Shares of zero-emissions transportation solutions provider Nikola Corp. (NASDAQ:NKLA) are trending lower today after the company announced first-quarter numbers.
While revenue surged nearly five times over the prior year period to $11.12 million, the figure still fell short of estimates by $1.23 million. Net loss per share at $0.26 though landed in line with estimates. The company notched 31 wholesale deliveries to dealers alongside 33 retail sales to end consumers from dealers.
The company is now focusing on the ‘North American market, hydrogen fuel cell trucks, HYLA hydrogen ecosystem, and autonomous technologies, vehicle controls, and software.’ Consequently, it is offloading its entire holding in its manufacturing joint venture in Europe to Iveco Group for a consideration of $35 million in cash and 20.6 million Nikola shares.
The company had a backlog of 140 hydrogen fuel cell trucks. It is halting truck production at the end of this month to repurpose the production line for hydrogen fuel cells as well as battery electric trucks and expects to resume output in July.
Nikola shares have tanked 83.8% over the past year and short interest in the stock still remains elevated at ~20.3% at present.
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