Nikola Beats Expectations on Revenue

Nikola (NASDAQ:NKLA) on Thursday reported revenue for the second quarter that beat Wall Street expectations as it delivered 48 of its electric heavy trucks. The company also reported a smaller-than-expected loss for the period.

Revenue came in at $18.1 million, better than the $16.5 million expected.

Adjusted loss per share was 25 cents, slightly smaller than the 27-cent-per-share loss expected.

Nikola built 50 trucks during the second quarter, 48 of which were delivered to its dealers before quarter-end. All 50 of those trucks were battery-electric versions of its Tre semi.

The company is in the process of ramping up production at its Arizona factory, and said that it expects to be building trucks at a rate of five per shift by November.

Nikola confirmed its earlier guidance for 2022. It still expects to deliver between 300 and 500 of its battery-electric Tre trucks by year-end, and to complete testing of prototypes of its upcoming hydrogen fuel-cell truck with two fleet clients including Anheuser-Busch.

"Our momentum continued during the second quarter as we began delivering production vehicles to dealers and recognizing revenue from the sale of our Nikola Tre BEVs,”"said CEO Mark Russell.

NKLA shares took on 17 cents, or 2.2%, to $7.64.