(Reuters) – Nikola reported a bigger-than-expected quarterly loss on Thursday as the company continues to grapple with high costs related to the production ramp up of its fuel-cell electric truck, sending the EV maker’s shares down more than 5%.
The company’s wholesale deliveries of hydrogen-powered electric trucks jumped 22% in the third quarter from the second quarter.
Nikola stuck to its production forecast of 300-350 fuel-cell powered electric trucks for this year.
On an adjusted basis, the company lost $2.75 per share in the third quarter, compared with the average analyst estimate of a loss of $2.35, according to data compiled by LSEG.
The Phoenix, Arizona-based company has delivered 200 hydrogen fuel-cell trucks to dealers so far this year.
Nikola reported revenue of $25.2 million, missing estimates of $37.2 million.
Meanwhile, the company’s cash and cash equivalents fell sharply to $198.3 million at the end of September, compared with $464.7 million at the end of last year.
(Reporting by Akash Sriram in Bengaluru; Editing by Shounak Dasgupta)
