Nikola (NASDAQ:NKLA) shares are up nearly 6% in morning trading today after the hydrogen fuel cell electric vehicle manufacturer announced its third-quarter results. The company shipped three trucks during the quarter.
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Its revenue declined from $24.2 million in the year-ago period to -$1.7 million, and net loss widened to $425.7 million from $236.2 million in the year-ago quarter. Consequently, EPS of $0.30 came in wider than expectations by $0.16.
The company raised $250 million in the third quarter and is witnessing healthy demand for its zero-emissions trucks, with purchase orders for 47 trucks from a dealer during the quarter. So far, Nikola and its dealers have received 277 non-binding orders for its trucks from 35 customers.
For the upcoming quarter, the company anticipates revenue to be in the range of $11.25 million to $18.75 million on an estimated 30 to 50 truck deliveries. Gros margin for the quarter is seen hovering between -215% to -135%.
What Is the Future of Nikola Stock?
Despite today’s price gains, Nikola shares remain 26% lower over the past month and 69% lower over the past year. Overall, the Street has a Hold consensus rating on Nikola. The average NKLA price target of $2.50 implies a mega 120.26% potential upside.
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