Nikola executive says company has turned corner
Nikola Corporation made substantial progress on the realignment of resources within its strategic priorities in the second quarter of 2023, according to the company.
Michael Lohscheller, Nikola CEO, said the report showed the Phoenix-based company is turning a corner.
“Nikola has turned the corner and is well on the way to executing our business plan and achieving profitability,” Lohscheller said. “We have nearly doubled our unrestricted cash position while also substantially reducing our spending.”
The following were among its second-quarter accomplishments, Nikola said.
- Increased unrestricted cash position by $107.1 million while reducing adjusted free cash flow to below the $150 million target for the quarter
- Raised $233.2 million through capital raise and asset monetization
- Completed sale of European joint venture to Iveco
- Made substantial progress in the development of the hydrogen refueling ecosystem with partners
Second Quarter Financial Highlights
| Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||
| (In thousands, except share and per share data) | 2023 | 2022 | 2023 | 2022 | ||||
| Trucks produced | 33 | 50 | 96 | 50 | ||||
| Trucks shipped | 45 | 48 | 76 | 48 | ||||
| Total revenues | $ 15,362 | $ 18,134 | $ 26,039 | $ 20,021 | ||||
| Gross profit (loss) | $ (27,631) | $ (29,257) | $ (50,328) | $ (28,826) | ||||
| Gross margin | (180) % | (161) % | (193) % | (144) % | ||||
| Net loss from continuing operations | $ (140,010) | $ (172,997) | $ (285,261) | $ (325,938) | ||||
| Net loss | $ (217,828) | $ (172,997) | $ (386,922) | $ (325,938) | ||||
| Adjusted EBITDA (1) | $ (125,068) | $ (95,615) | $ (228,756) | $ (177,588) | ||||
| Net loss from continuing operations per share, basic and diluted | $ (0.20) | $ (0.41) | $ (0.45) | $ (0.78) | ||||
| Non-GAAP net loss per share, basic and diluted(1) | $ (0.20) | $ (0.25) | $ (0.41) | $ (0.45) | ||||
| Weighted-average shares outstanding, basic and diluted | 708,692,817 | 425,323,391 | 629,630,362 | 420,266,181 | ||||
Alternative fuel
Nikola officially began the production of its hydrogen fuel cell electric truck on July 31, said the news release. The first customer deliveries are expected in September.
“We continue to drive forward in our mission to decarbonize heavy-duty trucking and ensure Nikola is successful for the long haul,” Lohscheller said. “Our management team is highly focused on delivering trucks to customers at scale and making the most of our first mover advantage in the hydrogen refueling ecosystem.”
Nikola also wholesaled 45 battery-electric trucks to dealers and completed 66 retail sales during the second quarter.
An expansion at the company’s Coolidge, Ariz. manufacturing plant has been completed. The facility can now build battery-electric and hydrogen fuel-cell electric trucks. Following the expansion, the plant can now produce 2,400 trucks annually. LL
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