Electrical truck maker Nikola stated on Friday that its CEO, Michael Lohscheller, will step down efficient instantly on account of a “household well being matter.” Nikola’s present board chair, former Basic Motors vice chairman Steve Girsky, will take over as CEO.

Lohscheller will stay in an advisory capability till the tip of September to assist the transition, Nikola stated.

The information got here alongside Nikola’s second-quarter earnings report. Listed below are the important thing numbers, in contrast with Refinitiv consensus estimates:

• Loss per share: 20 cents vs. 22 cents
• Income: $15.36 million vs. $15.4 million

Nikola’s internet loss for the quarter was $217.8 million, or 31 cents per share. That determine contains $77.8 million, or 11 cents per share, associated to discontinued operations together with the closure of the previous Romeo Energy battery-pack manufacturing unit in California. Nikola acquired Romeo Energy final 12 months.

A 12 months in the past, Nikola misplaced $173 million, or 41 cents per share. Except for the discontinued operations, Nikola had no changes within the second quarter of 2023; on an adjusted foundation, it misplaced 25 cents per share within the year-ago quarter.

Income fell to $15.4 million from $18.1 million within the second quarter of 2022.

Shares of Nikola have been down about 5% in premarket buying and selling Friday.

The corporate raised $233.2 million in money through the second quarter by way of gross sales of inventory and a few bodily property, and took steps to scale back its money consumption going ahead. It had $226.7 million in money readily available as of June 30, up from $121.1 million as of March 31. The corporate on Aug. 3 gained approval from shareholders to subject new inventory, and is predicted to boost more money later within the 12 months.

It delivered 45 of its battery-electric semitrucks to sellers through the second quarter. Its sellers offered 66 of the battery-electric vans to finish prospects through the interval, the corporate’s greatest quarterly retail end result but.

Nikola stated in Could that it could quickly droop manufacturing of its battery-electric truck whereas it reconfigured the road to construct each the battery-electric and fuel-cell vans.

Manufacturing of Nikola’s newest mannequin, a longer-range fuel-cell powered model of its Tre semitruck, started July 31; deliveries are anticipated to start in September.

Nikola at the moment has orders for a complete of 202 fuel-cell vans for 18 fleet prospects, it stated earlier this week.