Nikola announced Thursday its second quarter financial results reporting $18.1 million of revenue, an adjusted net loss per share of $0.25, and Cash & Restricted Cash of $529.2 million.
The company produced 50 Nikola Tre BEVs in Coolidge, Arizona, and delivered 48 to dealers announcing station progress in California in the cities of Ontario, Colton, and a location servicing the Port of Long Beach.
Cash & Restricted Cash of $529.2 million and $312.5 million remaining ELOC commitment totaling $841.8 million in total liquidity at the end of Q2, up from $794.0 million in Q1, Nikola reported.
Wall Street analysts expect the company to report $16.58 million in revenue for the second quarter of 2022 and a non-GAAP EPS loss of $0.27.
We reported $18.1 million in revenues on deliveries of 48 Tre BEVs and four (4) Mobile Charging Trailers (MCT) in Q2. Two (2) additional Tre BEVs were delivered in the first week of July, which will be reported as part of Q3 revenues. We increased our total liquidity to $841.8 million in Q2 from $794.0 million at the end of Q1. As mentioned in May, we also successfully raised $200 million in a private placement of convertible notes during the quarter.
“Our momentum continued during the second quarter as we began delivering production vehicles to dealers and recognizing revenue from the sale of our Nikola Tre BEVs,” said Mark Russell, Nikola’s Chief Executive Officer. “We are committed to executing on our second half milestones.”
Earlier this week, the company announced the acquisition of Romeo Power for $144 million in an all-stock transaction allowing a “significant operational improvement and cost reduction in battery pack production”.
The proposed exchange ratio implies a consideration of $0.74 per Romeo share and represents an approximately 34% premium to Romeo’s July 29, 2022 closing share price and values 100% of Romeo’s equity at approximately $144 million, Nikola said.
On Tuesday, the proposal to increase the authorized number of shares from 600 million to 800 million was approved and will provide the company “greater flexibility to support the future growth of the business and advance its vision of clean and sustainable commercial transportation.” Nikola said.