Summary by Futu AI
On August 9, 2024, Nikola Corporation, a leader in zero-emissions transportation, announced its financial results for the second quarter ended June 30, 2024. The company reported a significant increase in revenue, reaching $31.3 million, which is a 318% rise from the previous quarter. Nikola wholesaled 72 hydrogen fuel cell electric vehicles (FCEVs) during the quarter, surpassing its guidance and marking an 80% increase from Q1. The company also initiated sales of regulatory credits, contributing to alternative revenue streams. Despite these achievements, Nikola reported a net loss of $133.7 million for the quarter, with a gross margin of -175%. The company's adjusted EBITDA was a loss of $109.4 million. Nikola's President and CEO, Steve Girsky, highlighted the company's role in disrupting the Class 8 trucking industry and its commitment to...Show More