Nikola stock jumps toward 3-month high after revenue beat expectations, and delivery target affirmed

Shares of Nikola Corp. NKLA, +3.88% shot up 5.2% toward a three-month high in premarket trading Thursday, after the electric vehicle maker reported a narrower-than-expected loss and revenue that beat forecast, and reiterated its target for Tre BEV truck deliveries. The net loss widened to $173.0 million, or 41 cents a share, from $143.2 million, or 36 cents a share, in the year-ago period. Excluding nonrecurring items, the adjusted per-share loss of 25 cents beat the FactSet loss consensus of 27 cents. The company recorded revenue of $18.1 million, after having no revenue a year ago, to beat the FactSet consensus of $16.6 million. Truck sales totaled $17.4 million. The company said it remains on track to achieve its 2022 target to deliver 300 to 500 Tre battery-electric vehicle (BEV) trucks. Separately, the company announced the locations of three California hydrogen stations, in Colton, Ontario and a location servicing the Port of Long Beach. The stock has run up 20.3% the past three days to close Wednesday at a three-month high, since it announced it was buying Romeo Power Inc. RMO, +8.62% in a $144 million stock deal. It has gained 3.9% over the past three months through Wednesday, while the S&P 500 SPX, -0.29% has slipped 3.4%.

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