Nikola Corporation, a global leader in zero-emission energy and transportation solutions through its HYLA brand, has announced its financial results for Q2 2024, revealing the strongest revenue figures in the company’s history.
The company’s revenue for the second quarter reached 31.3 million dollars, marking a 318% increase compared to Q1 2024.
In Q2, Nikola exceeded its forecast by delivering 72 hydrogen fuel cell electric vehicles (FCEVs) to dealers, an 80% increase over the previous quarter.
This brings the total to 147 FCEVs sold wholesale in the first three quarters of production.
Steve Girsky, Chairman and CEO of Nikola, says: “We are leading the charge in revolutionizing Class 8 transport and making zero emissions a reality.”
“Our trucks are tested daily by fleet users across North America, proving our commitment to combining mission and reality,” he adds.
Electric Hydrogen Trucks
Nikola’s FCEVs have shown significant performance improvements.
The trucks have collectively travelled over 550,000 miles with an average fuel economy of 7.2 miles per kilogram of hydrogen, outperforming the average Class 8 truck in both fuel savings and emissions reduction.
The company estimates that its FCEVs have avoided approximately 867 metric tonnes of CO2 emissions.
HYLA Energy Solutions
Nikola continues to enhance its HYLA brand’s fuel supply infrastructure.
Recently, the company opened a new HYLA station in Toronto, Ontario, and completed the commissioning of a modular station in Santa Fe Springs, California.
Additionally, another refuelling module has been added in Ontario, California, doubling its capacity.
A record day was reported with 28 FCEVs refueled and over 850 kg of hydrogen dispensed.
Nikola’s stations operate 24/7 to support fleet operations.
Alternative Revenue Streams
Nikola has also created alternative revenue streams through the sale of regulatory credits, with its first NOx and PM credit sale recognised this quarter.
The company maintains a dominant share of the HVIP vouchers in California, holding 99% of the HVIP vouchers for FCEVs and 23% for battery electric vehicles (BEVs).
Electric Battery Trucks
Nikola is on track to complete its BEV “2.0” programme by the end of 2024.
The feedback on returned BEV units has been overwhelmingly positive, with ongoing updates and improvements being well received by customers.
