Nikola Stock Falls After Q2 Results, Expects Pre-Series Nikola Tre BEVs For Use On Public Roads In 2H'21

Nikola Corporation NKLA reported a second-quarter net loss of $143.23 million, compared to $115.78 million in 2Q20.
Adjusted EBITDA loss expanded to $73.91 million, compared to $46.9 million a year ago.
Operating expenses increased by 60% Y/Y to $138.4 million, with R&D at $67.73 million (+59.3% Y/Y) and SG&A at $70.67 million (+60.2% Y/Y).
Adjusted EPS loss widened to $(0.20) from $(0.16) in 2Q20, beating consensus estimates of $(0.29).
Nikola's cash used in operating activities year-to-date was $125.97 million, compared to $45.56 million a year ago.
The company has cash and cash equivalents, including restricted cash, of $632.69 million as of June 30, 2021.
Nikola has completed Phase 0.5 of Coolidge, Arizona manufacturing facility and is in the process of building seven trucks in Coolidge, comprised of two Tre BEV Pre Builds and five Tre FCEV Alphas. The company anticipates the Phase 1 assembly expansion area will be completed by the end of 2021.
The company anticipates delivering pre-series Nikola Tre BEVs for public roads, hauling customer freight, and announcing additional fleet testing customers/dealers.
"We have had continued success in commissioning and validating the Nikola Tre BEVs, completed both our Ulm, Germany and Phase 0.5 of our Coolidge, Arizona manufacturing facilities, entered into a purchase agreement with Tumim Stone Capital LLC for up to $300 million of Nikola common stock, and acquired a 20% stake in the Wabash Valley Resources clean hydrogen project in West Terra Haute, Indiana," stated Mark Russell, Nikola's Chief Executive Officer.
Price Action: NKLA shares are trading lower by 3.40% at $10.80 on the last check Tuesday.
Photo via Wikimedia

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