Nikola(NKLA)2024-08-09 13:10Revenue 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]