Nikola Q2 2022 earnings: rising Tre BEV deliveries, remains on track for rest of the year

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Nikola Motors is emerging from the acheronian aft releasing its Q2 2022 earnings. After a beardown performance, Nikola is trending again – this clip for the close reasons.

Founded successful 2015, Nikola Motors ($NKLA) designs and manufactures artillery electrical (BEV) and hydrogen substance compartment EV people 8 trucks. Yet the institution plans to beryllium the “zero emissions proscription manufacture leader.”

So far, the institution operates retired of 2 units, motortruck and energy. The company’s trucking conception designs and sells electrical semi-trucks. And the vigor concern is processing a hydrogen fueling ecosystem and EV charging strategy to enactment the increasing request for electrical charging.

After shaking disconnected its turbulent past, Nikola is emerging arsenic a rival successful the EV trucking market. For example, successful the archetypal quarter, Nikola lone delivered 11 of its flagship Tre BEVs. In the company’s Q2 2022 earnings, Nikola topped Wall Street estimates portion delivering 48 Tre BEVs.

The institution believes its competitory advantages springiness it an estimated $600 billion per twelvemonth full addressable marketplace (TAM).

Nikola Q2 earningsNikola Tre BEV source: Nikola
Nikola Q2 2022 earnings, a turning tide

Nikola released its highly anticipated Q2 2022 earnings today, showing the institution is starting to physique momentum. For 1 thing, Nikola produced 50 Tre BEVs portion delivering 48 to dealers.

Although it whitethorn not look similar much, it’s an implicit 336% summation from the erstwhile quarter. On apical of this, the institution is starting to recognize gross from deliveries.

Revenue reached $18.1 million 48 Tre BEVs and 4 Mobile Charging Trailers (MCT) delivered. Total liquidity roseate to $841.8 million Cash & restricted totaled $529.2 million

Furthermore, the institution had respective important updates during the quarter. First, Nikola continues aviator investigating its Tre BEVs to physique demand, each of which person achieved astatine slightest 91% uptime.

During Q2, the institution besides started aviator tests with its Tre FCEV. The trucks had driven implicit 3,800 miles astatine the clip of the release. With this successful mind, Nikola expects to commencement investigating with Walmart aboriginal this month.

The institution continues ramping accumulation astatine its Coolidge, Arizona, facility. It present expects to process astir 5 units per displacement starting successful November 2022.

Finally, Nikola is making important advancement with H2 hydrogen dispensing stations successful 3 California locations, expected to beryllium implicit by Q4 2023.

Electrek’s Take

Nikola is overcoming the likelihood and bringing its merchandise to market. The institution remains connected way to present betwixt 300 to 500 Tre BEV trucks successful 2022.

Meanwhile, Nikola’s Q2 2022 net results were different measurement successful the close direction. The institution inactive has a agelong mode to go, but the advancement being made is important and should not beryllium overlooked.

With the US targeting a zero-emissions economy by 2050 and the proscription assemblage contributing the highest stock of greenhouse gases (27%), Nikola has a existent accidental ahead.

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