Nikola Corporation (NKLA)

[WeTheMarket]

Nikola Corporation Reports Second Quarter 2022 Results
August 04 2022
https://ih.advfn.com/stock-market/NASDAQ/nikola-NKLA/stock-news/88760082/nikola-corporation-reports-second-quarter-2022-res

Summary
- Produced 50 Nikola Tre BEVs in Coolidge, Arizona, and delivered 48 to dealers
- Reported revenues of $18.1 million and adjusted net loss per share of $0.25
- Cash & Restricted Cash of $529.2 million and $312.5 million remaining ELOC commitment totaling $841.8 million in total liquidity at the end of Q2, up from $794.0 million in Q1
- Announced station progress in California in the cities of Ontario, Colton, and a location servicing the Port of Long Beach
- Stockholders approved proposal 2 increasing authorized shares from 600 million to 800 million

PHOENIX, Aug. 4, 2022 /PRNewswire/ -- Nikola Corporation (Nasdaq: NKLA), a global leader in zero-emissions transportation solutions, today reported financial results for the quarter ended June 30, 2022.

"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," said Mark Russell, Nikola's Chief Executive Officer. "We are committed to executing on our second half milestones."



We reported $18.1 million in revenues on deliveries of 48 Tre BEVs and four (4) Mobile Charging Trailers (MCT) in Q2. Two (2) additional Tre BEVs were delivered in the first week of July, which will be reported as part of Q3 revenues. We increased our total liquidity to $841.8 million in Q2 from $794.0 million at the end of Q1. As mentioned in May, we also successfully raised $200 million in a private placement of convertible notes during the quarter.

Nikola Tre BEV Update

During the second quarter, we produced 50 Nikola Tre BEVs and delivered 48 of those to dealers. We also continued pilot testing with a number of fleets to help facilitate additional orders and build our backlog. Pilots completed / ongoing include:
- TTSI (Complete) – 106 days / 11,752 miles / 93% uptime
- Univar Solutions (Complete) – 14 days / 858 miles / 100% uptime
- Covenant Logistics (Extended & Ongoing) – 111 days / 3,423 miles / 94% uptime
- RoadOne / IKEA (Complete) – 36 days / 3,285 miles / 91%
- Benore Logistics Systems (Complete) – 30 days / 2,296 miles / 100% uptime

*MCTs are merchandised goods sourced from external suppliers and therefore are not a part of our manufacturing costs.

Nikola Tre FCEV Program Update

In the second quarter, we began Tre FCEV alpha pilot testing with TTSI in Southern California. As of today, the trucks have accumulated over 3,800 miles. We expect to begin FCEV pilot testing with Walmart in Southern California on August 22.

During the second quarter, we began building the first Tre FCEV betas. The first batch of betas are scheduled to be complete by the end of August. We expect to build two additional batches of Tre FCEV betas by the end of the fourth quarter. Beta trucks incorporate learnings from the alpha trials and will be used for engineering and product development.

Coolidge, Arizona Manufacturing Facility Update

We are ramping up production capacity in Coolidge, Arizona. We expect to increase our throughput to five units per shift by November of this year. Phase 2 expansion is underway and on track to be completed by Q1 2023.

H2 Dispensing Station Updates

On August 3, we announced we had made significant progress in partnership with TravelCenters of America on the first hydrogen dispensing station in Ontario, California. We have executed the definitive agreement, agreed on the station design, and have ordered key equipment.

We also executed a land lease in Colton, California to build a greenfield hydrogen dispensing station, and entered into an agreement to lease a parcel servicing the Port of Long Beach to build a greenfield hydrogen dispensing station. We anticipate the stations will be complete by Q4 2023.

Nikola - IVECO European JV

In June, together with IVECO, we agreed to expand our 50/50 European JV to include engineering and product development. During the second quarter, the JV entity began building the first EU Tre 4x2 BEV alphas. Production for EU Tre BEV is expected to commence in the second half of 2023. The JV also started building EU Tre FCEV betas, which are expected to begin production in the first half of 2024.