Shares of American heavy-duty electric truck startup, Nikola (NASDAQ:NKLA) sunk as much as 10% in pre-market trading Friday after the automaker reported its financial results and business updates for the second quarter ended June 30, 2023.
Nikola reported 2Q EPS of ($0.20), $0.02 better than the analyst estimate of ($0.22). Revenue for the quarter came in at $15.36 million versus the consensus estimate of $15M.
"Nikola has turned the corner and is well on the way to executing our business plan and achieving profitability," said Nikola CEO Michael Lohscheller.
Throughout the second quarter, Nikola sustained its sales momentum for battery-electric trucks, delivering 45 units to dealers and making 66 retail sales. Management anticipates that this sales momentum will persist, driven by customers recognizing the significant cost of ownership advantages of zero-emissions trucks, along with the introduction of additional government support to expedite the shift towards zero-emissions vehicles.
Nikola will host a webcast to discuss its second quarter results and business progress at 10:30 ET (14:30 GMT) on August 4.
The company also reported Friday that Lohscheller will step down as President and Chief Executive Officer of Nikola Corporation effectively immediately and as a member of the Board of Directors effective as of August 31, 2023 due to a family health matter and will be returning to Europe.
Steve Girsky, Chairman of the Board since September 2020, has been named CEO of Nikola. Lohscheller will remain at Nikola to advise Girsky through the end of September to support a seamless transition.
"The Board respects Michael's decision to be with his family during this time and thanks him for his hard work, dedication, and contributions to Nikola.” Said Girsky.
Shares of NKLA are down 10.16% in pre-market trading Friday.