Nikola Corp., the electric truck startup company’s shares surged Thursday by more than 17% after the company expected loss during the 4th quarter and confirmed plans for truck production and revenue generation in 2022.
The pre-revenue company, that recently probed into misleading investors, reported an operating loss of $90.4 million per share, and adjusted net loss of $0.23 cents per share. The wall street had expected a loss of 32 cents per share, on an adjusted basis for the fourth quarter.
The American EV company said it anticipates to create revenue of $90 million and $150 million in 2022 on deliveries of 300 and 500 of its first battery-electric semitrucks, known as the Nikola Tre.
On a day when oil is above $100 a barrel, “we got more detail on a potential key player in new clean energy transportation,” Evercore ISI analyst Chris McNally said in an investor note.
McNally said Nikola beat Wall Street’s expectations regarding fourth-quarter results and guidance, adding that long-term funding remains “the key question.”
Nikola had a cash balance of $522 million at year-end, and it hopes to spend between $295 million and $305 million in 2022.
