Nikola Corporation (NASDAQ:NKLA) Q2 2024 Earnings Conference Call August 9, 2024 10:30 AM ET Company Participants Soei Shin - Head of Investor Relations Steve Girsky - President and CEO Tom Okray - CFO Conference Call Participants Mike Shlisky - D. A. Davidson Greg Lewis - BTIG Jeff Kaufman - Vertical Research Partners Ben Kallo - Baird Operator Good morning and welcome to Nikola Corporation's Second Quarter 2024 Earnings and Business Update Call. Currently, all participants are in a listen-only mode. We be ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to | --- | --- | |----------------------------------------------------------------------------------------------------|--------------------------------------------------- ...

Q2 2024 EARNINGS S T E V E G I R S K Y | TO M O K R A Y A U G U S T 9 , 2 0 2 4 NIKOLA. FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements within the meaning of the federalsecurities laws with respect to Nikola Corporation (the "Company"), including statements relating to: the Company's future financial outlook and future business performance, business plan, focus, strategy and mission; expected future wholesale truck deliveries; expected timing of completion of production, del ...

Revenue and Sales Performance - Nikola reported Q2 2024 revenue of $31.3M, up 318% from Q1 2024[2] - Nikola wholesaled 72 hydrogen fuel cell electric vehicles (FCEVs) in Q2 2024, an 80% increase from Q1[2] - Total revenues for the three months ended June 30, 2024, were $31.319 million, compared to $15.362 million in the same period in 2023[15] - Nikola produced 77 trucks and shipped 73 trucks in Q2 2024, compared to 33 produced and 45 shipped in Q2 2023[7] Financial Performance and Losses - Nikola's gross loss in Q2 2024 was $54.7M, with a gross margin of -175%[7] - Nikola's net loss from continuing operations in Q2 2024 was $133.7M, compared to $140.0M in Q2 2023[7] - Nikola's Adjusted EBITDA for Q2 2024 was -$109.4M, an improvement from -$125.1M in Q2 2023[7] - Net loss for the three months ended June 30, 2024, was $133.674 million, compared to $217.828 million in the same period in 2023[15] - Net loss from continuing operations for the six months ended June 30, 2024, was $(281,396) thousand, compared to $(285,261) thousand in the same period last year[24] - Adjusted EBITDA for the six months ended June 30, 2024, improved to $(213,427) thousand from $(228,756) thousand in the previous year[24] - Non-GAAP net loss for the six months ended June 30, 2024, was $(241,426) thousand, compared to $(259,100) thousand in the same period last year[25] Operational Efficiency and Environmental Impact - Nikola's FCEV end fleets have traveled over 550K miles with an average fuel economy of 7.2 mi/kg, outperforming the average Class 8 truck by 23% in fuel efficiency[3] - Nikola's FCEV operations have avoided approximately 867 metric tons of CO2 tailpipe emissions[3] Infrastructure Development - Nikola opened a HYLA branded station in Toronto and completed commissioning a modular station in Santa Fe Springs, doubling capacity at the Ontario, CA station[4] Market Share and Vouchers - Nikola holds 99% of FCEV and 23% of BEV HVIP vouchers in California at the end of Q2 2024[5] Cash Flow and Financial Position - Cash and cash equivalents as of June 30, 2024, were $256.330 million, down from $464.715 million as of December 31, 2023[19] - Net cash used in operating activities for the six months ended June 30, 2024, was $250.156 million, compared to $287.165 million in the same period in 2023[20] - Net cash provided by financing activities increased significantly to $324,138 thousand compared to $47,591 thousand in the previous period[22] - Adjusted free cash flow for the six months ended June 30, 2024, was $(280,338) thousand, compared to $(374,884) thousand in the previous year[26] Expenses and Write-Downs - Research and development expenses for the six months ended June 30, 2024, were $79.658 million, compared to $126.320 million in the same period in 2023[15] - Inventory write-downs for the six months ended June 30, 2024, were $37.576 million, compared to $12.718 million in the same period in 2023[20] - Stock-based compensation for the six months ended June 30, 2024, was $16,736 thousand, down from $50,257 thousand in the same period last year[25] - Loss on debt extinguishment for the six months ended June 30, 2024, was $2,313 thousand, compared to $20,362 thousand in the previous year[25] - Regulatory and legal matters expenses for the six months ended June 30, 2024, were $4,297 thousand, up from $3,240 thousand in the same period last year[25] Assets and Liabilities - Total assets as of June 30, 2024, were $1.109914 billion, down from $1.274857 billion as of December 31, 2023[19] - Total liabilities as of June 30, 2024, were $586.361 million, up from $555.683 million as of December 31, 2023[19] Share Information - Weighted-average shares outstanding, basic and diluted, for the six months ended June 30, 2024, were 45.614635 million, up from 20.987679 million in the same period in 2023[15] - Weighted average shares outstanding, basic and diluted, increased to 45,614,635 for the six months ended June 30, 2024, from 20,987,679 in the previous year[25]

Reported strongest topline in the history of the company, Q2 2024 revenue was $31.3M, up 318% from Q1 Wholesaled 72 hydrogen fuel cell electric vehicles in Q2, exceeding the high-end of guidance, up 80% from Q1 Created alternative revenue streams with our initial sale of regulatory credits BEV "2.0" recall program on track for completion by year-end 2024 PHOENIX, Aug. 9, 2024 /PRNewswire/ -- Nikola Corporation (Nasdaq: NKLA), a global leader in zeroemissions transportation and energy supply and infrastructu ...

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Do you like roller-coaster rides? If not, then you probably shouldn't invest in electric vehicle (EV) manufacturer Nikola (NASDAQ:NKLA). There's actually some positive news to report about Nikola, but if you buy Nikola stock, be ready for a thrill ride that might not end well for you. Some Good News About Nikola Furthermore, Nikola "wholesaled 112 hydrogen fuel cell trucks" during 2024's first half. Therefore, Nikola CEO Steve Girsky feels that the company has maintained its "2024 momentum" so far. Maybe Wa ...

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