Nikola posts a quarterly loss of over $133 million
The bottom line is a net loss of 133.7 million dollars (121.5 million euros) in the second quarter. For the first half of the year, Nikola reported a net loss of 281.4 million dollars (255.7 million euros) on a turnover of 38.8 million dollars (35.25 million euros). Although these are still enormous sums, they are a noticeable improvement compared to the previous year. In 2023, turnover was 26 million dollars after six months, and the balance sheet showed a loss of 387 million dollars.
While it may be some time before Nikola achieves a financial turnaround, the company is positive that sales are slowly picking up. In the second quarter, Nikola sold 72 fuel cell trucks, which exceeds the upper limit of the forecast and represents an increase of 80 per cent compared to the first quarter. In the three quarters since the start of series production, Nikola has sold 147 FCEVs wholesale.
| Q2/2024 | Q2/2023 | H1/2024 | H1/2023 | |
|---|---|---|---|---|
| Production | 77 | 33 | 120 | 96 |
| Sales | 73 | 45 | 113 | 76 |
| Turnover | $31.319 mn | $15.362 mn | $38.816 mn | $26.039 mn |
| Nett loss | -$133.674 mn | -$217.828 mn | -$281.396 mn | -$386.922 mn |
| Adjusted EBITDA | -$109.396 mn | -$125.068 mn | -$213.427 mn | -$228.756 mn |
Another item will also appear on the balance sheet in the future: Nikola now sells emissions certificates to other manufacturers who must offset their vehicles’ emissions. “We recognized our first sale agreement of NOx and PM credits in the quarter. We expect this revenue stream to grow as volume increases each model year,” the press release states.
Nikola also provided an update on the recall of all 209 battery-powered trucks delivered in 2023. The recall programme will be completed by the end of 2024. “Feedback on returned units has been overwhelmingly positive and over-the-air updates continue to reach customers,” Nikola said. The company recalled its BEV trucks in August 2023 after fires broke out in the vehicles. Apparently, the cause was a leak in the coolant circuit of the battery pack.
Nikola’s focus is on fuel cell trucks anyway. The company states that the FCEV trucks in customer hands have already covered more than 550,000 miles (885,000 kilometres) and have achieved a fuel consumption of 7.2 miles per kilogram of hydrogen. This corresponds to the equivalent of 11.58 kilometres per kilogram or around 8.6 kilograms of hydrogen per 100 kilometres to remain within the usual consumption figures in Europe.
“We are the catalyst to disrupt Class 8 trucking to make zero-emission a reality,” said Steve Girsky, President and CEO of Nikola. “We are the only OEM with Class 8 FCEVs commercially available in North America today. Our trucks are put to the test every day by end fleet users, hauling freight and delivering to their customers. Q2 is an example of how we’re approaching the intersection of mission and reality and how Nikola is out front, charting the course.”
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