Nikola Corporation's Q2 2022 results exceeded market estimates as the commercial EV maker delivered more semi trucks after a production ramp-up.
The company manufactured 50 Tre BEV electric trucks at its facility in Coolidge, Arizona, during the second quarter of the year, and delivered 48 to dealers. That was slightly below Nikola's own forecast, which had called for between 50 and 60 deliveries in the period. Two additional Tre BEVs were delivered in the first week of July, which will be reported as part of Q3 revenues.
"The primary reason for our deliveries coming in at the low end of our guidance range was caused by two weeks of production losses in Q2 related to battery pack delivery delays from Romeo Power."
Nikola Chief Financial Officer Kim Brady
The startup said it remains on track to reach its 2022 delivery target of between 300 and 500 Tre BEV semi trucks. Nikola is in the process of ramping up production at its Arizona factory and said it expects to be building five trucks per shift by November. Phase 2 expansion is underway at the factory and on track to be completed by Q1 2023.
Gallery: Nikola Tre BEV
The company is also expecting to complete testing of prototypes of its upcoming hydrogen fuel-cell truck with fleet clients Anheuser-Busch and TTSI.
"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. We are committed to executing on our second half milestones."
Mark Russell, Nikola's Chief Executive Officer
Thanks to increased deliveries over the previous quarter, Nikola's Q2 2022 revenue and loss were both better than Wall Street expected. Revenue was $18.1 million, while the company's net loss widened to $173 million, from a loss of $143.2 million a year earlier.
Nikola said it had a total of $841.8 million in liquidity—$529 million in cash and an additional $313 million remaining on its existing equity line of credit—at the end of Q2, up from $794 million at the end of the previous quarter.
Nikola's shares rose sharply after the Q2 financial results were released on August, with the stock ending the day at $7.90, up about 6.3%.
Source: Nikola Corporation via CNBC