Nikola's stock sinks toward a record low after losses widen, but beat expectations

Shares of Nikola Corp. sank 6.2% toward a record low in premarket trading, putting them on track to suffer a sixth-straight loss, after the electric vehicle maker reported a narrower-than-expected loss but surprisingly did not record any revenue. The net loss widened to $90.4 million, or 39 cents a share, from $65.5 million, or 38 cents a share, in the year-ago period. Excluding nonrecurring items, the adjusted per-share loss widened to 23 cents from 17 cents, but was narrower than the FactSet loss consensus of 32 cents. The FactSet consensus for revenue was $2.3 million. The company said delivered two Nikola Tre battery-electric vehicles (BEVs) on Dec. 17, as part of a three-month pilot program, and said it expects to begin series production of the Tre on March 21. for 2022, the company expects to deliver 300 to 500 production Nikola Tre BEVs to customers. The stock, which had tumbled 19.6% over the past five sessions, has plunged 35.9% over the past three months, while the S&P 500 has lost 10.1%.

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