Nikola (NKLA) released its Q4 2022 results and the electric heavy-truck maker fell short of Wall Street’s expectations.

The company said it produced 133 battery-electric trucks in the fourth quarter but delivered just 20 trucks to dealers generating poor revenue.

Nikola said it made a series of changes to its battery-electric truck during the quarter in response to feedback from early customers. The company also confirmed that the fuel-cell version of its truck is still on track to begin production in the second half of 2023, in line with earlier guidance.

Here are key numbers from the earnings report:

• Adjusted loss per share: 37 cents vs. 43 cents expected
• Revenue: $6.6 million vs. $32.1 million expected

The Company’s Q4 net loss was $222.1 million or 46 cents per share. Nikola lost $159.4 million, or 39 cents per share on a GAAP basis, in the year-ago period. As of December 31st 2022, Nikola had $233.4 million in cash and equivalents available in the bank. This is down from $315.7 million at the end of September.

Nikola’s fourth-quarter production brought it to 258 trucks built in 2022. That was just enough to hit the guidance range it provided in November, when it said it expected to produce between 255 and 305 trucks for the full year.

Nikola believes production should ramp up somewhat in 2023. The Company said investors should expect it to deliver between 250 and 350 battery-electric trucks and 125 to 150 of its upcoming fuel-cell trucks this year. It also expects to reduce costs on its battery-electric trucks by about $105,000 per truck by year-end as it realizes savings from its acquisition of battery pack maker Romeo Power.

Nikola stock is down -7.5% at time of writing on today’s earnings report.

The stock has already printed new all time record lows when it hit $2.01 on December 13th 2022. Since then, the stock gave some hope for bulls from a technical analysis basis. The stock did not print new record lows after, and instead, it appeared as if a double bottom reversal pattern was printing and would be triggered. Major resistance came in at $3.00, and this zone needs to be taken out for a major stock reversal.

The stock rejected $3.00 and is now making its way back to the $2.00 major support zone once again. A close below $2.00, triggers new all time record lows and will see the stock drop further.

If the stock maintains a close above $2.00, then the support holds as buyers step in. It would mean the stock remains in its range until we get a break. Once again, for a bullish reversal and the trigger of a new uptrend, we must see a candle break and close above $3.00.