Nikola Corp (NASDAQ:NKLA) inventory gained after the corporate reported its fiscal second quarter 2024 outcomes on Friday.
The corporate reported gross sales of $31.3 million, versus $15.4 million a yr in the past, beating the analyst consensus estimate of $24.7 million.
Adjusted EPS lack of $(2.67) versus $(5.90) a yr in the past, beat the analyst consensus loss estimate of $(2.78).
Nikola produced 77 vehicles within the quarter in comparison with 33 a yr in the past and shipped 73 vehicles in comparison with 45 a yr in the past.
Nikola mentioned it maintained its dominant market share of HVIP vouchers in California.
At quarter-end, Nikola had 99% of FCEV and 23% of battery-electric automobile (BEV) HVIP vouchers.
On the finish of the quarter, Nikola exceeded the excessive finish of the steering vary by delivering 72 fuel-cell electrical vehicles (FCEVs). That makes 147 wholesale FCEVs within the first three-quarters of serial manufacturing.
The corporate’s gross loss was $(54.7) million versus $(27.6) million a yr in the past. Adjusted EBITDA loss declined to $(109.4) million from $(125.1) million a yr in the past.
Nikola’s internet money for working actions was $(134.6) million in comparison with $(111.1) a yr in the past. As of June 30, 2024, the corporate held $266.5 million in money and equivalents.
Nikola inventory plunged 84% within the final 12 months because it delayed its supply schedule for revamped battery vehicles and confronted challenges promoting its massive hydrogen rigs.
Worth Motion: NKLA shares are buying and selling greater by 14.70% at $8.95 on the final verify Friday.
Picture Courtesy of Nikola
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This text Nikola Doubles Truck Deliveries In Q2, Inventory Soars initially appeared on Benzinga.com
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