Electric vehicle maker Nikola Corp, which specializes in EV and hydrogen fuel cell trucks, saw its stock soar on Friday on the back of a better-than-expected quarterly earnings report.
Nikola reported revenue of $31.32 million, comfortably clearing the $26.19 million mark estimated by analysts and seeing a 104% year-over-year jump. Its adjusted loss per share was also better than analysts predicted, coming at a $2.67 loss per share versus the expected $2.85 loss per share.
The company’s results were boosted by the delivery of 72 hydrogen fuel cell trucks, surpassing the previous high-end guidance mark and recording an 80% uptick compared to the first quarter. The company has also struck some major deals in recent periods, including delivering a hydrogen fuel cell truck to Walmart Canada.
“In the last three-quarters of serial production, we have demonstrated that Nikola is the offtake. We are the catalyst to disrupt Class 8 trucking to make zero-emission a reality,” President and CEO of Nikola Steve Girsky said in a statement.
Nikola’s shares were more than 15% up on Friday morning before sliding throughout the day to close at $8.44 per share. This is still a major improvement for the stock, which is currently 66.23% down year-to-date.