Nikola Corp. delivered 48 battery-electric Class 8 trucks in Q2 and beat analysts’ estimates on the top and bottom lines. Separately, Nikola announced two additional hydrogen fueling installations in Southern California.
The Phoenix-based startup said Thursday two hydrogen fuel station projects in Colton and Long Beach, California, would join a previously announced H2 distribution station under development with TravelCenters of America in Ontario. Fuel dispensing is targeted for Q4 2023.
“The establishment of a ‘clean fuel’ facility for heavy-duty commercial vehicles, such as semi-trucks, is a huge step forward in seeing the trucking industry move toward these types of vehicles,” Mario Suarez, Colton planning manager, said in a press release.
Nikola is testing alpha versions of its Tre fuel cell electric truck (FCET) with Total Transportation Services Inc. (TTSI) in Southern California, where the logistics company has accumulated more than 3,800 miles. Fuel cell truck pilot testing with Walmart begins Aug. 22. Anheuser-Busch, which ordered up to 800 FCEVs from Nikola in 2018, conducted earlier pilots.
Enthusiasm for hydrogen-powered fuel cell trucks is growing because they can travel longer distances than battery-electric trucks and fuel in times comparable with diesel. Nikola’s go-to-market plan for fuel cells offers a seven-year lease covering the truck, fuel and maintenance. Incentives for hydrogen production are part of pending federal legislation.
BET testing with five customers is averaging better than 90% uptime. Benore Logistics Systems reported no downtime in a 30-day test covering 2,296 miles. TTSI reported 93% uptime over 106 days and 11,752 miles.
The 48 truck deliveries fell short of Nikola’s estimate of 50-60 deliveries in Q2. It also delivered four mobile charging stations. The company maintained its full-year production estimate of 300-500 trucks.
“We are committed to executing on our second-half milestones,” CEO Mark Russell said.
Nikola by the numbers
Q2 Revenue of $18.1 million topped the consensus estimate of $16.6 million published by Seeking Alpha. Nikola’s adjusted net loss of 25 cents a share was 2 cents better than estimates.
Nikola had total liquidity of $841.8 million at the end of Q2 compared with $794 million three months earlier. The balance sheet lists $529.2 million in cash and restricted cash and $312.5 million remaining in untapped equity lines of credit.
Shareholders on Monday approved an increase in authorized shares from 600 million to 800 million that creates flexibility for future capital raises.