Nikola Corporation (NKLA) shares are taking off on Monday, surging nearly 20% as investors anticipate the company’s upcoming earnings report. The electric vehicle (EV) manufacturer is scheduled to unveil its third-quarter financial results before the market opens on Thursday, and Wall Street is eager to see if Nikola can deliver on its ambitious goals.
Analysts are expecting Nikola to report a loss of $2.35 per share and revenues of $37.23 million for the third quarter, according to Benzinga Pro. While a loss is anticipated, investors will be looking for signs of progress in Nikola’s key areas, including truck sales and the expansion of its hydrogen fueling infrastructure.
The company has already given a glimpse into its third-quarter performance by releasing preliminary truck sales data earlier this month. Nikola reported selling 88 Class 8 hydrogen fuel cell electric trucks to North American customers in the third quarter, meeting its guidance of delivering between 80 and 100 units. The company’s CEO, Steve Girsky, emphasized the significance of this achievement, stating: “This is a record sales quarter for Nikola, with 88 hydrogen fuel cell electric trucks wholesaled to our dealers for end customers, as well as the addition of a first-ever U.S. dealer-based HYLA modular refueling station.”
Nikola’s recent performance has been marked by notable growth in sales. In the second quarter, the company reported revenues of $31.3 million, a significant increase from $15.4 million a year earlier and surpassing analyst estimates of $24.7 million. Despite this progress, Nikola still faces challenges in a competitive EV market.
The company’s stock price has been volatile in recent months, but Monday’s surge suggests that investors are optimistic about its future prospects. With the earnings report just days away, Nikola’s stock is likely to remain in the spotlight as investors eagerly await further details about the company’s progress and future plans.
