Nikola’s (NLKA) stock is trading lower on Tuesday morning despite a second quarter beat. The electric and hydrogen truck startup posted the following results compared to Bloomberg’s consensus estimates for the quarter ending in June.
Adjusted earnings (loss) per share: -20 cents vs estimates of -30 cents
Adjusted Ebitda loss: $73.90 million compared to an estimated loss of $116.9 million
“We have had continued success in commissioning and validating the Nikola Tre BEVs, completed both our Ulm, Germany and Phase 0.5 of our Coolidge, Arizona manufacturing facilities," said Nikola's CEO Mark Russell in a statement.
He also highlighted Nikola's acquisition of a 20% stake in the Wabash Valley Resources clean hydrogen project in Indiana.
The stock was trading lower following comments during the quarterly results conference call. Russell said supply chain issues have gotten more acute and the company is experiencing delays in receiving numerous parts. The company's CFO Kim Brady said Nikola was revising down its delivery guidance.
Nikola’s founder Trevor Milton was recently indicted for allegedly making false statements to investors about the electric vehicle company. The stock sank about 10% on the day prosecutors charged Milton. “Trevor Milton is innocent,” his lawyers said in a statement.
Nikola went public in 2020 via a SPAC and soon after began facing questions and scrutiny over its production and promises to investors.
The company’s stock had reached all time highs last year amid investor buzz over the EV industry, and a partnership announcement with General Motors (GM). That deal was later slimmed down after a scathing short seller report from Hindenburg Research against Nikola and its founder. The company initially denied Hindenburg’s claims. Later that month Milton stepped down as executive chairman and closed the twitter account he had been using to communicate with shareholders and tout Nikola.
Earlier this year the company said in an internal review Nikola and Milton had made some partially or wholly inaccurate statements.
Year to date the stock is down about 26%.
Ines covers the U.S. stock market. Follow her on Twitter at @ines_ferre