Nikola Motor Firm
Supply: Nikola Motor Firm
Electrical automobile start-up Nikola Corp. reported a narrower-than-expected loss for the second quarter, as the corporate continues automobile validation testing and progresses towards delivering its first vans to prospects.
This is how Nikola did in contrast with what Wall Road anticipated primarily based on common estimates compiled by Refinitiv.
- Adjusted outcomes: a lack of 20 cents per share vs a lack of 29 cents a share
- Income: $0 vs $0
Shares of Nikola have been down by about 5% throughout early buying and selling Tuesday to $10.65 a share. The inventory is down by about 27% this yr.
The loss comes 5 days after a federal grand jury charged Nikola founder Trevor Milton with three counts of prison fraud for mendacity about “practically all elements of the enterprise” to bolster inventory gross sales of the electrical automobile start-up.
Milton pled not responsible to the prison fees in a Manhattan courtroom Thursday afternoon.
The corporate, in an announcement final week, tried to separate itself from Milton and the costs: “Trevor Milton resigned from Nikola on September 20, 2020 and has not been concerned within the firm’s operations or communications since that point. Immediately’s authorities actions are towards Mr. Milton individually, and never towards the corporate. Nikola has cooperated with the federal government all through the course of its inquiry.”
The corporate mentioned it remained dedicated to beforehand introduced milestones and timelines and delivering Nikola Tre battery-electric vans later this yr from the corporate’s manufacturing amenities.