Electric heavy truck maker Nikola (NASDAQ: NKLA) said that it produced 75 trucks in the third quarter, and delivered 63 to dealers before quarter-end, generating enough revenue to beat Wall Street’s expectations.
The news was included in Nikola’s third-quarter earnings report, released on Thursday morning.
Adjusted loss per share proved to be 28 cents, compared to the expected 39 cents expected. Revenue came in at $24.2 million, versus the projected $22.1 million.
CEO Michael Lohscheller said that Nikola made “significant advancements” in building out a hydrogen refueling network ahead of the planned launch of its fuel-cell-powered trucks next year.
The company said last month that it’s working to have access to up to 300 metric tons of hydrogen gas per day, as it aims to have 60 refueling stations up and running by 2026.
Nikola said Thursday that it had about $404 million in cash on hand as of the end of the quarter, down from about $587 million as of June 30. The company said that total included $100.5 million raised via an “at-the-market” stock offering.
Nikola filed a registration statement in August that allows it to raise a total of $400 million via sales of new stock from time to time.
In September, the company acquired a parcel of land in Buckeye, Arizona with the intent to build a hydrogen production hub with our partners.
“We are undergoing zoning and permitting requirements and have ordered long lead-time equipment including electrolyzers and liquefaction equipment,” according to Thursday’s news release.
NKLA began Thursday trading ahead 23 cents, or 6.9%, to $3.53.
