Nikola stock rises, toward snapping 8-day losing streak, after narrower-than-expected loss

Dow Jones2021-05-07

Shares of Nikola Corp. $(NKLA)$ rallied 5.4% in premarket trading Friday, putting them on an early track to snap a 8-session losing streak, after the electric vehicle maker reported a narrower-than-expected first-quarter loss while reporting no revenue, which was in line with forecasts.

Net losses widened to $120.2 million, or 31 cents a share, from $33.1 million, or 12 cents a share, in the year-ago period. Excluding nonrecurring items, the adjusted per-share loss widened to 14 cents from 12 cents but beat the FactSet loss consensus of 27 cents. There was no revenue, after solar revenue of $58,000 a year ago. Looking ahead, the company expects to deliver the first Nikola Tre battery-electric vehicle $(BEV.SI)$ to customers during the fourth quarter of 2021, to break ground on the first commercial hydrogen station i 2021 and start vehicle trial production at its JV facility in Germany in June and at its facility in Arizona in July.

The stock, which has tumbled 17.9% over the past eight sessions, has dropped 33.6% year to date through Thursday, while the S&P 500 has gained 11.9%.

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