Nikola Corporation (NASDAQ: NKLA), a US-based zero-emissions transportation company, recently reported its financial results for the three months ending June 30, 2021. The company further revealed its quarterly progress update.
Financial summary
The company’s Net Loss in 2Q2021 was $143,231, increasing from $115,782 in the same period in 2020. Its Adjusted EBITDA was $73,906, compared to $46,901 in a comparative period last year. Non-GAAP net loss per diluted share was $0.20, up from $0.16 in 2020.
According to NIKOLA’s CEO, Mark Russell, the company had continuous success in commissioning and validating its Tre BEVs, completing its Ulm, Germany, and Phase 0.5 of its Coolidge Arizona manufacturing facilities. The company also entered into a $300 million purchase agreement with Tumim Stone Capital LLC. The company also acquired a 20% stake in Wabash Valley Resources’ Indiana clean hydrogen project.
In the same period, validation activities for the first five Nikola Tre BEVs continued. A second batch consisting of nine trucks has been completed and is in the US. Three trucks in the second batch have been commissioned and are in various stages of validation. The remainder from the second batch were being designated in Arizona at the time of the report’s release. The second batch of trucks included component improvements and system iterations from the first batch’s testing. Validations are set to continue through the third and fourth quarters.
Mark added that the team has continually worked diligently with suppliers to offset the global material and parts shortage and worked to grow the materials’ maturity levels as the company plans to ramp up pre-series builds.
Completing Phase 1 of Coolidge
As of the time of the release, the company had completed phase 0.5 of its Coolidge, Arizona manufacturing plant. It is now in the process of building a batch of seven trucks there comprising of five Tre FCEV Alphas, and two Tre BEV Pre Builds. At the same time, the company is making the Phase 1 assembly expansion for the facility, which will increase its manufacturing capacity. The company anticipates completing Phase 1 of the facility by the end of 2021.
