Nikola Corp (NKLA) 2023 Q1 法說會逐字稿

Good morning, and welcome to Nikola Corporation First Quarter 2023 Earnings and Business Update Call. We'll 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. It is my pleasure to introduce Dylan Sanyo from Investor Relations.

早上好，歡迎來到 Nikola Corporation 2023 年第一季度收益和業務更新電話會議。我們將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。我很高興從投資者關係部介紹 Dylan Sanyo。

Thank you, operator, and good morning, everyone. Welcome to Nikola Corporation's First Quarter 2023 Earnings and Business Update Call. Joining me today are Michael Lohscheller, Chief Executive Officer; Stasy Pasterick, Chief Financial Officer; and Cary Mendes, President of Energy. A press release detailing our financial and business results was distributed earlier this morning. The release can be found on the Investor Relations section of our website, along with presentation slides accompanying today's call. 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 Q1 earnings press release we issued today. Today's discussions also include forward-looking statements about our future expectations and plans.

謝謝接線員，大家早上好。歡迎來到尼古拉公司 2023 年第一季度收益和業務更新電話會議。今天加入我的是首席執行官 Michael Lohscheller； Stasy Pasterick，首席財務官；和能源總裁 Cary Mendes。今天上午早些時候發布了一份詳細介紹我們財務和業務結果的新聞稿。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。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一季度收益新聞稿的末尾找到。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。

Actual results may differ materially from those stated, and some factors that could cause actual results to differ are also explained at the end of today's earnings press release and on Page 2 of our earnings call deck and also in our filings with the SEC. Forward-looking statements speak only as of the date on which they are made. You are cautioned not to put undue reliance on forward-looking statements. After the video presentation, Michael and Stasy will give their prepared remarks, followed by analyst Q&A. We will conclude with questions from our shareholders. Please begin the video presentation. Thank you.

實際結果可能與所述結果大不相同，今天的收益新聞稿末尾、我們的收益電話會議第 2 頁以及我們提交給美國證券交易委員會的文件中也解釋了一些可能導致實際結果不同的因素。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。視頻演示結束後，Michael 和 Stasy 將發表他們準備好的評論，然後是分析師問答環節。我們將以股東的問題作為結尾。請開始視頻演示。謝謝。

(presentation)

（推介會）

Thank you, Dhillon, and good morning, everyone. Again, welcome to our first quarter 2023 earnings call. During the call, we will update you on our truck programs and energy business, and of course, Stasy will cover our financials. Before hopping into this, I want to let you know one thing. Nikola is the real deal. We have real trucks that are being ordered, delivered and operating and customer fleets now. We have world-class software and technology and elegant zero emissions products, decarbonizing the high-polluting commercial transportation market.

謝謝你，Dhillon，大家早上好。再次歡迎來到我們 2023 年第一季度的財報電話會議。在通話期間，我們將向您介紹我們的卡車計劃和能源業務，當然，Stasy 將負責我們的財務。在進入這個之前，我想讓你知道一件事。尼古拉是真正的交易。我們現在有正在訂購、交付和運營的真實卡車和客戶車隊。我們擁有世界一流的軟件和技術以及優雅的零排放產品，為高污染的商業運輸市場脫碳。

We are building a real hydrogen business via our HYLA brand with solutions for the entire ecosystem, production, supply and refueling. We recently signed a deal with Voltera for up to 50 refueling stations are advancing progress with HYLA mobile fuelers, and are moving forward on the Phoenix Hydrogen Hub in Arizona. We are doing these things at a time when governments are offering incentives for transitioning to zero emissions now and introducing regulations requiring the transition in the near future. We think we are the best positioned company to spearhead the zero emission transition and accelerate the hydrogen economy with our trucks consuming our hydrogen fuel on the highway. So with that in mind, let's get started. 

我們正在通過我們的 HYLA 品牌打造真正的氫能業務，為整個生態系統、生產、供應和加油提供解決方案。我們最近與 Voltera 簽署了一項協議，最多 50 個加氫站正在推進 HYLA 移動加油站的進展，並正在亞利桑那州的鳳凰城氫中心推進。我們正在做這些事情的時候，政府正在為現在向零排放過渡提供激勵措施，並在不久的將來出台要求過渡的法規。我們認為我們是引領零排放轉型和加速氫經濟的最佳公司，我們的卡車在高速公路上消耗我們的氫燃料。因此，考慮到這一點，讓我們開始吧。

The last few years at Nikolas, we have been laying a foundation. This foundation allowed us to gain many skills, great technology, great products, great people and a bit of humility as we hit some speed bumps along the way. But the strong spirit of the company remained constant. With this foundation and spirit comes one thing, focus. Focus on our mission to pioneer solutions for a zero emissions world. Let me lay it out very plainly. The future of Nikola is hydrogen. Hydrogen with our HYLA Energy brand, together with our Class 8 hydrogen fuel cell truck. And for more efficiency, integrated autonomous technology, software and vehicle controls in our purpose-built trucks. Our market, North America, that's it. With that focus comes important decisions. Part of the plan for the new and refocused Nikola is to be geographically focused on the North American market.

在尼古拉斯的最後幾年，我們一直在奠定基礎。這個基礎讓我們獲得了許多技能、偉大的技術、偉大的產品、偉大的人和一點謙遜，因為我們一路上遇到了一些減速帶。但公司的強大精神始終如一。有了這個基礎和精神，一件事就是專注。專注於我們為零排放世界開創解決方案的使命。讓我非常清楚地說明一下。尼古拉的未來是氫。我們的 HYLA Energy 品牌的氫氣，以及我們的 8 級氫燃料電池卡車。為了提高效率，我們在專用卡車中集成了自主技術、軟件和車輛控制。我們的市場，北美，就是這樣。有了這種關注，就會做出重要的決定。新的和重新定位的尼古拉計劃的一部分是在地理上專注於北美市場。

The United States is a leader in the energy transition with revolutionary federal incentives, such as the inflation reduction Act in many states like California, New Jersey and New York, offering both truck and fueling incentives. California is also mandating 0 emissions vehicles through the advanced clean fleet rule, establishing targets for drainage fleets, government fleets and fleets over 50 vehicles. Beginning January 1, 2024, only zero emission trade trucks may register in the CARB online system. All drayage trucks entering seaports and intermodal rail yards would be required to be zero emissions by 2035. 

美國是能源轉型的領導者，具有革命性的聯邦激勵措施，例如加利福尼亞州、新澤西州和紐約州等許多州的通貨膨脹減少法案，提供卡車和加油激勵措施。加州還通過先進的清潔車隊規則強制要求零排放車輛，為排水車隊、政府車隊和超過 50 輛車輛的車隊設定目標。從 2024 年 1 月 1 日開始，只有零排放貿易卡車可以在 CARB 在線系統中註冊。到 2035 年，所有進入海港和聯運鐵路站場的拖運卡車都必須實現零排放。

As part of this transition, we are selling our stake in the European joint venture to IVECO. This will reduce Nikola's cash spend and capital commitments and allow us to dedicate our resources to the task at hand in North America. IVECO is and will remain an important partner and key supplier for Nikola. IVECO will also maintain a substantial stake in Nikola and continue to cheer for us in our long-term success. We are grateful for the partnership and expertise we have gained and look forward to continuing our work with them. As we get our fuel cell truck ready for production, we are pausing production of our battery electric truck. The battery electric truck is a great product, and its development has allowed us to create many of the critical components and software systems that we can apply to the hydrogen fuel cell truck. We have sufficient inventory of battery electric trucks for our customers, and when production resumes this July, the battery electric will be built to order at our facility in Coolidge, Arizona, to better align with our capital allocation plans and improve working capital. 

作為這一過渡的一部分，我們將把我們在歐洲合資企業的股份出售給依維柯。這將減少 Nikola 的現金支出和資本承諾，並使我們能夠將資源用於北美手頭的任務。依維柯現在是並將繼續是尼古拉的重要合作夥伴和主要供應商。依維柯還將持有 Nikola 的大量股份，並繼續為我們的長期成功加油。我們感謝我們所獲得的合作夥伴關係和專業知識，並期待繼續與他們合作。當我們準備好生產燃料電池卡車時，我們將暫停電池電動卡車的生產。純電動卡車是一個偉大的產品，它的發展使我們能夠創造出許多可以應用於氫燃料電池卡車的關鍵部件和軟件系統。我們有足夠的電池電動卡車庫存供客戶使用，當今年 7 月恢復生產時，電池電動卡車將在我們位於亞利桑那州柯立芝的工廠按訂單生產，以更好地配合我們的資本分配計劃並改善營運資金。

I am confident to say we have best-in-class products and no other company can do what we have set out to do. This direction is exciting for all of us. We are creating an ecosystem that will allow Nikolas customers to own a hydrogen fuel cell, zero emission truck and with HYLA fuel their truck with readily available hydrogen. It has already started. The U.S. and Canada have put themselves on the forefront of hydrogen production and the countries and states or provinces have created incentives to make it possible to dedicate all of our efforts to capture a sizable share of the commercial trucking market as well as a quickly growing hydrogen infrastructure business.

我可以自信地說，我們擁有一流的產品，沒有其他公司可以做到我們的目標。這個方向對我們所有人來說都是令人興奮的。我們正在創建一個生態系統，使 Nikolas 客戶能夠擁有氫燃料電池、零排放卡車，並使用 HYLA 為他們的卡車提供現成的氫燃料。它已經開始了。美國和加拿大已將自己置於氫氣生產的前沿，這些國家和州或省已製定激勵措施，使我們有可能竭盡全力在商業卡車運輸市場以及快速增長的氫氣市場中佔據相當大的份額基礎設施業務。

The upside potential on both businesses is virtually unlimited. And we are well on our way to making it happen. Nikola fuel cell trucks are in heavy testing, along with HYLA hydrogen mobile fuelers, all of which will be available to customers later this year. Autonomous technology with our PLUS.ai partner is being tested today on the battery electric truck and will be available next year with availability on the fuel cell following shortly afterward. It is truly amazing to see what this technology does to the trucking experience, improving safety, easing stress for the driver and adding even more energy efficiency to each trip. 

這兩項業務的上升潛力幾乎是無限的。我們正在努力實現這一目標。 Nikola 燃料電池卡車以及 HYLA 氫移動燃料車都在進行大量測試，所有這些都將在今年晚些時候提供給客戶。我們的 PLUS.ai 合作夥伴的自主技術今天正在電池電動卡車上進行測試，並將於明年推出，隨後不久將在燃料電池上推出。看到這項技術對卡車運輸體驗的影響，提高安全性，減輕駕駛員壓力並為每次旅行增加更多能源效率，真是令人驚嘆。

We have made changes to our business as well. We have a new CFO, a revised sales organization, a more focused board and have transitioned out or promoted the right people to the right positions. We have new partnerships and have continued progress with our previously announced partners. On the energy side, especially recently announcing our joint development with Voltera to create the largest North American open network of commercial hydrogen refueling stations. And we have a stronger sales, commercial and service network with new dealerships and sales people eager to sell our trucks and energy solutions. Our employees and team members, including everyone listening in on this call are our focus. We are all in making this happen together. What does this mean? The future looks bright if we do, as we say, build and sell trucks, continue constructing the HYLA business and drive costs down. There is no doubt we can be successful. 

我們也對我們的業務進行了更改。我們有一個新的首席財務官，一個修改後的銷售組織，一個更專注的董事會，並且已經將合適的人調離或提拔到合適的職位。我們建立了新的合作夥伴關係，並與我們之前宣布的合作夥伴不斷取得進展。在能源方面，尤其是最近宣布我們與 Voltera 聯合開發，以創建北美最大的商業加氫站開放網絡。我們擁有更強大的銷售、商業和服務網絡，新經銷商和銷售人員渴望銷售我們的卡車和能源解決方案。我們的員工和團隊成員，包括所有收聽此次電話會議的人，都是我們關注的焦點。我們都在共同實現這一目標。這是什麼意思？如果我們像我們所說的那樣製造和銷售卡車，繼續建設 HYLA 業務並降低成本，那麼未來看起來一片光明。毫無疑問，我們可以成功。

Beginning with our energy business. On May 2, we announced the execution of definite documentation with Voltera Power, a subsidiary of EQT, one of the largest clean infrastructure funds to develop the refueling infrastructure required to support Nikolas hydrogen fuel cell electric vehicles. We plan to develop up to 50 stations with Voltera throughout North America over the next 5 years. Voltera intends to supply the capital for the station cost as well as operating the stations. Nikola will provide the hydrogen fuel and the technical expertise for the station construction. And the stations are expected to provide both hydrogen refueling and electric charging for Class 8 trucks.

從我們的能源業務開始。 5 月 2 日，我們宣布與 EQT 的子公司 Voltera Power 簽署明確文件，EQT 是最大的清潔基礎設施基金之一，旨在開發支持 Nikolas 氫燃料電池電動汽車所需的加油基礎設施。我們計劃在未來 5 年內與 Voltera 在整個北美開發多達 50 個站點。Voltera 打算為站點成本和站點運營提供資金。尼古拉將為電站建設提供氫燃料和技術專長。預計這些加油站將為 8 級卡車提供氫氣加註和充電服務。

We have made significant progress on the Phoenix Hydrogen Hub, recently receiving unanimous approval from the city of Buckeye on our general plan amendment and rezoning applications and continue to progress on ordering long lead time equipment. In addition to the progress made on the Phoenix Hydrogen Hub, we continue to work on completing Phase 2 of the Department of Energy Loan Program Office application process and work closely with Fortescue Future Industry on the co-development of large-scale U.S. green hydrogen production facilities across North America. We believe these 2 strategic partnerships, along with the many others announced over the last several months, further validate our business strategy to be capital efficient and prove the demand for financial partners in the build-out of our hydrogen refueling ecosystem.

我們在 Phoenix Hydrogen Hub 上取得了重大進展，最近獲得了 Buckeye 市對我們的總體規劃修改和重新分區申請的一致批准，並在訂購長交貨期設備方面繼續取得進展。除了在 Phoenix Hydrogen Hub 取得的進展外，我們繼續致力於完成能源部貸款計劃辦公室申請流程的第二階段，並與 Fortescue Future Industry 密切合作共同開髮美國大規模綠色氫生產北美各地的設施。我們相信，這兩個戰略合作夥伴關係以及過去幾個月宣布的許多其他合作夥伴關係，進一步驗證了我們的業務戰略以提高資本效率，並證明了在我們的加氫生態系統建設中對金融合作夥伴的需求。

The most critical component for early adoption, we believe our flexible fueling solutions. We believe mobile fueling will be an important part of our business moving forward as we look to provide customers with refueling while at the same time, remaining capital-efficient and matching fuel cell truck network fueling demand. We are pleased to announce to date we have commissioned 4 HYLA hydrogen mobile fuelers. During the quarter, we announced our partnership with Chart Industry, which includes collaboration for the development of new mobile fuelers and modular hydrogen refueling stations. We have also signed agreements for additional mobile fuelers from other third-party partners, including Taylor Wharton. Mobile fueling solutions can be rapidly deployed in any geography and with lower capital requirements than permanent station infrastructure. Mobile fuelers and modular stations allow us to match the hydrogen fueling requirements in geographies as trucks are introduced into the area. 

早期採用的最關鍵組件，我們相信我們靈活的加油解決方案。我們相信移動加油將成為我們業務發展的重要組成部分，因為我們希望為客戶提供加油服務，同時保持資本效率並滿足燃料電池卡車網絡加油需求。我們很高興地宣布，迄今為止，我們已經委託了 4 個 HYLA 氫移動燃料加註器。在本季度，我們宣布了與 Chart Industry 的合作夥伴關係，其中包括合作開發新型移動加油站和模塊化加氫站。我們還與包括 Taylor Wharton 在內的其他第三方合作夥伴簽署了額外的移動加油站協議。移動加油解決方案可以在任何地區快速部署，並且比永久加油站基礎設施的資本要求更低。移動加油站和模塊化加油站使我們能夠在卡車進入該地區時滿足該地區的氫氣加油要求。

In our hydrogen fuel cell program, we remain on track to deliver trucks to customers later this year. We are currently building 10 gamma trucks. Gamma trucks will be used for customer pilot testing and to finalize vehicle validation. As of today, we have completed the first 2 trucks and are in the process of finishing the next 4 trucks. The remaining 4 will be built and commissioned by the end of June. Pilot fleets include Biagi, Walmart, Linde and AGR Trucking, the leading carrier for the United States Postal Service, who recently announced an order for 50 trucks.

在我們的氫燃料電池計劃中，我們仍有望在今年晚些時候向客戶交付卡車。我們目前正在建造 10 輛伽瑪卡車。 Gamma 卡車將用於客戶試點測試並完成車輛驗證。截至今天，我們已經完成了前 2 輛卡車，並正在完成接下來的 4 輛卡車。其餘 4 艘將於 6 月底建成並投入使用。試點車隊包括 Biagi、沃爾瑪、林德和 AGR Trucking，後者是美國郵政服務的主要承運商，最近宣布訂購 50 輛卡車。

The first production units are anticipated to be built in July. We believe Nikola will be the only company with a production Class 8 hydrogen fuel cell truck available for purchase this year. Our dealers have already received more than 100 orders for the fuel cell truck from end customers. Our commercial team is working diligently to secure additional orders and fill our remaining backlog for 2023 and 2024. The hydrogen fuel cell truck in our energy business will be long-term value creation opportunities for Nikola. We believe we are the best positioned company to take advantage of the massive incentives provided by state and federal governments and can take a significant market share as a first mover in the Class 8 zero emissions vehicle market. 

首批生產裝置預計將於 7 月建成。我們相信 Nikola 將是今年唯一一家生產 8 級氫燃料電池卡車可供購買的公司。我們的經銷商已經從終端客戶那裡收到了 100 多份燃料電池卡車訂單。我們的商業團隊正在努力爭取更多訂單，並填補 2023 年和 2024 年剩餘的積壓訂單。我們能源業務中的氫燃料電池卡車將為 Nikola 帶來長期的價值創造機會。我們相信，我們是最適合利用州和聯邦政府提供的大規模激勵措施的公司，並且可以作為 8 級零排放汽車市場的先行者佔據重要的市場份額。

We are also beginning to build sales momentum with the battery-electric program. During the first quarter, we produced 63 battery-electric trucks delivering 31 to dealers. In the quarter, we achieved 33 retail sales, a significant increase from 2022. Our revamped commercial and sales organization and strengthen the dealer network have improved the go-to-market strategy, and we believe we will continue to improve end customer delivery numbers. This will be made possible through new financing options and providing customers with fully integrated mobility solutions. We believe these positive changes will continue to compound and build momentum as we look to reduce inventory and move trucks into customer hands.

我們還開始通過電池電動計劃建立銷售勢頭。第一季度，我們生產了 63 輛電動卡車，向經銷商交付了 31 輛。本季度，我們實現了 33 筆零售銷售，比 2022 年有了顯著增長。我們改進了商業和銷售組織並加強了經銷商網絡，改進了進入市場的戰略，我們相信我們將繼續提高終端客戶的交付數量。這將通過新的融資方案和為客戶提供完全集成的移動解決方案來實現。我們相信，隨著我們希望減少庫存並將卡車轉移到客戶手中，這些積極的變化將繼續複合並形成勢頭。

And we will continue to provide these battery-electric trucks to customers on a build-to-order basis. In Coolidge, we continue with progress on the Phase 2 assembly expansion hall, which will be complete by the end of Q2. At the end of May, we will temporarily post production in Coolidge as we convert the assembly line to accommodate both the battery electric and hydrogen fuel cell trucks. We will resume production in July as we begin fuel cell production. We also plan to begin battery module and pack manufacturing in Coolidge by July 2023. And we'll begin Bosch fuel cell power module assembly in Coolidge by December 2023. I will now pass it on to our new CFO, Stasy. I am happy to have Stasy joined me on the leadership team. She has great knowledge of our business and her passion for the company is evident in her work. She is off to a flying start and will be a great partner with me and the rest of the leadership team.

我們將繼續以按訂單生產的方式向客戶提供這些電動卡車。在 Coolidge，我們繼續推進第二階段的裝配擴建大廳，該大廳將於第二季度末完工。 5 月底，我們將在 Coolidge 臨時投產，因為我們會轉換裝配線以容納電池電動卡車和氫燃料電池卡車。我們將在 7 月恢復生產，同時開始燃料電池生產。我們還計劃到 2023 年 7 月在柯立芝開始電池模塊和電池組製造。我們將在 2023 年 12 月之前在柯立芝開始組裝博世燃料電池電源模塊。我現在將把它傳遞給我們的新首席財務官 Stasy。我很高興 Stasy 加入我的領導團隊。她非常了解我們的業務，她對公司的熱情在她的工作中顯而易見。她有了一個良好的開端，將成為我和領導團隊其他成員的好夥伴。

Thank you, Michael, and good morning, everyone. I would like to begin by saying I'm thrilled to be Nikola's new CFO, and I'm thankful for your support. In my last 4 years with Nikola, I have the opportunity to develop a deep understanding of the company's operations and financials. By joining the leadership team, alongside Michael and our Board, I am excited to be in a position to make a positive impact on the strategy of our business with a greater focus on financial discipline. I believe Nikola is the leader in Class 8 zero emission transportation and hydrogen economy and can capitalize on the virtually unlimited opportunities in the marketplace. To get that opportunity, we need to navigate a highly challenging macro environment, make the right business decisions and unlock the long-term value of our business and the positive impact Nikola can have on the world. My #1 goal is to align our spend with our strategic priorities, focusing on fuel cell, hydrogen in the North American market. It is critical that we optimize our cost structure, slower cash burn and achieve positive EBITDA by 2025. Now let's review our Q1 results. 

謝謝邁克爾，大家早上好。首先，我想說我很高興成為尼古拉的新首席財務官，我感謝您的支持。在 Nikola 的最後 4 年裡，我有機會深入了解公司的運營和財務狀況。通過加入領導團隊，與邁克爾和我們的董事會一起，我很高興能夠對我們的業務戰略產生積極影響，更加註重財務紀律。我相信尼古拉是 8 級零排放運輸和氫經濟領域的領導者，可以利用市場上幾乎無限的機會。為了獲得這個機會，我們需要應對極具挑戰性的宏觀環境，做出正確的業務決策，釋放我們業務的長期價值，以及 Nikola 可以對世界產生的積極影響。我的第一目標是使我們的支出與我們的戰略重點保持一致，重點關注北美市場的燃料電池和氫氣。到 2025 年優化成本結構、減緩現金消耗並實現正 EBITDA 至關重要。現在讓我們回顧一下第一季度的結果。

During the first quarter, we delivered 31 trucks to dealers and recognized total revenues of $11.1 million. Cost of revenues for the quarter was $44 million, generating a gross loss of approximately $32.9 million or negative 296% versus nearly negative 700% in Q4. This is a substantial improvement attributable to higher delivery volumes, lower inventory costs, specifically related to transitioning out of Cypress, improved inbound freight costs as we manage inventory receipts, while we pivot our manufacturing strategy for battery electric to build to order and improvements in plant and labor overhead cost structure. R&D expenses came in below our Q1 guidance and below Q4 levels at $64.4 million, including $9.1 million in stock-based compensation.

第一季度，我們向經銷商交付了 31 輛卡車，確認總收入為 1110 萬美元。本季度的收入成本為 4400 萬美元，產生的毛虧損約為 3290 萬美元或負 296%，而第四季度的毛虧損接近負 700%。這是一個實質性的改善，歸因於更高的交付量、更低的庫存成本，特別是與從賽普拉斯過渡相關的、在我們管理庫存收據時改善的入站貨運成本，同時我們將我們的電池電動製造戰略轉向按訂單生產和工廠改進和人工間接成本結構。研發費用低於我們第一季度的指導和第四季度的水平，為 6,440 萬美元，其中包括 910 萬美元的股票薪酬。

SG&A expenses came in at the midpoint of our guidance and significantly below Q4 levels, totaling $53.7 million, including $14.7 million of food-based compensation. With the new executive compensation plan and cancellation of remaining market-based RSU awards, we expect the stock compensation run rate to be substantially lower moving forward at roughly $16 million per quarter in the second half of 2023. GAAP net loss for the first quarter totaled $169.1 million, and on a non-GAAP basis, totaled $143.6 million. GAAP net loss per share was $0.31 basic and diluted and on a non-GAAP basis was $0.26 basic and diluted. 

SG&A 費用處於我們指導的中點，大大低於第四季度的水平，總計 5370 萬美元，其中包括 1470 萬美元的食品補償。隨著新的高管薪酬計劃和剩餘的基於市場的 RSU 獎勵的取消，我們預計 2023 年下半年股票薪酬運行率將大幅降低，每季度約為 1600 萬美元。第一季度的 GAAP 淨虧損總計 1.691 億美元，按非公認會計原則計算，總計 1.436 億美元。 GAAP 每股淨虧損基本和稀釋後為 0.31 美元，在非 GAAP 基礎上基本和稀釋後每股虧損 0.26 美元。

Turning to the balance sheet. We ended the quarter with approximately $206.3 million in cash, including $85.2 million of restricted cash. Not included in our Q1 cash balance is $96.5 million of net proceeds we received from the follow-on and direct offerings, which closed in April. The current access to capital is approximately $796 million and is comprised of $206.3 million of cash on the balance sheet, including restricted cash, $243 million available on Tumim ELOCs, $200 million available at ATM, $50 million available of convertible debt and $96.5 million of net proceeds received in April from the follow-on offering. We want to be clear, much of this capital availability is dependent upon additional shares being authorized by our stockholders in June. In registering those shares for the applicable agreements, along with certain other contractual limitations and market conditions, including stock price. In addition to facilities we already have in place, we are vigilantly monitoring opportunities to raise capital, including monetizing the existing assets on our balance sheet. 

轉向資產負債表。本季度結束時，我們擁有約 2.063 億美元的現金，其中包括 8520 萬美元的受限現金。不包括在我們第一季度現金餘額中的是我們從 4 月份結束的後續和直接發售中獲得的 9650 萬美元淨收益。目前可獲得的資金約為 7.96 億美元，包括資產負債表上的 2.063 億美元現金，包括受限現金、Tumim ELOC 可用的 2.43 億美元、ATM 可用的 2 億美元、可轉換債務可用的 5000 萬美元和淨資產 9650 萬美元4 月份從後續發行中收到的收益。我們想明確一點，這種可用資本在很大程度上取決於我們的股東在 6 月份授權的額外股份。在為適用協議註冊這些股份時，以及某些其他合同限制和市場條件，包括股票價格。除了我們已經到位的設施外，我們還在密切關注籌集資金的機會，包括將我們資產負債表上的現有資產貨幣化。

At the end of the quarter, accounts receivable balance was approximately $27.6 million, down by approximately $4 million from Q4 despite higher sales volume. Through April, we have been able to secure $20 million in floor plan facilities, resulting in AR collections of $15.4 million. We know it is important for our customers to have financing available and are working hard to substantially improve our financing options, both on the dealer and retail side to enable sales and faster cash conversion. At the end of Q1, we held approximately $123.6 million in inventory, flat versus Q4 levels. This includes $80 million of finished and WIP inventory, including 152 battery-electric trucks in Coolidge.

本季度末，儘管銷量增加，但應收賬款餘額約為 2760 萬美元，較第四季度減少約 400 萬美元。截至 4 月，我們已經能夠獲得 2000 萬美元的平面圖設施，從而產生 1540 萬美元的 AR 收藏。我們知道，為我們的客戶提供可用融資非常重要，我們正在努力大幅改善我們在經銷商和零售方面的融資選擇，以實現銷售和更快的現金轉換。在第一季度末，我們持有大約 1.236 億美元的庫存，與第四季度持平。這包括 8000 萬美元的成品和 WIP 庫存，包括 Coolidge 的 152 輛電動卡車。

Now that we have sufficient stock inventory, we are adjusting our manufacturing strategy from build to stock to build to order, to improve cash burn and optimize working capital requirements by minimizing raw materials. CapEx for the first quarter totaled approximately $52.3 million and was predominantly spent on Coolidge manufacturing facility expansion, which is now substantially complete. Supplier part tooling for the fuel cell truck, hydrogen production equipment, hydrogen mobile fuelers and the fuel cell power module production line. As Michael said earlier, we are exiting the JV with IVECO in Europe, allowing us to exclusively focus on our most important market, North America. In exchange for our 50% stake in the JV, IVECO will pay Nikola $35 million cash and delivered 20 million shares of our common stock back to Nikola. 

現在我們有足夠的庫存，我們正在調整我們的製造策略，從構建到庫存到構建到訂單，以通過最大限度地減少原材料來改善現金消耗並優化營運資金需求。第一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，該擴建現已基本完成。燃料電池卡車、制氫設備、氫移動燃料加註器和燃料電池功率模塊生產線的供應商零件工具。正如邁克爾早些時候所說，我們將退出與依維柯在歐洲的合資企業，讓我們能夠專注於我們最重要的市場——北美。為了換取我們在合資企業中 50% 的股份，依維柯將向 Nikola 支付 3500 萬美元現金，並將我們的 2000 萬股普通股返還給 Nikola。

By shifting our focus to the North American market, we expect to realize near-term benefit consisting of savings from European development spend, future JV contribution commitments, return of investment from IVECO and being able to utilize the 20 million shares for additional capital raise activities. We see improved sales momentum from our new commercial team and remain focused on hitting our delivery numbers this year. The product mix may shift from battery-electric to hydrogen fuel cell as we see strong demand for that technology. For full year 2023 guidance, it is too early in the year to update as we are working through cost center alignment and prioritization. At this time, full year 2023 guide remains unchanged from the last call. We do have a line of sight to reduce CapEx by at least $20 million by optimizing our manufacturing footprint and being capital efficient on their energy infrastructure.

通過將我們的重點轉移到北美市場，我們希望實現近期收益，包括歐洲開發支出的節省、未來合資企業的貢獻承諾、依維柯的投資回報以及能夠利用 2000 萬股股票進行額外的融資活動.我們看到新的商業團隊的銷售勢頭有所改善，並將繼續專注於今年的交付量。由於我們看到對該技術的強勁需求，產品組合可能會從電池電力轉向氫燃料電池。對於 2023 年全年指南，現在更新還為時過早，因為我們正在努力調整成本中心和確定優先級。目前，2023 年全年指南與上次電話會議保持不變。我們確實希望通過優化我們的製造足跡和提高能源基礎設施的資本效率，將資本支出減少至少 2000 萬美元。

We are also taking a critical look into our operating expenses, and we'll provide an update on our Q2 call in August. In Q2, we expect to deliver 30 to 60 battery-electric trucks for revenues of $10.5 million to $21 million and generate gross margins of negative 240% to 130%. We expect gross margins to continue to improve as we scale our volume throughout the year. Once production commences, we expect the gross margin on the hydrogen fuel cell trucks to be substantially and immediately superior to the battery-electric due to higher ASP and lower bill of material costs. Our goal is to reach gross margin breakeven point by the end of 2024. 

我們也在認真審視我們的運營費用，我們將在 8 月份提供我們第二季度電話會議的最新情況。在第二季度，我們預計將交付 30 至 60 輛電動卡車，收入為 1050 萬至 2100 萬美元，毛利率為負 240% 至 130%。隨著我們全年擴大銷量，我們預計毛利率將繼續提高。一旦開始生產，由於更高的平均售價和更低的材料成本，我們預計氫燃料電池卡車的毛利率將大幅且立即優於電池電動卡車。我們的目標是到 2024 年底達到毛利率盈虧平衡點。

Our estimated R&D for Q2 is in the range of $75 million to $80 million, including $8 million in stock compensation. 2023 R&D expenses are front-loaded due to the beta fuel cell built in Q1, gamma fuel cell built in Q2 and fuel cell validation activities ahead of launch. We expect our R&D run rate to drop by approximately 30% in the second half of the year. SG&A will be in the range of $60 million to $65 million, including $20 million in stock-based compensation expenses. Stock compensation will be higher in Q2 due to the cancellation of the remaining market-based stock awards for executives of $7.2 million and impact of executive retirement of $3.3 million.

我們估計第二季度的研發費用在 7500 萬至 8000 萬美元之間，其中包括 800 萬美元的股票補償。由於第一季度建造的 β 燃料電池、第二季度建造的伽馬燃料電池以及發射前的燃料電池驗證活動，2023 年的研發費用提前。我們預計下半年我們的研發運行率將下降約 30%。 SG&A 將在 6000 萬至 6500 萬美元之間，包括 2000 萬美元的股票補償費用。由於取消了剩餘的 720 萬美元高管基於市場的股票獎勵以及 330 萬美元高管退休的影響，第二季度的股票薪酬將更高。

We anticipate Q2 CapEx to be $45 million, primarily focused on modification of the production line in Coolidge to accommodate the hydrogen fuel cell truck. The fuel cell power module assembly line and fuel cell supplier part tooling. Going forward, we expect our CapEx spending to reduce significantly as we will have the footprint and capacity to build trucks with minimal additional investment. In Q2, we expect the weighted average shares outstanding for the quarter to be approximately $687 million and the total shares outstanding to be approximately $698.5 million. 

我們預計第二季度的資本支出為 4500 萬美元，主要用於改造柯立芝的生產線以適應氫燃料電池卡車。燃料電池功率模塊裝配線和燃料電池供應商零件工裝。展望未來，我們預計我們的資本支出將大幅減少，因為我們將擁有以最少的額外投資製造卡車的足跡和能力。在第二季度，我們預計該季度的加權平均已發行股票約為 6.87 億美元，已發行股票總數約為 6.985 億美元。

Our redefined focus at Nikola will allow us a much lower cash burn as we realign our cost structure. In 2022, our cash burn was approximately $200 million per quarter and $240 million in Q1 of 2023. Q1 cash burn was inflated by almost $40 million of costs related to Cypress separations and severance. This level of cash burn is not sustainable for our business, and we are looking at every option for reductions in spending. We are already beginning to see some progress with April cash burn coming in at $46 million. I am personally driving a renewed focus on aggressive management of all 3 pillars of working capital, cost reduction, specifically payable, inventory procurement and management and of course, cash collection.

當我們重新調整成本結構時，我們在尼古拉重新定義的重點將使我們的現金消耗大大降低。 2022 年，我們每季度的現金消耗約為 2 億美元，2023 年第一季度為 2.4 億美元。第一季度的現金消耗因與 Cypress 分離和遣散費相關的近 4000 萬美元而膨脹。這種程度的現金消耗對我們的業務來說是不可持續的，我們正在尋找減少支出的每一種選擇。我們已經開始看到一些進展，4 月份的現金消耗達到 4600 萬美元。我個人正在推動重新關注對營運資金的所有 3 大支柱的積極管理、降低成本，特別是應付賬款、庫存採購和管理，當然還有現金回收。

We already have a line of sight to achieve approximately $150 million cash burn per quarter, and they're working intently to reduce quarterly cash burn further with targets of $120 million by the end of 2023 and $100 million in 2024. This will take focus to find further opportunities to improve our cash position and show tangible progress towards reaching profitability. Now I will pass it back to Michael for closing remarks.

我們已經有了實現每季度約 1.5 億美元現金消耗的目標，他們正在專心致志地進一步減少季度現金消耗，目標是到 2023 年底達到 1.2 億美元，到 2024 年達到 1 億美元。這將重點關注尋找進一步的機會來改善我們的現金狀況，並在實現盈利方面取得切實進展。現在我將把它傳回給 Michael 作結束語。

Thank you, Stasy. Let me summarize our priorities and how this focus will make Nikola better. We will focus on our hydrogen refueling business in the fuel cell truck in North America. This is where we have clear competitive advantages. We are the first in the market with our hydrogen fuel cell truck and have a leading role with our energy infrastructure. We will change our model to build to order for the battery electric truck and focus on autonomous technologies, which help drivers and fleets. We expect this focus will reduce our cash burn and in turn, help Nikola achieve profitability sooner. By focusing on our strengths, we will continue to increase our sales momentum in both hydrogen fuel cell and battery-electric trucks and capture a meaningful share of the market. This concludes our prepared remarks. Operator, please open the line for analyst questions.

謝謝你，斯塔西。讓我總結一下我們的優先事項以及這種關注將如何使 Nikola 變得更好。我們將專注於北美燃料電池卡車的加氫業務。這是我們具有明顯競爭優勢的地方。我們是市場上第一家推出氫燃料電池卡車的公司，並在我們的能源基礎設施方面發揮著主導作用。我們將改變我們的模式，按訂單生產電池電動卡車，並專注於為司機和車隊提供幫助的自主技術。我們預計這一重點將減少我們的現金消耗，進而幫助 Nikola 更快實現盈利。通過專注於我們的優勢，我們將繼續增加氫燃料電池和電池電動卡車的銷售勢頭，並佔據重要的市場份額。我們準備好的發言到此結束。接線員，請打開分析師問題的線路。

(Operator Instructions) Our first question is from Jeff Kauffman with Vertical Research Partners.

（操作員說明）我們的第一個問題來自 Vertical Research Partners 的 Jeff Kauffman。

I just wanted to follow up on your comment on a line of sight to $150 million cash burn per quarter, $125 million at the end of the year. Could you give us a better feel for what types of programs you have visibility on? And kind of do we -- is it mostly second half where we're going to see some of these adjustments? Or is it going to be more of a constant reengineering throughout this year and the beginning of next year?

我只是想跟進你對每季度 1.5 億美元現金消耗的視線的評論，到年底將達到 1.25 億美元。您能否讓我們更好地了解您對哪些類型的程序具有可見性？我們有點 - 主要是下半年我們會看到其中的一些調整嗎？還是會在今年和明年年初持續進行更多的重新設計？

So to jump in, talking about the cash burn. As I mentioned, we already have made some progress coming in at $45 million in April. And that comparatively, if you look at our monthly average in Q1, which was $75 million, we're doing much better. Still, again, a lot of work to do to get to below $100 million, which is my ultimate goal here. And to get there, it will be really a combination of things. We need to improve truck economics for one, to reduce OpEx, limit CapEx, which we've mentioned briefly in the call. and of course, manage working capital, and that will be critical as we ramp up fuel cell. So a lot of that will come in, in the second half of 2023. Once we get into fuel cell production, really, roughly half of our cash burn will be attributable to working capital. So if we can manage that more effectively by managing your inventory, switching to build to order, making sure we have financing available, then we can drastically improve it.

所以跳進去，談論現金燃燒。正如我所提到的，我們已經取得了一些進展，4 月份的收入為 4500 萬美元。相比之下，如果你看看我們在第一季度的月平均水平，即 7500 萬美元，我們的表現要好得多。不過，要達到 1 億美元以下，還有很多工作要做，這是我的最終目標。要到達那裡，它實際上是多種因素的結合。我們需要提高卡車的經濟性，減少運營支出，限制資本支出，我們在電話會議中簡要提到了這一點。當然，管理營運資金，這對於我們擴大燃料電池來說至關重要。因此，其中很多將在 2023 年下半年出現。一旦我們進入燃料電池生產，實際上，我們大約一半的現金消耗將歸因於營運資金。因此，如果我們能夠通過管理您的庫存、切換到按訂單生產、確保我們有可用的融資來更有效地管理它，那麼我們就可以大大改進它。

Okay. And then just one follow-up, and this is more for the energy business. With the announcements that have been made, moving with the mobile fuelers and the partnership with Voltera, how does this change the economics of the energy business? Does it? Should we just think of the Voltera deal as Nikola not having to put out the money for capital for these stations. In terms of the energy model, how do these recent announcements change anything or do they at all?

好的。然後只是一個跟進，這更多是針對能源業務。隨著已經發布的公告、與移動燃料供應商的合作以及與 Voltera 的合作，這將如何改變能源業務的經濟性？可以？我們是否應該將 Voltera 交易視為 Nikola 不必為這些電台投入資金。就能源模型而言，這些最近的公告如何改變或根本改變了什麼？

Yes, Jeff, it's Carey Mendes here, President of the Energy division. I think we have a very detailed economic model when we look at the energy business and are negotiating with our partners. The Voltera deal, actually, you're absolutely right to release our significant capital burden for us building these stations and partnering with them actually enables us to get a first-mover advantage in this whole ecosystem, right, building the stations, having the mobile theaters. As an energy person with a lot of experience in this, getting a first-mover advantage of infrastructure gives you a leg up on the competition plan and simple. So Voltera has been a great partner on that. The economics of how we've modeled this don't change. What we've negotiated with them is a fair competitive rate. They understand that we are first movers and are partnering with us. So I'd say as we go forward, looking at our model, this relieves the capital burden and the economics don't change.

是的，傑夫，我是能源部門總裁凱里門德斯。當我們審視能源業務並與我們的合作夥伴談判時，我認為我們有一個非常詳細的經濟模型。 Voltera 交易，實際上，你完全正確地釋放了我們建設這些站點的重大資本負擔，並與他們合作實際上使我們能夠在整個生態系統中獲得先發優勢，正確的，建設站點，擁有移動設備劇院。作為一個在這方面有豐富經驗的能源人士，獲得基礎設施的先發優勢可以讓你在競爭計劃中佔據優勢，而且很簡單。所以 Voltera 在這方面一直是一個很好的合作夥伴。我們如何建模的經濟學不會改變。我們與他們商定的是具有公平競爭力的價格。他們了解我們是先行者並與我們合作。所以我想說，隨著我們前進，看看我們的模型，這減輕了資本負擔，經濟也沒有改變。

Our next question is from Bill Peterson with JPMorgan.

我們的下一個問題來自摩根大通的比爾彼得森。

So recently, actually, you were showing both your trucks and presumably having a lot of conversations with fleets. And then you announced the Advanced Clean Fleets. You mentioned that there's more stakes coming, especially in California. But I guess my question is, where are most of your discussions focused on coming out of that concept? Are people really gravitating more towards the fuel cell or be I'm particularly talking about maybe newer fleets that you don't have current arrangements with?

所以最近，實際上，你展示了你的卡車，並且可能與車隊進行了很多對話。然後你宣布了高級清潔艦隊。你提到有更多的賭注即將到來，尤其是在加利福尼亞州。但我想我的問題是，你們的大部分討論都集中在哪些方面？人們真的更傾向於燃料電池，還是我特別談論的是您目前沒有安排的更新車隊？

So first of all, I mean, Expo was a very big show last week. I mean, I was really overwhelmed. I think there were 11,000 people. And we had a very, very good opportunity to discuss all kinds of business topics with our customers. I see a couple of very important trends. So first of all, I mean, zero-emission mobility is coming, right? And the stakes out of California are so obvious. So the level of interest was much, much higher than the year before. In terms of battery electric truck and fuel cell truck, we see still both very relevant for our customers, but it depends on the applications, right?

所以首先，我的意思是，上周世博會是一場非常盛大的展覽。我的意思是，我真的不知所措。我認為有 11,000 人。我們有一個非常非常好的機會與我們的客戶討論各種商業話題。我看到了幾個非常重要的趨勢。所以首先，我的意思是，零排放機動性即將到來，對嗎？加利福尼亞州的利害關係非常明顯。所以興趣水平比前一年高得多。在電池電動卡車和燃料電池卡車方面，我們認為對我們的客戶來說仍然非常相關，但這取決於應用，對吧？

So like the ports in California, they prefer a battery electric truck, and we are happy to continue to produce the battery electric truck, right, while we post now production, but we are happy to build this drug going forward. At the same time, I will say, and that's why I think Nikola is uniquely positioned, there is a very strong interest in the fuel cell truck, right? The range of 500 miles is very competitive, it's best-in-class. And who else is out there in terms of a fuel cell truck now? I mean we produce the fuel cell truck now in July.

所以就像加利福尼亞的港口一樣，他們更喜歡電池電動卡車，我們很高興繼續生產電池電動卡車，正確的，雖然我們現在發布生產，但我們很高興在未來製造這種藥物。同時，我會說，這就是為什麼我認為 Nikola 具有獨特的定位，人們對燃料電池卡車非常感興趣，對吧？ 500 英里的續航里程非常有競爭力，是同類產品中最好的。現在還有誰在燃料電池卡車方面？我的意思是我們現在在 7 月生產燃料電池卡車。

So my takeaway from ACT Expo, yes, there is interest in the battery electric truck, especially for ports. But overall, the topic is really hydrogen and what Carey just mentioned on the infrastructure, that is where most customers will go. And I think you see it in the numbers. I mean, we have 140 firm orders from customers to our dealers. And we're very positively surprised about that because it shows -- and actually, this number is going up kind of on a daily basis. I mean I got the next order this morning. So it shows that people want to have this truck now and don't wait. So I think we see a clear trend in terms of fuel cell and hydrogen.

所以我從 ACT Expo 中得到的結論是，是的，人們對電池電動卡車很感興趣，尤其是在港口。但總的來說，這個話題真的是氫氣，凱里剛才提到的基礎設施是大多數客戶會去的地方。我想你在數字中看到了這一點。我的意思是，我們有 140 個從客戶到經銷商的確認訂單。我們對此感到非常驚訝，因為它表明——實際上，這個數字每天都在上升。我的意思是我今天早上接到了下一個訂單。所以這表明人們現在就想擁有這輛卡車，不要再等了。所以我認為我們在燃料電池和氫方面看到了明顯的趨勢。

Okay. My second question is for Stasy. So you've been in the role here for first one period of time. I guess, how do you think about the options you have looking ahead to raise our capital, any particular purposes, I think you mentioned that there may be some options things you could use, I don't know, on the balance sheet. If you could just maybe elaborate on that? And what options do you have from here given -- and by the way, it's nice to see the cash burn came down. What options do you have going forward?

好的。我的第二個問題是關於 Stasy 的。所以你在這裡擔任這個角色已經有一段時間了。我想，你如何看待你未來籌集資金的選擇，任何特定目的，我想你提到可能有一些你可以使用的選擇，我不知道，在資產負債表上。如果你能詳細說明一下？從這裡你有什麼選擇 - 順便說一下，很高興看到現金消耗減少了。你有什麼選擇？

Obviously, capital rate is very high on the priority list here along with limiting the cash burn for me. And we all know market conditions are very tough right now, but we remain positive. And we have demonstrated ability to raise capital in Q1. We raised $120 million to the existing instruments and also we went out right after the quarter end. And raise additional $100 million through the full-on offering. And obviously, again, in a difficult market, not a lot of companies are able to pull that off. So we remain cautiously optimistic. As far as the remaining access to capital on existing facilities, we've covered is about $500 million. And as you mentioned, we're also exploring other opportunities to raise money, including monetizing the assets that we have. If you look at our balance sheet, we have a lot on our balance sheet in terms of PP&E, land, buildings, things of that nature as well as IP. So we're working on that in parallel to make sure we always have options available, and we'll continue to access capital as needed while cutting costs.

顯然，資本利率在這裡的優先級列表中非常高，同時限制了我的現金消耗。我們都知道目前市場狀況非常艱難，但我們仍然保持樂觀。我們已經展示了在第一季度籌集資金的能力。我們為現有工具籌集了 1.2 億美元，而且我們在季度結束後立即退出。並通過全面發行籌集額外的 1 億美元。顯然，在困難的市場中，沒有多少公司能夠做到這一點。因此，我們保持謹慎樂觀。至於現有設施的剩餘資本，我們已經涵蓋了大約 5 億美元。正如你提到的，我們也在探索其他籌集資金的機會，包括將我們擁有的資產貨幣化。如果你看一下我們的資產負債表，我們的資產負債表上有很多關於 PP&E、土地、建築物、這種性質的東西以及知識產權。因此，我們正在同時進行這方面的工作，以確保我們始終有可用的選擇，並且我們將在削減成本的同時繼續根據需要獲得資金。

Our next question is from Dillon coming with Morgan Stanley.

我們的下一個問題來自狄龍和摩根士丹利。

I wanted to go back to one of the ones that was asked earlier in terms of just, I guess, it ties into the cash burn. But Stasy, you made a comment in terms of still being confident or still targeting a positive EBITDA or breakeven EBITDA outcome by 2025. As we're going through the cost structure, right, and I think this ties into some of the comments you made on the cash burn, but what level of truck production and/or deliveries, I guess, would support that outcome at this point relative to some of your cost reduction actions?

我想回到之前被問到的問題之一，我想，它與現金消耗有關。但是 Stasy，你發表評論說仍然有信心或仍然以積極的 EBITDA 或到 2025 年盈虧平衡的 EBITDA 結果為目標。當我們討論成本結構時，對吧，我認為這與你發表的一些評論有關關於現金消耗，但我猜，相對於您的一些成本削減行動，此時卡車生產和/或交付的水平會支持該結果嗎？

So the way we think about it, one, now that we realign things on everything that we've talked about, we have a better path together to be profitable on EBITDA level by 25%. Step one is we need to make money on the truck. And to do that, we need to reduce our bond costs and primarily on the fuel cell where we have a lot more opportunity to reduce costs because a lot less of the balance all is coming from battery pack and battery sales. and increase our sales volume. So while we haven't given guidance for '24, we expect -- in '24, we at least need to be able to sell from anywhere from 1,000 to 1,500 trucks depending on the mix to breakeven.

因此，我們的思考方式是，第一，既然我們重新調整了我們所討論的一切，我們就有了一條更好的道路，可以在 EBITDA 水平上實現 25% 的盈利。第一步是我們需要在卡車上賺錢。為此，我們需要降低債券成本，主要是在燃料電池方面，我們有更多機會降低成本，因為來自電池組和電池銷售的餘額要少得多。並增加我們的銷量。因此，雖然我們沒有給出 24 年的指導，但我們預計——在 24 年，我們至少需要能夠根據混合情況銷售 1,000 到 1,500 輛卡車，以達到收支平衡。

And that whole would need to close to double in 2025 for us to be able to cover our current level of cash OpEx. Again, I will mention that we're working on our cash OpEx, it will come down as well, but that's currently where we are. No, the only other thing I wanted to mention, obviously, on the fuel cell, we have a lot of opportunity with our pricing. So it's not just reducing the bond where we have a very specific bond reductions that we're working on, but also the pricing, given what Michael talked about, we're going to be first to market. So we have a little bit more pricing power there, and we'll be able to get better margin on fuel cell.

到 2025 年，這一數字將需要接近兩倍，才能滿足我們目前的現金運營支出水平。再一次，我會提到我們正在研究我們的現金運營支出，它也會下降，但這就是我們目前所處的位置。不，我唯一想提的另一件事，顯然，在燃料電池上，我們有我們的定價有很多機會。因此，這不僅僅是減少我們正在努力進行的非常具體的債券削減的債券，而且還包括定價，鑑於邁克爾所說的，我們將首先推向市場。所以我們在那裡有更多的定價權，我們將能夠在燃料電池上獲得更好的利潤。

Okay. And then if I could ask a question on the IVECO partnership as well. Can you just flesh out, I guess, what the endgame looks like in terms of that collaboration with them. I think you still mentioned in the press release you're planning to license the sway kind of framework and technology from them going forward. Does, I guess, the dissolution of the JV opens the door to potentially test out new kind of platforms for your hydrogen fuel cell product. I mean, I'm asking in the context of the market long some concerns or not a cabover truck is the right model for the U.S. or not. So just be curious on your thoughts there.

好的。然後我也可以問一個關於依維柯合作夥伴關係的問題。我想，你能不能充實一下，就與他們的合作而言，殘局是什麼樣子的。我想你在新聞稿中仍然提到你計劃從他們那裡獲得 sway 類型的框架和技術的許可。我猜，合資企業的解散是否為潛在地測試氫燃料電池產品的新型平台打開了大門。我的意思是，我要問的是在市場長期的背景下，一些擔憂是敞篷卡車是否適合美國。因此，請對您的想法感到好奇。

Let me take that, Michael here. So first of all, the partnership with IVECO will obviously continue. I mean IVECO will stay shareholder of Nikola in a meaningful way. We, from the Nikola side will continue to have a supply agreement with IVECO so the cab and also the e-Axle. So in a way, the partnership continues, but in a more focused way. And why does this make so much sense for both partners? I mean it's much better that IVECO does the business in Europe, and we focus here on North America. And with all the positive momentum we have on the fuel cell truck, I also need my engineers here focusing on the fuel cell trucks. So it will actually help both companies to implement much faster because let me tell you in terms of operational experience, sometimes it's not a good idea to have like engineers on the other side of the world with 9-hour time difference.

讓我接受，邁克爾。因此，首先，與依維柯的合作夥伴關係顯然會繼續下去。我的意思是依維柯將以一種有意義的方式保留尼古拉的股東。我們，從尼古拉方面將繼續與依維柯簽訂供應協議，因此駕駛室和電動車橋。因此，在某種程度上，這種夥伴關係仍在繼續，但以一種更有針對性的方式。為什麼這對雙方都有意義？我的意思是依維柯在歐洲開展業務要好得多，而我們在這裡專注於北美。鑑於我們在燃料電池卡車上的所有積極勢頭，我還需要我的工程師在這裡專注於燃料電池卡車。所以它實際上會幫助兩家公司更快地實施，因為讓我根據操作經驗告訴你，有時在世界的另一端有 9 小時時差的工程師並不是一個好主意。

So implementation will be much faster. In terms of your cabover, great point and also they were there at ACT Expo a very good feedback for me. So there are many people who love the cabover, in particular, once they are in the truck. Is it an unusual cabover? Yes, absolutely. And not everybody loves it. But once people are in there, people are actually delighted. They see also our infotainment. So I'm very, very positive about the cabover. But you will sign 1 or 2 customers, and they say, look, we don't like it. And that's okay.

所以實施會快得多。就你的 cabover 而言，很重要，而且他們在 ACT 博覽會上對我來說是一個很好的反饋。所以有很多人喜歡敞篷車，尤其是一旦他們上了卡車。這是一輛不尋常的敞篷車嗎？是的，一點沒錯。並不是每個人都喜歡它。但是一旦人們在那裡，人們實際上很高興。他們還看到我們的信息娛樂。所以我對 cabover 非常非常樂觀。但是你會簽下 1 或 2 個客戶，他們說，看，我們不喜歡它。沒關係。

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。

Well, I want to ask about the HYLA mobile fueler business. I guess the Voltera deal, they'll be paying for the stations out of Voltera's bank account. But the mobile fuelers, are you paying for those for the customers to use as either a bridge or an area where there's no station being developed. As I kind of walked the show, I saw a lot of tanks pages coming down, but it's still a few million dollars, it seems per life unit. So I'm curious who's going to be paying for the -- for each of those HYLA fuelers there.

好吧，我想問問關於 HYLA 移動加油機業務。我猜是 Voltera 的交易，他們將從 Voltera 的銀行賬戶中支付電台費用。但是移動加油站，你是在為那些供客戶使用的橋樑或沒有正在開發的加油站的區域付費嗎？當我走秀時，我看到很多坦克的頁面都下來了，但它仍然是幾百萬美元，似乎每個生命單位。所以我很好奇誰會為那裡的每一個 HYLA 加油站買單。

It's Carey Mendes again. And again, I think this is one area where Nikola's leading the ecosystem here with these mobile theaters. The first one that came out in December, we developed on our own 700 bar pressure, which enables a faster refueling time. We've got 3 more now that we've developed. So, 4 of our own. And then we've got another 16 or so coming for the rest of this year and then more next year. And those are from third-party suppliers, some of which we mentioned in the press release, and Michael talked about Chart Industries being one, Taylor Wharton being another. These will be liquid mobile dealers. We've got good terms with each one of those suppliers in terms of being able to lease those from them.

又是凱莉·門德斯。再一次，我認為這是尼古拉通過這些移動影院引領生態系統的一個領域。第一個於 12 月問世，我們根據自己的 700 巴壓力開發，可以縮短加油時間。現在我們已經開發了 3 個。所以，我們自己的 4 個。然後我們在今年餘下的時間裡還有 16 個左右，明年還會有更多。這些來自第三方供應商，其中一些我們在新聞稿中提到過，Michael 談到 Chart Industries 是其中之一，Taylor Wharton 是另一個。這些將是流動的移動經銷商。我們與這些供應商中的每一個都達成了良好的協議，能夠從他們那裡租賃這些供應商。

And look, the value in these partnerships is they are keen to see greater use of these mobile dealers. So they're being really good partners, and I think we've got good terms with each of them. I think the next question then as this business scales up, I think it is a really profitable business. I think to have these mobile fuelers because stations take a couple of years to build. These mobile fuelers come on stream a lot faster. So we are also looking at, okay, what's the partnership model for those. And I think especially since the inflation Reduction Act, you've seen the Voltera announcement and others, there's a lot of people with solid balance sheets, capital looking to get into the space, take advantage of the various incentives and the fact that we're bringing demand to the market, first off, in hydrogen. So I'm confident that with partners like Chart, Taylor Wharton as well as others that are looking to get into the space, we'll have similar solutions for spreading the capital cost and the risk.

看，這些合作夥伴關係的價值在於他們渴望看到更多地使用這些移動經銷商。所以他們是非常好的合作夥伴，我認為我們與他們每個人的關係都很好。我認為下一個問題是隨著這項業務的擴大，我認為這是一項真正有利可圖的業務。我想擁有這些移動加油站，因為加油站需要幾年時間才能建成。這些移動加油站投產的速度要快得多。所以我們也在研究，好吧，那些的合作模式是什麼。而且我認為特別是自從通貨膨脹減少法案以來，你已經看到了 Voltera 公告和其他人，有很多人擁有穩健的資產負債表，資本希望進入這個領域，利用各種激勵措施以及我們的事實'重新將需求引入市場，首先是氫。因此，我相信與 Chart、Taylor Wharton 以及其他希望進入該領域的合作夥伴一起，我們將有類似的解決方案來分散資本成本和風險。

Okay. But just to clarify, the customer is not going to be paying. The person was job in the vehicle that end user is not paying for the mobile fueler at their location

好的。但需要澄清的是，客戶不會付款。此人在車輛中工作，最終用戶未在其所在位置為移動燃料加註器付費

Yes. No, good clarification question. At the end of the day, the mobile fueler is a cost as part of dispensing hydrogen. So we will be building it into our economics, just like a station, a mobile fueler is a temporary station in a way. And so the customer, ultimately, the sales price we have will reflect that.

是的。不，很好的澄清問題。歸根結底，移動燃料加註器是分配氫氣的一部分成本。所以我們將把它融入我們的經濟，就像一個車站，移動加油站在某種程度上是一個臨時車站。因此，客戶最終會反映我們的銷售價格。

And then I wanted to clarify the plan for the Tre BEV going forward. You mentioned you've been doing this on a build-to-order basis. I guess I'm not sure what that means. So you no longer have dealer inventories once the current ones are depleted, but you have to kind of shut down production entirely accolade once you change over to the fuel cell to kind of make a small orders. We have enough volumes to keep at least one line running with the Tre BEV? I'm just kind of curious how many trades are in the mix going forward and how that might affect your production process.

然後我想澄清一下 Tre BEV 的未來計劃。你提到你一直在按訂單生產。我想我不確定那是什麼意思。因此，一旦當前庫存耗盡，您將不再擁有經銷商庫存，但一旦您轉而使用燃料電池進行小額訂單，您就必須完全停止生產。我們有足夠的產量來維持至少一條生產線使用 Tre BEV？我只是有點好奇未來會有多少交易，以及這將如何影響您的生產過程。

Michael, happy to clarify this. I mean first of all, we paused battery electric production at the end of May. Why did we do that? Because we launched a fuel cell truck in July. And with all the experience we have, it's important that the factory line has time for training, preparation and that's exactly what we do. At the same time, we have inventory available on our side to be precise, 152 trucks. So that is inventory now we wanted to obviously move to our dealers and then to end customers. So therefore, we will pause the battery-electric production. And then once we see the orders coming through, we will resume battery-electric production. But I think it's also fair to say the level of inventory is a little higher than we would like to have it. So I mean, we basically have 2 advantage out of these production post. But again, we will continue to produce a battery-electric truck once we have the order level.

邁克爾，很高興澄清這一點。我的意思是，首先，我們在 5 月底暫停了電池電力生產。我們為什麼這樣做？因為我們在 7 月份推出了燃料電池卡車。憑藉我們擁有的所有經驗，工廠生產線有時間進行培訓和準備非常重要，而這正是我們所做的。同時，我們這邊有庫存，準確地說，是 152 輛卡車。所以這就是我們現在顯然想轉移到我們的經銷商然後轉移到最終客戶的庫存。因此，我們將暫停電池電力生產。然後，一旦我們看到訂單通過，我們將恢復電池電力生產。但我認為也可以公平地說庫存水平略高於我們希望擁有的水平。所以我的意思是，我們基本上在這些生產崗位上有 2 個優勢。但同樣，一旦我們有了訂單水平，我們將繼續生產電池電動卡車。

Just to clarify, I just want to order 2 trucks, 2 battery electric trucks, let's say, next year? Do they have to -- do you have to shut everything down just to make those 2 trucks? Will they be the just inserted into the line of the few cell trucks? And how will it happen once you run inventory and you have to build some more or 2 at a time?

澄清一下，我只想訂購 2 輛卡車，2 輛電池電動卡車，比方說，明年？他們是否必須 - 您是否必須關閉所有東西才能製造那兩輛卡車？他們會是剛剛被插入到為數不多的移動卡車隊伍中的嗎？一旦你運行庫存並且你必須一次構建更多或 2 個，它會如何發生？

Yes. No, great point, but it's very clear. So we have the capabilities to produce both trucks on our line. So battery electric truck and fuel cell truck can be produced on exactly the same manufacturing line. That is actually also what we set up. So whatever the customer then wants to have, let's say, at the end of this year or next year, we will be able to produce, but we will do it on an order basis because, obviously, the working capital is high. We need to bring this down, optimize our cash burn, what we discussed. But no, very clear, our production line can produce both trucks, the battery electric and the fuel cell truck.

是的。不，很好，但是很清楚。所以我們有能力在我們的生產線上生產這兩種卡車。所以電池電動卡車和燃料電池卡車可以在完全相同的生產線上生產。這實際上也是我們設置的。因此，無論客戶想要什麼，比方說，在今年年底或明年，我們都可以生產，但我們將按訂單生產，因為很明顯，營運資金很高。我們需要降低這種情況，優化我們討論的現金消耗。但是不，很清楚，我們的生產線可以生產卡車，電池電動卡車和燃料電池卡車。

Our next question is from Winnie Dong with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Winnie Dong。

First question is on one of the Q1 results. Can you provide a bridge to the Q1 gross margin has improved quite a bit sequentially. But what are the drivers for the more negative margin versus the guidance expectation? And then if you can also reiterate sort of the bridge to the full year gross margin guide as well in the near term.

第一個問題是關於第一季度的一個結果。你能為第一季度的毛利率提供一個橋樑嗎？但是，與指導預期相比，負利潤率更高的驅動因素是什麼？然後，如果您還可以在短期內重申對全年毛利率指南的某種橋樑。

So I think we've been very open that our margins, obviously, will only improve as the volumes improve, right? We have a high level of fixed cost, and we need to produce more trucks plainly to be able to cover that cost. That's #1. And that's partly why we're a little bit below where we want it to be. Also Cypress operations have contributed pretty significantly to the negative margin in Q4 and Q1, and we've talked about that. So as we are able to move our operations out of Cypress and establish the manufacturing line in Coolidge, which is happening in July, we'll be able to limit a lot of the labor and overhead that comes into manufacturing is after the separate facility. So that's really the key here to get to the range of the gross margin that we have communicated for the rest of the year.

所以我認為我們一直非常開放，我們的利潤率顯然只會隨著銷量的增加而提高，對嗎？我們的固定成本很高，顯然我們需要生產更多的卡車才能支付這筆費用。那是#1。這就是為什麼我們比我們想要的要低一點的部分原因。此外，賽普拉斯的運營對第四季度和第一季度的負利潤率做出了相當大的貢獻，我們已經討論過了。因此，由於我們能夠將我們的業務遷出賽普拉斯並在 Coolidge 建立生產線，這將在 7 月進行，我們將能夠限制在單獨的工廠之後進入製造的大量勞動力和間接費用。因此，這真的是達到我們今年剩餘時間所傳達的毛利率範圍的關鍵。

Got it. And then a follow-up question on the BEV as the new strategy is now built to order. But we do see quite a bit of improvement in terms of retail delivery from dealers to the end customers. Maybe can you talk to us about some of the relations that you've made in the end market. There are some -- seems like encouraging signs that end customers are taking retail delivery in the quarter.

知道了。然後是關於 BEV 的後續問題，因為新策略現在是按訂單構建的。但我們確實看到在從經銷商到最終客戶的零售交付方面有了相當大的改善。也許你能和我們談談你在終端市場建立的一些關係。有一些 - 似乎令人鼓舞的跡象表明最終客戶在本季度接受零售交付。

I mean, first of all, you're totally right. I mean, we have seen an uptick on the retail side with 33 trucks being retailed in the quarter. Actually, that's much more than we retailed in the total year 2022. So there is momentum building. A couple of things we have done. I mean, first of all, we had some important changes on the dealer side, and we have really active engaged dealers now. In particular, in California, they do a good job. Then also, frankly speaking, time is helping the more people we bring into the truck, the more people like it, right, and experience, like coming back to the ACT Expo, we had 2 under test drives like within 3 days. Those things are helping a lot. So we see momentum on the sales side. And of course, I want to go faster, right, because we have inventory available. And that's also a benefit. I mean having inventory in these days is a great thing because if people then are interested in zero-emission mobility and have to wait 24 months, that is not a good thing. But I think Nikola's probably the only one at the moment with inventory available. While we want to bring it down very quickly in terms of financial aspect, it's also a benefit, right? So I think we see first good momentum and want to go much faster.

我的意思是，首先，你是完全正確的。我的意思是，我們看到零售方面有所上升，本季度零售了 33 輛卡車。實際上，這比我們 2022 年全年的零售量要多得多。因此勢頭正在增強。我們已經做了一些事情。我的意思是，首先，我們在經銷商方面發生了一些重要變化，我們現在有真正積極參與的經銷商。特別是在加利福尼亞州，他們做得很好。然後，坦率地說，時間正在幫助我們帶上卡車的人越多，喜歡它的人就越多，對，體驗，就像回到 ACT Expo，我們在 3 天內進行了 2 次試駕。這些東西很有幫助。因此，我們看到了銷售方面的勢頭。當然，我想走得更快，對吧，因為我們有可用的庫存。這也是一個好處。我的意思是，現在有庫存是一件好事，因為如果那時人們對零排放機動性感興趣並且不得不等待 24 個月，那不是一件好事。但我認為 Nikola 可能是目前唯一一家有庫存的公司。雖然我們希望在財務方面迅速降低它，但這也是一種好處，對吧？所以我認為我們首先看到了良好的勢頭，並希望走得更快。

(Operator Instructions) Our next question is from Tyler Debate with BTIG.

（操作員說明）我們的下一個問題來自 Tyler Debate with BTIG。

Michael, I wanted to follow up on the fuel cell vehicle. As you look to roll that out more towards the end of this year and the order book continues to grow, just at a higher level, how are you thinking about prioritizing those orders, presumably as your order book continues to increase while you're trying to bring all of these pieces in-house? Just any way to think about that? Any more color there?

邁克爾，我想跟進燃料電池汽車。當您希望在今年年底更多地推出它並且訂單繼續增長時，只是在更高的水平上，您如何考慮對這些訂單進行優先排序，大概是因為您的訂單在您嘗試時繼續增加把所有這些東西都帶到內部？有什麼辦法可以考慮一下嗎？還有顏色嗎？

I mean, first of all, as we said in terms of the manufacturing line, we have total flexibility. So whatever customers really want, we will be able to produce it. But what is very obvious, and it was confirmed last week when we were all in California, there is a strong trend in terms of the fuel cell truck. And why is that? First of all, the range of the fuel cell truck is 500 miles, which other zero-emission mobility truck can do 500 miles at the moment? I think we have a unique selling point. Then the fueling time is only 20 minutes. So in an industry where it's all about uptime that you have to drive the truck. It's a very big benefit. And then what's also obvious with everything being decided now in California, a lot of people pay attention to that and it's really pushing people into the zero-emission mobility.

我的意思是，首先，正如我們在生產線方面所說的那樣，我們擁有完全的靈活性。因此，無論客戶真正想要什麼，我們都能生產出來。但非常明顯的是，上週我們都在加利福尼亞時證實了這一點，燃料電池卡車方面存在強勁趨勢。為什麼是這樣？首先，燃料電池卡車的續航里程是500英里，目前還有哪輛零排放機動卡車可以做到500英里？我認為我們有一個獨特的賣點。那麼加油時間只有20分鐘。因此，在一個一切都與正常運行時間有關的行業中，您必須駕駛卡車。這是一個非常大的好處。然後，顯而易見的是，現在加州正在決定一切，很多人都在關注這一點，這確實在推動人們轉向零排放機動性。

So that's why we think the fuel cell truck has much more potential going forward. And that's why this focus is also important for us. North American market is very big. Fuel cell truck can play a big role there. And also fair to say we have a unique selling proposition because at the moment, we're the only ones in the market starting production in July. So we feel very good about that. And also, it's our second truck we launch, right? I think we have demonstrated with the battery electric truck that we can develop, manufacturing and manage to have a world-class truck. And now we do it the second time. So we came back last year with a lot of optimism in terms of the fuel cell truck. And again, people order it without really having driven it. I mean a few customers have demo trucks. So we are cautiously optimistic on this side.

所以這就是為什麼我們認為燃料電池卡車在未來具有更大的潛力。這就是為什麼這種關注對我們也很重要。北美市場很大。燃料電池卡車可以在那裡發揮很大的作用。公平地說，我們有一個獨特的銷售主張，因為目前，我們是市場上唯一一家在 7 月開始生產的公司。所以我們對此感覺很好。而且，這是我們推出的第二輛卡車，對吧？我認為我們已經用電池電動卡車證明了我們可以開發、製造和管理擁有世界一流的卡車。現在我們第二次這樣做了。因此，我們去年對燃料電池卡車持樂觀態度。再一次，人們在沒有真正駕駛它的情況下訂購它。我的意思是一些客戶有演示卡車。所以我們對這方面持謹慎樂觀的態度。

Okay. Great. And then I want to follow up on the financing piece. Clearly, retail orders this quarter were pretty good. Just what are you hearing from customers on the financing piece. What are they telling you as you look to roll out more trucks on the BEV side and then really hit the ground running on the fuel cell size. What are you hearing in the market from customers?

好的。偉大的。然後我想跟進融資部分。顯然，本季度的零售訂單相當不錯。你從客戶那裡聽到的關於融資的內容是什麼？當您希望在 BEV 方面推出更多卡車，然後在燃料電池尺寸上真正落地時，他們會告訴您什麼。您在市場上從客戶那裡聽到了什麼？

Yes. Clear feedback is a trend towards leasing, no question. People want to have like monthly rates. And then every customer is very similar, very detailed comparison to TCO of diesel. So what is the current level of TCO? What is the TCO then with our truck, and we can actually match that in various states already today. And I think this is great. I mean, you can get a zero-emission truck so no emissions and can keep your diesel costs and we have the total cost of ownership. This is very, very strong. We can't do it in all states. That's also true. We need some support, some incentives. But clearly, customers are focusing on the monthly rate, total cost.

是的。毫無疑問，明確的反饋是租賃的趨勢。人們希望有喜歡的月費率。然後每個客戶都非常相似，與柴油的 TCO 進行了非常詳細的比較。那麼目前的TCO水平如何？那麼我們的卡車的 TCO 是多少，我們實際上已經可以在今天的各個州進行匹配。我認為這很棒。我的意思是，你可以獲得一輛零排放卡車，這樣就沒有排放，並且可以保持你的柴油成本，而我們擁有總擁有成本。這是非常非常強大的。我們不能在所有州都這樣做。這也是事實。我們需要一些支持，一些激勵。但顯然，客戶關注的是月費率和總成本。

Our next question is from Jeff Osborne with TD Cowen.

我們的下一個問題來自 Jeff Osborne 和 TD Cowen。

I was curious if the recall on the BEV had any impact on your decision to narrow the focus. I applaud the decision. I like the outcome. So I'm just curious if the recall was a variable in your thinking there.

我很好奇 BEV 的召回是否對您縮小焦點的決定有任何影響。我為這個決定鼓掌。我喜歡這個結果。所以我很好奇召回是否是你在那裡思考的一個變量。

No, not at all, and thanks, Jeff, for bringing this up. No. I mean this was a recall. We worked through this had no impact on our decision whatsoever.

不，一點也不，謝謝 Jeff 提出這個問題。不，我的意思是這是一次召回。我們解決這個問題對我們的決定沒有任何影響。

And then is there any onetime cash items for the remainder of this year and next? I was just trying to recall the details from the SEC settlement that you entered into some time ago, I think the payments were made over multiple installments over 2 years. Did you already reserve the cash for that? Or have you already paid that? Or is that something on the come?

那麼今年剩餘時間和明年是否有任何一次性現金項目？我只是想回憶一下您前段時間達成的 SEC 和解協議的細節，我認為付款是在 2 年內分期付款的。你已經為此預留了現金嗎？或者你已經付過錢了嗎？或者這是即將發生的事情？

So yes, we are looking at making very small incremental payments to the SEC to the tune of like $1.5 million. So we're stretching that out. It's in our liabilities right now.

所以是的，我們正在考慮向 SEC 支付非常小的增量付款，大約 150 萬美元。所以我們正在擴展它。現在是我們的責任。

Got it. And then is there any -- you gave the gross margin or cash burn in the target of gross margin, but I didn't know if you could provide more incremental details on the path to EBITDA positive.

知道了。然後有沒有 - 你在毛利率目標中給出了毛利率或現金消耗，但我不知道你是否可以提供更多關於 EBITDA 積極路徑的增量細節。

Yes. Again, I think it kind of goes back to 2 things, right? One, we need to improve our margins on the fuel cell first next year and get to a fuel cell break even. And so how we can do that, right? Right now, on the fuel cell, we need to improve our BOM cost. We are going to have production at about $4.40 per chuck material costs, and our target is to get to $275,000 per truck in 2025, and we can do that by, one, bringing the fuel power module manufacturing in Coolidge and also just having higher volume when getting better pricing for with suppliers. And then were touched on the average selling price. On the CV, we expect that to be better just being first to market.

是的。同樣，我認為這可以追溯到兩件事，對吧？第一，我們需要在明年首先提高燃料電池的利潤率並實現燃料電池收支平衡。那麼我們該怎麼做，對嗎？現在，在燃料電池方面，我們需要降低 BOM 成本。我們的生產成本約為每輛卡盤材料成本 4.40 美元，我們的目標是到 2025 年每輛卡車的成本達到 275,000 美元，我們可以通過以下方式實現這一目標：第一，將燃料動力模塊製造引入柯立芝，並增加產量當與供應商獲得更好的定價時。然後觸及平均售價。在簡歷上，我們希望率先上市會更好。

I will now hand the call back over to Dhillon for shareholder questions.

我現在將把電話轉回給 Dhillon，詢問股東問題。

Thank you, operator. The first question is, how many trucks have you sold so far? And how many orders from companies do you have?

謝謝你，運營商。第一個問題是，到目前為止你賣出了多少輛卡車？你有多少來自公司的訂單？

Through Q1, we have made 162 wholesale deliveries of the battery electric truck. Our improved sales and commercial team in conjunction with our dealer network have been improving retail sales as we work with them and customers through infrastructure challenges, add additional financing partners and make product improvements. 33 retail sales were completed in Q1, and we see good momentum building to increase this. As we showed on the slide earlier, battery-electric retail customers include TTSI, Univar Solutions and Avant Garde Auto Logistics is using our truck to deliver Nissan electric vehicles to dealers. On the hydrogen fuel cell truck, dealers have received orders from over 7 end customer fleets for more than 100 hydrogen fuel cell trucks. We have announced previously orders from BRG Brothers, Plug Power and recently AJR.

截至第一季度，我們批發了 162 輛純電動卡車。我們改進的銷售和商業團隊與我們的經銷商網絡一起一直在改善零售銷售，因為我們與他們和客戶合作應對基礎設施挑戰，增加額外的融資合作夥伴並改進產品。第一季度完成了 33 項零售銷售，我們看到增長勢頭良好。正如我們之前在幻燈片中展示的那樣，電池電動零售客戶包括 TTSI、Univar Solutions 和 Avant Garde Auto Logistics 正在使用我們的卡車向經銷商運送日產電動汽車。在氫燃料電池卡車方面，經銷商已收到來自7個以上終端客戶車隊的100多輛氫燃料電池卡車訂單。我們之前已經宣布了來自 BRG Brothers、Plug Power 和最近的 AJR 的訂單。

The second question is what plans are being made to advance hydrogen technologies that will bring Nikola to the top?

第二個問題是，正在製定什麼計劃來推進氫技術，使尼古拉登上頂峰？

Sure. So right now, we are on the verge of bringing the hydrogen fuel cell truck to market. We believe we will be the first company with a production hydrogen fuel cell electric vehicles available for purchase and have a significant head start on the competition. In conjunction with the truck, we have made great progress on the energy side, recently announcing the joint station development agreement with Voltera and making good progress on the mobile fuelers. No other company is coming with both trucks and energy. No one else is doing this. In fact, our competitors may be coming to us for hydrogen fuel. So we are excited about our hydrogen fuel cell truck and energy business. There is a massive potential.

當然。所以現在，我們即將把氫燃料電池卡車推向市場。我們相信，我們將成為第一家生產可供購買的氫燃料電池電動汽車的公司，並在競爭中佔據重要的領先優勢。在卡車方面，我們在能源方面取得了長足進步，最近宣布與 Voltera 達成聯合加油站開發協議，並在移動加油站方面取得了良好進展。沒有其他公司會同時提供卡車和能源。沒有其他人在這樣做。事實上，我們的競爭對手可能會向我們尋求氫燃料。因此，我們對我們的氫燃料電池卡車和能源業務感到興奮。有巨大的潛力。

Thank you, Michael. Stasy, there are a few questions surrounding breakeven, profitability and what production volume we would need to hit to achieve those metrics. So maybe we can go over those now.

謝謝你，邁克爾。 Stasy，圍繞盈虧平衡、盈利能力以及我們需要達到多少產量才能實現這些指標存在一些問題。所以也許我們現在可以復習一下。

Sure. Now that we have refocused our business model, we have a better path to achieve positive EBITDA by 2025. But before we talk about profitability, first, we need to be able to make money on the trucks we sell by reaching gross margin breakeven in 2024. This will come from several places. We have to reduce our bond cost, specifically on fuel cell, where we have a lower material cost to begin with as it only has 2 battery packs versus 9 battery packs on the BEV. As you know, for BEV, the battery packs themselves make up over 50% of the BOM cost.

當然。既然我們已經重新調整了我們的業務模式，我們就有了到 2025 年實現正 EBITDA 的更好途徑。但在我們談論盈利能力之前，首先，我們需要能夠通過在 2024 年實現毛利率盈虧平衡來在我們銷售的卡車上賺錢. 這將來自幾個地方。我們必須降低我們的債券成本，特別是在燃料電池方面，我們的材料成本較低，因為它只有 2 個電池組，而 BEV 有 9 個電池組。如您所知，對於 BEV，電池組本身佔 BOM 成本的 50% 以上。

For fuel cells, we currently anticipate hitting serial production at $440,000 per truck, and we will be driving that cost down to $375,000 by bringing FC PM manufacturing to Coolidge and achieving higher volumes with eventual goal of getting to $275,000 per truck by 2025. For BEV, we are currently at 396,000 bond costs with a line of sight to improve that to 340,000 once we sell through the current stock of finished trucks and batteries on hand. That improvement will come through battery pack cost reduction we have discussed previously as well as picking up lower battery sale pricing and future material purchases as lithium prices have come down significantly. While we are not giving guidance for 2024, we expect we will need to sell at least 1,000 to 1,500 trucks depending on the mix to breakeven on our business at the gross margin level. That volume needs to close to double in 2025 for us to be able to cover our cash OpEx and get to positive EBITDA.

對於燃料電池，我們目前預計每輛卡車的批量生產成本為 440,000 美元，我們將通過將 FC PM 製造引入柯立芝並實現更高的產量，將成本降至 375,000 美元，最終目標是到 2025 年達到每輛卡車 275,000 美元。對於 BEV ，我們目前的債券成本為 396,000 美元，一旦我們出售現有的成品卡車和電池庫存，我們有望將其提高到 340,000 美元。這種改善將通過我們之前討論過的電池組成本降低以及隨著鋰價格大幅下降而降低電池銷售價格和未來材料採購來實現。雖然我們沒有給出 2024 年的指導，但我們預計我們將需要銷售至少 1,000 到 1,500 輛卡車，具體取決於毛利率水平的業務收支平衡。到 2025 年，該數量需要接近翻倍，我們才能支付現金運營支出並實現正 EBITDA。

Thank you all for listening to our first quarter earnings call and for your ongoing support. As we discussed, we are very focused, and we'll continue executing our business plan. Wish you a wonderful day. Goodbye. See you soon.

感謝大家聆聽我們的第一季度財報電話會議以及您一直以來的支持。正如我們所討論的那樣，我們非常專注，我們將繼續執行我們的業務計劃。祝你有美好的一天。再見。再見。

Thank you. This now concludes 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。此時您可以斷開您的線路，感謝您的參與。