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Nikola | 8-K: Nikola Corporation Reports Second Quarter 2024 Results

SEC ·  Aug 9 21:12

Summary by Moomoo AI

On August 9, 2024, Nikola Corporation, a leader in zero-emissions transportation, announced its financial results for the second quarter ended June 30, 2024. The company reported a significant increase in revenue, reaching $31.3 million, which is a 318% rise from the previous quarter. Nikola wholesaled 72 hydrogen fuel cell electric vehicles (FCEVs) during the quarter, surpassing its guidance and marking an 80% increase from Q1. The company also initiated sales of regulatory credits, contributing to alternative revenue streams. Despite these achievements, Nikola reported a net loss of $133.7 million for the quarter, with a gross margin of -175%. The company's adjusted EBITDA was a loss of $109.4 million. Nikola's President and CEO, Steve Girsky, highlighted the company's role in disrupting the Class 8 trucking industry and its commitment to...Show More
On August 9, 2024, Nikola Corporation, a leader in zero-emissions transportation, announced its financial results for the second quarter ended June 30, 2024. The company reported a significant increase in revenue, reaching $31.3 million, which is a 318% rise from the previous quarter. Nikola wholesaled 72 hydrogen fuel cell electric vehicles (FCEVs) during the quarter, surpassing its guidance and marking an 80% increase from Q1. The company also initiated sales of regulatory credits, contributing to alternative revenue streams. Despite these achievements, Nikola reported a net loss of $133.7 million for the quarter, with a gross margin of -175%. The company's adjusted EBITDA was a loss of $109.4 million. Nikola's President and CEO, Steve Girsky, highlighted the company's role in disrupting the Class 8 trucking industry and its commitment to zero-emission technology. Nikola's trucks have collectively traveled over 550,000 miles, demonstrating superior fuel economy and emissions avoidance compared to the Class 8 truck average. The company also continued to expand its HYLA fueling solutions, opening a new station in Toronto and increasing capacity at its California locations. Nikola remains on track to complete its BEV '2.0' recall program by the end of 2024. The company's financial statements detail its production, shipments, revenues, and losses, as well as its cash flow activities and balance sheet positions.

This announcement is a separate document:

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