Nikola rallies after exceeding its delivery guidance in Q2

Nikola Corporation (NASDAQ:NKLA) rallied Friday after the Phoenix-based company posted its Q2 earnings report.

The hydrogen fuel-cell truckmaker said it exceeded the high end of its guidance range by delivering 72 hydrogen-powered vehicles to the dealer network in Q2. Nikola (NKLA) noted that made 147 wholesaled FCEVs in the first three quarters of serial production. Nikola (NKLA) also highlighted that it is the only OEM with Class 8 FCEVs commercially available in North America today.

Additionally, Nikola (NKLA) noted that it continued to make progress returning BEVs to its dealer network and end fleet users. “We remain on track to complete the recall program by year-end 2024,” highlighted the company. Feedback on returned units was said to be overwhelmingly positive, and over-the-air updates continue to reach NKLA’s customers.

Revenue more than doubled during the second quarter to $31.2 million. The company showed a net loss of $133.7 million vs. $217.8 million a year ago. EPS was reported at -$2.67 vs. -$2.73 consensus and -$5.90 a year ago.

Shares of Nikola (NKLA) were up 15.90% in early trading to $9.04 vs. the 52-week range of $7.02 to $62.09.