Nikola Corp (NKLA) 2024 Q2 法說會逐字稿

Good morning, and welcome to Nikola Corporation's second-quarter 2024 earnings and business update call.

早上好，歡迎致電尼古拉公司 2024 年第二季財報和業務更新。

(Operator Instructions) We begin today's call with a short video presentation, followed by management's prepared remarks.

（操作員說明）我們以簡短的視訊演示開始今天的電話會議，然後是管理層準備好的演講。

A question-and-answer session will follow the prepared remarks.

在準備好的發言之後將舉行問答環節。

As a reminder, this conference is being recorded.

提醒一下，本次會議正在錄製中。

Thank you, operator, and good morning, everyone.

謝謝接線員，大家早安。

My name is Soei Shin, Head of Investor Relations.

我叫 Soei Shin，投資人關係主管。

I'd like to welcome those listening by phone and those on the webcast to Nikola Corporation's second-quarter 2024 earnings and business update call.

我歡迎那些透過電話和網路廣播收聽 Nikola Corporation 2024 年第二季收益和業務更新的電話會議。

Joining me today are Steve Girsky, President and CEO; and Tom Okray, Chief Financial Officer.

今天加入我的是總裁兼執行長 Steve Girsky；和首席財務官湯姆·奧克雷(Tom Okray)。

A press release detailing our financial and business results was distributed earlier this morning.

今天早上早些時候發布了一份詳細介紹我們的財務和業務業績的新聞稿。

This release can be found on the Investor Relations section of our website, along with presentation slides accompanying today's call.

新聞稿以及今天電話會議附帶的簡報幻燈片可以在我們網站的投資者關係部分找到。

Today's discussion includes references to non-GAAP measures.

今天的討論涉及非公認會計原則措施。

The presentation includes adjusted EBITDA, earnings per share, adjusted free cash flow, and other non-GAAP measures.

該簡報包括調整後的 EBITDA、每股盈餘、調整後的自由現金流量和其他非公認會計準則指標。

These measures are reconciled to the most comparable US GAAP measures and can be found at the end of the Q2 earnings press release we issued today.

這些指標與最具可比性的美國公認會計原則指標一致，可以在我們今天發布的第二季收益新聞稿末尾找到。

Today's discussion also includes forward-looking statements about our future results, expectations, and plans.

今天的討論還包括有關我們未來業績、期望和計劃的前瞻性陳述。

Actual results may differ materially from those stated, and some factors that cause actual results to differ are also explained at the end of today's earnings press release, on page 2 of our earnings call deck, and in our filings with the SEC.

實際結果可能與所述結果有重大差異，導致實際結果不同的一些因素也在今天的收益新聞稿末尾、我們的收益電話會議第二頁以及我們向 SEC 提交的文件中進行了解釋。

Forward-looking statements speak only as of the date on which they are made.

前瞻性陳述僅代表其作出之日的情況。

You are cautioned not to put undue reliance on forward-looking statements.

請您注意不要過度依賴前瞻性陳述。

After Steve and Tom's prepared remarks, we'll take questions from our stockholders and then conclude with questions from analysts.

在史蒂夫和湯姆準備好的演講之後，我們將回答股東的問題，然後以分析師的問題作為結束。

Thanks, Soei, and good morning, everyone.

謝謝，Soei，大家早安。

Welcome to our second-quarter 2024 earnings and business update call.

歡迎參加我們的 2024 年第二季財報和業務更新電話會議。

Last quarter, I talked about executing plays, competing, and cultivating green shoots.

上個季度，我談到了執行比賽、競爭和培養新芽。

Today, I want to talk about how Nikola is starting to bring together a purpose-driven coalition to build the hydrogen ecosystem.

今天，我想談談尼古拉如何開始組成一個目標驅動的聯盟來建立氫生態系統。

Like-minded partners include our dealers, fleet customers, suppliers and strategic partners such as automotive OEMs, hydrogen producers and Big Energy who have vested interests in the hydrogen economy and want to see it succeed as much as we do.

志同道合的合作夥伴包括我們的經銷商、車隊客戶、供應商和戰略合作夥伴，例如汽車原始設備製造商、氫生產商和大型能源公司，他們在氫經濟中擁有既得利益，並像我們一樣希望觀看到氫經濟取得成功。

There is a need and urgency to accelerate our efforts.

需要且迫切地加速我們的努力。

In the last three quarters of zero production, we have demonstrated that Nikola is the offtake.

在過去三個季度的零產量中，我們已經證明尼古拉是承購者。

We are the catalyst to disrupt Class 8 trucking to make zero-emission a reality.

我們是顛覆 8 級卡車運輸的催化劑，使零排放成為現實。

Program to date, Nikola fuel cell electric trucks and battery electric trucks have accumulated over 3 million road and test miles, avoiding 4,700 metric tons of CO2 emissions, which is like taking 1,100 gasoline-powered cars off the road for one year.

迄今為止，Nikola 燃料電池電動卡車和電池電動卡車已累積超過 300 萬英里的道路和測試里程，避免了 4,700 噸二氧化碳排放，相當於一年內讓 1,100 輛汽油動力汽車不再上路。

We're the only OEM with Class 8 FCEVs commercially available in North America today.

我們是當今北美唯一擁有 8 類 FCEV 商用的 OEM。

Our trucks are put to the test every day by end fleet users hauling freight and delivering to their customers.

我們的卡車每天都會受到終端車隊使用者運輸貨物並向客戶送貨的測試。

Q2 is an example of how we're approaching the intersection of mission and reality and how Nikola is out front charting the course.

Q2 是我們如何實現使命與現實交叉點以及 Nikola 如何率先規劃路線的一個例子。

First, we're doing what we said we would do.

首先，我們正在做我們說過要做的事。

At the end of Q2, we announced we had wholesaled 72 hydrogen fuel cell electric trucks, which exceeded the high end of the guidance range of 50 to 60 trucks by 20%.

第二季末，我們宣布已批發 72 輛氫燃料電池電動卡車，比指導範圍的高端 50 至 60 輛卡車超出了 20%。

Q2 wholesale deliveries were up 80% from Q1 and comprised of several repeat customers, which is a testament to the performance of our trucks and customer satisfaction.

第二季的批發交付量比第一季成長了 80%，並且有多個回頭客，這證明了我們卡車的性能和客戶滿意度。

We're delivering HYLA fueling solutions to support volume ramp-up.

我們正在提供 HYLA 加油解決方案來支援產量的增加。

Since the Q1 call, we opened a HYLA branded station in Toronto, Canada and completed commissioning a modular station in Santa Fe Springs in Southern California.

自第一季電話會議以來，我們在加拿大多倫多開設了 HYLA 品牌站，並在南加州聖達菲斯普林斯完成了模組化站的調試。

One of the resounding benefits of our modular refueling strategy is our ability to quickly pivot to meet the demands of end fleets.

我們的模組化加油策略的顯著優勢之一是我們能夠快速調整以滿足末端車隊的需求。

As such, we added another modular fueler at our existing station in Ontario, California to double capacity.

因此，我們在加州安大略省的現有加油站添加了另一個模組化加油站，使容量翻倍。

Likewise, we provided access for Nikola end fleets to fuel at Shell's heavy-duty station in Ontario, California where density has been clearly growing.

同樣，我們為 Nikola 末端車隊提供了在加州安大略省殼牌重型加油站加油的通道，該加油站的密度一直在明顯增長。

Second, we are demonstrating national account interest.

其次，我們表現出國民帳戶的興趣。

Last quarter, we talked about the importance of expanding our reach to meet the demands of end fleets virtually anywhere in North America.

上個季度，我們討論了擴大我們的業務範圍以滿足北美幾乎任何地方的終端機隊需求的重要性。

Walmart Canada is the first major retailer in Canada to introduce a hydrogen fuel cell electric semi-truck to its fleet.

沃爾瑪加拿大公司是加拿大第一家在其車隊中引入氫燃料電池電動半掛卡車的大型零售商。

We also received repeat orders from two national accounts.

我們也收到了兩個國民帳戶的重複訂單。

Nikola's profitability flywheel is beginning to gain momentum with these national accounts as each end fleet grows its zero-emission presence to achieve decarbonization goals.

隨著每個終端機隊增加零排放以實現脫碳目標，尼古拉的獲利能力飛輪開始透過這些國民帳戶獲得動力。

Third, we are creating and monetizing alternative revenue and profit streams.

第三，我們正在創造替代性收入和利潤流並將其貨幣化。

Nikola realized its initial sale of CARB regulatory credits from the sale of NOx and PM credits.

Nikola 透過銷售 NOx 和 PM 信用額實現了 CARB 監管信用額的首次銷售。

As volume ramps up and new CARB regulations go into effect, these new revenue streams will grow.

隨著銷售量的增加和新的 CARB 法規的生效，這些新的收入來源將會成長。

Fourth, Nikola is in a unique position to attract prospective partners.

第四，尼古拉在吸引潛在合作夥伴方面處於獨特的地位。

Again, Nikola FCEVs are the only Class 8 hydrogen fuel cell trucks commercially available in North America today.

同樣，尼古拉 FCEV 是當今北美唯一商用的 8 級氫燃料電池卡車。

The market acceptance of our FCEVs bears out with every zero-emission mile driven.

我們的 FCEV 的市場接受度證明了每行駛一英里的零排放。

Therefore, not only are we getting more calls from fleets interested in deploying fuel cell trucks, but also from strategic partners like automotive OEMs, suppliers, hydrogen producers, and Big Energy, who recognize our key role as a first mover in the hydrogen economy.

因此，我們不僅收到了更多有興趣部署燃料電池卡車的車隊的電話，而且還收到了汽車原始設備製造商、供應商、氫氣生產商和大能源等戰略合作夥伴的電話，他們認識到我們作為氫經濟先行者的關鍵角色。

Now let's get to the business update.

現在讓我們來了解一下業務更新。

We are executing our plan.

我們正在執行我們的計劃。

We said we'd wholesale 50 to 60 fuel cell trucks in Q2, and we delivered 72 trucks to our dealer network, beating guidance by 20%.

我們表示，我們將在第二季度批發 50 至 60 輛燃料電池卡車，並向我們的經銷商網路交付了 72 輛卡車，比指導值高出 20%。

This marks the third consecutive quarter where we either met or beat volume guidance.

這標誌著我們連續第三個季度達到或超過了成交量指引。

We said we were focused on national accounts to scale, and we signed our first deal with Walmart Canada and received repeat orders from two other national accounts.

我們表示，我們專注於擴大國民帳戶規模，我們與沃爾瑪加拿大公司簽署了第一份協議，並收到了來自其他兩個國民帳戶的重複訂單。

Walmart Canada is the first major retailer in North America to introduce a Nikola Class 8 fuel cell electric vehicle to its fleet.

加拿大沃爾瑪是北美第一家在其車隊中引入 Nikola Class 8 燃料電池電動車的大型零售商。

This collaboration aligns perfectly with our mission to drive innovation and environmental responsibility in the transportation industry.

此次合作完全符合我們推動交通運輸產業創新和環境責任的使命。

Repeat fleet customer, IMC, the largest marine drayage company in the US, ordered another 10 fuel cell trucks from our dealer network in Q2.

車隊的老客戶 IMC（美國最大的海上拖運公司）在第二季度從我們的經銷商網路中另外訂購了 10 輛燃料電池卡車。

Year-to-date, this marks a total of 30 Nikola fuel cell trucks in its fleet.

今年迄今為止，其車隊中共有 30 輛 Nikola 燃料電池卡車。

IMC has a goal to replace all diesel tractors by 2028.

IMC 的目標是到 2028 年更換所有柴油拖拉機。

An existing carrier and one of the largest intermodal fleets in North America placed a double-digit order with our dealer network in Q2.

一家現有承運商和北美最大的多式聯運車隊之一在第二季度向我們的經銷商網路下了兩位數的訂單。

They too have stated decarbonization goals to be achieved in the next decade.

他們也提出了未來十年要實現的脫碳目標。

On chart 6, we demonstrate how we're meeting the use case of end fleets with data-driven quality and performance.

在圖 6 中，我們展示瞭如何透過資料驅動的品質和效能來滿足終端車隊的用例。

To date, 12 in-service end fleets have accumulated over 550,000 miles, validating our average fuel economy benchmark of 7.2 miles per kilogram.

迄今為止，12 個在役終端車隊已累積行駛超過 550,000 英里，驗證了我們每公斤 7.2 英里的平均燃油經濟性基準。

It's important to note that fuel economy varies with driver usage, freight routes and payloads.

值得注意的是，燃油經濟性會隨著駕駛員使用情況、貨運路線和有效載荷的不同而變化。

Some drayage fleet users, for example, achieve fuel economy greater than 8 miles a kilogram, while other fleet users that travel longer distances with heavier payloads achieve fuel economy slightly lower than the benchmark.

例如，一些拖運車隊用戶的燃油經濟性超過每公斤 8 英里，而其他行駛距離較長、有效負載較重的車隊用戶的燃油經濟性則略低於基準。

If you're a beverage hauler, the heavier payload per range of the fuel cell vehicle makes it the right truck for you.

如果您是飲料運輸車，那麼燃料電池汽車每行程的有效負載較重，使其成為適合您的卡車。

Early field data tells us that the average trip distance between refueling is 260 miles, or twice as far as the BEV 2.0 between charges.

早期的現場數據告訴我們，每次加油的平均行程距離為 260 英里，是 BEV 2.0 充電次數的兩倍。

If your distribution routes are near either Ontario or Long Beach, one fill may be enough for your entire route.

如果您的配送路線靠近安大略省或長灘，一次填充可能就足以滿足您的整個路線。

We've also observed that over 40 end fleet users have traveled 400 miles-plus between refueling.

我們還觀察到，超過 40 個終端車隊使用者在加油之間行駛了 400 英里以上。

In fact, this longer distance, which is like driving from the Port of Oakland to the Port of Los Angeles or Long Beach, has been completed roughly 130 times since we've been tracking data.

事實上，自從我們追蹤數據以來，這段較長的距離（就像從奧克蘭港開車到洛杉磯港或長灘）已經完成了大約 130 次。

It's all about the use case and how our trucks are meeting unique demands of end fleets.

這一切都與用例以及我們的卡車如何滿足終端車隊的獨特需求有關。

The increased payload capacity per mile with significantly reduced refueling time compared to the BEV ultimately means increased truck uptime for end fleet users.

與純電動車相比，每英里有效負載能力增加，加油時間顯著縮短，最終意味著最終車隊用戶的卡車正常運行時間增加。

As we deploy more HYLA refueling stations, we expect the in-service range to increase.

隨著我們部署更多 HYLA 加油站，我們預計服務範圍將會增加。

Likewise, if you're a first-mile logistics operator, the BEV 2.0 may be the right truck for you.

同樣，如果您是第一英里物流運營商，BEV 2.0 可能是適合您的卡車。

Early field data collected so far tells us that the average trip distance between charging is 130 miles.

迄今為止收集的早期現場數據告訴我們，充電之間的平均行程距離為 130 英里。

If you're running loads from the port to the warehouse and charging is available at the depot, then the BEV 2.0 will fit your needs.

如果您將貨物從港口運送到倉庫並且可以在倉庫充電，那麼 BEV 2.0 將滿足您的需求。

Again, we're on the field collecting data and learning how our trucks are being deployed.

我們再次在現場收集數據並了解我們的卡車是如何部署的。

We're here to help our end fleets optimize their trucks so they perform the way they are built to.

我們來這裡是為了幫助我們的終端車隊優化他們的卡車，使它們按照其設計的方式運作。

Lastly, we often get questions about comparing our fuel cell electric vehicle to a traditional diesel truck.

最後，我們經常收到有關將燃料電池電動車與傳統柴油卡車進行比較的問題。

On a converted basis, our FCEVs outperformed the average Class 8 truck on fuel economy and avoidance of tailpipe emissions.

在改裝後，我們的 FCEV 在燃油經濟性和避免廢氣排放方面優於普通 8 級卡車。

We estimate the average miles per gallon diesel equivalent of our FCEV is 8.0, or 23% better than the Class 8 fuel economy average of 6.5 miles per diesel gallon equivalent per the DOE.

我們估計 FCEV 的平均每加侖柴油當量行駛里程為 8.0，比美國能源部規定的每加侖柴油當量 6.5 英里的 8 級燃油經濟性平均值高出 23%。

Moreover, in-service FCEVs have consumed over 77 metric tons of hydrogen dispensed at various Nikola fueling solutions.

此外，在役 FCEV 已消耗了超過 77 噸透過各種 Nikola 加油解決方案分配的氫氣。

In total, we estimate our FCEV end fleet operations have avoided approximately 867 metric tons of CO2 tailpipe emissions.

總的來說，我們估計我們的 FCEV 終端車隊營運已避免了約 867 噸二氧化碳廢氣排放。

With our end fleet partners, Nikola is decarbonizing Class 8 trucking now.

Nikola 與我們的終端車隊合作夥伴一起，現在正在對 8 級卡車運輸進行脫碳。

Moving to chart 7.

轉到圖 7。

We're also executing on the HYLA front, our energy supply and infrastructure solutions brand.

我們也在 HYLA 方面執行，這是我們的能源供應和基礎設施解決方案品牌。

As a strategy, we are launching stations and deploying assets where we anticipate demand.

作為一項策略，我們在預期需求的地方啟動站點並部署資產。

It is our objective to stay ahead of the FCEV deployment so that fueling solutions are ready and available for end fleets.

我們的目標是在 FCEV 部署方面保持領先地位，以便為終端車隊準備好並提供加油解決方案。

To that end, since Q1 earnings call, we opened a HYLA-branded station in Toronto, Canada and completed commissioning a modular station in Santa Fe Springs in Southern California.

為此，自第一季財報電話會議以來，我們在加拿大多倫多開設了 HYLA 品牌站，並在南加州聖塔菲斯普林斯完成了模組化站的調試。

Toronto helps open Nikola fleet users to the Eastern Canadian market where population density and busy freight corridors, such as Highways 401, 427, and the QEW make it a natural fit for FCEVs.

多倫多幫助 Nikola 車隊使用者進入加拿大東部市場，那裡的人口密度和繁忙的貨運走廊（例如 401、427 號高速公路和 QEW）使其非常適合 FCEV。

It is also the headquarters of ITD, our full-service Canadian dealer network, which is well equipped to provide skilled service and maintenance to end fleets such as Walmart Canada.

它也是我們全方位服務的加拿大經銷商網路 ITD 的總部，該網路配備精良，可為沃爾瑪加拿大等終端車隊提供熟練的服務和維護。

Santa Fe Springs help support the growing density and hydrogen demand in Southern California.

聖塔菲泉有助於滿足南加州不斷增長的密度和氫氣需求。

This is the second fueling station on a dealer site, which shows strong collaboration between Nikola and our dealers.

這是經銷商網站上的第二個加油站，這反映了 Nikola 與經銷商之間的緊密合作。

Santa Fe Springs is also the midpoint between Ontario and the Port of L.A. along the busy 605 freight corridor.

聖塔菲斯普林斯也是安大略省和洛杉磯港之間繁忙的 605 貨運走廊的中點。

This newest HYLA station is scheduled to be open for business operations on August 12, 2024.

這個最新的 HYLA 車站計劃於 2024 年 8 月 12 日開放營業。

We added another modular fueler at our HYLA Ontario station, doubling capacity, which effectively adds another station in that area.

我們在 HYLA Ontario 加油站增加了另一個模組化加油站，容量增加了一倍，這實際上在該地區增加了另一個加油站。

We recently had a record day at Ontario with 28 FCEVs refueled and more than 850 kilograms of hydrogen dispensed in one day.

最近，我們在安大略省創下了單日記錄，一天內為 28 輛 FCEV 加油並分配了超過 850 公斤氫氣。

Again, our modular strategy allows us to stay nimble and pivot to support the demands of our end fleets.

同樣，我們的模組化策略使我們能夠保持靈活性並專注於支援終端機隊的需求。

Lastly, through our work with Shell, our fleet customers have been able to fuel at Shell's heavy-duty station in Ontario, California.

最後，透過與殼牌的合作，我們的車隊客戶能夠在殼牌位於加州安大略省的重型加油站加油。

Ontario and the surrounding area near the Port of Los Angeles and the Port of Long Beach have proven to be critical refueling areas that are amassing density quickly.

事實證明，安大略省以及洛杉磯港和長灘港附近的周邊地區是重要的加油區域，加油密度正在迅速增加。

Our FY2024 HYLA guidance remains unchanged.

我們 2024 財年 HYLA 指引維持不變。

We remain on track to provide 14 fueling solutions in North America by year-end.

我們仍有望在年底前在北美提供 14 種加油解決方案。

Now that we passed the midway point of our HYLA hydrogen highway plan and we've been operational, on chart 9, we wanted to provide some data on our ramp-up.

現在我們已經過了 HYLA 氫高速公路計劃的中間點並且我們已經開始運營，如圖 9 所示，我們希望提供一些有關我們的產能提升的數據。

At our Coolidge facility, since we began tracking fueling data on February 1, we have completed over 1,300 fueling events and dispensed over 40 metric tons of hydrogen through July month end.

在我們的柯立芝工廠，自 2 月 1 日開始追蹤加氫數據以來，截至 7 月底，我們已經完成了 1,300 多次加氫活動，並分配了 40 多噸氫氣。

Coolidge is where we perform first fills for trucks that come off the manufacturing line and refuel trucks that are part of our testing and demo fleets.

柯立芝是我們對生產線下的卡車進行首次加油的地方，也是我們測試和展示車隊中卡車加油的地方。

We also fuel fleets that have routes into Southern California and return to Coolidge.

我們也為飛往南加州並返回柯立芝的車隊提供燃料。

At our Ontario station, where HYLA began fueling events on December 14, 2023, we have completed over 1,100 fueling events and dispensed over 45 metric tons of hydrogen.

在 HYLA 於 2023 年 12 月 14 日開始加氫活動的安大略站，我們已經完成了 1,100 多次加氫活動，並分配了超過 45 噸氫氣。

Another important metric is the volume dispense per fill.

另一個重要指標是每次填充的分配體積。

On average, each fill was 41 kilograms, which means that our customers are driving routes out of Ontario that are roughly 300 miles.

平均每次填充重量為 41 公斤，這意味著我們的客戶從安大略省出發的行駛路線約為 300 英里。

Our Long Beach station, which just launched in early May, shows strong ramp-up data, having just over 700 fills in three months.

我們的長灘站於 5 月初剛推出，顯示出強勁的成長數據，三個月內的填充量剛好超過 700 個。

Long Beach has dispensed 27 metric tons of hydrogen so far with an average fill of 38 kilograms.

迄今為止，長灘已分配了 27 噸氫氣，平均填充量為 38 公斤。

The key message here is that Nikola FCEVs are on the road and refueling with consistent frequency and significant volume at HYLA fueling solutions.

這裡的關鍵訊息是 Nikola FCEV 已上路並透過 HYLA 加油解決方案以一致的頻率和大量的加油量進行加油。

Nikola is the offtake and the catalyst for the hydrogen economy in North America.

尼古拉是北美氫經濟的承購商和催化劑。

Moving on to regulatory tailwinds on chart 10.

接下來討論圖 10 的監理推動因素。

We continue to maintain our dominant share of HVIP vouchers in California.

我們繼續保持在加州 HVIP 優惠券的主導份額。

At quarter end, we had 99% share of the fuel cell vouchers and 23% share of the battery vouchers.

截至季末，我們擁有99%的燃料電池代金券份額和23%的電池代金券份額。

We added a net of 11 fuel cell vouchers, despite double digit redemptions, demonstrating continued strong demand in California.

儘管兌換金額達到兩位數，但我們淨增加了 11 張燃料電池優惠券，這表明加州的需求持續強勁。

Next, we're creating alternative revenue and profit streams from the sale of regulatory credits.

接下來，我們將透過銷售監管信貸來創造替代收入和利潤流。

We recognized the first sale of NOx and PM credits in Q2.

我們在第二季確認了 NOx 和 PM 積分的首次銷售。

EPA Clean Ports is another bright spot in green policies.

EPA清潔港口是綠色政策的另一個亮點。

Nikola has been named in eight Clean Port project applications across the US for joint funding.

尼古拉已在美國各地的八個清潔港口計畫申請中獲得聯合資助。

Strategic ports include Western, Eastern and Gulf regions.

戰略港口包括西部、東部和海灣地區。

Together with fleet partners, Nikola is to provide FCEVs and BEVs as eligible zero-emission vehicle port equipment and/or HYLA fueling as eligible clean energy infrastructure.

Nikola 將與車隊合作夥伴一起提供 FCEV 和 BEV 作為合格的零排放車輛港口設備和/或 HYLA 燃料作為合格的清潔能源基礎設施。

Project selections are expected to be announced by the EPA in September.

EPA 預計將於 9 月宣布專案選擇。

Lastly, and perhaps the strongest tailwind of all, is that ARCHES, the California-based western regional hydrogen hub, is the first of seven regional hubs to officially sign an agreement with the Department of Energy.

最後，也許是最強勁的推動力，位於加州的西部區域氫中心 ARCHES 是七個區域中心中第一個與能源部正式簽署協議的。

A total of $12.6 billion will be available to support projects and to build and expand clean hydrogen infrastructure in California. $1.2 billion will be funded from the DOE and the rest from public and private matching funds.

總計 126 億美元將用於支持加州的項目以及建造和擴大清潔氫基礎設施。 12 億美元將由能源部提供，其餘部分由公共和私人配套資金提供。

We're excited to hear that $30 million, the first tranche of funding, will be deployed shortly as it's a positive and encouraging sign that the hydrogen economy is growing.

我們很高興聽到第一筆資金 3000 萬美元將很快投入使用，因為這是氫經濟正在增長的積極且令人鼓舞的跡象。

Nikola is well poised to partner with ARCHES and the DOE for hydrogen station deployment and is named as a network partner.

Nikola 已做好與 ARCHES 和 DOE 合作進行加氫站部署的準備，並被指定為網路合作夥伴。

Our HYLA mobile refueling stations offer compelling evidence that heavy-duty offtake is significant and growing.

我們的 HYLA 行動加油站提供了令人信服的證據，證明重型油用量龐大且不斷成長。

To give you an example of the size of the offtake that exists with Nikola trucks now, consider that the average fuel consumption for a typical fuel cell passenger car in the US is 0.6 kilograms per day, based on annual mileage.

舉個例子，說明目前 Nikola 卡車的承運量規模，假設美國一輛典型燃料電池乘用車的平均油耗為每天 0.6 公斤（按年行駛里程計算）。

Our trucks fuel on average 35 kilograms per fill.

我們的卡車每次加註平均燃油 35 公斤。

One Nikola truck is close to 60 fuel cell passenger cars.

一輛 Nikola 卡車可容納近 60 輛燃料電池客車。

There are over 18,000 fuel cell passenger cars in the US and growing.

美國有超過 18,000 輛燃料電池乘用車，而且還在增加中。

That's equivalent to 300 Nikola fuel cell electric vehicles.

這相當於 300 輛 Nikola 燃料電池電動車。

By the end of 2024, we will have doubled the hydrogen offtake for transportation in the market with just our in-service trucks alone.

到 2024 年底，僅使用我們在使用的卡車，我們的市場運輸氫用量就將增加一倍。

In short, we provide density and scale for the hydrogen ecosystem.

簡而言之，我們為氫生態系提供密度和規模。

Before handing it over to Tom, I want to circle back to the purpose-driven coalition.

在將其交給湯姆之前，我想回到以目標為導向的聯盟。

Building a zero-emission ecosystem piece by piece takes enormous time and resources.

逐步建構零排放生態系統需要大量時間和資源。

We cannot do it alone.

我們無法獨自做到這一點。

We've been walking the talk with our Class 8 zero-emission trucks and hydrogen refueling stations.

我們的 8 級零排放卡車和加氫站一直言出必行。

We have 147 fuel cell electric vehicles wholesaled through the end of Q2 and roughly 115 metric tons of hydrogen dispensed.

截至第二季末，我們批發了 147 輛燃料電池電動車，並分配了約 115 噸氫氣。

We're all in, and there's no turning back.

我們都已經進去了，沒有回頭路了。

Two trucks, one platform, all zero-emissions.

兩輛卡車，一個平台，全部零排放。

This is all we do.

這就是我們所做的一切。

I, along with our 1,000 employees-plus, come to work every day with a singular focus to ensure Nikola not only survives but thrives.

我和我們的 1,000 多名員工每天上班時都專注於確保 Nikola 不僅生存下來，而且蓬勃發展。

We are attracting prospective partners, such as large logo end fleets, Big Energy, hydrogen producers, and automotive OEMs who recognize the need for a zero-emission world.

我們正在吸引潛在的合作夥伴，例如認識到零排放世界需求的大型標誌終端車隊、大型能源公司、氫氣生產商和汽車原始設備製造商。

Seeing is believing.

眼見為憑。

The more fuel cells we deliver, the more like-minded partners want to work with us.

我們提供的燃料電池越多，志同道合的合作夥伴就越願意與我們合作。

These include national fleet partners who have stated corporate-wide decarbonization goals for the next decade.

其中包括國家車隊合作夥伴，他們制定了未來十年全公司脫碳目標。

Demos are ongoing with large logos in the US and Canada.

美國和加拿大的大型標誌演示正在進行中。

Big Energy, or traditional industrial gas companies, who recognize the potential for significant hydrogen offtake and the need for fixed stations to accelerate large-scale adoption.

大能源公司或傳統工業天然氣公司認識到氫氣大量使用的潛力以及固定站加速大規模採用的必要性。

Hydrogen producers who view hydrogen as a growth vector and want to play a critical role in supporting this energy transition.

將氫視為成長載體並希望在支持此能源轉型中發揮關鍵作用的氫氣生產商。

Automotive OEMs who are eager to find synergies across product development, sourcing and hydrogen infrastructure to not only support the light-duty market, but also penetrate the Class 8 heavy-duty market.

汽車原始設備製造商渴望在產品開發、採購和氫基礎設施之間找到協同效應，不僅支援輕型市場，而且滲透到 8 級重型市場。

Now I'll pass it to Tom to cover the financial results.

現在我將把它交給湯姆來報道財務結果。

Thanks, Steve.

謝謝，史蒂夫。

Moving to chart 12.

轉到圖 12。

We introduced the Nikola profitability flywheel last quarter.

上個季度我們推出了尼古拉獲利飛輪。

We talked about the importance of national accounts to build meaningful volume to scale our operations.

我們討論了國民帳戶對於建立有意義的數量以擴大我們的業務的重要性。

Growing a significant and consistent order book enables us to optimize costs, both internally and with our external partners.

增加大量且一致的訂單使我們能夠優化內部成本以及與外部合作夥伴的成本。

The flywheel is gaining momentum.

飛輪正在獲得動力。

As Steve mentioned earlier, we're beginning to demonstrate national interest with initial orders from Walmart Canada and other large fleets with demos and discussions in process.

正如史蒂夫之前提到的，我們開始透過加拿大沃爾瑪和其他大型車隊的初步訂單來展示國家利益，並進行展示和討論。

Many of these orders are important because they are the first order for hydrogen fuel cell trucks for their respective fleets.

其中許多訂單都很重要，因為它們是各自車隊的氫燃料電池卡車的第一個訂單。

They are testing the new technology and demonstrating that they are committed to growing with us.

他們正在測試新技術並表明他們致力於與我們一起成長。

Chart 13 contains our financial highlights.

圖 13 包含我們的財務亮點。

Regarding the top line, in Q2, we posted the strongest revenue quarter in the history of Nikola.

關於營收，我們在第二季發布了 Nikola 史上最強勁的營收季度。

Total revenue was $31.3 million, up 318% from Q1.

總營收為 3,130 萬美元，較第一季成長 318%。

Revenue growth was impacted by higher wholesale deliveries, service and other, and stronger average sales price.

收入成長受到更高的批發交付、服務和其他以及更高的平均銷售價格的影響。

The average sales price improved sequentially by $7,000 per unit to $388,000 from $381,000 in Q1.

平均售價從第一季的每台 381,000 美元環比上漲 7,000 美元至 388,000 美元。

This is the third consecutive quarter of stronger ASP for our fuel cell trucks.

這是我們的燃料電池卡車的平均售價連續第三個季度走強。

For the second quarter, we reported a gross loss of $54.7 million compared to a gross loss of $57.6 million in Q1.

第二季的毛虧損為 5,470 萬美元，而第一季的毛虧損為 5,760 萬美元。

Stronger revenue, driven by increased volume and higher ASP, were partially offset by higher costs related to the higher volume.

銷售增加和平均售價提高推動了收入的成長，但銷售增加導致的成本上升部分抵消了收入的成長。

With respect to cash, our unrestricted cash declined $89.3 million in the quarter.

就現金而言，本季我們的非限制性現金減少了 8,930 萬美元。

Therefore, we ended the quarter with $256.3 million in unrestricted cash.

因此，本季末我們擁有 2.563 億美元的非限制性現金。

Larger disbursements to suppliers as we scale volume and an additional payroll period were partially offset by higher receipts due to higher volume and ATM proceeds of $52.2 million.

隨著我們擴大銷量和延長工資發放期，向供應商支付的款項增加，但由於銷量增加和 ATM 收益 5220 萬美元而帶來的收入增加，部分抵消了這一支出。

Moving on to chart 14.

繼續看圖 14。

For fiscal year 2024, our fuel cell wholesale delivery guidance remains unchanged at 300 to 350 fuel cell trucks with Q3 being between 80 and 100 wholesale deliveries.

2024 財年，我們的燃料電池批發交付指引保持不變，為 300 至 350 輛燃料電池卡車，第三季批發交付量為 80 至 100 輛。

We are continuing to execute our plan in the third quarter of 2024, including ensuring that we have the capital required so that the business can scale and become profitable.

我們將在 2024 年第三季繼續執行我們的計劃，包括確保我們擁有所需的資本，以便業務能夠擴大規模並實現盈利。

Back to Steve for closing remarks.

回到史蒂夫致閉幕詞。

Thanks, Tom.

謝謝，湯姆。

I recently traveled on a world tour that started in China, then proceeded to Japan, Paris, and ended in London.

我最近進行了一次世界巡演，從中國開始，然後前往日本、巴黎，最後在倫敦結束。

The hydrogen ecosystem, while nascent North America, is on solid footing globally.

氫生態系雖然在北美剛興起，但在全球已經站穩了腳步。

Substantial investments are being made in Asia, Europe, and the Middle East.

亞洲、歐洲和中東正在進行大量投資。

My team and I met with prospective strategic partners and investors who recognize the opportunity at hand and the role Nikola can play in unlocking the hydrogen economy here.

我和我的團隊會見了潛在的策略夥伴和投資者，他們認識到眼前的機會以及尼古拉在釋放氫經濟方面可以發揮的作用。

The purpose-driven coalition is growing, and Nikola is key to prove to the world that zero emissions and the hydrogen economy is real.

以目標為導向的聯盟正在不斷壯大，尼古拉是向世界證明零排放和氫經濟真實存在的關鍵。

This concludes our prepared remarks.

我們準備好的演講到此結束。

I'll now hand the call back to Soei for stockholder questions.

現在我將把電話轉回 Soei，詢問股東問題。

Thanks, Steve.

謝謝，史蒂夫。

We received questions from stockholders through the Say platform.

我們透過 Say 平台收到了股東的提問。

First question.

第一個問題。

What is the strategic plan to increase shareholder returns?

增加股東回報的策略計畫是什麼？

What measures are being taken to enhance profitability?

正在採取哪些措施來提高獲利能力？

I'll take that one, Steve.

我會接受那個，史蒂夫。

No surprise, execution's key to improving Nikola's profitability and increasing shareholder returns.

毫不奇怪，執行力是提高尼古拉獲利能力和增加股東回報的關鍵。

Here's what we know is true.

這是我們所知道的事實。

The first thing is Nikola is on the road today with customers and in stations.

第一件事是尼古拉今天在路上與顧客一起在車站。

Number two, we have numerous proof points with customers, some of which we just covered on the call.

第二，我們向客戶提供了大量證據，其中一些我們剛剛在電話中談到。

In addition to that, we're having ongoing discussions with numerous national accounts and other customers.

除此之外，我們正在與眾多國民帳戶和其他客戶進行持續討論。

Number three, Nikola is positioned ahead of competitor OEMs.

第三，Nikola 領先競爭對手 OEM。

And number four, we've got a team that is really passionate about developing the hydrogen ecosystem.

第四，我們擁有一支真正熱衷於開發氫生態系統的團隊。

The profitability wheel is beginning to gain momentum.

盈利輪開始獲得動力。

Growing this significant and consistent order book, I can't emphasize it enough.

不斷成長的這份重要且一致的訂單簿，我怎麼強調都不為過。

It is so important for us to optimize costs both internally and with our external partners.

對我們來說，優化內部和外部合作夥伴的成本非常重要。

And we're demonstrating this interest with the national accounts, as we talked about in the prepared remarks.

正如我們在準備好的發言中談到的那樣，我們正在透過國民帳戶展示這種興趣。

We have to keep in mind, though, accepting this new technology takes time and education.

但我們必須記住，接受這項新技術需要時間和教育。

But bottom line, our high-touch sales team and the dealer network are making inroads with the national accounts with more demos and discussions in process and more to come.

但最重要的是，我們的高接觸銷售團隊和經銷商網路正在透過更多的演示和討論以及即將推出的更多演示和討論，在全國範圍內取得進展。

Thanks, Tom.

謝謝，湯姆。

Second question.

第二個問題。

What is being done to develop the necessary hydrogen infrastructure for the future?

正在採取哪些措施來開發未來必要的氫基礎設施？

Thanks, Soei.

謝謝，蘇伊。

So the buildout of the hydrogen highway is on track.

因此，氫能高速公路的建設正步入正軌。

As we said, we expect to provide 14 fueling solutions in North America by year-end.

正如我們所說，我們預計到年底將在北美提供 14 種加油解決方案。

Our objective is to deliver a safe, reliable fueling network that enables customers to refuel hydrogen fuel cell electric trucks whenever they need at convenient locations.

我們的目標是提供一個安全、可靠的加油網絡，使客戶能夠在需要時在方便的地點為氫燃料電池電動卡車加油。

And by the way, this is us as well as other players in the ecosystem can fuel there.

順便說一句，這是我們以及生態系統中的其他參與者可以在那裡提供燃料的地方。

As a strategy, we're launching stations and deploying assets where we anticipate demand.

作為一項策略，我們在預期需求的地方啟動站點並部署資產。

So you could see us over the course of the year try out different locations.

因此，您可以看到我們在這一年中嘗試不同的地點。

While most of the fuelers are in California, you could see us try out different locations outside of California and Canada.

雖然大多數加油站都在加利福尼亞州，但您可以看到我們在加利福尼亞州和加拿大以外的不同地點進行嘗試。

While our immediate focus is on modular sites, we're simultaneously developing permanent stations, both independently and through partnerships.

雖然我們目前的重點是模組化站點，但我們同時獨立或透過合作夥伴開發永久性站點。

In addition to building a network in California, we've got Canada, and as I said before, we're going to try outside of California.

除了在加州建立網絡外，我們還在加拿大建立了網絡，正如我之前所說，我們將在加州以外的地方嘗試。

There's one more thing I'd add here.

我還要在這裡補充一件事。

The fueling technology is improving like the truck technology is improving.

加油技術正在不斷進步，就像卡車技術正在不斷進步一樣。

And being on the front end of this allows us to continue to try new fueling technology, new fuelers.

處於這方面的前沿使我們能夠繼續嘗試新的燃料技術、新的燃料裝置。

We have three different suppliers now.

我們現在有三個不同的供應商。

They're launching Gen 1, Gen 2, Gen 3.

他們正在推出第一代、第二代、第三代。

And being on the front end allows us to be part of that and be on the front end cutting edge of that stuff as well.

處於前端使我們能夠成為其中的一部分，並且也處於這些東西的前端前沿。

Thanks, Steve.

謝謝，史蒂夫。

Last question.

最後一個問題。

How is Nikola attracting bigger logos?

尼可拉如何吸引更大的標誌？

Well, given all the national accounts, there's many of them.

嗯，考慮到所有的國民帳戶，這樣的帳戶有很多。

Prioritization is very important.

優先順序非常重要。

So we consider a number of factors, including but not limited to product fit or use case, geographical overlay with our existing and future hydrogen infrastructure and the fleet sustainable goals.

因此，我們考慮了許多因素，包括但不限於產品適合度或用例、與我們現有和未來氫基礎設施的地理重疊以及車隊的可持續目標。

Following this prioritization, we engaged the national accounts and describe to them how we believe Nikola fits into their strategic priorities and how we can help them achieve their goals.

根據這個優先順序，我們參與了國民帳戶並向他們描述了我們認為尼古拉如何適合他們的戰略優先事項以及我們如何幫助他們實現目標。

And these discussions include an invitation to our plant in Coolidge and offering a demo.

這些討論包括邀請我們參觀我們位於柯立芝的工廠並提供演示。

As Steve likes to say, seeing is believing, and our demo list is full of prospects.

正如史蒂夫喜歡說的那樣，眼見為實，我們的演示清單充滿了前景。

They include national beverage distributors, grocers, health care, chemical companies as well as 3PLs, third-party logistics carriers who keep the supply chain in North America running.

他們包括全國飲料經銷商、雜貨商、醫療保健、化學公司以及 3PL、維持北美供應鏈運作的第三方物流營運商。

We're encouraged and excited to see also that the demos go beyond California.

我們很高興也很興奮地看到這些演示已經擴展到加州以外的地區。

As we've mentioned, the more we get the fuel cells on the truck, the more credibility is gained for hydrogen and the more the like-minded partners come and join us.

正如我們所提到的，我們在卡車上安裝的燃料電池越多，氫的可信度就越高，志同道合的合作夥伴就越多地加入我們。

Thank you, Tom.

謝謝你，湯姆。

Operator, please open the line for analysts' questions.

接線員，請開通分析師提問專線。

(Operator Instructions) Mike Shlisky, D.A. Davidson.

（操作員說明）Mike Shlisky，D.A.戴維森。

Hi, Mike.

嗨，麥克。

Yes.

是的。

Hello.

你好。

Good morning.

早安.

Thanks for taking my questions.

感謝您回答我的問題。

Maybe I wanted to start off first asking about the bill of materials and the gross profit.

也許我想先詢問物料清單和毛利。

Do you have an additional round of reductions to the bill of materials coming?

您是否即將進行新一輪的物料清單削減？

Are you talking with some of your suppliers about ordering in larger quantities and asking for a different -- for better pricing?

您是否正在與一些供應商討論大批量訂購並要求不同的訂單——以獲得更好的價格？

Is there some kind of larger program here that might start maybe next year, or we're sticking along those lines?

這裡是否有某種更大的計劃可能會在明年開始，或者我們會堅持這些方針？

Absolutely, Mike, and that's a great question.

當然，麥克，這是一個很好的問題。

One of the things that really helps us with our bill of material is our supplier base is really concentrated.

真正對我們的物料清單有幫助的事情之一是我們的供應商基礎非常集中。

What do I mean by that?

我這麼說是什麼意思？

We've got five suppliers who make up 65% of our bill of material cost, and the top 15 make up about 80%.

我們有 5 家供應商，占我們物料清單成本的 65%，前 15 家供應商約佔 80%。

So we're doing exactly what you said.

所以我們正在按照你說的做。

We're working with each of those key suppliers and ensuring that we've got volume thresholds, which give a commensurate reduction into the bill of material.

我們正在與每個主要供應商合作，確保我們達到數量閾值，從而相應減少物料清單。

In addition to that, we're looking at localization activities.

除此之外，我們正在考慮本地化活動。

Given that we're just getting started in terms of serial production, we don't have all of our suppliers in the right place.

鑑於我們剛開始批量生產，我們並沒有將所有供應商放在正確的位置。

In fact, we've got almost 70% that comes out from outside of the United States.

事實上，我們有近 70% 的產品來自美國以外的地區。

So there's opportunity to localize and get more efficient.

因此，我們有機會進行在地化並提高效率。

The third thing is we're redesigning some parts, making them more efficient, making them more cost-effective, things that we're learning as we're putting trucks on the road and we're building the trucks.

第三件事是我們正在重新設計一些零件，使它們更加高效，更具成本效益，這是我們在將卡車上路和製造卡車時正在學習的東西。

And then the bigger longer-term issue is with our next-gen vehicle, we've got a huge opportunity to take even a bigger step down.

然後更大的長期問題是我們的下一代汽車，我們有一個巨大的機會採取更大的措施。

But yeah, to get to your specific question, yes, we've got plans in place, daily discussions ongoing for next year and the year after that.

但是，是的，為了回答你的具體問題，是的，我們已經制定了計劃，明年和後年的日常討論正在進行中。

And then with our next-gen vehicle, even a bigger step down as we have a more open bidding process and redesign of the components.

然後，對於我們的下一代車輛，我們將採取更公開的招標流程並重新設計零件，從而實現更大的降級。

Thanks for the question, Mike.

謝謝你的提問，麥克。

Yeah, Mike.

是的，麥克。

And just to add, just like any new technology, the goal is to get it on the field and then start to learn and then start to optimize.

補充一點，就像任何新技術一樣，目標是將其應用到實際應用中，然後開始學習，然後開始優化。

And we're on the field now, and now we're moving to the optimization stage.

我們現在已經上場了，現在我們正在進入優化階段。

Yeah.

是的。

That's a great point.

這是一個很好的觀點。

You also -- maybe sorry you will see when you go through the details, we had a warranty reduction in the quarter.

您也可能很抱歉，當您查看詳細資訊時您會發現，我們在本季度減少了保固。

And part of that is learning how given components are performing, redesigning those components, changing suppliers if we have to.

其中一部分是了解給定組件的性能，重新設計這些組件，並在必要時更換供應商。

But that's going to provide reduction as well.

但這也將帶來減少。

I guess to follow up there, I'm curious as to your confidence levels next year or certainly in 2026.

我想接下來，我很好奇你們明年或 2026 年的信心水準。

The Class 8 market for diesel will be as busy as it's ever been, maybe an all-time record.

8 級柴油市場將一如既往地繁忙，甚至可能創歷史新高。

Certainly, in 2030, prepare for emissions changeovers.

當然，到 2030 年，要為排放轉換做好準備。

I guess I'm concerned, if they didn't have problems getting what they need as far as brakes, car components, et cetera, some of the things that your trucks share with theirs, in the quantities that you need, I'm curious as to your confidence of able to actually obtain the relatively small number of parts that you need for your vehicles when you're up against some of the larger players for very limited pie in 2025 and 2026.

我想我擔心的是，如果他們在獲得所需的煞車、汽車零件等方面沒有問題，你的卡車與他們的卡車共享的一些東西，按照你需要的數量，我是我很好奇，當您在2025 年和2026 年與一些較大的玩家爭奪非常有限的餡餅時，您是否有信心能夠真正獲得車輛所需的相對少量的零件。

Well, I mean, fuel cell power modules aren't on their trucks.

嗯，我的意思是，他們的卡車上沒有燃料電池電源模組。

Batteries aren't on their trucks.

他們的卡車上沒有電池。

You're talking about the diesel pull ahead.

你說的是柴油車的領先。

Is that what you're referencing, Mike?

麥克，你指的是這個嗎？

Yeah, I was talking about things like how components, brakes, steering wheels, things that you would share with those.

是的，我正在談論諸如組件、煞車、方向盤之類的東西，你會與這些東西共享。

Obviously not the fuel cell parts, but the rest of the truck.

顯然不是燃料電池部件，而是卡車的其餘部分。

I'm curious about some of the challenges your suppliers might be telling you about obtaining enough parts for relatively smaller players like Nikola in 2025 and 2026.

我很好奇您的供應商可能會告訴您如何在 2025 年和 2026 年為 Nikola 等相對較小的企業獲得足夠的零件。

Yeah.

是的。

Well, we haven't seen any of that to date in the last quarter.

嗯，上個季度迄今為止我們還沒有看到任何這樣的情況。

We've had no indications with conversations with the suppliers going forward.

我們沒有任何跡象表明未來會與供應商進行對話。

And as I mentioned and as Steve amplified here, the majority of our cost in the bill of material is really specific to the fuel cell and the BEV truck.

正如我所提到的以及史蒂夫在這裡所強調的，我們物料清單中的大部分成本實際上是特定於燃料電池和純電動卡車的。

Much smaller is common with the broader diesel market.

在更廣泛的柴油市場中，規模較小的情況很常見。

We think we're in good shape.

我們認為我們的狀態很好。

Most of the supply constraints we've had up until now are really new tech-related customers launching new tech versus the old tech stuff.

到目前為止，我們遇到的大多數供應限制實際上都是與新技術相關的客戶推出的新技術與舊技術的比較。

We've gotten no indication from our suppliers that given our volume expectations for the next few years, we're going to have issues.

我們沒有從供應商那裡得到任何跡象表明，考慮到我們對未來幾年的銷售預期，我們將會遇到問題。

But bottom line, we're excited about what we can do with the bill of material cost reduction, what we can do with the freight and duties reduction, and what we can do with the warranty reduction.

但最重要的是，我們對減少物料成本、減少運費和關稅以及減少保固感到興奮。

And all of that comes together again with the flywheel.

所有這些都與飛輪再次結合在一起。

Building that confidence of that order book that we can go to our supplier partners, lock in the orders, lock in the step-change cost reductions down, and we're excited what we can do over the next few years.

建立訂單簿的信心，我們可以向供應商合作夥伴提供訂單，鎖定訂單，鎖定逐步降低的成本，我們對未來幾年能夠做的事情感到興奮。

Thanks.

謝謝。

And perhaps one last one for me, and that's the cadence of deliveries and orders into the first quarter of 2025.

也許對我來說最後一個是 2025 年第一季的交付和訂單節奏。

Are you seeing any customers asking you to hold off until next year until either there's a rate change or an election change and how they elect to receive trucks with you?

您是否看到任何客戶要求您推遲到明年，直到費率發生變化或選舉發生變化，以及他們如何選擇與您一起接收卡車？

Or are folks asking for things as soon as you can get them to them?

或者，人們是否會在您能夠提供東西後立即向他們索取東西？

No.

不。

No.

不。

Most of our customers are trying to cycle vouchers now.

我們的大多數客戶現在都在嘗試循環使用優惠券。

A lot of these guys who understand the voucher opportunity in California, most of them are trying to get their vouchers cycled.

許多人都了解加州的優惠券機會，他們中的大多數人都在嘗試讓他們的優惠券循環。

Yeah, they're trying to get their vouchers cycled now.

是的，他們現在正試圖讓他們的優惠券循環使用。

Most of the business is in California.

大部分業務都在加州。

Remember, everything here is in its infancy.

請記住，這裡的一切都還處於起步階段。

No one buys does a demo and says, I'm going to buy 500 trucks.

沒有人在購買演示後說，我要買 500 輛卡車。

They do a demo, they say, give me 5 or 10.

他們做了一個演示，他們說，給我 5 或 10 個。

Then they say, give me 50.

然後他們說，給我50。

And then they know they have vouchers and they're cycling vouchers in California or trying different routes in other parts of the country.

然後他們知道自己有代金券，並且他們可以在加州騎自行車代金券，或在該國其他地區嘗試不同的路線。

Yeah.

是的。

And remember the national account customer as well, where in many cases, the big national accounts have thousands of units.

也要記住國民帳戶客戶，在許多情況下，大型國民帳戶擁有數千台。

And the discussions for them are more how can we get a pilot going?

他們的討論更多的是我們如何讓試點開始？

How can we fit into their sustainable goals -- sustainability goals?

我們如何融入他們的永續發展目標？

How can we be a partner longer term?

我們怎樣才能成為長期的合作夥伴？

How can they get comfortable with hydrogen?

他們如何適應氫氣？

How can they get feedback from their drivers?

他們如何從司機那裡得到回饋？

Those types of -- those are more of the discussions than what's going to happen with the rates.

這些類型的討論更多的是討論，而不是利率的變化。

We're a relatively -- and this is the beauty of the national account strategy.

我們是一個相對的——這就是國民帳戶策略的美妙之處。

We are a relatively small piece of these big overall fleets.

我們只是這些龐大的整體機隊中相對較小的部分。

We don't need to take a big share of any one national account fleet.

我們不需要在任何一個國民帳戶機隊中佔很大比例。

Great.

偉大的。

I appreciate it.

我很感激。

Does that help?

這樣有幫助嗎？

Does that help, Mike?

這有幫助嗎，麥克？

Absolutely, yes.

絕對是的。

That clarifies a lot.

這澄清了很多。

Thank you.

謝謝。

Thank you.

謝謝。

Greg Lewis, BTIG.

格雷格·劉易斯，BTIG。

Hi, Greg.

嗨，格雷格。

Yeah.

是的。

Thank you.

謝謝。

Hey, hey, Steve.

嘿，嘿，史蒂夫。

How are you?

你好嗎？

Good morning and thanks for taking my question.

早安，感謝您提出我的問題。

You mentioned you've been on this whirlwind tour.

你提到你參加了這趟旋風之旅。

You called out the potential to do strategic partnerships.

您指出了建立策略夥伴關係的潛力。

As you're working and talking with potential partners to expand Nikola's footprint, could you talk a little bit about where it makes sense and where those probably traction points are?

當您正在與潛在合作夥伴合作和討論以擴大 Nikola 的足跡時，您能否談談它的意義所在以及那些可能的牽引點在哪裡？

Is it for the hydrogen on the highway?

是為了高速公路上的氫氣嗎？

Is it maybe bringing Nikola trucks maybe to Asia?

是否可以將尼古拉卡車帶到亞洲？

Could you just provide a little bit of color in how you think about beyond the core business, which is putting trucks on the road in the US, how you're thinking about positioning the plat over the next couple years?

您能否提供一點關於您如何看待核心業務（即在美國道路上投放卡車）的看法，以及您如何考慮在未來幾年對該平台進行定位？

Yeah, I'll start, and then Tom will chime in.

是的，我先開始，然後湯姆插話。

So listen, one refuel of our truck is the equivalent of refueling 60 fuel cell cars.

聽著，我們卡車加油一次相當於為 60 輛燃料電池汽車加油。

Like we said in the release, we're going to have to dispense more hydrogen this year than the entire mobility -- we're basically going to double the mobility use case for hydrogen in one year here.

正如我們在新聞稿中所說，今年我們將不得不分配比整個交通更多的氫氣——我們基本上將在一年內將氫氣的交通用例增加一倍。

That's what these people see.

這就是這些人所看到的。

We're the anchor of the ecosystem.

我們是生態系的支柱。

And so is it H2 supply, H2 cost, H2 components?

那麼是氫氣供應、氫氣成本、氫氣成分嗎？

Yes.

是的。

It could be sourcing.

可能是採購。

A lot of these players in Asia source -- hydrogen's big in Asia, okay?

亞洲的許多參與者都來源——氫在亞洲很重要，好嗎？

Japan, Korea, China, what have you.

日本、韓國、中國，你有什麼。

Hydrogen's bigger there than here.

那裡的氫比這裡的大。

There's lots of components, other fuel cell power module players.

有很多組件，其他燃料電池電源模組製造商。

There's hydrogen component players.

有氫成分玩家。

That's -- when we say we're trying to build a coalition of the purpose-driven coalition, that's what we're trying to do is people who believe in the ecosystem come with us, help us lower our cost, help us defer capital, help us fund our business.

也就是說，當我們說我們正在努力建立一個以目的為導向的聯盟時，我們正在努力做的是相信生態系統的人們與我們一起，幫助我們降低成本，幫助我們推遲資本，幫助我們為我們的業務提供資金。

Yeah.

是的。

Let me just amplify, Greg.

讓我放大一下，格雷格。

I think what's very exciting about the opportunity we have is we're really getting in on the ground floor that a lot of people believe in, but they haven't really had a chance to execute it.

我認為我們所擁有的機會非常令人興奮的是，我們確實進入了許多人相信的底層，但他們還沒有真正有機會執行它。

There's been this chicken and egg, do you go with the vehicle first or do you go with the infrastructure.

這是先有雞還是先有蛋的問題，你是先選擇車輛還是先選擇基礎設施。

So now, we've got the vehicle on the road, so it makes us very attractive to talk to a number of strategic partners.

現在，我們的車輛已上路，因此與許多戰略合作夥伴交談非常有吸引力。

Let's take, for example, in the automotive world.

讓我們以汽車領域為例。

The automotive world's been working on fuel cells for quite some time but hasn't really made the progress that they've wanted to make.

汽車界在燃料電池方面的研究已經有一段時間了，但並沒有真正取得他們想要的進展。

Now that we've got this offtake, we provide them with an opportunity to supply parts to us, to invest in infrastructure with us.

現在我們已經獲得了承購權，我們為他們提供了向我們供應零件、與我們一起投資基礎設施的機會。

You've also got hydrogen producers who haven't had a transportation growth vector offtake and now they do.

還有一些氫氣生產商還沒有運輸成長向量承購，現在他們有了。

They've been mostly in industrial gases.

它們主要用於工業氣體。

You've got Big Energy, who this really hasn't been a growth vector for them and it can be.

你有大能源公司，這確實不是他們的成長載體，但它可以是。

And then you've got these commercial fleets, which both within their company as well as their customers, they've got sustainability goals.

然後你就有了這些商業車隊，無論是在他們的公司內部還是他們的客戶中，他們都有永續發展目標。

And like Steve says, seeing is believing.

正如史蒂夫所說，眼見為憑。

You've got water coming out of that tail pipe.

水從尾管流出。

So there's a lot of excitement and a lot of discussions here of joining forces with us and doing something great.

因此，這裡有很多令人興奮的事情，也有很多關於與我們聯手做一些偉大事情的討論。

Okay.

好的。

Great.

偉大的。

And then I did want to touch a little bit, Tom, on the balance sheet.

湯姆，然後我確實想稍微談談資產負債表。

Just looking at cash burn in 2Q versus Q1, it was up a little bit.

光是看第二季與第一季的現金消耗情況，就發現有上升。

And I guess, obviously there's some puts and takes in there.

我想，顯然那裡有一些投入和投入。

As we think about getting that cash burn lower as we think about this, is it primarily just going to be pushing that ASP higher in volume?

當我們考慮降低現金消耗時，這是否主要會推高平均售價？

Or are there other things that we're thinking about here over the next couple quarters to get that burn a little bit lower?

或者我們在接下來的幾個季度中是否正在考慮其他事情來降低燃燒率？

Well, like many things, Greg, related to cash, it's multipronged.

格雷格，就像很多事情一樣，與現金相關的事情是多方面的。

We need to get better with our cash conversion cycle, and we actually did quarter over quarter.

我們需要改進現金轉換週期，實際上我們每個季度都做到了這一點。

We took out 78 days, which is a 35% improvement.

我們花了 78 天，改進了 35%。

So we will continue to work on that.

所以我們將繼續努力。

It's still too high.

還是太高了。

We can also work on working with CARB and working with our dealers to get our voucher process working better, which helps, again, our cash conversion cycle.

我們還可以與 CARB 以及我們的經銷商合作，讓我們的優惠券流程更好地運作，這再次有助於我們的現金轉換週期。

What we really want to avoid is doing draconian actions which are going to hurt what we think is a very exciting prospect and our potential strategic partners think.

我們真正想要避免的是採取嚴厲的行動，這將損害我們認為非常令人興奮的前景和我們潛在的策略夥伴的想法。

We don't want to cut hydrogen or delay hydrogen infrastructure.

我們不想削減氫氣或推遲氫氣基礎設施建設。

We don't want to delay our next-gen development of our vehicle and redesigning parts for lower cost.

我們不想推遲下一代車輛的開發和重新設計零件以降低成本。

So we're confident that we've got enough people who want to invest in the company that we're going to be fine from a cash flow perspective.

因此，我們相信我們有足夠的人想要投資該公司，從現金流的角度來看，我們會做得很好。

Obviously, as we start to hit those volume thresholds and the gross margin continues to go up, we'll burn less cash.

顯然，當我們開始達到這些銷售門檻並且毛利率繼續上升時，我們消耗的現金將會減少。

So that's a very big lever for us as well.

所以這對我們來說也是一個非常大的槓桿。

Price, you've seen it go up three quarters in a row, and we'll always look at that.

價格，你已經看到它連續上漲了四分之三，我們會一直關注這一點。

But the bigger thing for us is the volume as we stated.

但對我們來說更重要的是我們所說的數量。

Okay.

好的。

Super helpful.

超有幫助。

Thank you very much.

非常感謝。

Thanks, Greg.

謝謝，格雷格。

Appreciate it.

欣賞它。

Jeff Kauffman, Vertical Research Partners.

傑夫考夫曼，垂直研究夥伴。

Hi, Jeff.

嗨，傑夫。

Thank you very much.

非常感謝。

Hey.

嘿。

How are you?

你好嗎？

Congratulations, everyone.

恭喜大家。

Tom, I want to get back to balance sheet and cash, because I always thought it was a rule of thumb you wanted to keep about six months cash on the balance sheet.

湯姆，我想回到資產負債表和現金，因為我一直認為根據經驗，你想在資產負債表上保留大約六個月的現金。

But just listening to your comments, you feel like we got partners that want to invest, we can bring cash in at any point.

但光聽你們的評論，你們就覺得我們有想要投資的合作夥伴，我們可以隨時帶來現金。

But if I take your $256 million of unrestricted cash and just assume that the burn is similar in 3Q versus 2Q, you're going to be about six months by the end of the quarter.

但如果我拿你 2.56 億美元的非限制性現金，並假設第三季和第二季的燒錢情況相似，那麼到本季末你將需要大約六個月的時間。

So how do we think about what the right cash level is where you're comfortable for the company?

那麼，我們如何考慮對公司來說合適的現金水準是多少？

And what levers are out there that we can bring in cash to stay above that level?

我們可以透過哪些手段獲得現金以保持在這一水平之上？

Yeah.

是的。

Appreciate the question, Jeff.

感謝這個問題，傑夫。

Your math is pretty good math, and it's math that we do and that we look at every day.

你的數學是非常好的數學，這也是我們每天做和看的數學。

And when I said to Greg on the last question that we're focusing on a number of things, we're also focusing on being in the market and talking to investors to ensure that we've got enough cash to run our operations.

當我就最後一個問題對格雷格說我們專注於很多事情時，我們也專注於進入市場並與投資者交談，以確保我們有足夠的現金來經營我們的業務。

And what do I think is a good amount of cash to have on hand?

我認為手頭上應該有多少現金才算合適？

I mean, ideally, as we enter next year, we would like to have enough cash where we can operate for a full fiscal year unencumbered without going into the market and just focus on chopping wood and execution.

我的意思是，理想情況下，當我們進入明年時，我們希望有足夠的現金，這樣我們就可以不受阻礙地運營整個財政年度，而無需進入市場，只專注於砍柴和執行。

So that's the way I look at it.

這就是我的看法。

Right now, we finished the quarter with $283 million total, $255 unrestricted.

目前，我們本季的總收入為 2.83 億美元，其中 255 美元不受限制。

And yeah, I mean that would put us with our normal cash burn toward the end of the year, we'll be getting close to being out of cash.

是的，我的意思是，這將使我們在年底前正常消耗現金，我們將接近耗盡現金。

We recognize that.

我們認識到這一點。

We're talking to the right people.

我們正在與正確的人交談。

And we're confident that we will get to a place where we can achieve that goal of operating next year unencumbered without having to go to the market continuously.

我們相信，我們將能夠實現明年不受阻礙地營運的目標，而無需不斷進入市場。

Well, I look forward to that.

嗯，我很期待。

Thank you.

謝謝。

And could you give us an idea -- I love that you are starting to monetize the potential for the credits.

您能給我們一個想法嗎？

How should we think about contribution to the bottom line on the fueling?

我們該如何看待加油對利潤的貢獻？

And how should we think about contribution on the credits as we're modeling out 2024 and 2025?

當我們對 2024 年和 2025 年進行建模時，我們應該如何考慮學分貢獻？

Do these credit amounts that you achieved this quarter, are they going to be a little more consistent as the fleet itself grows and you're running more miles on those trucks?

隨著車隊本身的成長以及您使用這些卡車行駛的里程數的增加，您本季獲得的這些信用金額是否會更加一致？

Absolutely.

絕對地。

I mean, let me just unpack the credit growth for you.

我的意思是，讓我為您解說信貸成長。

We've got two types of CARB credits.

我們有兩種類型的 CARB 積分。

One is related to NOx and particulate matter, and the other one is a more general ACT one.

一種與氮氧化物和顆粒物有關，另一種是更一般的 ACT 問題。

And together, we think they can be $45,000 to $50,000 a unit.

加在一起，我們認為每台的售價可能為 45,000 美元至 50,000 美元。

Now obviously, you're negotiating with the people you're monetizing with, but that's a large number.

現在顯然，你正在與你要從中獲利的人進行談判，但這是一個很大的數字。

And what we're also seeing which is exciting is that right now, it's California only.

我們還看到令人興奮的是，目前只有加州。

It's CARB.

這是 CARB。

But we see other states looking to adopt similar things.

但我們看到其他州也希望採用類似的做法。

And the OEMs, that sale percentage schedule for CARB goes up quite significantly, all the way to 2032, where you got to have 40% of your Class 8 vehicles ZEV.

對於 OEM 而言，CARB 的銷售百分比計劃將大幅上升，一直到 2032 年，屆時 40% 的 8 類車輛必須是 ZEV。

So we think that's going to be a great revenue stream with us.

所以我們認為這對我們來說將是一個巨大的收入來源。

We think that that's -- it's 100% gross profit.

我們認為這是 100% 的毛利。

So we really like that.

所以我們真的很喜歡這樣。

More to come on that.

未來還會有更多內容。

Obviously as volume grows, that gets to be a bigger deal for us.

顯然，隨著銷量的成長，這對我們來說變得更重要。

And listen, at GM, we bought credits every year, and they make a trade-off in their minds to put a big truck in the market.

聽著，在通用汽車，我們每年都會購買積分，他們會在腦海中做出權衡，以將一輛大卡車投入市場。

It may make sense to me to buy credits versus put a zero-emission truck in the market where I lose a bunch of money on it.

對我來說，購買積分可能更有意義，而不是將零排放卡車投入市場，因為我會因此損失很多錢。

Absolutely.

絕對地。

And this is the benefit of being first mover.

這就是先行者的好處。

You get good at understanding the legislation, monetizing it, working with partners who are doing this type of trade-off, helping them out.

你會善於理解立法，將其貨幣化，與進行此類權衡的合作夥伴合作，幫助他們擺脫困境。

So we dipped our toe in the water in Q2.

因此，我們在第二季度試水了。

We think it's going to be bigger.

我們認為它會更大。

And we think it could potentially be quite big in the future.

我們認為未來它可能會變得相當大。

The key thing to think about, we said this a couple times in the prepared remarks.

需要考慮的關鍵問題是，我們在準備好的發言中多次提到這一點。

The way we believe it is we're in serial production, trucks on the road.

我們相信我們正在進行大量生產，卡車上路。

If you want to go big with hydrogen and Class 8, you can either go with us now in 2024.

如果您想大力發展氫能和 Class 8，那麼您可以在 2024 年立即加入我們。

Or if you go with somebody else, we think it's going to be end of the decade.

或者如果你和其他人一起去，我們認為這將是本世紀末。

Thank you very much.

非常感謝。

Appreciate it.

欣賞它。

(Operator Instructions) Ben Kallo, Baird.

（操作說明）Ben Kallo，Baird。

Hi, guys.

嗨，大家好。

Good morning.

早安.

Hi, Ben.

嗨，本。

Just on that last question or the last answer about your end of decade for hydrogen.

就關於氫十年末的最後一個問題或最後一個答案。

How do you think about just EV trucks, maybe Tesla specifically, coming to market as competition?

您如何看待電動卡車（尤其是特斯拉）作為競爭者進入市場？

And I guess, do your customers think about competition that way versus diesel or versus EV versus hydrogen?

我想，您的客戶是否會以這種方式考慮與柴油或電動車與氫的競爭？

And then my second question is just, I know you guys touched on this a bunch, but just because we're getting close to November, could you just remind us any political risk you have or how you view that going forward?

然後我的第二個問題是，我知道你們已經談過很多次了，但是因為我們已經接近 11 月了，您能否提醒我們您面臨的任何政治風險，或者您如何看待未來的情況？

Congrats.

恭喜。

Yeah.

是的。

Sure.

當然。

Let me take the last one first.

讓我先來說最後一個。

We get the question on political risk all the time.

我們總是收到有關政治風險的問題。

Some parties seem to like EVs more than others.

有些政黨似乎比其他政黨更喜歡電動車。

We would say that there are as many -- if you look around where the big hydrogen projects are, there's as many hydrogen projects in red states as there are blue states.

我們會說，如果你環顧一下大型氫能計畫的所在地，紅州的氫能計畫和藍州的氫能計畫一樣多。

There's a lot -- how you create the hydrogen is different, but there's still going to be a lot of activity, we believe, around hydrogen going forward no matter what.

製造氫的方式有很多不同，但我們相信，無論如何，圍繞氫的未來仍然會有很多活動。

On the first question, let me put it this way.

關於第一個問題，我這樣說。

So we have one of our customers who started their zero-emission journey by buying six of somebody else's battery electric trucks.

因此，我們的一位客戶透過購買六輛別人的電池電動卡車開始了他們的零排放之旅。

The range they stated was -- this company operates around the ports.

他們所說的範圍是——該公司在港口附近運作。

He was one of the guys in our video.

他是我們影片中的人物之一。

But they said they bought six trucks.

但他們說他們買了六輛卡車。

They said the manufacturer told them the range would be 220 miles on a charge, and they were getting 150 miles.

他們說，製造商告訴他們一次充電續航里程為 220 英里，而他們實際上行駛了 150 英里。

And furthermore, it was taking them 1.5 hours to 2 hours to refuel.

而且，加油需要 1.5 到 2 小時。

And this guy started buying -- this company started buying our trucks more and more and more, and now they're the biggest owner of our trucks, frankly.

這個人開始購買——這家公司開始越來越多地購買我們的卡車，坦白說，現在他們是我們卡車的最大所有者。

And one of the things he says is, I run two shifts a day.

他說的其中一件事是，我每天輪班兩班。

Once my driver -- your fuel cell trucks weigh the same as everybody else's battery truck, I can refuel them a lot faster, and it is very hard for me to get power to the port to my depot where it is.

一旦我的司機 - 你的燃料電池卡車的重量與其他人的電池卡車相同，我可以更快地給它們加油，而且我很難將電力輸送到我所在的倉庫的港口。

So his driver ends a shift, and the next one immediately takes over.

因此，他的司機結束了輪班，下一班司機立即接手。

They don't have to wait 1.5 hours to recharge a truck.

他們不必等待 1.5 小時即可為卡車充電。

So he gets -- in his world -- and again, it's very route-specific, in his world, fuel cell is actually more efficient than battery.

所以他得到了——在他的世界裡——再說一遍，這是非常特定的路線，在他的世界裡，燃料電池實際上比電池更有效。

The other thing you have to deal with besides the range fluctuation, we have customers that like battery trucks who are coming over and starting -- setting up for demos that tried everybody else's battery trucks, but what they're learning is battery trucks don't work everywhere.

除了續航里程波動之外，您還必須處理的另一件事是，我們有喜歡電池卡車的客戶，他們過來並啟動——準備進行演示，嘗試其他人的電池卡車，但他們了解到電池卡車不這樣做。 不用到處工作。

Colorado, for example.

以科羅拉多州為例。

High altitude, cold weather.

海拔高，氣候寒冷。

The range on batteries in cold weather degrades quickly.

寒冷天氣下電池的續航里程會迅速下降。

Our range will degrade a little bit, but not anywhere near what a battery truck does.

我們的續航里程會略有下降，但不會接近電池卡車的續航里程。

So there's use cases around both.

所以兩者都有用例。

We have customers who want to try ours, want to try everybody else's, including Tesla's, and we'll see where it all lands.

我們的客戶想要嘗試我們的產品，想要嘗試其他公司的產品，包括特斯拉的產品，我們會看看它的效果如何。

Yeah.

是的。

Let me just amplify.

讓我放大一下。

In the quarter, our average fill was 38 kilograms.

本季度，我們的平均填充量為 38 公斤。

Just to do the math with our fuel economy, that translates to roughly 275 miles.

只要計算我們的燃油經濟性，大約可以行駛 275 英里。

So as Steve says, you're getting much longer range for these uses, for these haulers.

因此，正如史蒂夫所說，對於這些用途、這些運輸車來說，你的航程將變得更長。

It's also a much quicker fill, about 20 minutes or so or even less.

充滿速度也快得多，大約 20 分鐘左右甚至更短。

And the final thing that I'd like to say on this is, as we're redesigning this vehicle or our next-gen vehicle, we're going to have a high level of commonality between BEV and fuel cell.

我想說的最後一件事是，當我們重新設計這款車輛或下一代車輛時，我們將在純電動車和燃料電池之間實現高度的通用性。

So it's actually going to help us with the supply base from scaling, and it's going to help us with the customers because when we endear ourselves to the customers with the fuel cell, they can buy an option also with the BEV for those specific use cases.

因此，它實際上將幫助我們擴大供應基礎，也將幫助我們贏得客戶，因為當我們透過燃料電池贏得客戶的青睞時，他們也可以針對這些特定用例購買 BEV 選項。

So we think it's great that we're going to have two flavors.

所以我們認為我們有兩種口味真是太好了。

And leading with the fuel cell right now I think makes perfect sense where it's less crowded in the marketplace.

我認為目前以燃料電池為主導在市場上不那麼擁擠的情況下是完全合理的。

That help?

那個幫助？

Thank you.

謝謝。

This does conclude today's question-and-answer session.

今天的問答環節到此結束。

I would now like to turn the call back to Soei Shin for any additional or closing remarks.

現在我想將電話轉回 Soei Shin，請其發表補充或結束語。

Thank you, operator.

謝謝你，接線生。

We appreciate everyone taking the time to join us this morning, and on behalf of Nikola employees, we thank you.

我們感謝今天早上大家抽出時間加入我們，並代表 Nikola 員工感謝你們。

Have a great day.

祝你有美好的一天。

Bye, everybody.

再見，大家。

You may now disconnect.

您現在可以斷開連線。