Nikola beat Wall Street expectations for second-quarter revenue and posted a smaller-than-expected adjusted loss on Friday, signaling an uptick in deliveries of its hydrogen big rigs as clients ramped up spending. Shares of the electrical truck maker rose 17% in early trading.
Nikola’s results signal that its attempts to pivot away from its battery-powered trucks is paying off because it acquires recent customers and receives an uptick in orders for its hydrogen fuel cell vehicles.
It reported revenue of $31.3 million for the quarter, surpassing estimates of $27.1 million, in accordance with LSEG data.
The corporate’s second-quarter deliveries jumped 80% at 72 hydrogen trucks, indicating robust demand for its trucks amid an industry-wide slowdown.
Nikola also said it’s on course to finish the rollout of all of its revamped battery-electric trucks by the tip of the 12 months.
Following a period of high investment in electric vehicles in the course of the pandemic, growth within the industry has slowed as consumers consider so-called range anxiety, higher sticker prices and an uncertain economic outlook when making big-ticket purchases.
Weak EV appetite has weighed on the corporate’s shares, which have fallen over 70% this 12 months.
The corporate reported adjusted loss per share of $2.67, smaller than the typical analysts’ estimate of a lack of $2.85.
Nikola signed Walmart Canada as a significant customer in June, when it delivered a hydrogen semi-truck to the retailer.
The corporate’s money and money equivalents stood at $256.3 million within the quarter, compared with $345.6 million within the previous three month period.
This Article First Appeared At www.autoblog.com
