Nikola Q2 Earnings Smashes Estimates

Nikola Corp NKLA reported second-quarter FY22 sales of $18.13 million, beating the consensus of $16.46 million.
The company delivered 48 Tre BEVs and four Mobile Charging Trailers (MCT) in the quarter.
Two additional Tre BEVs were delivered in the first week of July, which will be reported as part of Q3 revenues.
The company incurred a gross loss for the quarter of $(29.3) million. Operating loss for the quarter widened to $(172.2) million.
Adjusted EBITDA loss widened to $(94.3) million versus $(73.9) million last year.
EPS loss of $(0.25) beat the analyst consensus of $(0.28).
The company held $529.22 million in cash and equivalents as of June 30, 2022.
On August 3, the company announced it had made significant progress in partnership with TravelCenters Of America Inc TA on the first hydrogen dispensing station in Ontario, California.
Nikola also revealed the locations of three California hydrogen stations to scale up its long-term hydrogen distribution solutions.
Outlook: Nikola said it remains on track for Tre BEV trucks delivery of 300 – 500 in 2022.
Price action: NKLA shares are trading higher by 4.01% at $7.78 on the last check Thursday.
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