Nikola’s Q2 Results: Loss per Share of 22 Cents, Revenue at $15.43M

Nikola, the electric vehicle manufacturer, has reported its second-quarter financial results, revealing a loss per share of 22 cents and revenue of $15.43 million. This news comes after the company’s proposal to increase the number of authorized shares of its common stock was adjourned last month due to a lack of votes. However, a proposed amendment to the Delaware General Corporation Law is expected to change the required votes, which may have enabled the proposal to pass. Despite the widening losses reported by Nikola, the company has consistently met or exceeded earnings per share estimates in the past 11 quarters. The company has also recently refocused its core business, with plans to concentrate on the North American market, hydrogen fuel cell trucks, and autonomous technologies. Nikola has experienced a surge in momentum, with shares rising almost 100% in the last month. The rally was fueled by an agreement with BayoTech to advance hydrogen supply for commercial fuel cell electric vehicle fleets, as well as the announcement that JB Hunt Transport intends to purchase 13 of Nikola’s zero-emission Class 8 trucks. Investors will be closely watching for updates on demand and production as the company moves forward. At present, Nikola shares stand at $2.96, reflecting a 5.29% decrease.