Embattled electric semi-truck start-up Nikola (NASDAQ: NKLA) reported a wider-than-expected loss for the second quarter today. But the company said that it has moved on from the scandals surrounding its recently indicted founder Trevor Milton -- and that it's on track to begin deliveries of its first trucks to actual paying customers by early next year, if not sooner.
Nikola said that it lost $143.2 million, or $0.36 per share, as it ramped up spending on testing of its upcoming trucks, and on factory tooling to manufacture them. That loss was wider than expected. Wall Street analysts polled by Thomson Reuters had expected a loss of $0.29 per share, on average, on revenue of about $20,000. Nikola had no revenue in the second quarter.
Nikola also provided investors with expanded guidance for the full year, and an extensive update on its efforts to deliver on its business plan.
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Electric Semi Start-Up Nikola Says It Has Moved On From Founder's Woes