Friday, July 12, 2024

Electric truck maker Nikola beats analysts revenue expectations on higher deliveries

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Nikola topped analysts’ estimates when announcing the quarter on Thursday as the electric truck maker shipped more semi trucks after an increase in production. The company also reported a smaller-than-expected loss for the period.

In the second quarter, Nikola produced 50 Tre electric trucks at its production facility in Coolidge and delivered 48 units to dealers.

Nikola said it was on track to reach its target of delivering 300 to 500 BEV Tre semi trucks by 2022.

“The primary reason for our deliveries coming in at the low end of our guidance range was caused by two weeks of production losses in Q2 related to battery pack delivery delays from Romeo Power,” Chief Financial Officer Kim Brady said during Nikola’s earnings call.

Nikola’s revenue in the second quarter was $18.1 million, compared with the $16.5 million expected by analysts, according to IBES data from Refinitiv.

Nikola’s net loss in the second quarter widened to $173 million, from a loss of $143.2 million a year earlier.

Nikola previously announced a deal to acquire Romeo Power on Monday. The company on Tuesday won shareholder approval to issue new shares.

Nikola has also announced locations for three hydrogen fueling stations in California, including one in Port of Long Beach. The station, which is expected to open in late 2023, will be used by Nikola fuel cell powered trucks.

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