Earnings Results: Nikola stock gains after narrower Q4 loss for electric-truck maker

Earnings Results

A Nikola Two electric truck.


Nikola Corp.

Nikola Corp. gradual Thursday reported a narrower-than-expected adjusted quarterly loss and mentioned it’s miles refocusing on its “core companies” around battery and gasoline-cell electric heavy-responsibility vans.

Nikola
NKLA,
-6.81%

mentioned it misplaced $147 million, or 38 cents a bit, in the fourth quarter, in comparison with a loss of $26 million, or 16 cents a bit, in the twelve months-ago quarter. Adjusted for one-time objects, the firm misplaced 17 cents a bit, in comparison with a loss of 9 cents a bit a twelve months ago.

Analysts polled by FactSet expected Nikola to epic an adjusted loss of 24 cents a bit. Nikola is a pre-earnings firm.

Shares of Nikola rose bigger than 3% straight after earnings however lastly check had been falling 2% after ending the conventional procuring and selling day down 6.8%. As the session skilled

“Nikola made the obligatory adjustments to refocus and realign the firm” in the fourth quarter, Chief Govt Ticket Russell mentioned in an announcement. The firm realigned its resources “with laser level of curiosity on our core companies: battery electric and hydrogen gasoline-cell electric heavy-responsibility vans, and hydrogen refueling infrastructure.”

Nikola on Tuesday detailed plans for its hydrogen gasoline-cell commercial vans, announcing it expects to introduce a gasoline-cell, longer-fluctuate variant to its Nikola Tre battery-electric commercial truck. The important gasoline-cell Tre prototypes are expected to commence up aspect toll road testing in 2022, the firm mentioned.

The firm mentioned Thursday it had completed the assembly of its first 5 Nikola Tre battery electric prototypes, of which four are present process testing in the U.S. and one in Europe. Meeting of a second batch of prototypes has begun in Germany, Nikola mentioned.

Shares of Nikola beget won 90% prior to now 12 months, in comparison with an attain around 23% for the S&P 500 index
SPX,
-2.45%
.

Nikola final twelve months scratched plans for its Badger pickup when a take care of Standard Motors Co.
GM,
-4.35%

didn’t hurry as far as planned.

The electric-truck startup went public in June after a merger with a smooth-check firm, and the stock rapidly shot as much as triple-digit gains.

Later in the summer season, alternatively, quick-vendor Hindenburg alleged in a epic that the firm amounted to an “intricate fraud.” The epic, which the firm known as “misleading” and a “hit job,” has sparked federal investigations.

Study Extra

LEAVE A REPLY

Please enter your comment!
Please enter your name here