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Nikola Trucks, hydrogen fuel cell based trucks (FCEVs) manufactured by Nikola Corporation, wholesaled 72 hydrogen fuel cell electric vehicles in Q2, exceeding the high-end of guidance by 20% and representing an 80% increase from Q1. Nikola reported Q2 2024 revenue of $31.3M, a 318% increase from Q1 2024, marking their strongest topline performance to date.
Nikola Corporation (Nasdaq: NKLA), a leading zero-emissions transportation and clean energy solutions provider, has reported its financial results and business updates for the second quarter of 2024. The company achieved its strongest topline performance in history, with Q2 2024 revenue reaching $31.3M, a remarkable 318% increase from Q1.
Nikola Trucks, Key Highlights:
– Wholesaled 72 hydrogen fuel cell electric vehicles or trucks (FCEVs) in Q2, exceeding the high-end of guidance and representing an 80% increase from Q1
– Created alternative revenue streams through the initial sale of regulatory credits
– On track to complete the BEV “2.0” recall program by year-end 2024
“In the last three quarters of serial production, we have demonstrated that Nikola is the offtake. We are the catalyst to disrupt Class 8 trucking to make zero-emission a reality,” said Steve Girsky, President and CEO of Nikola.
Hydrogen Fuel Cell Electric Truck Performance:
Nikola Trucks have traveled more than 550K miles with an average fuel economy of 7.2 mi/kg, validating the company’s performance benchmark. On a converted basis, Nikola’s FCEVs outperformed the average Class 8 truck on fuel economy by 23%, with an estimated 8.0 miles per gallon (mpg) diesel equivalent.
HYLA Energy Expansion:
Nikola is delivering HYLA fueling solutions to support volume ramp-up, with the opening of a HYLA branded station in Toronto, Ontario, Canada and the completion of a modular station in Santa Fe Springs, Southern California. The company also added another modular refueler at its Ontario, California station, doubling capacity.
Battery-Electric Truck Recall Progress:
Nikola remains on track to complete the BEV recall program by year-end 2024, with overwhelmingly positive feedback from returned units and ongoing over-the-air updates reaching customers.
Nikola’s mission is to pioneer solutions for a zero-emissions world, transforming commercial transportation with its Class 8 vehicles and the HYLA hydrogen refueling ecosystem.
Nikola Trucks, Building a Purpose-Driven Coalition:
Nikola is bringing together partners like dealers, fleet customers, suppliers, and strategic partners to accelerate the hydrogen economy. The company secured a significant order of 100 hydrogen FCEVs from AiLO Logistics, indicating potential growth.
In summary, Nikola’s Q2 2024 results demonstrate strong progress in its hydrogen truck and electric truck segments, with record revenue, FCEV deliveries exceeding guidance, and continued expansion of its hydrogen fueling infrastructure. The company is well-positioned to lead the hydrogen transition, infrastructure to zero-emissions transportation.
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