Nikola Company, a world chief in zero-emissions transportation and power provide and infrastructure options, by way of the HYLA model, immediately reported monetary outcomes and enterprise updates for the quarter ended June 30, 2023.

“Nikola has turned the nook and is properly on the way in which to executing our marketing strategy and reaching profitability,” stated Nikola CEO Michael Lohscheller. “Now we have practically doubled our unrestricted money place whereas additionally considerably decreasing our spending. We proceed to drive ahead in our mission to decarbonize heavy-duty trucking and guarantee Nikola is profitable for the lengthy haul.”

“Our administration crew is extremely targeted on delivering vehicles to prospects at scale and benefiting from our first mover benefit within the hydrogen refueling ecosystem” Lohscheller continued.

Execution of Strategic Priorities

In the course of the second quarter we made substantial progress on the realignment of assets with our strategic priorities:

• Continued constructing gross sales momentum delivering 45 wholesale and 66 retail battery-electric vehicles, the very best retail quarter up to now
• Elevated our unrestricted money place by $107.1 million whereas considerably decreasing our adjusted free money circulate to under our $150 million goal for the quarter
• Raised $233.2 million via capital increase and asset monetization, and improved visibility into future capital wants to totally fund the enterprise mannequin
• Closed down battery manufacturing operations of Romeo Energy, Inc. (“Romeo”) and are establishing a battery pack line in Coolidge for our battery-electric vehicles
• Accomplished the sale of European three way partnership to Iveco
• Made substantial progress within the improvement of the hydrogen refueling ecosystem with companions

Hydrogen Gasoline Cell Electrical Truck

On July 31, 2023, we formally started serial manufacturing of the hydrogen gasoline cell electrical truck. The primary buyer deliveries are anticipated to happen in September. Thus far, 18 prospects have positioned orders for over 200 hydrogen gasoline cell electrical vehicles with Nikola and sellers ⁽¹⁾. In the course of the second quarter, the rest of the ten gamma vehicles have been absolutely constructed and commissioned. Gamma vehicles will likely be utilized in last car validation and buyer pilot testing.

Battery-Electrical Truck

In the course of the second quarter we continued to construct gross sales momentum on the battery-electric vehicles, wholesaling 45 to sellers with 66 retail gross sales. We count on gross sales momentum to proceed constructing as prospects notice the entire price of possession advantages of zero-emissions vehicles and extra authorities assist is launched to speed up the transition to zero-emissions.

Vitality Infrastructure

Our HYLA crew is concentrated on guaranteeing there’s satisfactory hydrogen provide to satisfy truck gross sales volumes in 2023 and past. We proceed to maneuver the hydrogen refueling ecosystem ahead with properly capitalized companions that align with our capital-efficient technique. Voltera and Nikola are collaborating on the lately introduced partnership, and we’ve got begun the station improvement course of for eight (8) preliminary stations. Our first station in Ontario, California is predicted to enter operation by the top of 2023. Now we have additionally secured over $50 million in grant funding from varied California businesses, decreasing the capital prices for hydrogen stations.

On July 19, 2023, we introduced Fortescue Future Industries (FFI) acquired the Phoenix Hydrogen Hub mission, additional validating our capital environment friendly technique. We’re negotiating an offtake settlement with FFI, which is meant to assist hydrogen demand from Nikola truck prospects beginning in 2025.

Within the close to time period as everlasting station infrastructure is constructed, we’re securing satisfactory fueling options to allow trucking operations for early prospects. We count on to deploy 9 (9) hydrogen cell fuelers at a number of areas in California by the top of 2023 to assist zero-emissions trucking operations.

Coolidge, Arizona Manufacturing Facility

In Coolidge, the Part 2 meeting growth has been accomplished and the brand new mixed-model line able to constructing each battery-electric and hydrogen gasoline cell electrical vehicles has been put in. The present manufacturing capability of the power is 2,400 vehicles / yr on three (3) shifts.

Progress continued on the gasoline cell energy module meeting line. We count on the gasoline cell energy module meeting line to be accomplished in This fall of this yr. Gasoline cell energy modules utilized in hydrogen gasoline cell electrical vehicles in 2023 will likely be constructed and shipped to Coolidge by Bosch.

Progress additionally continued on the battery pack line set up in Coolidge. Once we resume battery-electric truck manufacturing, the battery packs utilized will likely be constructed at our facility in Coolidge.

Second Quarter Monetary Highlights

SOURCE: Nikola