Nikola Motor Company's (Nikola) non-GAAP loss per share narrowed to USD 0.20 in Q2 2023 (from USD 0.25 per share in Q2 2022), beating the consensus estimates of a USD 0.24 loss per share. Nikola's revenue dropped 15.3% YoY to USD 15.4 million in Q2 2023, surpassing consensus estimates by 4.6%. The drop in revenue was largely due to the decline in truck sales, which fell 30.9% YoY to USD 12.0 million in Q2 2023. Nikola's stock closed 16.4% lower than its opening price on the 4th, following the earnings release.

Nikola reported a gross loss of USD 27.6 million in Q2 2023 compared to the gross loss of USD 29.3 million in Q2 2022. Furthermore, lower operating expenses (largely due to a drop in sales and marketing [26.4% YoY]) resulted in lower operating losses for the company in Q2 2023 (USD 168.6 million in Q2 2023 vs USD 172.2 million in Q2 2022). The company’s net loss also narrowed to USD 140.0 million, compared to the loss of USD 173.0 million in Q2 2022. 

Nikola commenced the serial production of its fuel-cell electric vehicle trucks (FCEVs) in July 2023, with plans to commence customer deliveries in September. To date, the company has received 200 FCEV orders from 18 customers. It completed building 10 gamma trucks within the quarter, which will be deployed for pilot testing. When considering battery electric (BEV) truck sales, the company has delivered 45 units for wholesale and recorded 66 retail sales of the unit during Q2 2023.