Nikola's financial losses expand after a costly recall of its battery-electric semi trucks.

• Nikola reported a wider quarterly loss following a costly recall.
• Over 200 trucks will require new battery packs, costing the company $61.8 million.
• Its latest model now has over 300 orders and more cash than ever before.

The electric truck manufacturer announced on Thursday that it has received nearly 300 orders for its new hydrogen fuel cell semitruck, but it is facing a costly recall of its earlier battery-electric trucks.

Nikola has decided to replace the battery packs on all 209 of its Tre battery-electric trucks, which cost an estimated $61.8 million, after a fire caused by a coolant leak in a truck's battery pack was investigated.

Despite the recall, a dealer ordered 47 battery-electric trucks during the third quarter, Nikola said. The company expects to resume delivering battery-electric trucks to customers in the first quarter next year.

Nikola reported that it has received 277 "non-binding" orders for its new fuel-cell truck from 35 different fleet customers. In contrast, the company shipped a total of three trucks during the third quarter, which is significantly lower than the 63 trucks it shipped in the year-ago quarter.

Here are the key numbers from Nikola’s third-quarter earnings report.

• Wall Street analysts polled by LSEG, formerly known as Refinitiv, predicted an adjusted loss per share of 14 cents, but the actual loss was 30 cents.
• LSEG reports revenue of $1.7 million below Wall Street's estimate of $13.3 million.

Nikola's net loss was $425.8 million, or 50 cents per share. On an adjusted basis, excluding stock-based compensation, it lost 30 cents per share. In comparison, a year ago, Nikola lost $236.2 million, or 54 cents per share.

In the third quarter of 2022, Nikola reported negative revenue of $1.7 million, after spending $2.4 million to buy back seven trucks from former dealers.