Nikola beats expectations after delivering 48 trucks in Q2
Nikola, the Phoenix-based vehicle maker, announced its first significant revenue on Thursday after selling 48 electric trucks during the second quarter.
Nikola Corp. (Nasdaq: NKLA) reported revenue of $18.1 million for the quarter ended June 30, ahead of the Wall Street expectation of $16.46 million. The company also reported a net loss per share of 25 cents, again outpacing analyst expectations of a 28 cent loss.
The company made 50 trucks at its Coolidge plant in Pinal County and said it would have made more if not for a lack of battery packs.
“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,” CFO Kim Brady said on a call with analysts on Thursday morning, referencing its supplier Romeo Power.
Nikola announced on Monday that it would acquire California-based Romeo in a $144 million move designed to save money and shore up its battery supply by bringing it in-house.
Despite supply constraints, Nikola still expects to make between 300 and 500 vehicles for the full year. Production is expected to ramp up as the year goes on, with another 65 to 75 trucks expected in Q3 and even more in Q4.
Earlier this week, Nikola held a shareholder meeting during which stockholders voted to issue new shares.
Nikola shares gained 6.28% in Thursday trading to close at $7.95. Click here to follow the stock.
Hydrogen fueling stations announced
Nikola is currently producing battery electric vehicles (BEVs) and has produced several alpha prototypes of its fuel cell electric vehicles (FCEVs) which run on hydrogen.
Nikola intends to build out a hydrogen fueling network to support its vehicles, and on Thursday it announced its first three locations.
All three will be established in California, in the cities of Colton, Ontario and at the Port of Long Beach. The Ontario location is part of the company’s collaboration with TravelCenters of America.
“This marks an important step in Nikola’s ability to deliver innovative solutions and the infrastructure needed to decarbonize the transportation industry,” Pablo Koziner, president of energy at Nikola, said in a statement. “Our hydrogen refueling stations, along with a comprehensive energy supply, will provide customers the support needed to transition their fleets to zero-emissions.”
These three stations are expected to be complete by the end of next year.
Nikola is already running FCEV pilots with TTSI in Southern California and it will soon begin testing with Walmart as well. The city of Colton in particular was chosen because it is home to several distribution centers that run significant truck traffic.
In addition to the fueling stations, Nikola also plans to create a hydrogen production hub in Arizona. The company has yet to announce the location of the hub, but it said it will break ground on the site later this year.
The FCEV trucks themselves are expected to be available next year.