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Jun 30, 2024
Nikola Q2 2024 Earnings Report
Reported strongest topline in the history of the company with revenue up 318% from Q1, and wholesaled 72 hydrogen fuel cell electric vehicles, exceeding guidance.
Key Takeaways
Nikola Corporation reported its Q2 2024 financial results, highlighting a record revenue of $31.3 million, a 318% increase from Q1. The company wholesaled 72 hydrogen fuel cell electric vehicles, exceeding the high-end of guidance. Nikola is progressing with its BEV "2.0" recall program and created alternative revenue streams with the initial sale of regulatory credits.
Q2 2024 revenue was $31.3M, up 318% from Q1.
Wholesaled 72 hydrogen fuel cell electric vehicles in Q2, up 80% from Q1, exceeding the high-end of guidance.
Created alternative revenue streams with the initial sale of regulatory credits.
BEV “2.0” recall program on track for completion by year-end 2024
Nikola
Nikola
Forward Guidance
Nikola is focused on scaling its hydrogen fuel cell electric vehicle production and expanding its HYLA energy infrastructure to support growing demand. The company aims to complete its BEV recall program by the end of the year and capitalize on new revenue streams from regulatory credits.
Positive Outlook
- Strongest topline in company history.
- Exceeded guidance on hydrogen fuel cell electric vehicle wholesales.
- Progressing with BEV “2.0” recall program.
- HYLA fueling solutions are being delivered to support volume ramp up.
- Dominant share of HVIP vouchers in California.
Challenges Ahead
- Gross loss of $54.7 million.
- Loss from operations of $131.1 million.
- Net loss of $133.7 million.
- Adjusted EBITDA loss of $109.4 million.
- Continued focus on cost reduction is necessary.