Nikola shares rise after reporting smaller loss than expected

Shares of Nikola Corp. NKLA,
rose 2.0% in premarket trading Tuesday after the manufacturer of battery-electric and hydrogen-electric vehicles and components reported a smaller-than-expected loss in the second quarter. The company said net losses fell to $143.2 million, or 36 cents per share, after a loss of $115.8 million or 43 cents per share in the same period a year ago. Excluding one-time items, adjusted loss per share rose to 20 cents from 16 cents, but beat the FactSet loss consensus of 30 cents. The company posted no revenue in the second quarter after hitting $36,000 in solar energy last year. The company said its goals for the second half of 2021 it expects to meet include supplying pre-series Nikola Tre battery-electric vehicles (BEVs) for use on public roads to transport freight, and groundbreaking work. to be carried out at the first commercial hydrogen station. The stock is down 26.7% through Monday, as EV market leader Tesla Inc. TSLA shares,
are up 0.6% and the S&P 500 SPX,
has improved by 16.8%.