Proterra Stock Falls As Q2 Loss Widens

Proterra Inc PTRA reported second-quarter FY21 sales growth of 39% year-on-year, to $58.50 million.
Gross profit fell 43.9% Y/Y with a gross margin of 2.2%.
Operating expenses increased to $31.06 million. The operating loss widened to $(29.7) million.
Net loss widened to $(189.03) million, including a $130 million non-cash charge.
The company held $762 million in cash and equivalents as of June 30, 2021.
Adjusted EBITDA loss was $(21) million versus $(15.44) million last year. Loss per share was $(4.24).
Battery production was 41 MWh for both productions of Proterra Transit’s electric buses and sales to Proterra Powered partners for integration into other vehicles.
Outlook: Proterra affirmed FY 2021 revenue guidance of $246 million. It expects the gross margin to remain positive.
Price Action: PTRA shares are trading lower by 5.16% at $11.4 in premarket on the last check Thursday.