Nikola Reports Widened Loss in Q2

Nikola, the electric-truck maker, has announced its financial results for the second quarter. The company posted a loss of $217.8 million, or 31 cents a share, compared to a loss of $173 million, or 41 cents a share, in the same quarter last year. Despite producing and shipping fewer trucks, Nikola was able to beat analyst forecasts.

Financial Figures

• Loss: Nikola reported a loss of $217.8 million in the second quarter, compared to a loss of $173 million in the same quarter last year.
• Earnings Per Share: The loss per share amounted to 31 cents, down from 41 cents in the previous year.
• Adjusted Loss: After excluding one-time items, the adjusted loss per share was 20 cents, slightly better than analysts' expectations of 22 cents.
• Revenue: Nikola's revenue decreased to $15.4 million from $18.1 million.
• Analysts' Forecasts: Analysts had predicted revenue of $15 million.

Production and Shipping

Nikola faced a decrease in both production and shipping numbers in the second quarter. The company produced 33 trucks, down from 50 in the same period last year. Similarly, the number of trucks shipped decreased to 45, compared to 48 in the previous year.

Leadership Change

In other news, Nikola announced that Chief Executive Michael Lohscheller has stepped down due to a family health matter. He will be succeeded by Steve Girsky, who currently serves as Nikola's chairman.