Business

Nikola (NKLA) Q2 2023 incomes

Nikola TRE FCEV2

Courtesy: Nikola

Electric truck maker Nikola stated on Friday that its CEO, Michael Lohscheller, will step down efficient right away due to a “family health matter.” Nikola’s present board chair, previous General Motors vice chairman Steve Girsky, will take control of as CEO.

Lohscheller will stay in an advisory capability till completion of September to support the shift, Nikola stated.

The news came together with Nikola’s second-quarter incomes report. Here are the crucial numbers, compared to Refinitiv agreement approximates:

  • Loss per share: 20 cents vs. 22 cents
  • Revenue: $15.36 million vs. $15.4 million

Nikola’s bottom line for the quarter was $217.8 million, or 31 cents per share. That figure consists of $77.8 million, or 11 cents per share, associated to stopped operations consisting of the closure of the previous Romeo Power battery-pack factory in California. Nikola gotten Romeo Power in 2015.

A year earlier, Nikola lost $173 million, or 41 cents per share. Aside from the stopped operations, Nikola had no changes in the 2nd quarter of 2023; on an adjusted basis, it lost 25 cents per share in the year-ago quarter.

Revenue was up to $15.4 million from $18.1 million in the 2nd quarter of 2022.

Shares of Nikola were down about 5% in premarket trading Friday.

The business raised $233.2 million in money throughout the 2nd quarter by means of sales of stock and some physical properties, and took actions to decrease its money usage moving forward. It had $226.7 million in money on hand since June 30, up from $121.1 million since March 31. The business on Aug. 3 won approval from investors to release brand-new stock, and is anticipated to raise extra money later on in the year.

It provided 45 of its battery-electric semitrucks to dealerships throughout the 2nd quarter. Its dealerships offered 66 of the battery-electric trucks to end clients throughout the duration, the business’s finest quarterly retail outcome yet.

Nikola stated in May that it would briefly suspend production of its battery-electric truck while it reconfigured the line to develop both the battery-electric and fuel-cell trucks.

Production of Nikola’s most current design, a longer-range fuel-cell powered variation of its Tre semitruck, started July 31; shipments are anticipated to start in September.

Nikola presently has orders for an overall of 202 fuel-cell trucks for 18 fleet clients, it stated previously today.

Blake

News and digital media editor, writer, and communications specialist. Passionate about social justice, equity, and wellness. Covering the news, viewing it differently.

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