Embattled Nikola reports more losses in Q3, insists it is meeting milestones

Nikola Tre BEV prototype
Posted at 9:31 AM, Nov 10, 2020
and last updated 2020-11-10 11:31:51-05

Nikola Corp. culminated a tumultuous third quarter by reporting continued losses, but executives insist the company remains in a strong cash position and cited progress on its milestones — in particular the completion of the first Nikola Tre electric semi-truck prototype.

The Phoenix-based maker of battery- and hydrogen-powered vehicles reported a net loss of $117.45 million for the quarter, with an adjusted earnings loss of 16 cents per share, slightly better than Wall Street's anticipated 20-cent loss.

The company ended the quarter with $908 million in cash.

The regulatory earnings report was released after markets closed on Monday.

Read more from the Phoenix Business Journal.