Nikola Corporation, a technology innovator and integrator focused on decarbonizing the trucking industry, reported financial results for the quarter ended June 30, 2024. The company's net loss from continuing operations narrowed to $133.7 million from $140.0 million in the same period last year, with a basic and diluted net loss per share of $2.86 compared to $5.93. Revenue from truck sales increased by 139% year-over-year to $28.7 million, driven by 72 Tre FCEV shipments. However, service and other revenues decreased by 23% to $2.6 million. The company's gross loss widened by 98% to $54.7 million, and total operating expenses decreased by 46% to $76.4 million. Nikola's cash and cash equivalents stood at $256.3 million as of June 30, 2024. The company's business development included entering into a fuel cell power module license...Show More

Nikola Corporation, a technology innovator and integrator focused on decarbonizing the trucking industry, reported financial results for the quarter ended June 30, 2024. The company's net loss from continuing operations narrowed to $133.7 million from $140.0 million in the same period last year, with a basic and diluted net loss per share of $2.86 compared to $5.93. Revenue from truck sales increased by 139% year-over-year to $28.7 million, driven by 72 Tre FCEV shipments. However, service and other revenues decreased by 23% to $2.6 million. The company's gross loss widened by 98% to $54.7 million, and total operating expenses decreased by 46% to $76.4 million. Nikola's cash and cash equivalents stood at $256.3 million as of June 30, 2024. The company's business development included entering into a fuel cell power module license and an arrangement with a finance company for floor plan financing to its dealers. Nikola also announced a voluntary recall of its BEV trucks and plans to retrofit them with alternative battery packs. The company's future plans involve commercializing heavy-duty trucks, expanding manufacturing facilities, investing in hydrogen fueling infrastructure, and developing technology partnerships. Nikola's short-term liquidity is expected to fund operations into the fourth quarter of 2024, with capital expenditures estimated at approximately $60.0 million for the remainder of the fiscal year.