Nikola NKLA 2022 II quarter earnings

Nikola Motor Company

Source: Nikola Motor Company

Nikola on Thursday reported second-quarter earnings that beat Wall Street expectations as it delivered 48 electric heavy-duty trucks. The company also reported a smaller-than-expected loss for the period.

Here’s what the company reported, compared to what Wall Street expected, according to a survey of analysts by Refinitiv:

  • Income: 18.1 million USD compared to USD 16.5 million.
  • Adjusted loss per share: 25 cents, compared with a loss of 27 percent per share.

During the second quarter, Nikola produced 50 trucks, of which 48 were delivered to dealers by the end of the quarter. All 50 of those trucks were battery electric versions of the Tre semi. This was slightly less than Nikola’s own forecast of 50 to 60 deliveries during that period.

“The main reason for our deliveries to be at the low end of the guidance range was due to two weeks of production losses in the second quarter related to battery pack delivery delays from The power of Romeo,” Chief Financial Officer Kim Brady said on Nikola’s earnings call.

Nikola posted on agreement to acquire Romeo Power on Monday.

The company is ramping up production at its Arizona plant and expects to produce five trucks per shift by November.

Nikola confirmed its previous guidance for 2022. It still expects to deliver 300 to 500 battery-electric Tre trucks by the end of the year and complete prototype testing of its upcoming hydrogen fuel cell truck with two customers, including Anheuser-Busch.

Following the announcement of this news, Nikola’s shares rose by around 5%

Nikola still has enough cash. June 30 it had 529 million USD in cash and an additional 313 million USD remaining from the existing equity line of credit, with total liquidity of $842 million. USD. It was more than 794 million. USD of total liquidity at the end of the first quarter.

Separately, Nikola announced that it has selected sites for three hydrogen fueling stations in California, including one at the Port of Long Beach. Stations that should be opened in 2023 at the end, will be used by future trucks powered by Nikola fuel cells.

Nikola had a busy week. After announcing the acquisition of Romeo Power for 144 million on Tuesday received shareholders’ consent to issue new shares. Nikola spent two months getting enough votes to overcome disgruntled founder Trevor Milton’s objection.

Milton in 2020 Nikola left in September in the middle allegations of fraudhowever, he remains the company’s largest shareholder, holding approximately 20% of the shares.

This is an evolving story. Check for updates.

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