電池和排氣系統。我們還改進了測試車輛的性能、範圍和效率。

We are now building 10 gamma trucks which include further engineering enhancements and refinement. Once the gammas are commissioned, we will begin validation testing as well as additional pilot captured fleet testing. We remain on track to deliver the first series production FCEVs in the second-half of this year. Ahead of customer deliveries in Q4 2023, our commercial team is in active talks with customers and is looking to secure deposits for the first FCEVs.

我們現在正在建造 10 輛伽瑪卡車，其中包括進一步的工程改進和改進。一旦伽馬被調試，我們將開始驗證測試以及額外的飛行員捕獲艦隊測試。我們仍有望在今年下半年交付第一批量產 FCEV。在 2023 年第四季度客戶交付之前，我們的商業團隊正在與客戶積極談判，並希望為首批 FCEV 爭取到定金。

The first of the FCEV commitment from Plug Power on December 15, Plug will purchase up to 75 FCEVs with the first being delivered in Q4 2023. And on January 25, we announced that Biagi Bros will purchase 15 FCEVs in the fourth quarter of 2023. On February 3rd, we announced that the Tre FCEV received California Air Resources Board Approval to be eligible for the hybrid and zero-emission truck and bus voucher incentive project initiatives. This means FCEV customer can receive an intensive of up to $288,000 for a Class 8 FCEV in California in addition to a potential $40,000 federal tax credit from the IRA.

Plug Power 於 12 月 15 日做出的第一個 FCEV 承諾是，Plug 將購買多達 75 輛 FCEV，第一輛將於 2023 年第四季度交付。1 月 25 日，我們宣布 Biagi Bros 將在 2023 年第四季度購買 15 輛 FCEV。 2 月 3 日，我們宣布 Tre FCEV 獲得加州空氣資源委員會批准，有資格參與混合動力和零排放卡車和公共汽車代金券激勵項目計劃。這意味著 FCEV 客戶除了可以從 IRA 獲得 40,000 美元的聯邦稅收抵免外，還可以在加利福尼亞州獲得高達 288,000 美元的 8 級 FCEV。

We have made immense progress in our FCEV program. And believe the future for medium and long-haul applications will be served by fuel cell electric vehicles. We believe our FCEV program in conjunction with our energy business will serve to set Nikola apart from the competition. We believe we have a best-in-class fuel cell heavy duty truck and are excited to begin delivering trucks to customers later this year.

我們的 FCEV 計劃取得了巨大進展。相信未來中長途應用將由燃料電池電動汽車提供服務。我們相信，我們的 FCEV 計劃與我們的能源業務相結合，將使 Nikola 在競爭中脫穎而出。我們相信我們擁有一流的燃料電池重型卡車，並很高興在今年晚些時候開始向客戶交付卡車。

Moving on to our Tre BEV program; we utilized the fourth quarter to improve our product and address customer feedback. This resulted in lower delivery numbers as we worked to make the changes to trucks in Nikola dealer inventory before delivery to end customers. We chose to do this as soon as possible before delivering additional vehicles while we have access to trucks at dealer service centers and our Coolidge manufacturing facility. Some of the changes we implemented include our second major post production software update and eAxle bearing enhancement and improvements to our battery management software. Our second software update was a significant improvement for us and provided the following improvements.

繼續我們的 Tre BEV 計劃；我們利用第四季度改進我們的產品並處理客戶反饋。這導致交付數量減少，因為我們努力在交付給最終客戶之前對 Nikola 經銷商庫存中的卡車進行更改。我們選擇在交付更多車輛之前盡快這樣做，同時我們可以在經銷商服務中心和我們的 Coolidge 製造工廠使用卡車。我們實施的一些更改包括我們的第二次主要後期製作軟件更新和 eAxle 軸承增強以及對我們電池管理軟件的改進。我們的第二次軟件更新對我們來說是一項重大改進，並提供了以下改進。

Increasing the useable battery capacity giving the truck up to 40 miles of increased range, enable 350 kilowatt charging capability allowing 80% of charge in 90 minutes. Introduction of front and rear cameras, improved low-voltage power management resulting in reduced low-voltage power consumption, Bluetooths and mobile app enhancement. We have also worked diligently with customers, dealers, and charging infrastructure partners to accelerate the deployment of BEV charging at customer depots.

增加可用電池容量，使卡車的續航里程增加 40 英里，實現 350 千瓦的充電能力，可在 90 分鐘內充滿 80% 的電量。引入前置和後置攝像頭，改進低壓電源管理，從而降低低壓功耗，藍牙和移動應用程序增強。我們還與客戶、經銷商和充電基礎設施合作夥伴努力合作，以加速在客戶站點部署 BEV 充電。

We are innovating creative interim solutions for fleets as they work with utilities to install expanded permanent power capacity at their depots. We currently have three charging options; one, Nikola Mobile Charging Trailer requiring 300 amps of power; two, ChargePoint dual E-skid requiring 200 amps; and three, a single ChargePoint skid requiring 100 amps. Another step we have taken is to strengthen our sales and commercial team.

我們正在為車隊創新創造性的臨時解決方案，因為他們與公用事業公司合作，在他們的倉庫安裝擴展的永久電力容量。我們目前有三種充電方式；一，Nikola Mobile Charging Trailer 需要 300 安培的功率；二、ChargePoint 雙E-skid 需要200 安培；第三，需要 100 安培的單個 ChargePoint 模塊。我們採取的另一個步驟是加強我們的銷售和商業團隊。

One of the first actions was to hire Bruce Kurtt. He has over 30 years of executive experience in the commercial and medium and heavy duty transport space; previously holding roles at Volvo, Navistar, Kenworth, and Mack. And brings extensive relationships with fleets and additional dealers to Nikola. Since joining the company, we have further expanded the team, hiring nine additional sales reps with deep trucking experience.

最初的行動之一是聘請布魯斯·庫爾特 (Bruce Kurtt)。他在商業和中重型運輸領域擁有超過 30 年的管理經驗；之前曾在沃爾沃、Navistar、Kenworth 和 Mack 擔任職務。並為 Nikola 帶來了與車隊和其他經銷商的廣泛關係。自加入公司以來，我們進一步擴大了團隊，另外聘請了九名具有深厚卡車運輸經驗的銷售代表。

We are refining our strategy, educating dealers and customers on the benefits of zero-emission vehicles, including reduced fuel and maintenance cost and solving infrastructure challenges. Two of the things already initiated to refine our strategy and improve products are related to lead generation and customer feedback. We have better defined target customers for the Tre BEV from both perspectives of duty cycle and available power capacity. These qualified leads should translate into better qualified customer conversation and speedier search conversions.

我們正在完善我們的戰略，讓經銷商和客戶了解零排放車輛的好處，包括降低燃料和維護成本以及解決基礎設施挑戰。已經開始改進我們的戰略和改進產品的兩件事與潛在客戶生成和客戶反饋有關。我們從占空比和可用功率容量兩個角度更好地定義了 Tre BEV 的目標客戶。這些合格的線索應轉化為更優質的客戶對話和更快的搜索轉換。

About product improvement, we plan to make additional product enhancement to our trucks, including; one, updating the sliding fish wheel; two, changing the location of air tanks between the axels; three, new longer lasting traction tires; and fourth, adjustment the entry and egress to make it safer and easier for drivers to get in and out of the truck. As part of our sales strategy, we think it is appropriate to address inventory.

關於產品改進，我們計劃對我們的卡車進行額外的產品改進，包括：一、更新滑動魚輪；二、改變車軸間儲氣罐的位置；三、新型牽引力更持久的輪胎；四是調整出入口，使司機上下車更安全、更方便。作為我們銷售策略的一部分，我們認為解決庫存問題是合適的。

We think, in the early stages of our business, having roughly three months of dealer inventory is the right number. This will allow dealers to have deliverable inventory, as well as enough trucks to demonstrate to customers. Bringing potential customers to our trucks is a key element in this process. Sufficient inventory is necessarily for this. We ended Q4 with 115 trucks in dealer inventory, and 127 in Nikola inventory.

我們認為，在我們業務的早期階段，大約三個月的經銷商庫存是正確的數字。這將使經銷商擁有可交付的庫存，以及足夠的卡車來向客戶展示。將潛在客戶帶到我們的卡車上是這個過程中的一個關鍵因素。充足的庫存是為此所必需的。我們在第四季度結束時經銷商庫存有 115 輛卡車，Nikola 庫存有 127 輛。

Regarding Tre BEV customers and pilots, on November 2, we announced the purchase order of 100 Tre BEVs from Zeem Solutions. We are currently undergoing a pilot program with Zeem, and we will begin delivering trucks to them this year. During the fourth quarter, we also continued customer pilot demos with Walmart, [Saya] and WattEV , accumulating over 35,000 miles. And to conclude our remarks on the Tre BEV, on February 22, we announced with selected PlusDrive from Plus for the Nikola Tre BEV and FCEV. PlusDrive Enhanced Safety System will augment existing Nikola-based features, including 100% electric steering, ZF electronic braking system, and internally develop vehicle controls and software. We expect the first Nikola trucks of the assembly line to begin incorporating PlusDrive by the end of 2024.

關於 Tre BEV 客戶和飛行員，11 月 2 日，我們宣布了從 Zeem Solutions 購買 100 輛 Tre BEV 的訂單。我們目前正在與 Zeem 進行試點項目，我們將在今年開始向他們交付卡車。在第四季度，我們還繼續與沃爾瑪、[Saya] 和 WattEV 進行客戶試點演示，累計里程超過 35,000 英里。為了總結我們對 Tre BEV 的評論，我們在 2 月 22 日宣布了從 Plus 中為 Nikola Tre BEV 和 FCEV 選擇的 PlusDrive。 PlusDrive Enhanced Safety System 將增強現有的基於 Nikola 的功能，包括 100% 電動轉向、ZF 電子製動系統，以及內部開發的車輛控制和軟件。我們預計，到 2024 年底，裝配線上的第一批 Nikola 卡車將開始採用 PlusDrive。

Europe remains an important market for Nikola. We continue to work with our partners Iveco and E.ON as we look to build zero-emission trucks in energy business on the continent. In Q4, development of the EU spec Tre BEV 4/2 continued. Currently, we are testing our beta trucks, and building gamma trucks. We plan to start zero production beginning in Q3, with deliveries beginning shortly thereafter.

歐洲仍然是 Nikola 的重要市場。我們將繼續與我們的合作夥伴依維柯和 E.ON 合作，我們希望在非洲大陸的能源業務中製造零排放卡車。在第四季度，歐盟規範 Tre BEV 4/2 的開發仍在繼續。目前，我們正在測試我們的 Beta 卡車，並建造 Gamma 卡車。我們計劃從第三季度開始零生產，此後不久開始交付。

We are on track to deliver the EU spec Tre FCEV in Q3 of 2024. As we communicated last year when we unveiled the beta truck, Nikola and Iveco opened the order book to European reservations. On January 23, we jointly announced an LOI with GP Joule for 100 FCEVs. We are also pleased to announce further progress on our European truck sales and energy business. We had previously announced the collaboration with E.ON, one of Germany's leading energy companies. We continue to make good progress on our previously-announced collaboration with E.ON, and are finalizing the joint venture agreement, which we expect to execute by the end of Q1.

我們有望在 2024 年第三季度交付歐盟規格的 Tre FCEV。正如我們去年在推出測試版卡車時所傳達的那樣，尼古拉和依維柯向歐洲預訂開放了訂單。 1 月 23 日，我們與 GP Joule 聯合宣布了 100 輛 FCEV 的意向書。我們也很高興地宣布我們在歐洲卡車銷售和能源業務方面取得的進一步進展。我們之前宣布與德國領先的能源公司之一 E.ON 合作。我們繼續在之前宣布的與 E.ON 的合作中取得良好進展，並正在敲定合資協議，我們預計將在第一季度末執行。

We are also pleased to announce that the letter of intent has been signed by Richter Group, a transport and logistics company, based in Germany for an initial order of 20 Tre FCEVs. Richter Group also work with Nikola and its partners to potentially expand the conversion of its fleets of 160 trucks over the next few years. Along with previously-announced LOI for 100 trucks with GP Joule in January, we see real momentum progressing in the adoption of our vehicles in Europe. The partnerships with Iveco, E.ON, and others in Europe place us in a good position to continue making truck sales, and building a hydrogen energy system.

我們還很高興地宣布，總部位於德國的運輸和物流公司 Richter Group 已簽署意向書，初步訂購 20 輛 Tre FCEV。 Richter Group 還與 Nikola 及其合作夥伴合作，在未來幾年內可能擴大其 160 輛卡車車隊的改裝。連同之前宣布的 1 月份 GP Joule 100 輛卡車的意向書，我們看到在歐洲採用我們的車輛方面取得了真正的進展。與依維柯、E.ON 和歐洲其他公司的合作夥伴關係使我們處於繼續銷售卡車和構建氫能係統的有利位置。

Now, we will give an update on the integration of Romeo. On January 13, we announced battery pack manufacturing will transition from Cypress, California, to our manufacturing facility in Coolidge, Arizona. This move will bring FCEV power model assembly and battery model and pack production under one roof. The new battery line in Coolidge includes automation, which is expected to improve the quality of modules, increased module impact throughput, and enable significant cost reductions.

現在，我們將對 Romeo 的集成進行更新。 1 月 13 日，我們宣布電池組製造將從加利福尼亞州賽普拉斯轉移到我們位於亞利桑那州柯立芝的製造工廠。此舉將使 FCEV 動力模型組裝、電池模型和電池組生產集中在一個屋簷下。 Coolidge 的新電池生產線包括自動化，有望提高模塊質量、增加模塊影響吞吐量並顯著降低成本。

In Coolidge, we made additional progress on the build-out of the Phase 2 assembly expansion area. Upon completion of Phase 2, the facility will be capable of producing battery packs, assembling Bosch fuel cell power module in both the Tre BEV and FCEV on the same line. Assembly nameplate capacity will be up to 20,000 units per year. During the second quarter, we will slowdown the production rate in Coolidge as we prepare to accommodate the assembly of the FCEV on the same line, and install fuel cell power module assembly, and battery module, and pack production lines.

在 Coolidge，我們在擴建第 2 階段裝配擴展區方面取得了額外進展。第二階段完成後，該工廠將能夠生產電池組，在同一條生產線上為 Tre BEV 和 FCEV 組裝博世燃料電池電源模塊。裝配銘牌產能將達到每年 20,000 件。第二季度，我們將放慢Coolidge的生產速度，因為我們準備在同一條生產線上容納FCEV的組裝，並安裝燃料電池動力模塊組裝、電池模塊和PACK生產線。

In conclusion, 2022 was the year of learning, and growth for Nikola. We are now well-positioned to serve customers, providing the fully integrated mobility solution they need to transition their fleets to zero-emissions. And we are excited to capitalize on opportunities in 2023.

總之，2022 年是尼古拉學習和成長的一年。我們現在處於為客戶服務的有利位置，提供他們需要的完全集成的移動解決方案，以將他們的車隊過渡到零排放。我們很高興能在 2023 年抓住機遇。

With that, I will now hand it over to Kim to cover the numbers.

有了這個，我現在將把它交給 Kim 來處理這些數字。

Thanks, Michael, and good morning. In 2022, we remained committed to managing cash and disbursements, coming in favorable to our expense guidance. We intend to continue being disciplined with our spending in 2023.

謝謝，邁克爾，早上好。 2022 年，我們繼續致力於管理現金和支出，這有利於我們的費用指導。我們打算在 2023 年繼續嚴格控制支出。

Let's jump into our 2022 results. For the full-year 2022, we produced 258 Tre BEVs, and delivered 131 to dealers for revenue of $50.8 million. The cost of revenue was $155.6 million, gross loss totaled $104.8 million, operating expense for the full-year came in favorable to our previously-provided guidance at $643.9 million, inclusive of $255.4 million of stock compensation expense. We have remained disciplined in our spending and managing cash. Net loss for the full-year 2022 was $784.2 million, and on a non-GAAP basis, adjusted EBITDA came in at negative $450.2 million, adjusted EBITDA excludes among other items, stock-based compensation of $255.4 million, regulatory and legal matters of $23.2 million, and Romeo acquisition cost of $14.6 million, CapEx for the full-year totaled $170.7 million, predominantly spend on our Coolidge management facility expansion, hydrogen infrastructure equipment, and land for Phoenix Hydrogen Hub, supplier tooling, and HQ expansion in Phoenix.

讓我們進入 2022 年的結果。 2022 年全年，我們生產了 258 輛 Tre BEV，並向經銷商交付了 131 輛，收入為 5080 萬美元。收入成本為 1.556 億美元，總虧損為 1.048 億美元，全年運營費用有利於我們之前提供的 6.439 億美元的指導，其中包括 2.554 億美元的股票補償費用。我們在支出和管理現金方面一直保持紀律。 2022 年全年淨虧損為 7.842 億美元，按非公認會計原則計算，調整後 EBITDA 為負 4.502 億美元，調整後 EBITDA 不包括其他項目、股票薪酬 2.554 億美元、監管和法律事務 23.2 美元百萬美元，羅密歐收購成本為 1460 萬美元，全年資本支出總計 1.707 億美元，主要用於我們的柯立芝管理設施擴建、氫基礎設施設備以及鳳凰城氫中心的土地、供應商工具和鳳凰城的總部擴建。

Moving on to our Q4 results; we began consolidating Romeo's result of operations into Nikola's after the merger closed in October. During the last three months of the year, we produced 133 Tre BEVs, and delivered 20 trucks and 21 chargers to dealers, generating revenues of $6.6 million. This includes an unfavorable revenue adjustment of $2.6 million relating to a dealer rebate program associated with third quarter deliveries. Excluding this adjustment, the average selling price for the Tre BEV was approximately $374,000 per truck.

繼續我們的第四季度業績；在 10 月份合併結束後，我們開始將 Romeo 的運營結果整合到 Nikola 中。在今年的最後三個月，我們生產了 133 輛 Tre BEV，並向經銷商交付了 20 輛卡車和 21 個充電器，創造了 660 萬美元的收入。這包括與第三季度交付相關的經銷商回扣計劃相關的不利收入調整 260 萬美元。排除此項調整，Tre BEV 的平均售價約為每輛卡車 374,000 美元。

On a consolidated basis, the cost of revenue for the quarter was $52.3 million, generating a gross loss of approximately $45.8 million, as compared to Q3. As a percentage of revenue, gross loss increased significantly due to a lower volume of Tre BEV deliveries, higher fixed cost, including overhead expenses and freights spread over a smaller number of delivered trucks and inclusion of Romeo overhead and inventory costs, including one-time expenses associated with the merger.

在綜合基礎上，本季度的收入成本為 5230 萬美元，與第三季度相比產生了約 4580 萬美元的毛虧損。作為收入的百分比，由於 Tre BEV 交付量減少、固定成本增加（包括管理費用和運費分攤到較少數量的已交付卡車上）以及包括 Romeo 管理費用和庫存成本（包括一次性），毛損顯著增加與合併有關的費用。

Let's break down the cost of revenue. Of the $52.3 million total, $8.6 million is related to the bill of materials for the Tre BEVs, and charging products sold during the quarter. Fixed costs at our manufacturing facility in Coolidge came in at $11.1 million for the quarter, which includes overhead, labor, and depreciation, $5.2 million is related to inventory freighting and duties. Freight and duty costs as a percentage of inventory receipts have improved dramatically from 30% of receipts in July, to 9% of receipts in December. The remaining $7.4 million was related to inventory adjustments and non-cash inventory-related expenses.

讓我們分解收入成本。在 5230 萬美元的總額中，860 萬美元與 Tre BEV 的材料清單以及本季度銷售的充電產品有關。我們位於柯立芝的製造工廠本季度的固定成本為 1110 萬美元，其中包括間接費用、人工和折舊，520 萬美元與庫存運輸和關稅有關。運費和關稅成本佔庫存收入的百分比從 7 月份佔收入的 30% 大幅提高到 12 月份佔收入的 9%。其餘 740 萬美元與庫存調整和非現金庫存相關費用有關。

Also, included in our Q4 cost of revenues are $19.3 million related to Romeo's operations. Of this, $4.3 million is for excess and absolute inventory write-downs from products which will no longer be sold to third-parties since Romeo will no longer operate as a merchant pack supplier. The remaining costs are related to Cypress plant, labor, overhead, inventory freighting, and adjustments, which we expect to decline significantly as we integrate battery pack manufacturing into our Coolidge operations. R&D expenses totaled $69.4 million in Q4, including $7 million in stock-based compensation. SG&A expenses totaled $80.2 million, including $34.4 million of stock-based compensation. Net loss for the fourth quarter totaled $222.1 million; on a non-GAAP basis, totaled $180.6 million. GAAP net loss per share basic and diluted, was negative $0.46, and on a non-GAAP basis was negative $0.37 basic and diluted.

此外，我們第四季度的收入成本中還包括與羅密歐運營相關的 1930 萬美元。其中，430 萬美元用於產品的超額和絕對庫存減記，這些產品將不再出售給第三方，因為羅密歐將不再作為商業包裝供應商運營。剩餘成本與 Cypress 工廠、人工、管理費用、庫存運輸和調整有關，我們預計隨著我們將電池組製造整合到我們的 Coolidge 業務中，這些成本將大幅下降。第四季度研發費用總計 6940 萬美元，其中包括 700 萬美元的股票薪酬。 SG&A 費用總計 8020 萬美元，其中包括 3440 萬美元的股票薪酬。第四季度淨虧損總額為 2.221 億美元；按非美國通用會計準則計算，總計 1.806 億美元。 GAAP 基本和稀釋每股淨虧損為負 0.46 美元，在非 GAAP 基礎上為負 0.37 美元基本和稀釋。

Turning to the balance sheet, we ended the quarter with approximately $323 million in cash, including restricted cash. Access to additional capital, available to Nikola comes in the form of ATM, of which, $232.2 million remaining. Assuming equity line of credit $312.5 million remaining, and $75 million of convertible notes we have the right to sell, providing us with approximately $942.7 million of total excess liquidity.

轉向資產負債表，我們在本季度結束時擁有約 3.23 億美元的現金，包括受限制的現金。 Nikola 可以通過 ATM 的形式獲得額外資金，其中剩餘 2.322 億美元。假設剩餘的權益信用額度為 3.125 億美元，我們有權出售 7500 萬美元的可轉換票據，從而為我們提供大約 9.427 億美元的總過剩流動性。

As Michael mentioned earlier, in 2022, we have successfully executed several agreements in the capital markets, including the sale of $200 million of convertible notes in May, putting in place a $400 million ATM in August, and an agreement for an additional $125 million in convertible notes, of which, we received $50 million in December. Accessing our existing E-Lock, ATM, and convertible notes, sources of capital will provide us with sufficient funds to sustain our operations, and execute our business objectives into 2024. Accounts receivable were approximately $31.9 million. We are working with financing institutions to provide flow plant facilities to our dealers, thus, reducing working capital in the form of accounts receivable with dealers.

正如邁克爾之前提到的，2022 年，我們在資本市場成功執行了幾項協議，包括 5 月份出售 2 億美元的可轉換票據，8 月份安裝了 4 億美元的 ATM，以及額外 1.25 億美元的協議可轉換票據，其中，我們在 12 月收到了 5000 萬美元。使用我們現有的 E-Lock、ATM 和可轉換票據，資金來源將為我們提供足夠的資金來維持我們的運營，並執行我們到 2024 年的業務目標。應收賬款約為 3190 萬美元。我們正在與金融機構合作，為我們的經銷商提供流動工廠設施，從而減少與經銷商的應收賬款形式的營運資金。

At the end of the year, we held approximately $123.2 million in inventory. This includes $57.3 million in raw materials inventory, $63.8 million in finished goods and work-in-process, and $2.1 million in service parts. As our commercial functions kick in to gear, we expect our inventory turns to accelerate. CapEx for the fourth quarter totaled approximately $52.3 million, and was predominantly spend on Coolidge manufacturing facility expansion, hydrogen production equipment, hydrogen mobile fuelers, and supplier part tooling. As you know, we laid up approximately 7% of our workforce or 100 FTEs in November, as we adjusted to the difficult macro headwinds related to inflation, rising interest rates, and slower-than-expected debt adoption rate. We are working hard to improve our productivity and reduce bam costs with greater focus and discipline. Our headcount as of December 31 was 1,583 employees, including 299 employees of Romeo.

到年底，我們持有大約 1.232 億美元的存貨。這包括 5730 萬美元的原材料庫存、6380 萬美元的成品和在製品以及 210 萬美元的服務零件。隨著我們的商業職能開始運轉，我們預計我們的庫存周轉會加速。第四季度的資本支出總額約為 5230 萬美元，主要用於 Coolidge 製造設施擴建、制氫設備、氫移動燃料加註器和供應商零件工具。如您所知，我們在 11 月解雇了大約 7% 的員工或 100 名全職員工，以適應與通貨膨脹、利率上升和低於預期的債務採用率相關的艱難宏觀逆風。我們正在努力提高我們的生產力，並通過更加專注和紀律來降低 bam 成本。截至 12 月 31 日，我們的員工總數為 1,583 人，其中包括羅密歐的 299 名員工。

Moving on to the 2023 outlook; in our Q3 earnings call, we acknowledged that the adoption rate of battery electric semi-trucks is still very much nascent, and slower than we anticipated due to a variety of issues, including significant charging infrastructure challenges faced by our potential end customers. We don't believe these challenges will be abated anytime soon. And all the stakeholders will need to work together to address them. This will take some time.

繼續展望 2023 年；在我們第三季度的財報電話會議上，我們承認電池電動半掛卡車的採用率仍處於起步階段，並且由於各種問題（包括潛在終端客戶面臨的重大充電基礎設施挑戰）而低於我們的預期。我們認為這些挑戰不會很快得到緩解。所有利益相關者都需要共同努力來解決這些問題。這需要一些時間。

We also pointed out that we would be better off delivering fewer Tre BEVs, preserving cash, and minimizing our losses until the plan bam cost savings are achieved in 2023. Consistent with what we previously stated, we have reduced volume expectations for our Tre BEVs in 2023. We plan to produce 250 to 350 Tre BEVs, and 175 to 225 Tre fuel cell electric vehicles this year, and deliver 250 to 350 Tre BEVs, and beginning in late-Q3, 125 to 150 Tre fuel cell electric vehicles. Our revenue guidance is $140 million to $200 million. We anticipate gross margins for the full-year 2023 will be negative 75% to 95%. We expect gross margins to improve substantially towards the end of the year as we realize our cost saving benefits from the Romeo transaction.

我們還指出，在 2023 年實現計劃 bam 成本節約之前，我們最好減少交付更少的 Tre BEV，保留現金並最大程度地減少損失。與我們之前所說的一致，我們降低了對 Tre BEV 的銷量預期2023 年。我們計劃今年生產 250 至 350 輛 Tre BEV 和 175 至 225 輛 Tre 燃料電池電動汽車，並交付 250 至 350 輛 Tre BEV，並從第三季度末開始交付 125 至 150 輛 Tre 燃料電池電動汽車。我們的收入指引為 1.4 億至 2 億美元。我們預計 2023 年全年的毛利率將為負 75% 至 95%。我們預計毛利率將在年底前大幅提高，因為我們意識到羅密歐交易對我們節省成本的好處。

We anticipated we can lower battery modules and pack costs, excluding cells on the Tre BEVs by approximately 100,000 per truck by December, 2023. We have already realized 31,000 in material savings per truck post close as the temporary pack price increase, associated with delivery incentives before the Romeo transaction close, no longer is in effect. We expect to achieve an additional 41,000 in material savings by switching to battery packing closure, and junction boxes manufacturing process from machined billet to casting. Additionally, by transitioning battery modules and pack production to Coolidge, and implementing battery line automation. We expect to reduce labor and overhead cost by roughly $33,000 per vehicle. We believe bringing battery module and pack manufacturing in-house provides us with long-term strategic value.

我們預計到 2023 年 12 月，我們可以降低電池模塊和電池組的成本，不包括每輛卡車上的 Tre BEV 電池大約 100,000 個。由於臨時電池組價格上漲以及交付激勵措施，我們已經實現每輛卡車關閉後節省 31,000 個材料在 Romeo 交易結束之前，不再有效。我們希望通過改用電池包裝密封件和從機加工坯料到鑄造的接線盒製造工藝，再節省 41,000 材料。此外，通過將電池模塊和電池組生產轉移到柯立芝，並實施電池生產線自動化。我們預計每輛車可減少約 33,000 美元的勞動力和管理費用。我們相信，在內部引入電池模塊和電池組製造可為我們提供長期戰略價值。

Estimated R&D expenses in 2023 are $245 million to $255 million, which include $34 million in stock-based compensation. Estimated SG&A for the full-year is $185 million to $195 million, which includes $61 million in stock-based compensation. Our planned OpEx spending for 2023 is approximately 12% below the 2022 level, excluding stock-based compensation. We anticipate capital expenditures to be in the range of $140 million to $160 million, mainly focused on the completion of the Phase 2 assembly expansion area in Coolidge, fuel cell power module assembly line, battery module, and pack assembly line, tooling for fuel cell electric vehicles, and hydrogen infrastructure. 2023 planned CapEx is approximately $21 million below the 2022 level. We are running at full speed to meet the Tre fuel cell EV, started production in Q3, 2023. Our goal is to pre-sell the production volume of Tre fuel cell electric vehicle, including requiring a modest down payment.

預計 2023 年的研發費用為 2.45 億美元至 2.55 億美元，其中包括 3400 萬美元的股票薪酬。全年的 SG&A 預計為 1.85 億美元至 1.95 億美元，其中包括 6100 萬美元的股票薪酬。我們計劃的 2023 年運營支出支出比 2022 年水平低約 12%，不包括基於股票的薪酬。我們預計資本支出在 1.4 億美元至 1.6 億美元之間，主要集中在 Coolidge 的 Phase 2 裝配擴展區的完成，燃料電池動力模塊裝配線，電池模塊和電池組裝配線，燃料電池工具電動汽車和氫基礎設施。 2023 年計劃的資本支出比 2022 年的水平低約 2100 萬美元。我們正在全速奔跑，迎接2023年Q3投產的Tre燃料電池EV。我們的目標是預售Tre燃料電池電動車的產量，包括要求適度的首付。

We expect weighted average shares outstanding for the full-year to approximate 558.3 million, and total shares outstanding to approximate 567.9 million. We anticipate our ending headcount to slightly decline to approximately 1,500 employees. In Q1, we expect to deliver 30 to 50 Tre BEVs for revenues of $10.5 million to $17.5 million, and generate gross margins of negative 215% to [140%]. We expect gross margins to improve substantially as we scale volume production, and realize cost savings from Romeo in Q4, 2023. Our estimated R&D for Q1 is in the range of $75 million to $80 million, including $8.5 million in stock compensation.

我們預計全年加權平均流通股約為 5.583 億股，流通股總數約為 5.679 億股。我們預計我們的期末員工人數將略微下降至約 1,500 名員工。在第一季度，我們預計將交付 30 至 50 輛 Tre BEV，收入為 1050 萬至 1750 萬美元，毛利率為負 215% 至 [140%]。我們預計，隨著我們擴大批量生產，並在 2023 年第四季度實現 Romeo 的成本節約，毛利率將大幅提高。我們估計第一季度的研發費用在 7500 萬至 8000 萬美元之間，其中包括 850 萬美元的股票補償。

R&D expenses are somewhat heavier in Q1, due to the completion of the beta fuel cell electric vehicle build, the commencement of the gamma FCEV build, and FCEV validation activities. SG&A will be in the range of $50 million to $55 million, including $16.5 million in stock-based compensation expenses. We anticipate that CapEx will be approximately $55 million in the first quarter principally related to fuel cell EV supply tooling and assembly line equipment to support the fuel cell EV launch.

由於 beta 燃料電池電動汽車製造的完成、伽馬 FCEV 製造的開始以及 FCEV 驗證活動，第一季度的研發費用有所增加。 SG&A 將在 5000 萬至 5500 萬美元之間，包括 1650 萬美元的股票補償費用。我們預計第一季度資本支出約為 5500 萬美元，主要與燃料電池 EV 供應工具和裝配線設備有關，以支持燃料電池 EV 的推出。

In Q1, we expect the weighted average shares outstanding for the quarter to approximate 543.4 million and the total shares outstanding to be approximately 558.4 million. Regarding our longer-term outlook, we are still in the early adoption period of zero-emission vehicles, and we can see the momentum building, albeit slowly. However, we anticipate the pace of adoption to pick up as approach 2025 and 2026, and expect the Inflation Reduction Act to start providing a significant boost to Nikola's integrated fuel cell EV and fueling business model. We are in a nascent industry, so there is a lot of uncertainty.

在第一季度，我們預計該季度的加權平均已發行股票約為 5.434 億股，已發行股票總數約為 5.584 億股。關於我們的長期前景，我們仍處於零排放汽車的早期採用階段，我們可以看到勢頭正在增強，儘管速度很慢。然而，我們預計隨著 2025 年和 2026 年的臨近，採用速度將加快，並預計《降低通貨膨脹法案》將開始顯著推動 Nikola 的集成燃料電池電動汽車和燃料業務模式。我們處在一個新興行業，所以有很多不確定性。

But assuming zero-emissions truck adoption increases in greater numbers, our Energy business executes on hydrogen production and fueling solutions and we are able to capture only 1.7% of ACT Research's 2026 U.S. Class 8 truck new units sale volume of approximately 360,000 units. Then we have a line of sight to achieving our targets. To share some preliminary thoughts on our long-term thinking, in 2026, we would anticipate sales of approximately 1,000 to 1,250 Tre BEV and 5,000 to 6,000 Tre fuel cell EV, for total truck deliveries of 6,000 to 7,250 units.

但假設零排放卡車的採用量增加，我們的能源業務執行氫氣生產和燃料解決方案，我們只能獲得 ACT Research 2026 年美國 8 級卡車新銷量約 360,000 輛的 1.7%。然後我們就有了實現目標的視線。為了分享我們長期思考的一些初步想法，到 2026 年，我們預計銷量約為 1,000 至 1,250 輛 Tre BEV 和 5,000 至 6,000 輛 Tre 燃料電池 EV，卡車總交付量為 6,000 至 7,250 輛。

In addition, if our Energy business is able to successfully develop access to approximately 300 metric-tons per day of lower carbon hydrogen supply and there is adequate demand, we estimate that we could potentially generate roughly $450 million to $500 million in hydrogen revenue selling to Nikola FCEV and third-party customers. Again, lots of this, and a lot of work to be done, and we cannot provide any assurance that we'll get there. But this is what we're striving for. Our current plan is to achieve a positive gross profit margin in 2024 and breakeven to positive EBITDA in 2025. We believe our outlook is achievable if our business develops as planned, our business milestones are achieved, and we continue to have access to necessary capital. We are laser-focused on executing our glide path to profitability.

此外，如果我們的能源業務能夠成功開發出每天約 300 公噸的低碳氫供應並且有足夠的需求，我們估計我們可能會產生大約 4.5 億至 5 億美元的氫收入銷售給Nikola FCEV 和第三方客戶。同樣，有很多這樣的事情，還有很多工作要做，我們不能保證我們會到達那裡。但這正是我們努力的方向。我們目前的計劃是在 2024 年實現正的毛利率，並在 2025 年實現盈虧平衡以實現正的 EBITDA。我們相信，如果我們的業務按計劃發展，我們的業務里程碑得以實現，並且我們繼續獲得必要的資本，我們的前景是可以實現的。我們非常專注於執行我們通往盈利的滑行路徑。

I will now hand it back to Michael for closing remarks.

我現在將把它交還給邁克爾作結束語。

Thank you, Kim. As we have done in the past, we have provided milestones for investors to track our progress and hold us accountable. We suggest you pay attention to and closely monitor our milestones. In 2022, we have taken steps forward that will make positive impacts on our business and set us up for success in 2023. Our 2023 milestones are a follows. Complete the build of 10 gamma FCEVs by Q2; realize approximately $100,000 in cost savings in battery modules and packs for each Tre BEV by Q4, 2023; achieve final investment decision for the Phoenix Hydrogen Hub by early Q3; announce at least two refueling station partners by June; deliver 250 to 350 Tre BEVs to dealers for 2023; deliver 125 to 150 Tre FCEVs in the second-half of 2023.

謝謝你，金。正如我們過去所做的那樣，我們為投資者提供了里程碑，以跟踪我們的進展並讓我們承擔責任。我們建議您關注並密切關注我們的里程碑。 2022 年，我們採取了一些措施，這些措施將對我們的業務產生積極影響，並為我們在 2023 年取得成功做好準備。我們 2023 年的里程碑如下。到Q2完成10輛gamma FCEV的建設；到 2023 年第四季度，為每輛 Tre BEV 節省約 100,000 美元的電池模塊和電池組成本；在第三季度初做出鳳凰城氫中心的最終投資決定；在 6 月之前宣布至少兩個加油站合作夥伴； 2023 年向經銷商交付 250 至 350 輛 Tre BEV；在 2023 年下半年交付 125 至 150 輛 Tre FCEV。

This wraps up our prepared remarks. We will use the remainder of the time to address our covering analysts' questions, after which we will take some questions from our retail shareholders. Operator, please open the line.

我們準備好的評論到此結束。我們將利用剩餘時間回答我們的分析師提問，之後我們將回答散戶股東的一些問題。接線員，請打開線路。

(Operator Instructions) Our first question is from Douglas Dutton with Evercore ISI.

（操作員說明）我們的第一個問題來自 Evercore ISI 的 Douglas Dutton。

Michael, Kim, and Dhillon. Nice update here. So, two questions for you, first, can you detail what the next steps look like with Anheuser-Busch as a continued FCEV proof of concept for other customers? And maybe talk about how you see demand progressing over time for some of these bigger pilot customers. It sounds like several of the first salable FCEVs are spoken for, but for a larger customer, Badger or a Walmart, what does the trajectory look like into 2025 and 2030?

Michael、Kim 和 Dhillon。不錯的更新在這裡。那麼，有兩個問題，首先，您能否詳細說明 Anheuser-Busch 的下一步是什麼，作為其他客戶的持續 FCEV 概念驗證？也許可以談談您如何看待其中一些較大的試點客戶的需求隨著時間的推移而發展。聽起來好像有幾款首批可銷售的 FCEV 被提及，但對於更大的客戶，Badger 或沃爾瑪，到 2025 年和 2030 年的軌跡是什麼樣的？

Okay. Thank you. Good morning, Douglas; Michael here. So, let's talk about the development of the fuel cell truck. I mean, first of all, as I mentioned on the call, the truck is in good shape, the development is achieving good milestones. Now we have, as you know, big agreements with certain customers, and Anheuser-Busch is one of them. Those trucks are in demos which do really well. And now, we will see the first deliveries starting in this year.

好的。謝謝。早上好，道格拉斯；邁克爾在這裡。那麼，讓我們來談談燃料電池卡車的發展。我的意思是，首先，正如我在電話中提到的那樣，卡車狀況良好，開發正在實現良好的里程碑。如您所知，現在我們與某些客戶達成了重大協議，安海斯-布希公司就是其中之一。這些卡車在演示中表現非常好。而現在，我們將看到今年開始的第一批交付。

The Biagi Brothers is another example where we see the first 15. And then we will see that also going into '24, '25. And obviously, '26, I think importantly, the outlook we gave in terms of how important fuel cell is for Nikola.

Biagi Brothers 是另一個例子，我們看到前 15 個。然後我們將看到它也進入 '24，'25。顯然，'26，我認為重要的是，我們就燃料電池對 Nikola 的重要性給出了展望。

When Kim mentioned about the numbers for '26, obviously, very obvious that fuel cell is very important for Nikola. I mean in terms of potential percentages, it could be up to 80%. But to your point, so we see the first deliveries in the fourth quarter when we will launch the fuel cell truck. And then, obviously, this will improve step by step in the coming years. The good thing, I think, is that we received good feedback from the demos. And of course, customers have a new brand, a new truck. And I think this feedback is critically important. So, I think we are on a good path of first deliveries this year, and then improving into '24 and '25.

當 Kim 提到 26 年的數字時，很明顯，燃料電池對 Nikola 非常重要。我的意思是就潛在百分比而言，它可能高達 80%。但就您的觀點而言，我們將在第四季度推出燃料電池卡車時看到第一批交付。然後，很明顯，這將在未來幾年逐步改善。我認為，好事是我們從演示中收到了很好的反饋。當然，客戶有一個新品牌，一輛新卡車。我認為這種反饋非常重要。所以，我認為我們在今年首次交付的良好道路上，然後改進到 24 和 25 年。

Okay, appreciate that answer, it's helpful. Finally, just on FCEV production, I see the goal is 10 gamma FCEVs by the end of Q2. Can you tell us who are the preliminary partners that these 10 gamma builds are committed to?

好的，感謝您的回答，這很有幫助。最後，就 FCEV 生產而言，我認為目標是到第二季度末生產 10 輛伽瑪 FCEV。你能告訴我們這10個gamma build承諾的初步合作夥伴是誰嗎？

Yes, so what we do is, I mean, first of all, the gamma we use a lot for validation. We also have certain marketing trucks which we bring to certain shows, like we are in Orlando in the next couple of weeks where we present the truck. But the gamma trucks, really the main purpose is the validation, so to make sure that we are in great shape, and that we then can start deliveries in the third quarter. Also another point I'd like to add is, I mean, obviously, this is our second truck we now develop and bring to the market. This is very helpful because we have learned so many things from the BEV. And overall, the fuel cell truck is in much better shape because the BEV was our first truck we did.

是的，所以我們所做的是，我的意思是，首先，我們經常使用伽瑪來進行驗證。我們也有某些營銷卡車，我們將其帶到某些節目中，就像我們在接下來的幾週內在奧蘭多展示卡車一樣。但是伽馬卡車，真正的主要目的是驗證，以確保我們處於良好狀態，然後我們可以在第三季度開始交付。我還要補充的另一點是，我的意思是，顯然，這是我們現在開發並推向市場的第二輛卡車。這非常有幫助，因為我們從 BEV 中學到了很多東西。總的來說，燃料電池卡車的狀態要好得多，因為 BEV 是我們製造的第一輛卡車。

And we have lots of learnings out of that. I mean the fact that we have finalized the beta truck, the 17, is a very important milestone for us. Now the gamma, for validation, but we also have marketing trucks which we bring to certain customers, also to certain truck shows so that as many people as possible can get into the truck as early as possible.

我們從中學到了很多東西。我的意思是，我們已經完成測試版卡車 17，這對我們來說是一個非常重要的里程碑。現在是伽瑪，用於驗證，但我們也有營銷卡車，我們將其帶給某些客戶，也用於某些卡車展，以便盡可能多的人可以儘早進入卡車。

Our next question is from Jeff Kauffman with Vertical Research Partners.

我們的下一個問題來自 Vertical Research Partners 的 Jeff Kauffman。

And thank you for all that clarity on what happened in 4Q and then what the plan is for 2023. I'm going to go in a different direction. This week or so ago, it was announced that British Petroleum had acquired about 270 fueling stations from TravelCenters of America. And I know BP has been focused on this, this hydrogen concept in the Midwest as well. And just curious what your read is on that acquisition? And you had started a program where you were going to start bringing fuel into a couple TA centers to do fueling in California, I think two centers if I got that right. Does this affect any of your thoughts in that area? Is it an opportunity, and just curious, your view on BP taking such a large stake in commercial vehicle fueling locations?

感謝您對第四季度發生的事情以及 2023 年的計劃所做的所有澄清。我將朝著不同的方向前進。大約在本週前，英國石油公司宣布從美國 TravelCenters 收購了大約 270 個加油站。我知道 BP 一直專注於此，中西部的氫概念。只是好奇您對該收購的閱讀是什麼？你已經開始了一個計劃，你將開始把燃料帶到幾個 TA 中心，在加利福尼亞州做燃料，如果我做對了，我想是兩個中心。這會影響您在該領域的任何想法嗎？這是一個機會，而且只是好奇，您對 BP 在商用車加油站持有如此大的股份有何看法？

Jeff, great question. So, first, the fact that they have actually acquired TA; this is wonderful news from our perspective. It means you've got oil majors becoming more serious about hydrogen distribution, and they understand that hydrogen is really the fuel of future and now. When you think about in terms of our relationship with TA, nothing has changed. And the fact that majority of our energy team comes from BP and they're very familiar with the folks at BP who have acquired TA, we believe that this will actually strengthen our relationship with TA going forward, and it will accelerate our partnership.

傑夫，好問題。因此，首先，他們實際上已經獲得了 TA；從我們的角度來看，這是個好消息。這意味著石油巨頭們對氫氣的分配變得更加認真，他們明白氫氣確實是未來和現在的燃料。當您考慮我們與 TA 的關係時，一切都沒有改變。事實上，我們的大部分能源團隊都來自 BP，而且他們非常熟悉 BP 收購 TA 的人員，我們相信這實際上會加強我們與 TA 的關係，並將加速我們的合作夥伴關係。

Okay. Just curious, based on the current plans on the board, as you start to bring these fuel cell trucks to market in '23 and 2024, I guess how much fueling capacity are you going to need to meet the needs in, say, your first 12 to 18 months of fuel cell vehicles being on the road as we kind of build this plan toward 2026?

好的。只是好奇，根據董事會目前的計劃，當您開始在 23 年和 2024 年將這些燃料電池卡車推向市場時，我猜您需要多少燃料容量才能滿足您的第一個需求12 到 18 個月的燃料電池汽車在路上行駛，因為我們正在為 2026 年制定這個計劃？

So, for 2023, as you know, based on our modest view in terms of number of trucks that we'll sell, the needs that we have is only about 7.2 tons per day. And so, we believe we can meet that demand based on what we have procured already from third party. And we know exactly for our launch market where we will access the hydrogen. And we have mobile trailers ready so that we can fuel them behind the fence, whatever makes sense for our existing customers. So, that's something that we feel very comfortable that we have already covered.

因此，如您所知，到 2023 年，根據我們對所售卡車數量的適度看法，我們每天的需求僅為 7.2 噸左右。因此，我們相信我們可以根據我們已經從第三方採購的產品來滿足這一需求。我們確切地知道我們將在何處獲取氫氣的發射市場。我們已經準備好移動拖車，以便我們可以在柵欄後面為它們加油，只要對我們現有的客戶有意義。所以，這是我們已經涵蓋的讓我們感到非常舒服的事情。

Should, you'll have the capability, by '26, to support about 7,500 fuel cell trucks; you gave me 7.3 million tons per day for '23. What do you believe those needs will be for '24 as you start to ramp and sell more fuel cells?

到 26 年，你應該有能力支持大約 7,500 輛燃料電池卡車；你在 23 年每天給了我 730 萬噸。當您開始增加和銷售更多燃料電池時，您認為 24 年的這些需求是什麼？

For 2024, we anticipate based on what we are looking to sell. Now, Jeff, in your question, while we have not disclosed what we anticipate in terms of truck sales, at a high level, we do think we'll need around 40 to 45 tons per day. And once again, based on what we have already contracted, we feel very comfortable meeting those numbers.

對於 2024 年，我們根據我們希望銷售的產品進行預測。現在，傑夫，在你的問題中，雖然我們沒有透露我們對卡車銷售的預期，但在高水平上，我們確實認為我們每天需要大約 40 到 45 噸。再一次，根據我們已經簽訂的合同，我們很樂意滿足這些數字。

Our next question is from Bill Peterson with J.P. Morgan.

我們的下一個問題來自摩根大通的比爾彼得森。

And as always, for all the great disclosure you have in the presentation and prepared remarks. My first question is, (technical difficulty) how of these trucks are really in the hands of any customers (inaudible) exiting 2022, if any? And how should we think about the number of trucks that are in fleets' hands by maybe the end of this year? And do (inaudible) you in customer targeting, things like [duty cycles, geographies], just trying to get a feel for how that is part of the equation over the next few years given the constraints on charging and other areas you mentioned?

和往常一樣，對於您在演示文稿和準備好的評論中所做的所有重大披露。我的第一個問題是，（技術困難）這些卡車中有多少真正掌握在 2022 年退出的任何客戶（聽不清）手中，如果有的話？到今年年底，我們應該如何考慮車隊手中的卡車數量？並且（聽不清）你是否在客戶定位方面，比如 [工作週期，地理位置]，只是想了解一下在未來幾年內考慮到充電和你提到的其他領域的限制，這將如何成為等式的一部分？

Yes, thanks, Bill. Thanks for the question. So, let me provide a little bit of color also in terms of the overall development. I mean, first of all, if I look back at 2022, I think what worked well at Nikola is the development of the truck, the production; we worked through supply chain issues. And now, the first trucks come to end-customers, right? So, overall, we have close to 40 trucks in customer operation. We talked about the inventory number. I think it's fair to say that we have sufficient inventory at the moment. We'll also bring this down going forward, which is helpful to have inventory in these days because, obviously, people also need to experience our truck.

是的，謝謝，比爾。謝謝你的問題。所以，讓我在整體發展方面也提供一點色彩。我的意思是，首先，如果我回顧 2022 年，我認為尼古拉運作良好的是卡車的開發和生產；我們解決了供應鏈問題。現在，第一批卡車運抵終端客戶，對吧？因此，總體而言，我們有近 40 輛卡車在客戶運營中。我們談到了庫存數量。我認為可以公平地說，我們目前有足夠的庫存。我們還將在未來降低這一點，這有助於在這些日子裡擁有庫存，因為很明顯，人們也需要體驗我們的卡車。

I mean, it's a new brand, it's a new truck. So, the more people we have in our trucks, the better. In terms of the guidance we gave in terms of deliveries to dealers there, the 250 to 350, we will see a higher number to retail customers, right, during the year. I think we will see progress in the first and second quarter then, and then ramping this up. And we have done a lot of measures also to improve this. I mean, as we highlighted, we have more sales people now; we have much more truck experience. The dealer management is much better. And again, we need to bring our customers into the truck, experience that. So, we will see a gradual improvement there in terms of bringing those trucks into customer hands' operation.

我的意思是，這是一個新品牌，是一輛新卡車。所以，我們卡車上的人越多越好。就我們向那裡的經銷商交付 250 至 350 輛的指導而言，我們將在這一年中看到更多的零售客戶。我認為我們將在第一季度和第二季度看到進展，然後逐漸加快。我們也做了很多措施來改善這一點。我的意思是，正如我們強調的那樣，我們現在有更多的銷售人員；我們有更多的卡車經驗。經銷商管理要好得多。再一次，我們需要把我們的客戶帶到卡車上，體驗一下。因此，在將這些卡車交到客戶手中的操作方面，我們將看到那裡的逐步改進。

And then, obviously, also take their feedback. And that's why we purposely made the decision to also improve some of the trucks now and not at a later stage, because for us as a new company the customer endorsement is so important. So, I think that this is how we see that going forward the next couple of quarters.

然後，顯然，還要聽取他們的反饋。這就是為什麼我們特意決定現在而不是以後改進一些卡車，因為對於我們作為一家新公司來說，客戶的認可非常重要。所以，我認為這就是我們對未來幾個季度的看法。

Okay. I guess, and the second question more on hydrogen infrastructure, a little bit different than the prior ones. You talked about 60 stations by 2026. In the meantime, you have mobile re-fuelers. I guess question is about the rollout of additional stations in 2023, and then (inaudible) what's the associated expense for Nikola? And then sorry for the multipart question, but then when you look at the Phoenix -- the Arizona hub, you're looking at (inaudible) and then again, what's Nikola's expected contribution?

好的。我想，第二個問題更多是關於氫基礎設施的，與之前的問題有點不同。你談到到 2026 年將有 60 個加油站。與此同時，你有移動加油站。我想問題是關於在 2023 年推出更多電台，然後（聽不清）Nikola 的相關費用是多少？然後對多部分問題感到抱歉，但是當您查看亞利桑那州的鳳凰城中心時，您正在查看（聽不清）然後再一次，Nikola 的預期貢獻是什麼？

Can you (inaudible) but I think you prior discussions, you talked about pricing BTE or other partners maybe in the lion's share of the bill. But then, now you talk about the (inaudible). And so, trying to understand more about the hub issues as well as the stations for the infrastructures (inaudible) if you think about this year, and in, overall, a few years?

你能不能（聽不清），但我認為你之前的討論，你談到了 BTE 或其他合作夥伴的定價可能是賬單的最大份額。但是，現在您談論的是（聽不清）。因此，如果您考慮今年以及總體而言的幾年，是否會嘗試更多地了解樞紐問題以及基礎設施站點（聽不清）？

So, Bill, there are lots of components to your questions. But, well, let me iterate, when it comes to our hydrogen ecosystem, our strategy is to be asset-light and capital efficient. That means we will have partners for our hydrogen hubs as well as refueling stations. What you have started to see in 2022 is for us to kind of lay out in terms of how we will build out hub network as well as refueling network. In 2023, especially in the next couple months, three months, I think what we have stated is that you are going to see additional announcement with respect to refueling network. What we have stated as a company is that, by 2026, we are looking to have approximately 60 refueling stations.

所以，比爾，你的問題有很多組成部分。但是，好吧，讓我重申一下，就我們的氫生態系統而言，我們的戰略是輕資產和資本效率。這意味著我們的氫氣樞紐和加氫站將有合作夥伴。你在 2022 年開始看到的是，我們將在如何構建樞紐網絡和加油網絡方面進行佈局。在 2023 年，尤其是在接下來的幾個月，三個月，我認為我們已經說過，您將看到有關加油網絡的額外公告。作為一家公司，我們表示，到 2026 年，我們希望擁有大約 60 個加油站。

California is our launch market. We anticipate, in California, likely there will be at least 20 stations or more by 2026, and will provide a complete coverage for California network. What that means is that when we think about, for California and for hydrogen, by 2026, what we have said is around 300 ton per day. These are coming from our hub in Arizona, as well our offtake agreements that we have with Plug, and with others that we'll be able to announce here. And what you're going to see is that when you add direct production tax credit of up to $3.00, as well as potential LCFS credit in California, at, let's say, $1.00 to $2.00. Then, all of a sudden, you're talk about $4.00 to $5.00 of incentives.

加利福尼亞是我們的發射市場。我們預計，到 2026 年，在加利福尼亞州，可能至少會有 20 個或更多的站點，並將提供對加州網絡的完整覆蓋。這意味著，當我們考慮到 2026 年加利福尼亞州和氫氣時，我們所說的是每天約 300 噸。這些來自我們在亞利桑那州的中心，以及我們與 Plug 以及我們將能夠在這裡宣布的其他人的承購協議。你將看到的是，當你添加高達 3.00 美元的直接生產稅收抵免，以及加利福尼亞州的潛在 LCFS 抵免時，假設為 1.00 美元到 2.00 美元。然後，突然之間，您談到了 4.00 到 5.00 美元的獎勵。

So, based on our production costs, we believe we can actually meet parity with diesel, or even actually improve, and still make very, very attractive margins. And that's what we are excited about. And so, when we think about our Arizona hub, we said we'll go to FID by early third quarter. What that means is that we have already announced a letter of intent with FFI, and we have talked about that FFI will take at least 51% ownership, Nikola has 49% ownership. We have already contributed to that 49% in the form of land purchase as well as electrolyzers that we have already paid for that have been delivered that will be contributed to our portion of Arizona hub.

因此，根據我們的生產成本，我們相信我們實際上可以與柴油持平，甚至可以實際改善，並且仍然可以獲得非常非常有吸引力的利潤。這就是我們感到興奮的地方。因此，當我們考慮我們的亞利桑那中心時，我們說我們將在第三季度初前往 FID。這意味著我們已經宣布了與 FFI 的意向書，我們已經談到 FFI 將擁有至少 51% 的所有權，Nikola 擁有 49% 的所有權。我們已經以購買土地的形式為這 49% 做出了貢獻，以及我們已經支付的電解槽已經交付，這將貢獻給我們在亞利桑那州樞紐的部分。

So, that commitment has already been substantially paid. And Nikola, ultimately, will have an opportunity to sell down portion of our equity to parties that are interested in jumping in, and we're having some of those conversations. What we will do though is that we talked about, ultimately, what is important to Nikola is to control the molecules, meaning we'll be the principal offtaker from Arizona hub, we will move those molecules and dispense it at locations that either we own outright or in partnership with other parties. And so, we think we have a very compelling business model.

因此，該承諾已經得到實質性支付。尼古拉最終將有機會向有興趣加入的各方出售我們的部分股權，我們正在進行其中的一些對話。我們要做的是，我們最終談到，對尼古拉來說重要的是控制分子，這意味著我們將成為亞利桑那中心的主要承購商，我們將移動這些分子並將其分配到我們擁有的位置直接或與其他方合作。因此，我們認為我們有一個非常引人注目的商業模式。

As we go into start of production for our fuel cell truck, and ultimately delivering those fuel cell trucks, and by having fuel available, we believe there is an opportunity to potentially accelerate fast and best, because this is something we can orchestrate and we can control much better than permanent charging infrastructure for BEVs.

隨著我們開始生產我們的燃料電池卡車，並最終交付這些燃料電池卡車，並通過提供燃料，我們相信有機會快速和最好地加速，因為這是我們可以協調的事情，我們可以控制比 BEV 的永久充電基礎設施好得多。

(technical difficulty)

（技術難度）

Hey, Bill, you were breaking up, and I really did not understand your question. Are you able to repeat it?

嘿，比爾，你分手了，我真的不明白你的問題。你能重複嗎？

Yes, sorry about that. My question was -- it was a very comprehensive answer. But my question was how does the potential DOE loan play into this project as well.

是的，對此感到抱歉。我的問題是——這是一個非常全面的答案。但我的問題是潛在的 DOE 貸款如何在這個項目中發揮作用。

Great question. As you know, DOE loan is important from loan guarantee. As you're aware that we have already applied with DOE loan program, we have already passed Phase 1. We are in the process in terms of going through phase two. Ultimately once phase 2 is passed, then we will preliminary indication of these loan approvals and the size of the loan, but the size is pretty significant. I think we talked about up to $1.3 billion. And this is important for us simply because once again it gives greater confidence for project financing.

很好的問題。如您所知，DOE 貸款重要的是貸款擔保。如您所知，我們已經申請了 DOE 貸款計劃，我們已經通過了第一階段。我們正在經歷第二階段。最終，一旦第 2 階段通過，我們將初步表明這些貸款批准和貸款規模，但規模非常大。我想我們談到了高達 13 億美元。這對我們來說很重要，因為它再次為項目融資提供了更大的信心。

What's really exciting is that once you get to actual production before you even sell. As long as you can produce hydrogen, you have hydrogen incentive for a production up to $3 per kilogram. So, that makes the project viability really exciting and interesting and attractive for investors. And by having DoE loan guarantee will only make it even more attractive.

真正令人興奮的是，一旦您開始實際生產，您甚至還沒有銷售。只要你能生產氫氣，你就可以獲得每公斤 3 美元的氫氣獎勵。因此，這使得項目的可行性對投資者來說真的令人興奮、有趣和有吸引力。擁有 DoE 貸款擔保只會使其更具吸引力。

(Operator Instructions) Our next question is from Jeff Osborne with Cowen & Company.

（操作員說明）我們的下一個問題來自 Cowen & Company 的 Jeff Osborne。

Just two quick ones, Kim, I was wondering on the gross margin commentary for '24 about being positive. Great to see the $505,000 reduction on the battery side makes a lot of sense. I just want to understand on the pricing side, should we assume $374,000 give or take for the next year or two? Or, are you seeing or you anticipating pricing to come down as other folks enter the market?

只是兩個快速的，金，我想知道關於 24 年的毛利率評論是積極的。很高興看到電池方面的 505,000 美元減少非常有意義。我只想了解定價方面的問題，我們是否應該假設未來一兩年的成本為 374,000 美元？或者，隨著其他人進入市場，您是否看到或預計價格會下降？

Well, Jeff, great question. As you know, I would say that market still is an early stage, especially when it comes to BEV. I think we have shown that for 2022, our ASP is closer to $365-$370. We suspect while we are bit more conservative when it comes to our budget, but in terms of what we will actually realize could be higher.

好吧，傑夫，好問題。如你所知，我想說市場仍處於早期階段，尤其是在 BEV 方面。我認為我們已經表明，到 2022 年，我們的平均售價接近 365-370 美元。我們懷疑雖然我們在預算方面更加保守，但就我們實際實現的目標而言可能會更高。

Got it. And then, what are sort of the broad stroke parameters around reaching EBITDA breakeven in 2025? I think you said is that sort of a few thousand deliveries? And then, gross margins in the mid teens? Like is there any broad strokes you can give on how you get to that number?

知道了。然後，關於在 2025 年實現 EBITDA 盈虧平衡的大致參數有哪些？我想你說的是幾千次交付？然後，毛利率在十幾歲左右？關於如何達到該數字，您可以給出任何粗略的描述嗎？

We haven't really given out numbers for 2025. Obviously, we have indicated what we believe could be possible by 2026. When we think about from 2025 to 2026, I would say the increase in terms of FCEV volume is modest, not significant. I think the big jump that you see is more from 2024 to 2025. And as you can see in terms of our guidance for BEV for this year versus outlook for 2026, once again that jump is not significant. So, we are being very realistic when it comes to adoption rate for BEV. And ultimately as of now and I think we will be able to have more confidence as we go into second and third quarter. But because we can better control having fueling available for our fuel cell truck; likely we think we may be able to accelerate adoption faster on fuel cell electric vehicle side.

我們還沒有真正給出 2025 年的數字。顯然，我們已經表明了我們認為到 2026 年可能實現的目標。當我們考慮從 2025 年到 2026 年時，我會說 FCEV 數量的增長是適度的，並不顯著。我認為你看到的大幅躍升更多是從 2024 年到 2025 年。正如你可以從我們今年對 BEV 的指導與 2026 年的展望中看到的那樣，這種躍升再次並不顯著。因此，在 BEV 的採用率方面，我們非常現實。最終截至目前，我認為我們將能夠在進入第二和第三季度時更有信心。但是因為我們可以更好地控制為我們的燃料電池卡車提供燃料；我們可能認為我們可以在燃料電池電動汽車方面更快地加速採用。

So, when we think about getting to EBITDA breakeven as well as EBITDA positive, the first step when it gets gross margin positive. And then, the second step is that generate more gross profit margin to cover our R&D and SG&A. And in 2025, we think that's going to be key. But most of the volume as Michael alluded will be coming from fuel cell electric vehicle. And by 2025, I guess we'll look to more like 75% FCEV and 25% BEV.

因此，當我們考慮實現 EBITDA 盈虧平衡和 EBITDA 正數時，第一步是毛利率為正數。然後，第二步是產生更多的毛利率來支付我們的研發和 SG&A。到 2025 年，我們認為這將是關鍵。但正如邁克爾所暗示的那樣，大部分銷量將來自燃料電池電動汽車。到 2025 年，我想我們會看到更多 75% 的 FCEV 和 25% 的 BEV。

And with a very profitable energy business to complement that I think and that's --

並且有一個非常有利可圖的能源業務來補充我認為那是 -

It's a very profitable business, that's correct.

這是一項非常有利可圖的業務，這是正確的。

Our next question is from Mike Shlisky with D.A. Davidson.

我們的下一個問題來自 D.A. 的 Mike Shlisky。戴維森。

Yes, hi, good morning, and thanks for taking my question. The run rate you have got for BEV deliveries in the first quarter, is that an appropriate kind of run rate for 2Q and 3Q with the kind of rest of the guidance happening in the fourth when you get the battery cost situation under control?

是的，嗨，早上好，謝謝你提出我的問題。你在第一季度獲得的 BEV 交付的運行率，是第二季度和第三季度的合適運行率，當你控制電池成本情況時，第四季度發生的其餘指導類型是什麼？

Thanks, Mike, for your question. Very good point, so, be very clear, I mean obviously we will do better in Q2 and Q3 going forward, right? I mean we have done a lot of measures now on the product side. But in particular also on the commercial side so that we will see better results in Q1. But you will see to continue this improvement also in Q2 and Q3. So, while we then focus a lot in the fourth quarter on the launch of the fuel cell truck, so you will see improvements on the BEV run rate in the second and third quarter because all the measures we have taken in place are obviously working. And there are many of those, right? So, just to highlight a few again, we have experienced truck people now. Dealer management is in place.

謝謝，邁克，你的問題。非常好的觀點，所以，非常清楚，我的意思是我們顯然會在第二季度和第三季度做得更好，對吧？我的意思是我們現在在產品方面做了很多措施。但特別是在商業方面，我們將在第一季度看到更好的結果。但是你會看到在第二季度和第三季度也會繼續這種改進。因此，雖然我們在第四季度重點關注燃料電池卡車的推出，但您會看到第二和第三季度 BEV 運行率有所提高，因為我們採取的所有措施顯然都在發揮作用。還有很多，對吧？所以，再次強調幾點，我們現在有經驗豐富的卡車人員。經銷商管理到位。

By the way, all our dealers now have a license, something which was not a case last year. Product improvements are coming through. I think we make a lot of progress on the infrastructure, while infrastructure will stay a topic for all of us going through this period of time. And also some other states are coming up with incentives. And the more people can drive our truck, the more successful we will be in terms of conversion to retail sales.

順便說一句，我們所有的經銷商現在都有執照，而去年情況並非如此。產品改進正在進行中。我認為我們在基礎設施方面取得了很大進展，而基礎設施仍將是我們所有人經歷這段時間的話題。其他一些州也提出了激勵措施。開我們卡車的人越多，我們在零售銷售方面就會越成功。

So, you will see improvements in the second and third quarter as well.

因此，您也會在第二季度和第三季度看到改善。

Great. And then for my follow-up, I didn't hear in the comments, can you update us on the situation with the former Romeo customer, Lion and how the discussions are going with them? It sounds like they seem to have a valid contract obtaining Romeo batteries. Are you anticipating either having to give them the batteries they have asked for eventually over next five, six years, or a cash payment exit contract? And then secondly, it sounds like a second company has come forward. They have their fourth quarter numbers kind of impacted by lack of Romeo batteries and they think that they also a valid contract. I am curious if you are hoping any kind of discussions with that party as well?

偉大的。然後對於我的後續行動，我沒有在評論中聽到，你能向我們介紹一下與前羅密歐客戶 Lion 的最新情況以及與他們的討論進展情況嗎？聽起來他們似乎有一份獲得羅密歐電池的有效合同。您是否預計在未來五六年內必須向他們提供他們最終要求的電池，或者現金支付退出合同？其次，聽起來好像有第二家公司挺身而出。他們的第四季度數據受到 Romeo 電池不足的影響，他們認為他們的合同也是有效的。我很好奇你是否也希望與該黨進行任何形式的討論？

So, Mike, without going over the details because we are in arbitration with respect to Romeo. And we understand in terms of their filing that they believe that certain provisions with respect to purchase agreement has been breached. We disagree. So, we are working through that. But as you know even before our purchase of Romeo, Lion has always communicated to Romeo that they intend to purchase -- to actually build their own battery pack and modules. In fact, on December 21, 2022, they actually announced that they have actually produced their first modules and packs in Canada. And that they intend to go into production starting in Q1 -- late Q1 of 2023 and continue to expand their production volume. So, that was always the understanding. And so, we believe we will be able to work through this. We don't believe there will be any long-term consequences there.

因此，Mike，無需詳細說明，因為我們正在就 Romeo 進行仲裁。我們從他們提交的文件中了解到，他們認為有關購買協議的某些規定已被違反。我們不同意。所以，我們正在努力解決這個問題。但正如您所知，甚至在我們購買 Romeo 之前，Lion 一直與 Romeo 溝通他們打算購買的信息——實際構建他們自己的電池組和模塊。事實上，在 2022 年 12 月 21 日，他們實際上宣布他們實際上已經在加拿大生產了他們的第一個模塊和包。他們打算從第一季度開始投產——2023 年第一季度末，並繼續擴大產量。所以，這始終是理解。因此，我們相信我們將能夠解決這個問題。我們不相信那裡會有任何長期後果。

And we have always made it clear at the time of Romeo acquisition when we announced that we do not intend to be in merchant battery pack business. With respect to the other party that you have alluded, there are substantial disagreement in terms of our view and they are entitled to. As you should know that many of or some of these claims were related to product packs. And right now, there are disagreements with respect to what's the understanding of those product packs. But once again, we are not concerned. We believe we will be able to address all of those issues.

我們在收購 Romeo 時一直明確表示我們不打算從事商用電池組業務。關於你提到的另一方，我們的觀點存在重大分歧，他們有權這樣做。正如您應該知道的那樣，這些索賠中的許多或部分與產品包裝有關。現在，對於這些產品包的理解存在分歧。但再一次，我們並不擔心。我們相信我們將能夠解決所有這些問題。

Our final question is from Winnie Dong with Deutsche Bank.

我們的最後一個問題來自德意志銀行的 Winnie Dong。

I was wondering if you can give us a sense of where you are tracking with the $505k in cost saving for battery not just in packs? And is the reduction is more or less steady throughout the year? Is that something primarily to benefit Q4? And I have a quick follow-up as well.

我想知道您是否可以讓我們了解您通過節省 50.5 萬美元的電池成本（而不僅僅是電池組）跟踪到哪裡？全年的減少量是或多或少穩定的？這主要是為了使第四季度受益嗎？我也有一個快速跟進。

Winnie, great question, I think what we have stated is that we believe we can actually take $100,000 approximately in terms of cost for modules and packs. We have already achieved about a third of that, and then, additional labor savings will come through once we integrate into our Coolidge facility at some time in late Q2 or early Q3. So, those savings will be through second-half of this year, and then ultimately the bill of material savings with enclosures will likely happen towards late third quarter and Q4. We have already what we call, kind of sample packs in terms of what we have received in casting. Obviously there will be validation that will be required, but we know the numbers based on the quotes we have, and the volume that we are expecting, the cost that we will be able to save as we transition from machined billet to casting.

Winnie，問得好，我認為我們所說的是我們相信我們實際上可以在模塊和包的成本方面花費大約 100,000 美元。我們已經實現了大約三分之一，然後，一旦我們在第二季度末或第三季度初的某個時間整合到我們的 Coolidge 設施中，就會節省更多的勞動力。因此，這些節省將持續到今年下半年，然後最終可能會在第三季度末和第四季度通過外殼節省材料清單。我們已經有了我們所說的，根據我們在鑄造中收到的樣品包。顯然需要進行驗證，但我們知道基於我們所擁有的報價的數字，以及我們預期的數量，以及我們在從機加工坯料過渡到鑄造時能夠節省的成本。

Got it. That's very helpful. And then, apologies if I missed it earlier, on the outlook for the 300 units, the midpoint for Tre BEVs, what percentage of that do you anticipate ultimately ending up in customer hands? And it is sort of more than double than what was been delivered to dealers in 2022? So, maybe can you give us a sense of what visibility you have to -- and customer demand now, and then maybe some examples of how -- what your commercial team is doing to better engage customers?

知道了。這很有幫助。然後，如果我之前錯過了它，請道歉，關於 300 輛的前景，即 Tre BEV 的中點，您預計其中有多少最終會落入客戶手中？它比 2022 年交付給經銷商的數量多了一倍多？那麼，也許您能否讓我們了解您必須擁有什麼樣的知名度 - 以及客戶現在的需求，然後也許可以舉例說明 - 您的商業團隊正在做什麼以更好地吸引客戶？

Yes, great point. I mean, first of all, what are we doing differently, also now on the commercial side, I mean, first of all, we have very experienced truck people, we also have many more sales people in place. We hired more than nine people. Additionally, we have very good regional steering now. We also did a lot of training with our dealers and customers, because selling zero-emission mobility is the new thing. It's also sometimes more time-consuming for everybody. We have many more offers on the infrastructure in place. We have many financial products in place. And we have more customers experiencing our truck, and that's the key, because our customers need to see the truck, need to experience the truck, the drivers are very enthusiastic about this. So, that's a flavor of what we are doing.

是的，很重要。我的意思是，首先，我們在做什麼不同，現在在商業方面，我的意思是，首先，我們有非常有經驗的卡車人員，我們也有更多的銷售人員。我們僱用了九個人以上。此外，我們現在有非常好的區域指導。我們還對經銷商和客戶進行了大量培訓，因為銷售零排放機動性是新事物。有時對每個人來說也更耗時。我們有更多關於基礎設施的優惠。我們有很多金融產品。而且我們有更多的客戶體驗我們的卡車，這是關鍵，因為我們的客戶需要看到卡車，需要體驗卡車，司機對此非常熱情。所以，這就是我們正在做的事情。

In terms of what percentage will go to end customers, basically we think now that we have a very good level of inventory, actually it will have to come down. And what we are now invoicing to the dealers will go to retail customer, actually I believe more, because we need to reduce the level of inventory, and we have given the guidance for the first quarter. I also said, just to repeat it, that we will see more progress in the second and third quarter of the year, because the fourth quarter is all about the launch of the fuel cell truck. And I want to make sure that we are laser-focused on this. So, expect to see some improvements in the second and third quarter of the year.

就最終客戶的百分比而言，基本上我們認為現在我們的庫存水平非常好，實際上它必須下降。而我們現在開給經銷商的發票會轉到零售客戶，實際上我相信更多，因為我們需要降低庫存水平，我們已經給出了第一季度的指導。我還說過，再重複一遍，我們將在今年第二和第三季度看到更多進展，因為第四季度都是關於燃料電池卡車的推出。我想確保我們專注於此。因此，預計今年第二和第三季度會有所改善。

Thank you. I would now like to hand the call back over to Dhillon for shareholder questions.

謝謝。我現在想將電話轉回給 Dhillon 以詢問股東問題。

Thank you, Operator. Our first question comes from Ali. Ali asks, does Nikola have adequate cash to sustain operations and continue development into 2023? Kim?

謝謝你，運營商。我們的第一個問題來自阿里。阿里問，尼古拉是否有足夠的現金來維持運營並繼續發展到 2023 年？金？

Ali, thanks for your question. We believe we maintain adequate access to capital to fund our business operations in 2023. As of December 31, 2022, our total access to capital was approximately $942.8 million. The midpoint of our guidance implies approximately $635 million in cash spend in 2023, including gross loss from truck sales, R&D, SG&A, net of stock compensation, and capital expenditures. We have demonstrated that we can access to capital markets, and believe we can continue to do so in 2023.

阿里，謝謝你的問題。我們相信，我們在 2023 年保持充足的資本渠道為我們的業務運營提供資金。截至 2022 年 12 月 31 日，我們的資本總額約為 9.428 億美元。我們的指引中點意味著 2023 年的現金支出約為 6.35 億美元，包括卡車銷售、研發、SG&A 的毛虧損，扣除股票補償和資本支出。我們已經證明我們可以進入資本市場，並相信我們可以在 2023 年繼續這樣做。

Thank you, Kim. The second question comes from Bernard. Bernard asks, where is Nikola at in the 1.3 billion Department of Energy loan process? Has the government given Nikola any indication regarding acceptance or not, since you invited the Phase 2 of the process?

謝謝你，金。第二個問題來自伯納德。伯納德問，尼古拉在能源部 13 億美元的貸款過程中處於什麼位置？自從您邀請了流程的第 2 階段以來，政府是否向 Nikola 提供了有關接受與否的任何指示？

Michael, would you like to take this one?

邁克爾，你想要這個嗎？

Sure. Bernard, thanks for your question. We have been fully engaged with the Department of Energy on completing the requirements for Phase 2. We anticipate completing the submission for Phase 2 in the coming months. The loan program office process has multiple steps, and we cannot predict when a decision will be made. We will continue working closely with the Department of Energy Loan Program Office, and responding to their feedback, and of course we'll update you and all shareholders when we are able to share our progress.

當然。伯納德，謝謝你的問題。我們已與能源部充分合作，完成第 2 階段的要求。我們預計在未來幾個月內完成第 2 階段的提交。貸款項目辦公室流程有多個步驟，我們無法預測何時會做出決定。我們將繼續與能源部貸款計劃辦公室密切合作，並回應他們的反饋，當然，當我們能夠分享我們的進展時，我們會向您和所有股東通報最新情況。

Thank you, everybody for joining our earnings call today. We are excited about 2023, and what we will accomplish during this important year. I want to reiterate again; we will make improvements on the path. This year is very much the year of the launch of the fuel cell truck, which will happen in the second-half of this year, and we are excited about the opportunities on the energy side of the business. As I said in my first comment, Nikola is much more than the truck company.

謝謝大家今天參加我們的財報電話會議。我們對 2023 年以及我們將在這一重要年份取得的成就感到興奮。我想再次重申；我們將在道路上進行改進。今年是燃料電池卡車推出的一年，將在今年下半年推出，我們對業務能源方面的機會感到興奮。正如我在第一條評論中所說，尼古拉不僅僅是一家卡車公司。

With that, thank you for joining, and have a wonderful day, everybody. Bye-bye.

有了這個，感謝您的加入，祝大家度過美好的一天。再見。

Thank you. This will conclude today's conference. You may disconnect your lines at this time. And thank you for your participation.

謝謝。今天的會議到此結束。此時您可以斷開線路。感謝您的參與。