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Jun 30, 2023
Nikola Q2 2023 Earnings Report
Reported financial results and business updates for the quarter ended June 30, 2023.
Key Takeaways
Nikola Corporation reported increased unrestricted cash by $107.1 million, while also substantially reducing spending. The company delivered 45 wholesale and 66 retail battery-electric trucks. Serial production of the hydrogen fuel cell electric truck began July 31, with first customer deliveries expected in September.
Continued building sales momentum delivering 45 wholesale and 66 retail battery-electric trucks, the best retail quarter to date
Increased unrestricted cash position by $107.1 million while substantially reducing adjusted free cash flow to below $150 million target for the quarter
Raised $233.2 million through capital raise and asset monetization, and improved visibility into future capital needs to fully fund the business model
Began serial production of the hydrogen fuel cell electric truck July 31; first customer deliveries expected in September
Forward Guidance
Nikola is focused on executing its business plan and achieving profitability, delivering trucks to customers at scale, and making the most of its first mover advantage in the hydrogen refueling ecosystem
Positive Outlook
- Continuing to build sales momentum
- Increasing cash position
- Decreasing cash use
- Began serial production of the hydrogen fuel cell electric truck
- Continued hydrogen refueling ecosystem development with partners
Historical Earnings Impact
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Avg. Return Before/After Earnings
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