Nikola beat Wall Street expectations for second-quarter revenue and posted a smaller-than-expected adjusted loss on Friday, signaling an uptick in deliveries of its hydrogen big rigs as clients ramped up spending. Shares of the electric truck maker rose 17% in early trading.
Nikola’s results signal that its attempts to pivot away from its battery-powered trucks is paying off as it acquires new customers and receives an uptick in orders for its hydrogen fuel cell vehicles.
It reported revenue of $31.3 million for the quarter, surpassing estimates of $27.1 million, according to LSEG data.
The company’s second-quarter deliveries jumped 80% at 72 hydrogen trucks, indicating robust demand for its trucks amid an industry-wide slowdown.
Nikola also said it is on track to complete the rollout of all of its revamped battery-electric trucks by the end of the year.
Following a period of high investment in electric vehicles during the pandemic, growth in the industry has slowed as consumers consider so-called range anxiety, higher sticker prices and an uncertain economic outlook when making big-ticket purchases.
Weak EV appetite has weighed on the company’s shares, which have fallen over 70% this year.
The company reported adjusted loss per share of $2.67, smaller than the average analysts’ estimate of a loss of $2.85.
Nikola signed Walmart Canada as a major customer in June, when it delivered a hydrogen semi-truck to the retailer.
The company’s cash and cash equivalents stood at $256.3 million in the quarter, compared with $345.6 million in the previous three month period.