Summary by Moomoo AI
Nikola Corporation reported Q2 2024 revenue of $31.3 million, up 104% year-over-year, driven by 72 FCEV truck deliveries compared to 45 BEV trucks in Q2 2023. However, net loss widened to $133.7 million from $140.0 million last year, with gross loss increasing to $54.7 million. Operating expenses decreased 46% to $76.4 million due to lower R&D and SG&A costs.The company continues to face significant financial challenges, with management indicating current resources are only adequate to fund operations into Q4 2024. Cash and cash equivalents stood at $256.3 million as of June 30, 2024, down from $464.7 million at year-end 2023. The company is working to complete its BEV truck recall campaign, with $62.9 million accrued in costs.Looking ahead, Nikola aims to scale FCEV truck production and expand its hydrogen infrastructure network while managing costs. The company raised $50.9 million through stock sales in Q2 and has approximately $259.4 million remaining under its equity distribution agreement. Management emphasized the need to secure additional funding to support ongoing operations and growth initiatives.
