(Reuters) - Nikola (NASDAQ:NKLA) set a target to deliver as many as 350 hydrogen-powered fuel cell electric trucks in 2024, after cost controls and its first revenue from the vehicles helped the startup post a smaller loss for the fourth quarter.
The company also said on Thursday it was on track to return its first re-worked battery-electric trucks back to users by the end of the current quarter, after some trucks powered by the technology caught fire in August and forced a recall.
"All (battery-powered) trucks will be returned to end user fleets by the end of Q2 or early Q3," it said.
The firm is trying to pivot its business to big rigs that are powered by hydrogen after a tough period hammered its share price and saw executive departures.
Its shares are now trading at less than $1, down from a $80-peak hit just days after going public in June 2020, and face the risk of a delisting after they failed to maintain the minimum share price required by the Nasdaq.
The fourth quarter showed some progress in its turnaround, with Nikola manufacturing 42 hydrogen-powered fuel cell electric trucks and delivering 35 units.
That helped it post a more than two-fold jump in truck revenue to $10.4 million.
The company expects up to $170 million in truck revenue for 2024 with a target to sell as many as 450 trucks this year, including its hydrogen fuel cell electric trucks.
Its net loss narrowed to $153.6 million in the final three months of 2023 from $222.1 million a year earlier, thanks to a 27% decline in total operating expenses.
After raising about $230.3 million in the quarter, the company also said it had the "the highest unrestricted cash balance" since the fourth quarter of 2021. The company's cash balance stood at $464.7 million as of December-end.