When Nikola Corp. (NASDAQ: NKLA) reported its second-quarter financial results after the markets closed Tuesday, the electric vehicle firm said that it had a net loss of $0.16 per share and $36,000 in revenue. Analysts were calling for a net loss of $0.13 per share and only $20,000 in revenue—although many analysts were calling for zero revenue.
Note that all revenues came from solar revenues which added up to a grand total of $36,000. The cost of the solar revenues was $30,000, generating a gross profit of $6,000. However operating expenses, selling & administrative expenses, and R&D far offset this.
During this quarter, the company broke ground on its manufacturing facility in Arizona, which is expected to be completed in the fourth quarter of 2021. The company also began its buildout of an assembly facility in Germany, which is scheduled to be completed in the fourth quarter of 2020.
In June, Nikola signed a purchase order with Nel for 85-megawatts of alkaline electrolyzer capacity. This purchase order will support up to five of Nikola’s hydrogen generating and dispensing stations. At capacity, these stations are expected to generate up to 40,000 kgs of hydrogen fuel each day, which would support up to 1,100 Nikola Two FCEV trucks.
On the books, cash and cash equivalents totaled $698.4 million at the end of the quarter, compared with $85.69 million at the end of the 2019 full year.
Nikola stock closed Tuesday at $38.84, with a post-IPO range of $10.27 to $93.99. The consensus analyst price target is $59.67. Following the announcement, the stock was down over 8% at $35.57 in the after-hours session.