Nikola Corp (NASDAQ:NKLA) rose after the company reported its fiscal second quarter 2024 results on Friday.
The company reported revenue of $31.3 million (compared to $15.4 million a year ago), beating analysts’ consensus estimate of $24.7 million.
Adjusted earnings per share (EPS) of $(2.67) compared to $(5.90) in the previous year exceeded the analysts’ consensus estimate of $(2.78).
Nikola produced 77 trucks this quarter, compared to 33 a year ago, and delivered 73 trucks, compared to 45 a year ago.
Nikola said it maintained its dominant market share in HVIP vouchers in California.
At the end of the quarter, Nikola held 99% of the HVIP credits for FCEVs and 23% of the HVIP credits for battery electric vehicles (BEVs).
At the end of the quarter, Nikola exceeded the upper end of its guidance range by delivering 72 fuel cell electric trucks (FCEVs). That’s 147 FCEVs in the first three quarters of series production.
The Company’s gross loss was $(54.7) million compared to $(27.6) million in the prior year. Adjusted EBITDA loss decreased to $(109.4) million from $(125.1) million in the prior year.
Nikola’s net cash flow from operating activities was $(134.6) million compared to $(111.1) a year ago. As of June 30, 2024, the Company had $266.5 million in cash and equivalents.
Nikola shares have fallen 84% over the past 12 months as its delivery schedule for upgraded battery trucks was delayed and the company struggled to sell its large hydrogen plants.
Price promotion: NKLA shares are trading 14.70% higher at $8.95 at last check on Friday.
Photo courtesy of Nikola
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This article Nikola Doubles Truck Deliveries in Q2, Stock Rises originally appeared on Benzinga.com
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