Zero-emission vehicle maker Nikola Corp. reported first-quarter financial results on Thursday that outpaced analyst expectations.
Nikola earnings were bolstered by surprise sales of mobile charging trailers, an auxiliary line of business for the vehicle maker.
Use of Nikola’s electric trucks requires permanent charging infrastructure that does not exist today so these charging units help increase adoption as the charging network develops, according to a March analyst presentation [sec.gov].
Nikola reported $1.88 million in revenue for the quarter ended March 31, well ahead of the $130,000 analysts expected the company to make. The company also posted a non-GAAP loss of 21 cents per share, better than Wall Street’s expected 27-cent loss.
Nikola shares gained 6.89% in Thursday trading, a sharp contrast to the rest of the stock market which fell the day after a Federal Reserve rate hike announcement. Nikola shares are down about 25% year-to-date.
