Nikola Corporation (NASDAQ:NKLA) exceeded Wall Street expectations for second-quarter revenue, posting a smaller-than-anticipated adjusted loss. The electric truck manufacturer reported revenue of $31.3 million for the quarter, surpassing estimates of $27.1 million as indicated by LSEG data. This positive performance reflects a significant increase in deliveries of its hydrogen-powered trucks, driven by heightened client spending.

Robust Demand for Hydrogen Trucks

Nikola’s second-quarter deliveries surged by 80%, totaling 72 hydrogen trucks. This robust demand for its hydrogen fuel cell vehicles comes despite a general industry slowdown. The company’s focus on pivoting away from battery-powered trucks appears to be yielding favorable results, with increased orders and new customer acquisitions.

Nikola also announced that it remains on track to complete the rollout of its updated battery-electric trucks by the end of the year. Despite the broader slowdown in electric vehicle (EV) growth due to factors such as range anxiety, high prices, and economic uncertainty, Nikola’s strategic shifts have helped maintain its market position.

Nikola’s Financial Overview and Future Prospects

For the second quarter, Nikola reported an adjusted loss per share of $2.67, which is less severe than the average analysts’ estimate of a $2.85 loss. The company’s cash and cash equivalents stood at $256.3 million for the quarter, down from $345.6 million in the previous period. Nikola’s stock has faced challenges this year, with shares falling over 70%, but the recent performance highlights a potential turnaround as the company signs major clients like Walmart Canada for its hydrogen trucks.

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