EV maker reports disappointing revenue but narrows losses

  • Nikola’s stock falls after reporting lower-than-expected revenue
  • Losses narrowed more than forecast
  • Net losses narrowed to $147.7 million
  • Adjusted per-share loss of 9 cents beat consensus
  • Revenue fell 25.4% to $7.50 million
  • Number of trucks produced dropped 32% to 43
  • Number of trucks shipped increased 29% to 40
  • Cost of revenue jumped 95% to $65.07 million
  • Company exceeded guidance by delivering 40 fuel-cell electric vehicles
  • Stock has tumbled 27.1% year to date

Shares of Nikola Corp. dropped in premarket trading Tuesday after the electric-truck maker reported first-quarter revenue that fell to less than half of what was expected. However, losses narrowed more than forecast. Net losses narrowed to $147.7 million, beating the consensus. Revenue fell 25.4% to $7.50 million. The number of trucks produced dropped 32% to 43, while the number of trucks shipped increased 29% to 40. Cost of revenue jumped 95% to $65.07 million. Despite the disappointing results, the company exceeded its guidance by delivering 40 fuel-cell electric vehicles. Nikola’s stock has tumbled 27.1% year to date.

Factuality Level: 3
Factuality Justification: The article provides factual information about Nikola Corp.’s first-quarter revenue and stock performance. However, it lacks depth and context, and it does not provide a comprehensive analysis of the situation. The article also contains some unnecessary details and does not delve into the reasons behind the company’s performance adequately.
Noise Level: 2
Noise Justification: The article provides a concise and focused analysis of Nikola Corp.’s first-quarter performance, including key financial metrics and statements from the company’s CEO. It stays on topic and supports its claims with data and examples. However, the article lacks in-depth analysis of the long-term trends or consequences of the company’s performance.
Financial Relevance: Yes
Financial Markets Impacted: Shares of Nikola Corp.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Rating Justification: The article pertains to the financial performance of Nikola Corp., a company in the electric-truck industry. It discusses the company’s first-quarter revenue, net losses, and other financial metrics. There is no mention of any extreme events or their impact.
Public Companies: Nikola Corp. (NKLA)
Key People: Steve Girsky (Chief Executive)

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