Nikola TRE FCEV 2.
Courtesy: Nikola
Shares of electrical truck maker Nikola fell greater than 26% Friday after a sophisticated second-quarter report, news of a CEO departure and shareholder approval to issue latest stock.
Nikola said Friday its CEO, Michael Lohscheller, will step down effective immediately on account of a “family health matter.” Nikola’s current board chair, former General Motors vice chairman Steve Girsky, will take over as CEO.
Lohscheller will remain in an advisory capability until the tip of September to support the transition, Nikola said.
The news got here alongside Nikola’s second-quarter earnings report. Listed below are the important thing numbers, compared with Refinitiv consensus estimates:
- Loss per share: 20 cents vs. 22 cents
- Revenue: $15.36 million vs. $15.4 million
Nikola’s net loss for the quarter was $217.8 million, or 31 cents per share. That figure includes $77.8 million, or 11 cents per share, related to discontinued operations including the closure of the previous Romeo Power battery-pack factory in California. Nikola acquired Romeo Power last 12 months.
A 12 months ago, Nikola lost $173 million, or 41 cents per share. Except for the discontinued operations, Nikola had no adjustments within the second quarter of 2023. On an adjusted basis, it lost 25 cents per share within the year-ago quarter.
Revenue fell to $15.4 million from $18.1 million within the second quarter of 2022.
Nikola on Thursday evening won approval from shareholders to issue latest stock, which could double its total variety of shares outstanding. It’s expected to lift extra money later within the 12 months.
Meanwhile, it was capable of raise $233.2 million in money through the second quarter via sales of stock and a few physical assets. It also took steps to cut back its money consumption going forward. It had $226.7 million in money available as of June 30, up from $121.1 million as of March 31.
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Nikola shares fell 26% Friday.
Nikola said in May that it could temporarily suspend production of its battery-electric truck while it reconfigured its production line to construct each the battery-electric truck and a latest longer-range version powered by a hydrogen fuel cell. It expects the brand new fuel-cell truck to be its primary product in the longer term and plans to construct the battery-electric version only when it has orders in hand.
Nikola currently has orders for a complete of 202 fuel-cell trucks for 18 fleet customers, it said earlier this week.
Production of fuel-cell trucks for purchasers began July 31, Nikola said, and the primary deliveries are expected to occur in September.
The entire 45 trucks it delivered to dealers through the second quarter were battery-electric models, Nikola said. Its dealers sold 66 of those to finish customers through the period, the corporate’s best quarterly retail result yet.
Nikola also provided updated guidance for the third quarter and the total 12 months. It expects to deliver between 60 trucks and 90 trucks within the third quarter, generating revenue between $18 million and $28 million.
For the total 12 months, Nikola now expects to deliver between 300 trucks and 400 trucks, generating revenue between $100 million and $130 million, with total research and development expenses between $210 million and $220 million.
