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High-Flying EV Maker Nikola Falls After Loss Ahead of Production

(Bloomberg) — Nikola Corp.’s shares fell Tuesday after hours on the company’s debut earnings release.

The maker of battery-electric and fuel cell big-rigs reported a net loss for the second quarter of $86.64 million (up from $16.7 million a year earlier) as it moves toward production of its vehicles. The company hopes to begin fleet testing of the BEV version of its semi truck — the Nikola Tre — with select customers in 2021. The hydrogen fuel cell vehicles will be built in Arizona from 2023, at a site which is under construction.

The company ended the quarter with around $707 million cash on hand. It also expects to raise an additional $264.5 million in cash through the exercise of the 23 million outstanding public warrants at an exercise price of $11.50.

The company generated a modest revenue of $36,000 (you read that correctly: thirty-six thousand) from solar installations, but the release states these aren’t tied to the company’s core operations and are expected to be discontinued.

For more on Nikola’s earnings, click here for our TOPLive blog.

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