Nikola Corp (NKLA) 2024 Q3 法說會逐字稿

Good morning, and welcome to Nikola Corporation's third-quarter 2024 Earnings and Business Update Call. (Operator Instructions) As a reminder, this conference is being recorded.

早上好，歡迎參加尼古拉公司 2024 年第三季財報和業務更新電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。

Thank you, operator, and good morning, everyone. My name is Soei Shin, Head of Investor Relations. I'd like to welcome those listening by phone and those on the webcast to Nikola Corporation's Third Quarter 2024 Earnings and Business Update Call. Joining me today are Steve Girsky, President and CEO; and Tom Okray, Chief Financial Officer.

謝謝接線員，大家早安。我叫 Soei Shin，投資人關係主管。我歡迎透過電話和網路廣播收聽尼古拉公司 2024 年第三季收益和業務更新電話會議的人士。今天加入我的是總裁兼執行長 Steve Girsky；和首席財務官湯姆·奧克雷(Tom Okray)。

A press release detailing our financial and business results was distributed earlier this morning. This release can be found on the Investor Relations section of our website, along with presentation slides accompanying today's call. Today's discussion includes references to non-GAAP measures.

今天早上早些時候發布了一份詳細介紹我們的財務和業務業績的新聞稿。新聞稿以及今天電話會議附帶的簡報幻燈片可以在我們網站的投資者關係部分找到。今天的討論涉及非公認會計原則措施。

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

該簡報包括調整後的 EBITDA、非 GAAP 每股盈餘、調整後的自由現金流量和其他非 GAAP 指標。這些指標與最具可比性的美國公認會計原則指標一致，可以在我們今天發布的第三季收益新聞稿末尾找到。

Today's discussion also includes forward-looking statements about our future results, expectations and plans. Actual results may differ materially from those stated, and some factors that could cause actual results to differ are also explained at the end of today's earnings press release on Page 2 of our earnings call deck and in our filings with the SEC. Forward-looking statements speak only as of the date on which they are made. You are cautioned not to put undue reliance on forward-looking statements.

今天的討論還包括有關我們未來業績、期望和計劃的前瞻性陳述。實際結果可能與所述結果有重大差異，並且在我們的收益電話會議第二頁的今天收益新聞稿末尾以及我們向 SEC 提交的文件中也解釋了一些可能導致實際結果不同的因素。前瞻性陳述僅代表其作出之日的情況。請您注意不要過度依賴前瞻性陳述。

After Steve and Tom's prepared remarks, we'll take questions from our stockholders and then conclude with questions from analysts.

在史蒂夫和湯姆準備好的演講之後，我們將回答股東的問題，然後以分析師的問題作為結束。

Thanks, Soei, and good morning, everyone. Welcome to our third quarter 2024 earnings and business update call. Year-to-date through the third quarter, we had record sales of hydrogen fuel cell electric trucks, a 78% growth in fuel cell electric vehicle fleet adoption and a nearly 350% increase in hydrogen fuel dispensed at our commercial stations. We also returned 78 BEV 2.0 trucks back to end fleets and dealers.

謝謝，Soei，大家早安。歡迎參加我們的 2024 年第三季財報和業務更新電話會議。今年迄今到第三季度，我們的氫燃料電池電動卡車銷量創紀錄，燃料電池電動車隊採用量增加了 78%，我們的商業加油站分配的氫燃料成長了近 350%。我們還將 78 輛 BEV 2.0 卡車退還給終端車隊和經銷商。

With every truck delivered and fueled at our stations, we continue to deliver proof points to the market that zero-emission trucks are driving the future of Class 8 mobility. Program to date, Nikola fuel cell electric trucks and battery electric trucks have accumulated over 4 million validation miles, avoiding over 6,000 metric tons of CO2 tailpipe emissions, which is equivalent to the emissions generated by over 1,500 gasoline-powered passenger cars in 1 year.

隨著每輛卡車在我們的加油站交付並加油，我們不斷向市場證明零排放卡車正在推動 8 級移動出行的未來。計畫迄今為止，Nikola燃料電池電動卡車和電池電動卡車已累積驗證超過400萬英里，避免了超過6,000噸二氧化碳廢氣排放，相當於1,500多輛汽油動力乘用車一年內產生的排放量。

The third quarter is an example of how we're executing our strategic and operational objectives by strengthening our resolve to push forward, meet the demands of our end fleets and lay a path for a sustainable future. First, at the end of Q3, we announced we had wholesaled a record 88 hydrogen fuel cell electric trucks, firmly within the guidance range of 80 to 100. We continue to dominate the heavy-duty fuel cell electric vehicle market in North America with over 90% share based on the most recent Polk registration data. We also expanded our dealer network for the first time since the launch of the fuel cell electric vehicle in Q3 2023, allowing more access to both Nikola fuel cells and BEVs in Southern California.

第三季是我們如何透過堅定推進、滿足終端機隊需求並為永續未來鋪平道路的決心來執行策略和營運目標的一個例子。首先，在第三季末，我們宣布我們已經批發了創紀錄的 88 輛氫燃料電池電動卡車，穩定在 80 至 100 輛的指導範圍內。的份額是基於最新的Polk 註冊資料。自 2023 年第三季推出燃料電池電動車以來，我們也首次擴大了經銷商網絡，讓更多人能夠在南加州購買 Nikola 燃料電池和純電動車。

Second, we are building momentum in the zero-emission ecosystem. Currently, we're the only OEM to offer 2 zero-emission powertrains on 1 commercial Class 8 platform in North America. This speaks to our unique ability to meet the diverse business needs of our end fleets. Regarding fuel cell electric vehicles, we're the only OEM expanding the market or increasing the pie. As the market leader and pioneer, we're also driving end fleet adoption. Year-to-date, in-service fleets have grown 78% to 16 distinct end fleets from 9 in Q1. Across both powertrains, 32 discrete end fleets have deployed Nikola fuel cell or battery electric trucks. Quarter-to-quarter, we're proving as a market for heavy-duty zero-emission vehicles in North America.

其次，我們正在打造零排放生態系統。目前，我們是北美唯一一家在 1 個商用 8 級平台上提供 2 種零排放動力系統的 OEM。這證明了我們滿足終端車隊多樣化業務需求的獨特能力。在燃料電池電動車方面，我們是唯一一家做大市場、做大蛋糕的整車廠。作為市場領導者和先驅，我們也在推動終端車隊的採用。今年迄今為止，在役機隊已從第一季的 9 個增加到 16 個不同的終端機隊，成長了 78%。在這兩種動力系統中，32 個離散終端車隊部署了 Nikola 燃料電池或電池電動卡車。每個季度，我們都在證明自己是北美重型零排放車輛的市場。

Third, we are reiterating our year-end fuel cell electric vehicle guidance volume of 300 to 350 trucks. Fourth, as we mentioned, the BEV 2.0 is back on the road. Program to date, we've made solid progress on the recall and have returned 78 BEVs back to end fleets and dealers to overwhelmingly positive feedback.

第三，我們重申年底燃料電池電動車指引量為300至350輛。第四，正如我們所提到的，BEV 2.0 重新上路。計劃迄今為止，我們在召回方面取得了紮實的進展，並將 78 輛純電動車返還給終端車隊和經銷商，並獲得了壓倒性的積極反饋。

Moving on to the business update. We had record sales of 88 fuel cell electric vehicles to our dealer network, up from 22% last quarter. On the retail front, we continue to see strong organic growth from existing end fleets. National fleet partners such as J.B. Hunt, Kenan Advantage Group and DHL recently announced deployment of Nikola fuel cell electric vehicles and noted the important role we play in not only helping them meet their sustainability goals, but those of their end customers, Nestle and Diageo.

繼續進行業務更新。我們的經銷商網路銷售了 88 輛燃料電池電動車，創歷史新高，高於上季的 22%。在零售方面，我們繼續看到現有終端車隊的強勁有機成長。 J.B. Hunt、Kenan Advantage Group 和DHL 等國家車隊合作夥伴最近宣布部署Nikola 燃料電池電動車，並指出我們不僅在幫助他們實現永續發展目標方面發揮著重要作用，而且在幫助他們的最終客戶雀巢和帝亞吉歐實現永續發展目標方面發揮著重要作用。

Nikola will support Diageo operations with the deployment of its first behind-the-fence hydrogen fueler at its campus in Plainfield, Illinois. End fleets are delivering household goods to their final destinations wherever that may be, all with 0 tail type emissions. Sustainability drives good business, and Nikola stands tall with them.

尼古拉將在其位於伊利諾伊州普蘭菲爾德的園區部署第一台後台氫燃料裝置，以支援帝亞吉歐的營運。終端車隊將家庭用品運送到最終目的地，無論位於何處，所有尾部排放均為零。永續發展推動了良好的業務發展，尼古拉與他們站在一起。

We're also excited to welcome GTS Group into the Nikola dealer network in Southern California. GTS introduced Next Generation Truck or NGT, as a new division created for the sales and service of Nikola trucks. What's exciting is that Nikola is a catalyst for dealers like GTS who find value in diversifying their business into zero-emissions Class 8 trucks. The additional dealer brings the number of Nikola sales and service locations up to 19 across the US

我們也很高興歡迎 GTS 集團加入南加州的 Nikola 經銷商網路。 GTS 推出了下一代卡車（NGT），作為為尼古拉卡車的銷售和服務而創建的新部門。令人興奮的是，Nikola 是像 GTS 這樣的經銷商的催化劑，他們發現將業務多元化到零排放 8 級卡車中的價值。新增加的經銷商使 Nikola 在美國的銷售和服務地點數量達到 19 個

We're pleased by the traction we're gaining from demos, especially in Canada. Loblaw Supermarkets completed its trial of the BEV 2.0 with high praise for its performance and range. Tim Hortons restaurants will begin demos of both the fuel cell and BEV shortly as they evaluate the best fit for its short- and long-distance routes. Our dealer partner, ITD, is ready and waiting to support [MAX] charging as it has recently built a 400-kilowatt charging station in Toronto. As a reminder, we launched Canada's first modular refueling station at a dealer with ITD last quarter. Together, we are building out the zero-emission ecosystem for the benefit of all.

我們對從演示中獲得的吸引力感到高興，尤其是在加拿大。 Loblaw Supermarkets 完成了 BEV 2.0 的試用，並對其性能和範圍給予了高度評價。 Tim Hortons 餐廳很快就會開始展示燃料電池和純電動車，因為他們將評估最適合其短途和長途路線的方案。我們的經銷商合作夥伴 ITD 已準備好並等待支援 [MAX] 充電，因為它最近在多倫多建造了一個 400 千瓦的充電站。謹此提醒，我們上個季度在一家經銷商處與 ITD 合作推出了加拿大首個模組化加油站。我們正在共同建立零排放生態系統，造福所有人。

We're building momentum in the zero-emission ecosystem, exploring uncharted territory, testing new technologies and leading the way for others to follow. Every day, our in-service trucks transmit extensive field data that is analyzed and used to make our trucks a better experience for our end fleets. Likewise, every kilogram dispensed within the HYLA network helps inform our fueling partners and suppliers with the continuous development needed to sufficiently meet the offtake demands on this larger scale. The more trucks we deploy, the more they fuel and the faster the ecosystem reaches stabilization in the learning curve. Nikola stands alone in these pioneering efforts.

我們正在零排放生態系統中積蓄動力，探索未知領域，測試新技術並為其他人引領潮流。每天，我們在使用的卡車都會傳輸大量的現場數據，這些數據經過分析和使用，以使我們的卡車為我們的終端車隊提供更好的體驗。同樣，HYLA 網路中分配的每一公斤都有助於我們的加油合作夥伴和供應商了解充分滿足更大規模承購需求所需的持續開發。我們部署的卡車越多，燃料就越多，生態系統在學習曲線上達到穩定的速度就越快。尼古拉在這些開創性的努力中獨樹一幟。

To date, 16 fuel cell electric vehicle in-service end fleets have accumulated over 1 million road miles, up from 9 fleets and 120,000 miles in Q1, validating the average fuel economy benchmark of 7.2 miles per kilogram. The data point that's really telling of the fuel cell electric vehicles capabilities is that since last quarter, the total number of runs exceeding 400 miles before fueling has increased to 285 from 192 runs, up 48%. We are seeing that as fuel availability increases and fleet operators get more comfortable with the technology, they are pushing the fuel cell electric vehicle to perform the way it is built to.

迄今為止，已有 16 支燃料電池電動車在役終端車隊累積行駛里程超過 100 萬英里，高於第一季的 9 支車隊和 12 萬英里，驗證了每公斤 7.2 英里的平均燃油經濟性基準。真正能說明燃料電池電動車能力的數據點是，自上季以來，加油前超過400英里的總行駛次數從192次增加到285次，成長了48%。我們看到，隨著燃料可用性的增加以及車隊營運商對這項技術越來越熟悉，他們正在推動燃料電池電動車發揮設計的方式。

For the battery electric vehicles, 19 end fleets have accumulated over 715,000 road miles since putting the BEV 2.0 back into service. The average distance between charging has increased 10% to 143 miles from 130 miles last quarter. Like the fuel cell electric vehicle, end fleets are pushing the BEV to perform to expectations. Since its return to the market, the total number of runs exceeding 200 miles before charging has grown to nearly 950 or 27% of all runs.

對於純電動車，自 BEV 2.0 重新投入使用以來，19 個終端車隊已累積行駛超過 715,000 英里。平均充電距離從上個季度的 130 英里增加了 10% 至 143 英里。與燃料電池電動車一樣，終端車隊正在推動純電動車達到預期的性能。自回歸市場以來，充電前行駛超過 200 英里的總次數已增長至近 950 次，佔總行駛次數的 27%。

On a converted to diesel basis, our FCEVs continue to outperform the average Class 8 truck on fuel economy and avoidance of tail pipe emissions. The average miles per gallon diesel equivalent of our fuel cell electric vehicle remains constant at 8.0 or 23% better than the Class 8 fuel economy average of 6.5 miles per diesel gallon equivalent per the DOE. In total, across both powertrains, we estimate our end fleet operations have avoided 2,700 metric tons of CO2 tail pipe emissions.

在轉換為柴油的基礎上，我們的 FCEV 在燃油經濟性和避免廢氣排放方面繼續優於普通 8 級卡車。我們的燃料電池電動車每加侖柴油當量的平均里程保持穩定在 8.0 或 23%，比美國能源部規定的每加侖柴油當量 6.5 英里的 8 級燃油經濟性平均值高出 8.0 或 23%。總的來說，在這兩種動力系統中，我們估計我們的終端車隊運作已經避免了 2,700 噸二氧化碳廢氣排放。

Moving to Chart 7. We expect to deliver 10 HYLA fueling solutions by year-end. We are focusing our strategy on providing more support at existing stations to better serve our customers as we scale. Meanwhile, we continue to make progress on stations slated for Q4 as the HYLA team engages daily with local jurisdictions for site approvals and permitting. In fact, we're in the final stages of approvals for several Northern and Central California cities, which further strengthens the North-South I-5 freight corridor. Operationally, over the lifetime of the entire HYLA network, we have recorded over 5,900 fueling events, dispensing over 210 metric tons of hydrogen for an average of 36 kilograms per fill. The year-to-date ramp-up in mobile hydrogen refueling stations has been very strong. Since we began measuring commercial fueling operations in Q1, total hydrogen dispensing has grown nearly 350%.

轉向圖 7。我們的策略重點是在現有站點提供更多支持，以便隨著規模的擴大更好地服務我們的客戶。同時，隨著 HYLA 團隊每天與當地司法管轄區接觸以獲得場地批准和許可，我們將繼續在第四季度的車站建設上取得進展。事實上，我們正​​處於加州北部和中部幾個城市審批的最後階段，這將進一步加強南北 I-5 貨運走廊。在整個 HYLA 網路的運作週期內，我們記錄了超過 5,900 次加氫事件，分配了超過 210 噸氫氣，平均每次加註 36 公斤。今年迄今為止，行動加氫站的成長非常強勁。自從我們在第一季開始測量商業加氫作業以來，氫氣分配總量增加了近 350%。

Moving on to Chart 9. We are excited that the BEV 2.0 is back on the road, hauling freight and validating its use case. Program to date, we've returned 78 BEVs back to the market to overwhelmingly positive feedback. Of the many lessons we've learned, one is of its resiliency. These last 12 months have been a story about the BEV's ability to withstand challenges, recover from failures and emerge as an adaptive and evolving truck without compromising performance.

繼續看圖 9。我們很高興 BEV 2.0 重新上路，用於運輸貨物並驗證其用例。迄今為止，我們已將 78 輛純電動車重新投放市場，並獲得了壓倒性的正面回饋。在我們學到的許多教訓中，其中之一就是它的彈性。過去 12 個月講述了 BEV 能夠承受挑戰、從故障中恢復並在不影響性能的情況下成為自適應和不斷發展的卡車的故事。

For example, one end fleet carrier optimizes its linehaul operations for a major consumer company by carrying high-value, low payloads from Northeast ports to the Midwest with our BEV 2.0. When the load has cubed out before it has weighed out, the BEV 2.0 is a perfect fit. Field data tells us that this win completes the over 800-mile run over 2 days with 5 charges at an average distance of nearly 160 miles between charges. Overall efficiency for this run is 2.5 kilowatt hours per mile, a more than decent measure considering the average speed of 60 to 70 miles per hour with limited regenerative braking on this relatively flat route.

例如，一端車隊承運商透過使用我們的 BEV 2.0 將高價值、低有效載荷從東北港口運至中西部，優化了一家大型消費公司的長途運輸營運。當負載在稱重之前就已經立方體時，BEV 2.0 是完美的選擇。現場數據告訴我們，這場勝利完成了 2 天內 5 次充電的 800 多英里的跑步，每次充電的平均距離接近 160 英里。這次跑步的整體效率為每英里 2.5 千瓦時，考慮到這條相對平坦的路線上每小時 60 至 70 英里的平均速度以及有限的再生製動，這是一個非常不錯的衡量標準。

Most importantly, the BEV 2.0 is the truck of choice for this end fleet carrier to meet its client sustainability guidelines to source low carbon or carbon-free logistics services. Another carrier deploys the BEV 2.0 to haul for a major steel manufacturer in the Southeastern US This end fleet maximizes load capacity with route optimization, all the while meeting its clients' preference for zero-emission routes. In fact, one quick midday charge enables the end fleet to double its productivity by running a 160-mile run twice a day. According to the end fleet, no other BEV has the range nor the capability to manage the payload against the strong wins along this route on one charge, let alone twice. These anecdotes are examples of how the BEV 2.0 is adapted in the marketplace to meet and exceed end fleet expectations. It is the truck of choice not only for its performance, but also to meet the sustainability goals of end fleet partners. The BEV 2.0 is back.

最重要的是，BEV 2.0 是這家終端車隊承運商的首選卡車，以滿足其客戶永續發展準則，以獲得低碳或無碳物流服務。另一家承運商部署 BEV 2.0 為美國東南部的一家大型鋼鐵製造商進行運輸。事實上，中午一次快速充電即可讓終端車隊每天跑兩次 160 英里，從而將生產力提高一倍。根據最終車隊的說法，沒有其他純電動車具有這樣的續航里程和能力，能夠在一次充電後在這條路線上取得巨大勝利，更不用說兩次充電了。這些軼事是 BEV 2.0 如何適應市場以滿足並超越終端車隊期望的範例。它成為首選卡車不僅是因為其性能，而且還可以滿足終端車隊合作夥伴的永續發展目標。 BEV 2.0 回來了。

Passing it over to Tom to cover the financial results.

交給湯姆來報道財務表現。

Thanks, Steve. Chart 10 contains our financial highlights. Regarding the top line, in Q3, we posted gross revenue of $33 million versus the record of $31 million revenue reported last quarter. The increase in revenue was primarily due to higher wholesale deliveries. On a net basis, revenue was negatively impacted by $8 million associated with the repurchase of 20 BEVs. We view this as a timing event as we have a PO in hand to deliver these units to another dealer.

謝謝，史蒂夫。圖 10 包含我們的財務亮點。關於營收，我們在第三季公佈的總收入為 3,300 萬美元，而上季報告的收入為 3,100 萬美元，創歷史新高。收入的增加主要是由於批發交貨量的增加。以淨額計算，收入受到與回購 20 輛純電動車相關的 800 萬美元的負面影響。我們認為這是一個時機事件，因為我們手邊有一份採購訂單，可以將這些單位交付給另一家經銷商。

ASP for the fuel cell vehicles in the quarter was $361,000, down 7% from Q2. While we expect softer ASP as volume increases, we are pleased that over the last 4 quarters of sales, the average ASP for fuel cells has held at approximately 370,000 units per truck. For the third quarter, we reported a gross loss of $62 million compared to a gross loss of $55 million in Q2. Again, the BEV returns were the biggest headwind, partially offset by higher fuel cell wholesale volume.

本季燃料電池汽車的平均售價為 361,000 美元，比第二季度下降 7%。雖然我們預計隨著銷量的增加，平均售價將下降，但我們很高興在過去 4 個季度的銷售中，燃料電池的平均平均售價保持在每輛卡車約 37 萬輛。第三季的毛虧損為 6,200 萬美元，而第二季的毛虧損為 5,500 萬美元。純電動車的回報再次成為最大的阻力，但部分被燃料電池批發量的增加所抵消。

With respect to cash, our unrestricted cash declined $58 million from Q2, ending the quarter with $198 million. Cash was helped by net ATM proceeds of $20 million and other financing activities of $75 million. We are examining every opportunity to optimize cash. We estimate that our existing cash is sufficient to fund our forecasted operating costs and meet our obligations into, but not beyond Q1 2025. We continue to seek to maintain sufficient capital to support our business.

就現金而言，我們的非限制性現金較第二季減少了 5,800 萬美元，本季末現金為 1.98 億美元。 2000 萬美元的 ATM 淨收益和 7500 萬美元的其他融資活動為現金提供了幫助。我們正在研究每一個優化現金的機會。我們估計，我們現有的現金足以為我們的預測營運成本提供資金並履行我們的義務，但不會超過 2025 年第一季。

Moving on to Chart 11. For fiscal year 2024, our guidance for fuel cell wholesale deliveries remains unchanged at 300 to 350 trucks. Our flywheel-based business plan remains unchanged, building scale to enable us and our supplier partners to improve and optimize the unit economics. While we believe that the fuel cell truck is the best option for most of our customers' use cases, we also believe that our BEV truck plays a role in most national fleets. Therefore, we continue to manage allocations between producing fuel cells and remanufacturing BEVs to support the needs of our customers while meeting market expectations.

繼續看圖 11。2024 財年，我們對燃料電池批發交付量的指導保持在 300 至 350 輛卡車不變。我們基於飛輪的業務計劃保持不變，不斷擴大規模，使我們和我們的供應商合作夥伴能夠改善和優化單位經濟效益。雖然我們相信燃料電池卡車是大多數客戶用例的最佳選擇，但我們也相信我們的純電動卡車在大多數國家車隊中發揮作用。因此，我們繼續管理生產燃料電池和再製造純電動車之間的分配，以支持客戶的需求，同時滿足市場預期。

Back to Steve for closing remarks.

回到史蒂夫致閉幕詞。

Thanks, Tom. I'd like to close with a video reiterating the key message that we have 2 powertrains, 1 platform, both zero emission. A few weeks ago, our team drove 2 trucks, 1 fully loaded from our Phoenix headquarters to Bentonville, Arkansas. The team drove up 6% grades to Payson and then on to Winslow, Arizona. They followed I-40 through New Mexico the second day, Texas and Oklahoma the third day, and reached Arkansas on the fourth day. The trucks were charged over the driver's lunch breaks and over dinner in the evenings.

謝謝，湯姆。我想以一段影片來結束，重申我們擁有 2 個動力系統、1 個平台，而且都是零排放的關鍵訊息。幾週前，我們的團隊駕駛 2 輛卡車（其中 1 輛滿載）從菲尼克斯總部前往阿肯色州本頓維爾。該團隊將前往佩森的成績提高了 6%，然後前往亞利桑那州溫斯洛。他們第二天沿著 40 號州際公路穿過新墨西哥州，第三天穿過德克薩斯州和俄克拉荷馬州，第四天到達阿肯色州。卡車在司機午休時間和晚上晚餐時間收費。

The loaded BEVs range was 210 to 310 miles per charge, while the bobtail range was 380 to 490 miles per charge. Both trucks kept pace with the highway semitruck speeds of 65 to 70 miles an hour and performed as expected. The trucks were 100% reliable and had plenty of power to conquer the grades and arrived quietly and efficiently after traveling 1,200 miles at Bentonville.

滿載的 BEV 每次充電可行駛 210 至 310 英里，而短尾車每次充電可行駛 380 至 490 英里。兩輛卡車都與高速公路半掛卡車每小時 65 至 70 英里的速度保持同步，並且表現符合預期。這些卡車 100% 可靠，擁有充足的動力來克服坡度，並在行駛 1,200 英里後安靜高效地抵達本頓維爾。

Operator, please start the video.

接線員，請開始視訊。

Operator

操作員

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

我們準備好的演講到此結束。現在我將把電話轉回 Soei 詢問股東問題。

Thank you, operator. We received questions from retail investors through the Say platform, most of which can be summed up into 3 questions. The first question. In the long run, how and when do you see the company being profitable?

謝謝你，接線生。我們透過Say平台收到了散戶的提問，大部分可以歸納為3個問題。第一個問題。從長遠來看，您認為公司如何以及何時獲利？

Thanks, Soei. I'll take that one. Just to be clear, and as we said in the prepared remarks, our flywheel-based business plan remains unchanged. That said, we're optimizing our operations to ensure that all aspects of the business are lean and ready to scale. In this regard, even though it doesn't jump out at you in a lot of the numbers, we've improved on many fronts. Winning national accounts remains key to executing this strategy. And as evidenced by the past quarter, we're getting traction, and we're making headway here.

謝謝，蘇伊。我會接受那個。需要明確的是，正如我們在準備好的發言中所說，我們基於飛輪的業務計劃保持不變。也就是說，我們正在優化我們的運營，以確保業務的各個方面都是精益的並準備好擴展。在這方面，儘管在許多數字上並沒有讓你眼前一亮，但我們在很多方面都取得了進步。贏得國民帳戶仍然是執行這項策略的關鍵。正如上個季度所證明的那樣，我們正在獲得牽引力，並且正在取得進展。

From a corporate sustainability perspective, Nikola is the first-mover advantage allows us to meet the needs of companies who seek to reduce their Scope 3 emissions now. We have the fuel cell, the battery electric truck. They offer real zero emissions solutions for any company that relies on logistics services to transport and deliver their goods. We're working with these national accounts and they're demoing with us and buying from us.

從企業永續發展的角度來看，Nikola 的先發優勢使我們能夠滿足現在尋求減少範圍 3 排放的公司的需求。我們有燃料電池、電池電動卡車。他們為任何依賴物流服務運輸和交付貨物的公司提供真正的零排放解決方案。我們正在與這些國民帳戶合作，他們正在與我們一起演示並向我們購買。

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

第二個問題。尼古拉有能力靈活生產 FCEV 和 BEV。哪種卡車比較賺錢？你們會繼續提供兩者嗎？

I'll take this one, Soei and Tom. So, we've always harped on 1 truck platform, 2 powertrain options, all zero-emission. But uptil now, we've really only had one or the other in the market, either the BEV or the fuel cell. As we move into next year, we will actually have the ability to offer both in the market as we continue to return these BEVs and we can meet -- we can flex demand to what customers want. So as we make progress through the recall next year, we are getting a pull from the BEVs, and we will start selling these BEVs from Nikola inventory. And I should point out, the BEVs we will be selling from Nikola inventory will be cash contribution margin positive.

我要這個，Soei 和 Tom。因此，我們一直在強調 1 個卡車平台、2 種動力系統選項，全部零排放。但到目前為止，我們市場上其實只有其中一種，要不是純電動車，就是燃料電池。當我們進入明年時，隨著我們繼續歸還這些純電動車，我們實際上將有能力在市場上提供這兩種產品，並且我們可以滿足 - 我們可以根據客戶的需求靈活調整需求。因此，隨著明年我們在召回方面取得進展，我們將受到純電動車的拉動，我們將開始從 Nikola 庫存中銷售這些純電動車。我應該指出，我們將從尼古拉庫存中銷售的純電動車將具有正的現金貢獻邊際。

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

Steve，最後一個問題，Nikola是否正在積極尋找能夠提供資金支持公司的合作夥伴？

I'll take this one also. We are actively talking to lots of potential different partners who value what we do and value what we've built. It's because we've been doing the hard work outfront building the framework, and we have proof points. We're on the road today with customers. We're building stations. We now, after working on this for a year, have the ability to connect Northern California and Southern California. We have 32 distinct end fleets and growing that have deployed our trucks, and there's a market for Class 8 zero-emission trucks.

我也拿這個吧我們正在積極與許多潛在的不同合作夥伴交談，他們重視我們所做的事情和我們所建立的東西。這是因為我們在建立框架之前一直在做艱苦的工作，我們有證據。今天我們和客戶一起上路了。我們正在建設車站。經過一年的努力，我們現在有能力連接北加州和南加州。我們有 32 個不同的終端車隊，並且還在增加，已經部署了我們的卡車，而且 8 級零排放卡車也有市場。

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

因此，我們希望建立一個由志同道合的公司組成的聯盟，這些公司願意追求並推動零排放，因為這就是我們所做的一切。重視我們的電池卡車的公司，它們比其他卡車更重視續航里程和用戶體驗；重視我們的燃料電池卡車的公司，它為您提供更大的續航里程和更輕的重量；以及重視我們在加利福尼亞州建立的網路（我們建立的加氫網路）的公司在加州。所以我們正在積極追求所有這些。

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

是的。如果我能把史蒂夫說的話放大一點就好了。我們正在尋找志同道合的合作夥伴，他們制定了未來十年全公司的脫碳目標，將氫視為可行的能源增長載體的氫生產商，以及將輕型或重型燃料電池引入汽車行業的汽車原始設備製造商。我們共同打造了一個我們相信能夠蓬勃發展的氫經濟。

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

接線員，您可以開通分析師問答線路。

(Operator Instructions)

（操作員說明）

Mike Shlisky with D.A. Davidson.

麥克‧史利斯基 (Mike Shlisky) 與 D.A.戴維森。

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

您對 BEV 的評論聽起來非常積極，而且到目前為止人們對此的評價也很積極。但我最後聽說——我知道你經歷了很多事情，但最後我聽說計劃是按訂單生產這些產品，或者只有在收到特定請求時才生產，聽起來你並不打算這樣做對產品進行如此多的營銷。但現在他們重新上路並收到了一些良好的回饋，圍繞該產品的策略是否會改變？您是否真的打算從明年開始更積極地行銷純電動車？或者它仍然是一種按訂單生產的小批量產品？

So our dealer -- basically, we have the flexibility, Mike, to do wherever the customer wants. And we seem to be getting a pull on this product. Right now, we're going to send back what we have in our inventory, which will be margin positive. So once we grind through that, we can make a decision on what to do. But I just -- we are getting a pull from this product. And remember, we could sell this product anywhere in the country. So, TBD, but we will be grinding through -- go ahead, Tom.

所以我們的經銷商——基本上，麥克，我們可以靈活地滿足客戶的要求。我們似乎對這個產品產生了興趣。現在，我們將退回庫存中的產品，這將帶來正的利潤。因此，一旦我們解決了這個問題，我們就可以決定要做什麼。但我只是——我們正在從這個產品中獲得動力。請記住，我們可以在全國任何地方銷售該產品。所以，待定，但我們會努力克服——繼續吧，湯姆。

Yes. Just to put a little bit more specificity on it for -- in terms of the actual recall, we've returned 78 trucks as the prepared remarks said. And we've got another 81 trucks in the recall that are pending. In addition to that, we've got almost 150, which is in Nikola inventory and not part of the recall. So we're going to leverage that optionality to do what's best for the market. As Steve said, and just to repeat, as we return these BEVs, we are getting a strong pull for the market for use cases, which are conducive to the BEV. So we're going to play those 2 cards that we have for us in the right way.

是的。只是為了更具體一點——就實際召回而言，我們已經退回了 78 輛卡車，正如準備好的評論所述。我們還有另外 81 輛卡車正在召回中。除此之外，我們還有近 150 個，這些都在 Nikola 庫存中，不屬於召回範圍。因此，我們將利用這種選擇來做對市場最有利的事情。正如史蒂夫所說，重複一遍，當我們歸還這些純電動車時，我們對用例市場產生了強大的拉力，這有利於純電動車。所以我們將以正確的方式打出我們擁有的兩張牌。

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

好的。偉大的。我將向您快速詢問一個定價問題。我想我可能錯過了你所說的關於平均售價下降的原因。您能否再次回顧一下該部分，BEV 是其中的一部分嗎？我知道您提到的燃料電池產品仍然有一些介紹性定價。您知道貴公司何時開始推出介紹定價和更日常的定價策略嗎？或者我們仍然只是想讓人們嘗試這裡的產品？

Yes. So I think you have a couple of questions in there. Because of the 20 BEV return/repurchases, that impacts our revenue, not our gross revenue, but our total revenue and net revenue, and it impacts the financials going through. So to get a true picture, you need to really normalize for that. We believe these returns are just a point in time because we've got a customer for them in Q4. And so therefore, it's going to be just Q3 to Q4 point in time.

是的。所以我認為你有幾個問題。由於 20 BEV 退貨/回購，這會影響我們的收入，不是我們的總收入，而是我們的總收入和淨收入，並且會影響我們的財務狀況。因此，要獲得真實的情況，您需要對此進行真正的標準化。我們相信這些回報只是一個時間點，因為我們在第四季就有了他們的客戶。因此，這將只是第三季到第四季的時間點。

As it relates to ASP, we've kept about $370,000 per truck over the last several quarters. We think that, that's a reasonable number. We're constantly balancing volume versus ASP. We think it's probably more important, at least at this point in time, to be able to get some scale for our operations. And therefore, in some cases, we are more forgiving on ASP. But obviously, over the long haul, our intention would be to work that up and work the BOM cost down.

就 ASP 而言，過去幾季我們為每輛卡車保留了約 37 萬美元。我們認為，這是一個合理的數字。我們不斷平衡銷量與平均售價。我們認為，至少在目前，能夠擴大我們的營運規模可能更為重要。因此，在某些情況下，我們對 ASP 更加寬容。但顯然，從長遠來看，我們的目的是提高這一點並降低 BOM 成本。

Okay. Okay. And then one last one for me. I just heard the last few days or so, another company has successfully tested a 200-kilowatt fuel cell truck. So that can get all the power that you need with just a single module or that's at least what it seems like to me. Can you update us on your R&D? Do you have a lot of improvement projects underway? Or is a lot of that kind of suspended until the capital situation is ironed out? Just kind of a bit -- and were there other companies out there that are also making some products that are getting there to market. And there's only so much that can go around at the current time.

好的。好的。然後是最後一張給我的。我剛剛聽說最近這幾天，另一家公司已經成功測試了200千瓦的燃料電池卡車。因此，只需一個模組即可獲得您所需的所有功能，或者至少在我看來是這樣。能為我們介紹一下您的研發情況嗎？您正在進行大量改進專案嗎？或者說，在資本問題解決之前，許多此類項目是否會被暫停？只是一點點——還有其他公司也在生產一些產品並將其推向市場嗎？目前能流通的東西就這麼多。

Yes. So I'll take that. So we continue to work to make the existing product better. So, the new BEV we put into the market is better than the old BEV. We continue to focus on the cost and weight of our existing truck with an eye towards a next-gen truck, which will be much more efficient than the current truck. And just to be clear, we're happy other people are coming because this is a lonely business, hydrogen right now. So we're happy that other people are coming, big companies, small companies, more the merrier because we're trying to build out an ecosystem here. So, yes, we are making incremental improvements to the existing truck, making it better, improving reliability. And then -- and the fuelers also, by the way, need -- we're making incremental improvements on that with our partners. But we are actively looking at next-gen products, which will leapfrog what we have now.

是的。所以我會接受的。因此，我們繼續努力使現有產品變得更好。所以，我們投入市場的新BEV比舊BEV好。我們繼續關注現有卡車的成本和重量，並著眼於下一代卡車，它將比目前卡車更有效率。需要明確的是，我們很高興其他人加入，因為氫現在是一個孤獨的行業。因此，我們很高興其他人的到來，無論是大公司還是小公司，更高興的是，因為我們正在努力在這裡建立一個生態系統。所以，是的，我們正在對現有卡車進行漸進式改進，使其變得更好，並提高可靠性。然後——順便說一句，加油者也需要——我們正在與我們的合作夥伴一起逐步改進這一點。但我們正在積極尋找下一代產品，這將超越我們現在擁有的產品。

Cole Couzens with Wolfe Research.

沃爾夫研究中心的科爾‧庫森斯 (Cole Couzens)。

It's Cole on for Scott Group. I think I heard earlier on the call that you guys mentioned that you'd have sufficient capital last through the first quarter of 2025. Do you guys expect that you'll need to raise capital after that at some point in 2025? And kind of what are the internal expectations for when you expect free cash flow to actually inflect positive?

斯科特集團的科爾上場了。我想我早些時候在電話會議上聽說你們提到你們將有足夠的資本持續到 2025 年第一季。當您預期自由現金流實際上會產生正面影響時，內部預期是什麼？

Yes. So let me try to unpack the cash flow. We mentioned it in the prepared remarks that you're referencing, but let me take a little bit of time to try to unpack it for everyone. We finished the quarter with approximately $198 million unrestricted cash. So let's just round that to $200 million because it makes the math easier.

是的。因此，讓我嘗試解析現金流。我們在您引用的準備好的評論中提到了這一點，但讓我花一點時間嘗試為每個人解開它。本季結束時，我們擁有約 1.98 億美元的非限制性現金。因此，我們將其四捨五入為 2 億美元，因為這樣可以更容易計算。

The cash burn for the quarter was $162 million. That is higher than the prior quarter, which had a cash burn of $145 million and higher than the first half, which was $135 million per quarter. What's important to note in this quarter is, there were some onetime and some annual payments related to settlements, insurance policies, there were also some supplier negotiations in terms of payments. If you normalize for those, then our $162 million gets very close to $145 million, which was the last quarter.

該季度的現金消耗為 1.62 億美元。這高於上一季的現金消耗 1.45 億美元，也高於上半年的每季 1.35 億美元。本季值得注意的是，有一些與結算、保險單相關的一次性付款和年度付款，也有一些供應商在付款方面的談判。如果你將這些標準化，那麼我們的 1.62 億美元將非常接近上個季度的 1.45 億美元。

Now, if you do the math and you take the first half cash burn down from the $45 million a month to $30 million to $40 million a month, that gives you 5 to 6.5 months runway, which is the basis for our prepared remarks. So what we're doing now, as we've said in the answer to some of our questions, we are talking to a number of strategics, a number of people who are interested. And by the way, they continue to be excited by what we're building. As Steve says, we're 1 of the few out in the field with the hydrogen network. We're not only making the trucks, but we're putting in the infrastructure as well. So there's very good interest from that.

現在，如果你計算一下，將上半年的現金消耗從每月4500 萬美元減少到每月3000 萬至4000 萬美元，那麼你就有5 到6.5 個月的跑道，這是我們準備好的評論的基礎。所以我們現在正在做的事情，正如我們在回答一些問題時所說的那樣，我們正在與一些策略人員、一些有興趣的人進行交談。順便說一句，他們仍然對我們正在建造的東西感到興奮。正如史蒂夫所說，我們是少數擁有氫氣網路的領域之一。我們不僅製造卡車，而且還建造基礎設施。所以人們對此很感興趣。

In addition, we're also working on our own self-help. And if you do the math, our cash conversion cycle, for example, improved 45 days since the end of Q1. We're working with CARB in terms of their speed to improve voucher processing. We're working with dealers in terms of floor planning issues. We're looking at our organization structure to make sure it's lean. We're being very rigorous and vigilant on discretionary cash. So, to sum it all up, we think we've got that runway of 5 to 6 months at $30 million to $40 million per month. And therefore, we're working right now to try to raise the necessary capital to give us the runway to go much further into 2025.

此外，我們也致力於自身的自助。例如，如果你算一下，我們的現金轉換週期自第一季末以來改善了 45 天。我們正在與 CARB 合作，提高憑證處理速度。我們正在與經銷商就樓層規劃問題進行合作。我們正在研究我們的組織結構以確保其精簡。我們對可自由支配的現金非常嚴格和警惕。因此，總而言之，我們認為我們已經擁有了 5 到 6 個月的跑道，每月 3000 萬到 4000 萬美元。因此，我們現在正在努力籌集必要的資金，為我們在 2025 年走得更遠做好準備。

Okay. Great. That's helpful color. And maybe just on deliveries, can you provide kind of how are deliveries trending quarter-to-date through October? And maybe just given we're getting close to the end of the year, what are some early expectations for 2025 deliveries? And if you could talk through maybe how customer conversations are progressing there and maybe informing your view would be helpful.

好的。偉大的。這是有用的顏色。也許只是在交付方面，您能否提供截至 10 月為止的季度至今的交付趨勢？也許鑑於我們已接近年底，對 2025 年交付的一些早期預期是什麼？如果你能談談客戶對話的進展情況，也許表達你的觀點會有所幫助。

Yes. We've got more potential than what we're guiding to in terms of wholesale deliveries for Q4. Now obviously, you need to cut the deal and make that happen. But whenever you've got more prospects and more potential, that gives you confidence, and it's why we've guided as such. With respect to 2025, we'll talk to you about that at the Q4 earnings call.

是的。在第四季度的批發交付方面，我們的潛力比我們所指導的更大。現在顯然，你需要達成協議並實現這一目標。但只要你有更多的前景和潛力，就會給你信心，這就是我們如此指導的原因。關於 2025 年，我們將在第四季的財報電話會議上與您討論。

Just the feedback -- the customer feedback is good. The momentum is positive. Customer sat is positive. You see lots of testimonials. We get lots of feedback on that. So it's about building a business. And again, we have the flexibility to switch between the 2, which we haven't been taking advantage of, and we'll be able to start taking advantage of that next year.

只是反饋——客戶的回饋很好。勢頭是積極的。客戶滿意度是正面的。你會看到很多推薦。我們收到了很多對此的回饋。所以這是關於建立一個企業。再說一遍，我們可以靈活地在兩者之間切換，這是我們尚未利用的，明年我們將能夠開始利用這一點。

Yes. And the business is really poised. And when you look at it, you've got government incentives, which are assisting for a hydrogen economy. You've got automotive OEMs that have been working on fuel cells for quite some time and see this as a growth vector. You've got industrial gas producers that are looking for growth vectors and hydrogen is -- can be a growth vector for them. And you've also got all of these national accounts. And if you read their sustainability reports, zero emissions is very important to them and either for their trucking or their trucking partners. So the pieces are all set. We just need to pull it together with the right partners, and we're optimistic this thing can really take off.

是的。而且生意確實很順利。當你看到它時，你會發現政府的激勵措施正在幫助氫經濟。汽車原始設備製造商已經在燃料電池領域投入了相當長的一段時間，並將其視為成長載體。工業氣體生產商正在尋找成長載體，而氫氣可以成為他們的成長載體。而且您還擁有所有這些國民帳戶。如果您閱讀他們的永續發展報告，您會發現零排放對他們以及他們的卡車運輸或卡車運輸合作夥伴都非常重要。這樣，一切就都準備好了。我們只需要與合適的合作夥伴一起努力，我們對這件事能夠真正取得成功持樂觀態度。

Tyler DiMatteo with BTIG.

泰勒·迪馬特奧 (Tyler DiMatteo) 與 BTIG 合作。

Steve, I wanted to follow up on your comments there in terms of the flexibility between the 2 trucks. How early of a decision and how quickly can you kind of manage the manufacturability of the 2 trucks? And maybe how early do you really need to make a decision if you were to have a line of sight to say, hey, BEV capacity is pushing incremental demand as you were alluding to before? Just curious how you kind of think about that decision a little bit more nuanced.

史蒂夫，我想跟進您對兩輛卡車之間的靈活性的評論。您多久可以做出決定以及多快可以管理兩輛卡車的可製造性？如果您想知道，嘿，正如您之前提到的，純電動車產能正在推動增量需求，那麼您真正需要多早做出決定？只是好奇你如何更細緻地考慮這個決定。

We would need to make it 3 to 6 months in advance because there's some long lead items that we would have to buy to get the truck back, high-voltage cables, things like that. So we're in the market now. As Tom said, we're putting these back in the market. We have our own internal that will go back to the market. We can get that back. At the same time, we're doing price discovery, demand discovery. We're learning what people want. And if people want this truck and they are willing to pay for it, we're happy to give it to them.

我們需要提前 3 到 6 個月完成，因為我們必須購買一些提前期較長的物品才能取回卡車，例如高壓電纜等。所以我們現在就在市場上。正如湯姆所說，我們正在將這些產品重新推出市場。我們有自己的內部資源，將回歸市場。我們可以把它找回來。同時，我們正在做價格發現、需求發現。我們正在了解人們想要什麼。如果人們想要這輛卡車並且願意為此付費，我們很樂意將其提供給他們。

Yes. And I think the important point to repeat is, approximately 150 in our inventory and another 81 as part of the recall. So you put those together, you got approximately 230 trucks that we have optionality with, and we can use that to ease into any production ramp-up if we decide to. It's also important to note that the battery packs, the BEV takes 9 of them versus the fuel cell, which takes 2. So we're balancing that in terms of mix also.

是的。我認為需要重複的重要一點是，我們的庫存中約有 150 件，另外 81 件是召回的一部分。所以你把這些放在一起，你就得到了大約 230 輛我們可以選擇的卡車，如果我們決定的話，我們可以用它來輕鬆提高產量。還需要注意的是，純電動車需要 9 個電池組，而燃料電池需要 2 個電池組。

Yes. But just to be clear, we're rebuilding these. These are on a reman line. To get the other ones, the BEVs back into the line will take 3 to 6 months. So that would be a third, fourth quarter benefit. And just to add to that, the reason the flexibility is important is we're managing customers, we're managing fuel and we're managing the truck on the fuel cell side. So, sometimes the customers and the trucks get ahead of the fuel, sometimes they get behind. So if we need to play catch-up a little bit the market, we could supplement the market with BEVs.

是的。但需要明確的是，我們正在重建這些。這些都在再造線上。為了讓其他電動車重新投入生產線，需要 3 到 6 個月的時間。所以這將是第三、第四季的收益。除此之外，靈活性很重要的原因是我們正在管理客戶，我們正在管理燃料，我們正在管理燃料電池方面的卡車。因此，有時顧客和卡車會提前提供燃料，有時會落後。因此，如果我們需要追趕市場，我們可以用純電動車來補充市場。

Okay. Great. And then, in terms of the wholesales for the fuel cells for the remainder of the year, as you kind of look at the order book here through the end of the year, what are the key factors here dictating the range in terms of the $300 million to $350 million for the rest of the year? And I guess, how do you kind of think about the puts and takes there in terms of the low versus the high on that front?

好的。偉大的。然後，就今年剩餘時間的燃料電池批發而言，當您查看截至今年年底的訂單簿時，決定 300 美元範圍的關鍵因素是什麼在今年剩下的時間裡，我們的預算是100 萬至3.5 億美元？我想，您如何看待看跌期權和看跌期權的低點與高點？

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

我的意思是，我們有一個相當大的漏斗，他們是否想在今年或明年扣動扳機還有待觀察。此外，還有一系列正在發揮作用的激勵活動，今年與明年相比可能會受益，但時間會證明一切。

Yes. I think whenever, Tyler, you're looking at a new technology and you're looking at new customers -- national account customers, it's really hard to pinpoint where you're going to be in the range. That's why the range in Q4, you could argue maybe is a little bit wide. But as you can imagine, new technology, new customers have never done hydrogen before. It takes discussions and it takes time to really decide how much of that funnel is really going to be executed in terms of a wholesale delivery.

是的。我認為，泰勒，無論何時，當你在尋找一項新技術，並且在尋找新客戶——國民帳戶客戶時，都很難確定你將處於該範圍內的哪個位置。這就是為什麼第四季的範圍可能有點寬。但正如你可以想像的那樣，新技術、新客戶以前從未做過氫。這需要討論，也需要時間來真正決定該管道的多少部分將在批發交付方面真正執行。

Ben Kallo with Baird.

本卡洛和貝爾德。

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

只是專注於最後一個問題。您能否談談現有客戶的購買率，如果他們正在進行試點，然後轉向更大的訂單，您如何看待這種趨勢？還是對基礎建設的觀望？你能給我們什麼顏色嗎？

So we have repeat customers. Some are fairly large, some require fuel. Connecting north to south will be a big enabler here because we haven't really sold a lot of trucks in Northern California yet. So there is -- but -- listen, part of our strategy, Ben, is to seed the market with a lot of different fleets doing a lot of different things. So 16, 17 different fleets are running the fuel cell, 19 are running the BEVs. We're accumulating data around this. So we're ecstatic because the ultimate say on the truck is, do you buy more? So are static that they want to buy more, but we really want to seed lots of different fleets with -- so we can accumulate data on what's the best use case of a fuel cell versus a BEV.

所以我們有回頭客。有些相當大，有些需要燃料。連接南北將是這裡的一個重要推動因素，因為我們在北加州還沒有真正售出很多卡車。所以，但是，聽著，本，我們策略的一部分是用許多不同的車隊做很多不同的事情來開拓市場。因此，16、17 個不同的車隊正在運行燃料電池，19 個車隊正在運行 BEV。我們正在累積這方面的數據。所以我們欣喜若狂，因為卡車的最終決定是，你買更多嗎？因此，他們想要購買更多，但我們確實希望為許多不同的車隊提供種子——這樣我們就可以累積燃料電池與純電動車的最佳用例的數據。

And Ben, maybe I can add a little bit more color in terms of that national account purchase. I mean, typically, it requires a pilot, and those pilots can vary in duration depending on company's desire. And then, I think it's also important to note, there's a natural tension within any sort of national account company. You've got the sustainability arm, which is really looking at putting this into their fleet. You've got the logistics arm, which is pennies per mile in terms of cost.

本，也許我可以在國民帳戶購買方面添加更多色彩。我的意思是，通常情況下，它需要一個試點，而這些試點的持續時間可以根據公司的願望而變化。然後，我認為還需要注意的是，任何類型的國民帳戶公司內部都存在著天然的緊張關係。永續發展部門正在真正考慮將其納入他們的車隊中。物流部門的成本是每英里幾美分。

And then you've got the senior leadership that is trying to put this all together and weigh the sustainability commitment with the cost commitments with the new technology. So it's not a layup, so to speak. It's not a half-court shot either, but it's something that we're getting better at working at, building the connections within those companies. And it's building the relationships, letting them demo the truck, demystifying the hydrogen, making sure that we can commit to them that the fueling is going to be up and reliable. So it's a process, but it's a great prize at the end because these companies that care about the environment and care about the hydrogen economy get to actually utilize one of our vehicles to execute to that.

然後，高階領導層正試圖將這一切整合在一起，並權衡永續性承諾與新技術的成本承諾。所以可以這麼說，這不是上籃。這也不是半場投籃，但我們正在做得更好，在這些公司內部建立聯繫。它正在建立關係，讓他們示範卡車，揭開氫氣的神秘面紗，確保我們可以向他們承諾燃料將是充足且可靠的。所以這是一個過程，但最終這是一個巨大的獎勵，因為這些關心環境和氫經濟的公司可以實際利用我們的一輛車來執行這一目標。

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

請記住，本，這不僅僅是做其他人正在做的事情並努力做得更好。我們正在做一些其他人還沒有做過的事情。這並不容易。我們每天都在苦苦掙扎，但這就是人們來這裡工作的原因。

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

過去，你們提供了許多卡車來實現損益平衡的 EBITDA。有數字嗎——有變化嗎？還是您提醒我們這個數字是多少？我知道你們在成本方面也做了很多工作，但願我們能重新審視這一點。

Yes. It's a good question, Ben. No, the neighborhood or the ZIP code of the number hasn't changed. I don't want to talk about it specifically on the call, but I would point you back to the flywheel. I mean, the only way that we are going to improve the unit economics is to build the scale. So it gives the supplier partners confidence that they can invest and optimize the lines that produce the material that comes to us. So, the volume is key. I won't mention a number today, but that is a very key part of the flywheel.

是的。這是個好問題，本。否，該號碼的社區或郵遞區號未更改。我不想在電話中專門討論這個問題，但我想向您指出飛輪。我的意思是，我們提高單位經濟效益的唯一方法就是擴大規模。因此，這讓供應商合作夥伴充滿信心，相信他們可以投資和優化生產供應給我們的材料的生產線。所以，音量是關鍵。今天我不會提一個數字，但那是飛輪非常關鍵的部分。

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

我們的問答環節就到此結束。我想將電話轉回 Soei，以徵求補充或結束語。

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

謝謝你，接線生。我們感謝今天早上加入我們的大家。我們代表所有 Nikola 員工感謝您。祝你有美好的一天。

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

今天的電話會議到此結束。我們感謝您的參與。