Nikola Corporation (NASDAQ:NKLA) exceeded Wall Street revenue expectations, reporting a smaller-than-anticipated adjusted loss. The company generated $31.3 million in revenue for the quarter, surpassing LSEG’s estimate of $27.1 million. This strong performance was driven by increased deliveries of hydrogen-powered trucks, fueled by robust customer spending.

High Demand for Hydrogen Trucks

Nikola’s second-quarter deliveries of hydrogen trucks surged by 80%, reaching a total of 72 units. This strong demand for hydrogen fuel cell vehicles occurred despite a slowdown in the broader industry. The company’s shift away from battery-powered trucks appears to be paying off, with increased orders and new customer acquisitions.

Nikola also confirmed its commitment to completing the rollout of its updated battery-electric trucks by the end of the year. Despite the overall slowdown in electric vehicle (EV) growth due to factors such as range anxiety, high prices, and economic uncertainty, Nikola’s strategic adjustments have helped maintain its market position.

Nikola’s Financial Performance and Future Outlook

For the second quarter, Nikola reported an adjusted loss per share of $2.67, which was better 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 recent performance indicates a possible turnaround as the company secures major clients like Walmart Canada for its hydrogen trucks.