Nikola reports narrower-than-expected loss during second quarter

Nikola Motor Firm

Supply: Nikola Motor Firm

Electrical automobile start-up Nikola Corp. reported a narrower-than-expected loss for the second quarter, as the corporate continues automobile validation testing and progresses towards delivering its first vehicles to clients.

Here is how Nikola did in contrast with what Wall Road anticipated primarily based on common estimates compiled by Refinitiv.

  • Adjusted outcomes: a lack of 20 cents per share vs a lack of 29 cents a share
  • Income: $0 vs $0

Shares of Nikola had been up by about 2% throughout premarket buying and selling to $11.40 a share. The inventory is down by about 27% this 12 months.

The loss comes 5 days after a federal grand jury charged Nikola founder Trevor Milton with three counts of criminal fraud for mendacity about “practically all points of the enterprise” to bolster inventory gross sales of the electrical automobile start-up.

Milton pled not guilty to the criminal charges in a Manhattan courtroom Thursday afternoon.

The corporate, in an announcement final week, tried to separate itself from Milton and the costs: “Trevor Milton resigned from Nikola on September 20, 2020 and has not been concerned within the firm’s operations or communications since that point. Right now’s authorities actions are towards Mr. Milton individually, and never towards the corporate.  Nikola has cooperated with the federal government all through the course of its inquiry.”

The corporate mentioned it remained dedicated to beforehand introduced milestones and timelines and delivering Nikola Tre battery-electric vehicles later this 12 months from the corporate’s manufacturing services.

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