Nikola Corporation, a designer and manufacturer of heavy-duty commercial hydrogen-electric and battery-electric trucks, as well as energy infrastructure solutions, has reported its financial results for the second quarter ended June 30, 2024. The company, which trades under the symbol NKLA on the Nasdaq Global Select Market, disclosed a net loss from continuing operations of $133.7 million for the quarter, compared to a net loss of $140.0 million for the same period in the previous year. Despite the net loss, Nikola's revenue from truck sales increased by 139% to $28.7 million, driven by sales of 72 Tre FCEV trucks. The company also reported a decrease in service and other revenues by 23% to $2.6 million. Research and development expenses decreased by 38% to $40.2 million, while selling, general...Show More

Nikola Corporation, a designer and manufacturer of heavy-duty commercial hydrogen-electric and battery-electric trucks, as well as energy infrastructure solutions, has reported its financial results for the second quarter ended June 30, 2024. The company, which trades under the symbol NKLA on the Nasdaq Global Select Market, disclosed a net loss from continuing operations of $133.7 million for the quarter, compared to a net loss of $140.0 million for the same period in the previous year. Despite the net loss, Nikola's revenue from truck sales increased by 139% to $28.7 million, driven by sales of 72 Tre FCEV trucks. The company also reported a decrease in service and other revenues by 23% to $2.6 million. Research and development expenses decreased by 38% to $40.2 million, while selling, general, and administrative expenses also saw a decrease of 38% to $36.2 million. The company's total operating expenses were $76.4 million, a 46% decrease from the previous year's $141.0 million. Nikola's cash and cash equivalents stood at $256.3 million as of June 30, 2024. The company highlighted its ongoing efforts to expand operations, including the manufacturing and validation of its electric trucks and the development of hydrogen fueling infrastructure. Nikola's stock has experienced volatility, and the company has never paid dividends on its capital stock, with no plans to do so in the foreseeable future.