Nikola posts smaller-than-expected loss on robust truck demand

Nikola

09/08/2024 14:42

Aug 9 (Reuters) - Nikola  NKLA.O  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 electric 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 as it acquires new
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, according to LSEG data. 
    The company'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 is on track to complete the rollout of
all of its revamped battery-electric trucks by the end of the
year.
    Following a period of high investment in electric vehicles
during the pandemic, growth in the industry has slowed as
consumers consider so-called range anxiety, higher sticker
prices and an uncertain economic outlook when making big-ticket
purchases.
    Still, weak EV appetite has weighed on the company's shares,
which have fallen over 70% this year. 
    The company reported adjusted loss per share of $2.67,
smaller than the average analysts' estimate of a loss of $2.85. 
    Nikola signed Walmart Canada as a major customer in June,
when it delivered a hydrogen semi-truck to the retailer.
    The company's cash and cash equivalents stood at $256.3
million in the quarter, compared with $345.6 million in the
previous three month period. 

    
            
    

 (Reporting by Zaheer Kachwala in Bengaluru; Editing by Alan
Barona)
 ((Zaheer.Kachwala@thomsonreuters.com))