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Nikola stock rises after narrower-than-expected loss, revenue of nearly $2 million that was well-above forecasts

Shares of Nikola Corp.

rallied 1.8% in premarket trading Thursday, after the electric vehicle company reported a narrower-than-expected first-quarter loss and revenue of nearly $2 million that was well above expectations. The net loss widened to $79.15 million, or 37 cents a share, from $53.43 million, or 31 cents a share, in the year-ago period. Excluding nonrecurring items, the adjusted per-share loss of 21 cents beat the FactSet loss consensus of 25 cents. Revenue totaled $1.89 million, compared with zero a year ago and above the FactSet consensus of $112,500. Total cost of revenue was $1.46 million versus zero a year ago, leading to gross margin of 22.8%. For 2022, the company expects to deliver 300 to 500 production Tre battery-electric-vehicle (BEV) trucks and to build, validate and test Tre fuel-cell electric-vehicle (FCEV) test trucks.

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