Nikola loss narrows as production of fuel-cell semitruck begins; company says CEO to step down

Electric motortruck shaper Nikola said connected Friday that its CEO, Michael Lohscheller, volition measurement down effectual instantly owed to a "family wellness matter." Nikola's existent committee chair, erstwhile General Motors vice president Steve Girsky, volition instrumentality implicit arsenic CEO.

Lohscheller volition stay successful an advisory capableness until the extremity of September to enactment the transition, Nikola said.

The quality came alongside Nikola's second-quarter net report. Here are the cardinal numbers, compared with Refinitiv statement estimates:

Nikola's nett nonaccomplishment for the 4th was $217.8 million, oregon 31 cents per share. That fig includes $77.8 million, oregon 11 cents per share, related to discontinued operations including the closure of the erstwhile Romeo Power battery-pack mill successful California. Nikola acquired Romeo Power past year.

A year ago, Nikola mislaid $173 million, oregon 41 cents per share. Aside from the discontinued operations, Nikola had nary adjustments successful the 2nd 4th of 2023; connected an adjusted basis, it mislaid 25 cents per stock successful the year-ago quarter.

Revenue fell to $15.4 cardinal from $18.1 cardinal successful the 2nd 4th of 2022.

Shares of Nikola were down astir 5% successful premarket trading Friday.

The institution raised $233.2 cardinal successful currency during the 2nd 4th via income of banal and immoderate carnal assets, and took steps to trim its currency depletion going forward. It had $226.7 cardinal successful currency connected manus arsenic of June 30, up from $121.1 cardinal as of March 31. The institution connected Aug. 3 won support from shareholders to issue caller stock, and is expected to rise further currency aboriginal successful the year.

It delivered 45 of its battery-electric semitrucks to dealers during the 2nd quarter. Its dealers sold 66 of the battery-electric trucks to extremity customers during the period, the company's champion quarterly retail effect yet.

Nikola said successful May that it would temporarily suspend accumulation of its battery-electric motortruck portion it reconfigured the enactment to physique some the battery-electric and fuel-cell trucks.

Production of Nikola's latest model, a longer-range fuel-cell powered mentation of its Tre semitruck, began July 31; deliveries are expected to statesman successful September.

Nikola presently has orders for a full of 202 fuel-cell trucks for 18 fleet customers, it said earlier this week.