Nikola Reports $18.1 Million Revenue
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Nikola Corp. earned $18.1 million in revenue through electric truck sales during the second quarter of 2022, the company reported Aug. 4.
The Phoenix-based truck manufacturer posted a net loss of $173 million, or negative 41 cents a diluted share, for the three months ending June 30. That compared with a loss of $143.2 million, or negative 36 cents, during the same time the previous year. Total revenue for the quarter was $18.1 million; year-ago revenue was not included.
“Our momentum continued during the second quarter as we began delivering production vehicles to dealers and recognizing revenue from the sale of our Nikola Tre BEVs,” Nikola CEO Mark Russell said in a statement. “We are committed to executing on our second-half milestones.”
Revenue predominantly came from truck sales at $17.4 million. Nikola delivered 48 Tre BEVs and four mobile charging trailers in Q2. The company increased its total liquidity to $841.8 million in the quarter from $794 million at the end of Q1. It also raised $200 million in a private placement of convertible notes during the quarter.
Nikola continued pilot testing with several fleets to help facilitate additional orders and build its backlog. Pilot programs for Total Transportation Services, Univar Solutions Inc., RoadOne IntermodaLogistics and Benore Logistics Systems were completed during the quarter. The Covenant Logistics pilot was extended and is ongoing.
The earnings report also provided a brief update for a manufacturing facility in Coolidge, Ariz. The company is ramping up production capacity and expects to increase its throughput to five units per shift by November. Phase 2 expansion is underway and on track to be completed by the first quarter next year.
Nikola also made progress in its partnership with TravelCenters of America on the first hydrogen dispensing station in Ontario, Calif. They both have executed a definitive agreement, agreed on the station design and have ordered key equipment. Nikola also executed a land lease in Colton, Calif., to build a greenfield hydrogen dispensing station.
“This marks an important step in Nikola’s ability to deliver innovative solutions and the infrastructure needed to decarbonize the transportation industry." - Pablo Koziner, Nikola Energy. Learn more in today's announcement: https://t.co/LLngO5ocDZ — Nikola Motor Company (@nikolamotor) August 4, 2022
The first batch of six TRE FCEV beta prototypes also started to be built during the quarter. The company expects to complete them in August. The second batch of six will start later in August and should finish by the end of the third quarter. The third batch will begin in Q3 and are expected to be completed by Q4.
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