By Michael Elkins
Shares of Nikola (NASDAQ:NKLA) are up more than 7% Thursday after the company reported 2Q results and offered forward-looking commentary during the earnings call. The EV maker also announced the locations of three California hydrogen stations to advance and scale up its long-term hydrogen distribution solutions to service market demand.
The company reported 2Q adjusted EPS of ($0.25), compared to a loss per share of ($0.20) in the year-ago period, while analysts were expecting EPS of ($0.26). Revenue came in at $18.13 million, coming in ahead of the consensus projection of $16.57 million.
NKLA increased its total liquidity to $841.8 million in the 2Q from $794.0 million at the end of the 1Q. The company also successfully raised $200 million in a private placement of convertible notes during the quarter.
Nikola management believes that the company remains on track to complete several milestones in 2022, including delivery of 300-500 production Tre BEV trucks, and a successful FCEV alpha pilot testing. The company would also plan to announce and break ground on the first hydrogen production hub in Arizona, as well as announce two more dispensing station partners in California.
"Our momentum continued during the second quarter as we began delivering production vehicles to dealers and recognizing revenue from the sale of our Nikola Tre BEVs," said Mark Russell, Nikola's Chief Executive Officer. "We are committed to executing on our second half milestones."
The three Nikola California refueling stations and logistics infrastructure will be located in the cities of Colton, Ontario, and a location servicing the Port of Long Beach. The company said plans for additional stations are in progress and will be announced in the near future.
"This marks an important step in Nikola's ability to deliver innovative solutions and the infrastructure needed to decarbonize the transportation industry," says President, Nikola Energy Pablo Koziner. "Our hydrogen refueling stations, along with a comprehensive energy supply, will provide customers the support needed to transition their fleets to zero-emissions."