Electric-truck startup Nikola Corp. reported wider losses in the third-quarter, a tumultuous period in which company executives came under pressure to respond to questions about the legitimacy of its business.
The Phoenix-based startup has been in the spotlight following its public listing in June and the abrupt departure of founder Trevor Milton in September amid controversy stirred up by a critical short seller’s report. Nikola has called the report’s accusations false and misleading.
The company reported a $117.5 million net loss in the third quarter, compared with a $15.5 million loss in the same year-ago period, as it continues to spend heavily on developing its first semi-truck model, the all-electric Nikola Tre, and expanding its workforce.
Net loss per share on an adjusted basis was 16 cents, beating analysts’ expectations for a loss of 19 cents.
Nikola reported it had $908 million in cash at the end of the period, a figure that includes roughly $263 million raised during the quarter through redeemed warrants.
