This notorious EV maker recently reported the company beat its revenue estimates by 10.1% for the 2022 third quarter. Its revenue came in at $24.24 million. However, it missed EPS estimates by…
9.2%. Its EPS came in at negative $0.54.
Recently NKLA and ChargePoint Holdings, Inc. (CHPT), a leading electric vehicle (EV) charging network, announced their partnership to accelerate the deployment of EV charging infrastructure for fleets across the U.S.
However, amid declining demand, NKLA cut its 2022 outlook. It planned to build between 300 and 500 trucks by the end of 2022 but reduced it to 255 and 305 trucks. Moreover, the company laid off 7% of its employees, citing widespread macro headwinds.
NKLA has lost 16.9% over the past month to close the last trading session at $2.46. It has lost 75.1% year-to-date and 62.1% over the past six months.
Here is what could shape NKLA’s performance in the near term:
Weak Balance Sheet
NKLA’s cash and cash equivalents came in at $315.73 million for the period ended September 30, 2022, compared to $497.24 million for the period ended December 31, 2021. Its total current assets came in at $486.92 million, compared to $524.73 million for the same period.
Also, its long-term debt came in at…
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