Nikola Motor Company
Source: Nikola Motor Company
Nikola on Thursday reported income for the second quarter that beat Wall Street expectations because it delivered 48 of its electrical heavy vehicles. The firm additionally reported a smaller-than-expected loss for the interval.
Here’s what the corporate reported in contrast with what Wall Street was anticipating, primarily based on a survey of analysts by Refinitiv:
- Revenue: $18.1 million, vs. $16.5 million anticipated.
- Adjusted loss per share: 25 cents, versus vs. 27 cent per-share loss anticipated.
Nikola constructed 50 vehicles in the course of the second quarter, 48 of which had been delivered to its sellers earlier than quarter-end. All 50 of these vehicles had been battery-electric variations of its Tre semi. That was barely beneath Nikola’s personal forecast, which had referred to as for between 50 and 60 deliveries within the interval.
“The primary reason for our deliveries coming in at the low end of our guidance range was caused by two weeks of production losses in Q2 related to battery pack delivery delays from Romeo Power,” Chief Financial Officer Kim Brady stated throughout Nikola’s earnings name.
Nikola introduced an settlement to amass Romeo Power on Monday.
The firm is within the means of ramping up manufacturing at its Arizona manufacturing facility, and stated it expects to be constructing vehicles at a price of 5 per shift by November.
Nikola confirmed its earlier steerage for 2022. It nonetheless expects to ship between 300 and 500 of its battery-electric Tre vehicles by year-end, and to finish testing of prototypes of its upcoming hydrogen fuel-cell truck with two fleet purchasers together with Anheuser-Busch.
Nikola’s shares rose sharply after the information was launched. The inventory ended the day at $7.90, up about 6.3%.
Nikola nonetheless has ample money available. As of June 30, it had $529 million in money and a further $313 million remaining on its present fairness line of credit score, for complete liquidity of $842 million. That was up from $794 million in complete liquidity as of the top of the primary quarter.
Separately, Nikola introduced that it has chosen areas for 3 hydrogen refueling stations in California, together with one on the Port of Long Beach. The stations, that are anticipated to open in late 2023, will likely be utilized by Nikola’s upcoming fuel-cell-powered vehicles.
Nikola has had a busy week. After asserting its acquisition of Romeo Power for $144 million in inventory, the corporate on Tuesday received shareholder approval to difficulty new inventory. Nikola had spent two months working to get sufficient votes to beat an objection by its disgraced founder, Trevor Milton.
Milton left Nikola in September 2020 amid allegations of fraud, however he stays the corporate’s largest shareholder with management over roughly 20% of its inventory.
This is a creating story. Please examine again for updates.