What's Going On With Nikola Corporation Stock?

Nikola Corporation NKLA shares are trading higher Friday. The company reported its third-quarter financial results on Thursday. Here's a look at what's going on:

What To Know:

Nikola reported third-quarter adjusted losses of 30 cents per share, missing the analyst consensus estimate of losses of 14 cents per share.

The company also reported quarterly revenue of $(1.73) million.

Nikola CEO Steve Girsky said, “We are driving forward, capitalizing on our first-mover advantage with our hydrogen fuel cell electric truck and laying the foundation for the ‘hydrogen highway’ starting in California.”

“We think the competition is well behind us and believe there is white space for us to capture market share with the introduction of the Advanced Clean Fleets Rule, and incentives like HVIP and ISEF offering up to $288,000 and $408,000, respectively, per hydrogen fuel cell electric truck in California."

The company also addressed its ongoing battery electric truck recall and anticipates increased costs associated with the recall will lead to an additional capital requirement of approximately $400 million. 

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NKLA Price Action: According to Benzinga Pro, Nikola Corporation shares are up 4% at $1.21 at the time of publication.

Image: Courtesy of Nikola Corporation