Nikola’s quarterly results beat expectations on deliveries of 63 electric semitrucks
Nikola Motor Company
Source: Nikola Motor Company
Electric heavy truck maker Nikola said that it produced 75 trucks in the third quarter, and delivered 63 to dealers before quarter-end, generating enough revenue to beat Wall Street’s expectations.
The news was included in Nikola’s third-quarter earnings report, released on Thursday morning. Here are the key numbers, compared with Refinitiv consenus estimates:
- Adjusted loss per share: 28 cents vs. 39 cents expected
- Revenue: $24.2 million vs. $22.1 million expected
Shares of Nikola gained 3% in premarket trading.
CEO Michael Lohscheller said that Nikola made “significant advancements” in building out a hydrogen refueling network ahead of the planned launch of its fuel-cell-powered trucks next year. The company said last month that it’s working to have access to up to 300 metric tons of hydrogen gas per day, as it aims to have 60 refueling stations up and running by 2026.
Nikola said Thursday that it had about $404 million in cash on hand as of the end of the quarter, down from about $587 million as of June 30. The company said that total included $100.5 million raised via an “at-the-market” stock offering.
Nikola filed a registration statement in August that allows it to raise a total of $400 million via sales of new stock from time to time.
This is story is developing. Please check back for updates.
A Parade of Planets? Look Up This Week
Sen. Chuck Schumer to introduce legislation designed to keep firefighters safe
MG Metro 6R4 Group B Rally Car Coming Back As Road-Legal Restomod
Connie Martinson, who interviewed thousands of authors on TV, dies at 90
Jonathan Majors charged with assault and harassment after arrest in New York City
Remittances’ Shift To Digital: Driving Change In An Industry Split Between Yesterday And Tomorrow
Volkswagen Assets Frozen In Russia Over Contract Dispute
What a Lifting Belt Can—and Can’t—Do for Your Workout
Used Car Prices Down 8.7 Percent From Last Year, According To Study
Mediterranean Tofu Scramble Recipe | SELF
Morgan Wallen Participated in a Weird Australian Tradition During His 2019 Tour
A Look At How Cherry Blossom Trees Became A Symbol Of Spring—And Friendship—In The Capital
Ukraine is not worth a nuclear war
Here’s what Patriots owner Robert Kraft had to say about Bill Belichick’s future, the Matt Patricia ‘experiment,’ and more
‘Survivor 44’ Spoilers: Is There 1 More Medevac Before the Merge?
Finance12 hours ago
Venezuela’s Anti-Corruption Investigation Rocks Cryptocurrency Industry: Exchanges and Mining Farms Shut Down
Finance10 hours ago
Could TikTok Get Banned Before It Goes Public? Congress Hearing Throws Doubt On Company’s Future, Keeping Tech Investors On Their Toes
Investing12 hours ago
Morgan Stanley believes this mega-cap tech stock has 50% upside
News11 hours ago
Did Edward VIII Help the Nazis Bomb Buckingham Palace?
Auto16 hours ago
Kia Soul Goes Airborne After Smashing Into Runway Wheel In Wild Crash
News12 hours ago
Police: Man slashed on forehead in Hell’s Kitchen
News10 hours ago
Victory for ‘continuity candidate’ Humza Yousaf in SNP battle
News22 hours ago
OpenAI’s GPT-4 Is Coming for Comedy Show Writers Rooms