Nikola Corporation reported a wider-than-anticipated loss for its third quarter, driven by elevated expenses tied to scaling up production of its fuel-cell electric trucks.
The company posted an adjusted loss of $2.75 per share, surpassing analyst expectations of a $2.35 loss per share, causing shares to drop over 5%.
The electric vehicle manufacturer reported a 22% rise in hydrogen-powered truck deliveries compared to the previous quarter and maintained its production target of 300 to 350 fuel-cell trucks for the year.
So far, Nikola has delivered 200 hydrogen-powered units to dealers in 2023.
Revenue for the quarter reached $25.2 million, missing analyst forecasts of $37.2 million. Nikola’s cash reserves dropped significantly to $198.3 million at the end of September, down from $464.7 million at the close of last year, reflecting the financial strain of its production expansion.
