Nikola Corp (NASDAQ: NKLA) stock gained after the company reported its fiscal second quarter 2024 results on Friday.
The company reported sales of $31.3 million, versus $15.4 million a year ago, beating the analyst consensus estimate of $24.7 million.
Adjusted EPS loss of $(2.67) versus $(5.90) a year ago, beat the analyst consensus loss estimate of $(2.78).
Nikola produced 77 trucks in the quarter compared to 33 a year ago and shipped 73 trucks compared to 45 a year ago.
Nikola said it maintained its dominant market share of HVIP vouchers in California.
At quarter-end, Nikola had 99% of FCEV and 23% of battery-electric vehicle (BEV) HVIP vouchers.
At the end of the quarter, Nikola exceeded the high end of the guidance range by delivering 72 fuel-cell electric trucks (FCEVs). That makes 147 wholesale FCEVs in the first three-quarters of serial production.
The company's gross loss was $(54.7) million versus $(27.6) million a year ago. Adjusted EBITDA loss declined to $(109.4) million from $(125.1) million a year ago.
Nikola's net cash for operating activities was $(134.6) million compared to $(111.1) a year ago. As of June 30, 2024, the company held $266.5 million in cash and equivalents.
Nikola stock plunged 84% in the last 12 months as it delayed its delivery schedule for revamped battery trucks and faced challenges selling its big hydrogen rigs.
Price Action: NKLA shares are trading higher by 14.70% at $8.95 at the last check Friday.