Nikola Q2 2020 Earnings Report
Key Takeaways
Nikola Corporation reported financial results for the second quarter of 2020, highlighting the completion of a reverse merger with VectoIQ, which provided an additional $616.7 million in cash. The company is on track for the start of Nikola Tre production in Q4 2021 and is building manufacturing facilities in Ulm, Germany, and Coolidge, Arizona.
Completed reverse merger with VectoIQ, adding $616.7 million in cash.
Product development is on track for Nikola Tre production in Q4 2021.
Began buildout of manufacturing facility in Ulm, Germany, capable of producing up to 10,000 units per year.
Broke ground on greenfield manufacturing facility in Coolidge, Arizona, expected to produce up to 35,000 trucks per year at full capacity.
Nikola
Nikola
Nikola Revenue by Segment
Forward Guidance
Nikola intends to begin fleet testing Tre BEV units in 2021 with select customers and partners. The data received from the fleet testing program will be critical as we move toward low volume production of the Nikola Tre BEV.
Positive Outlook
- Fleet testing of Tre BEV units to begin in 2021.
- Data from fleet testing will be critical for low volume production.
- Optimistic about achieving milestones.
- Continuing progress towards becoming a leader in zero-emissions transportation.
- Building manufacturing facilities in Ulm, Germany, and Coolidge, Arizona.
Challenges Ahead
- COVID-19 caused disruption in Nikola’s supply chain.
- Mitigation efforts are underway to reduce the resulting risk to production timelines.
- The company is still in net loss position.
- Reliance on forward-looking statements subject to risks and uncertainties.
- No guarantee of achieving long-term objectives.