Nikola stock rises after losses were less than expected, but revenue missed

Shares of Nikola Corp.
climbed 1.7% in premarket trading Thursday, after the electric vehicle maker reported a narrower-than-expected loss but revenue that fell well short of forecasts. Net losses widened to $222.1 million, or 46 cents a share, from $90.9 million, or 39 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted per-share losses widened to 37 cents from 23 cents, beating the FactSet loss consensus of 43 cents. The company recorded revenue of $6.56 million, after zero revenue a year ago, but that missed the FactSet consensus of $32.12 million. The company said it produced 133 Nikola Tre battery-electric vehicles (BEVs) during the quarter and delivered 20 of them to dealers. The expects to deliver the first Tre fuel cell electric vehicles (FCEVs) to customers in the second half of 2023. Nikola’s stock slipped 2.1% over the past three months through Wednesday but has tumbled 65.9% over the past 12 months, while the S&P 500
has eased 0.9% the past three months and lost 5.6% the past year.