Reported strongest topline in the history of the company, Q2 2024 revenue was $31.3M, up 318% from Q1
Nikola Corporation, a global leader in zero-emissions transportation and energy supply and infrastructure solutions, via the HYLA brand, today reported financial results and business updates for the quarter ended June 30, 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. “We are the only OEM with Class 8 FCEVs commercially available in North America today. Our trucks are put to the test every day by end fleet users, hauling freight and delivering to their customers. Q2 is an example of how we’re approaching the intersection of mission and reality and how Nikola is out front, charting the course.”
Hydrogen fuel cell electric truck
In Q2, we exceeded the high-end of the guidance range by delivering 72 hydrogen fuel cell electric vehicles (FCEVs) to our dealer network. That makes 147 wholesaled FCEVs in the first three quarters of serial production. Last quarter, we talked about the importance of expanding our reach to meet the demands of end fleet users virtually anywhere in North America. Walmart Canada is the first major retailer in Canada to introduce a hydrogen fuel cell electric semi-truck to its fleet. We also received repeat orders from two national accounts. Nikola’s Profitability Flywheel is beginning to gain momentum with these national accounts, as each of these end fleets grows its zero-emission presence to achieve decarbonization goals.
We continue to delight fleet users with data-driven quality and performance. To date, our FCEV end fleets have traveled more than 550K miles with an average fuel economy of 7.2 mi/kg, validating our performance benchmark. We collect field data every day and the numbers bear out. On a converted basis, our FCEVs outperformed the average Class 8 truck on fuel economy and avoidance of tailpipe emissions. We estimate the average miles per gallon (mpg) diesel equivalent of our FCEV is 8.0, or 23% better, than the Class 8 fuel economy average of 6.5/diesel gallon equivalent (DGE) per the Department of Energy. Moreover, in-service FCEVs have consumed more than 77 metric tons of hydrogen dispensed at various Nikola fueling solutions. In total, we estimate our FCEV end fleet operations have avoided approximately 867 metric tons of CO2 tailpipe emissions.*
HYLA energy
We’re delivering HYLA fueling solutions to support volume ramp up. As a strategy, we are launching stations and deploying assets where we anticipate demand. It is our objective to stay ahead of FCEV deployment so that fueling solutions are ready and available for end fleets. To that end, since the Q1 earnings call, we opened a HYLA branded station in Toronto, Ontario, Canada and completed commissioning a modular station in Santa Fe Springs in Southern Calif. We also added another modular refueler at our Ontario, Calif. station, doubling capacity. We recently had a record day in Ontario, with 28 FCEVs refueled and more than 850kg of hydrogen dispensed in one day. Likewise, through our work with Shell, our fleet customers have been able to fuel at Shell’s heavy-duty station in Ontario, CA, where density has been growing. Our stations run 24/7 to support the around-the-clock operations of our fleet users.
Constructive green policies
We continued to maintain our dominant share of HVIP vouchers in Calif. At quarter-end, we had 99% of FCEV and 23% of battery-electric vehicle (BEV) HVIP vouchers. We also created alternative revenue streams from the sale of regulatory credits. We recognized our first sale agreement of NOx and PM credits in the quarter. We expect this revenue stream to grow as volume increases each model year.
Battery-electric truck
We continued to make progress returning BEVs to our dealer network and end fleet users. We remain on track to complete the recall program by year-end 2024. Feedback on returned units has been overwhelmingly positive and over-the-air updates continue to reach customers.
SOURCE: Nikola
