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

“Nikola has turned the nook and is effectively on the way in which to executing our marketing strategy and reaching profitability,” mentioned Nikola CEO Michael Lohscheller. “We now have practically doubled our unrestricted money place whereas additionally considerably lowering 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 staff is very targeted on delivering vans to clients at scale and taking advantage of our first mover benefit within the hydrogen refueling ecosystem” Lohscheller continued.

Execution of Strategic Priorities

Through the second quarter we made substantial progress on the realignment of sources with our strategic priorities:

• Continued constructing gross sales momentum delivering 45 wholesale and 66 retail battery-electric vans, one of the best retail quarter so far
• Elevated our unrestricted money place by $107.1 million whereas considerably lowering our adjusted free money circulate to under our $150 million goal for the quarter
• Raised $233.2 million by means of capital increase and asset monetization, and improved visibility into future capital wants to completely 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 vans
• 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 gas cell electrical truck. The primary buyer deliveries are anticipated to happen in September. Thus far, 18 clients have positioned orders for over 200 hydrogen gas cell electrical vans with Nikola and sellers ⁽¹⁾. Through the second quarter, the rest of the ten gamma vans have been totally constructed and commissioned. Gamma vans can be utilized in ultimate car validation and buyer pilot testing.

Battery-Electrical Truck

Through the second quarter we continued to construct gross sales momentum on the battery-electric vans, wholesaling 45 to sellers with 66 retail gross sales. We anticipate gross sales momentum to proceed constructing as clients notice the entire price of possession advantages of zero-emissions vans and extra authorities help is launched to speed up the transition to zero-emissions.

Power Infrastructure

Our HYLA staff is concentrated on guaranteeing there may be sufficient hydrogen provide to fulfill truck gross sales volumes in 2023 and past. We proceed to maneuver the hydrogen refueling ecosystem ahead with effectively capitalized companions that align with our capital-efficient technique. Voltera and Nikola are collaborating on the just lately introduced partnership, and we’ve begun the station improvement course of for eight (8) preliminary stations. Our first station in Ontario, California is anticipated to enter operation by the top of 2023. We now have additionally secured over $50 million in grant funding from varied California companies, lowering the capital prices for hydrogen stations.

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

Within the close to time period as everlasting station infrastructure is constructed, we’re securing sufficient fueling options to allow trucking operations for early clients. We anticipate to deploy 9 (9) hydrogen cellular fuelers at a number of places in California by the top of 2023 to help zero-emissions trucking operations.

Coolidge, Arizona Manufacturing Facility

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

Progress continued on the gas cell energy module meeting line. We anticipate the gas cell energy module meeting line to be accomplished in This autumn of this yr. Gasoline cell energy modules utilized in hydrogen gas cell electrical vans in 2023 can be constructed and shipped to Coolidge by Bosch.

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

Second Quarter Monetary Highlights

SOURCE: Nikola