Summary by Moomoo AI
Nikola Corporation, an innovator in zero-emissions transportation, has reported its financial performance for the first quarter ending March 31, 2024. The company experienced a net loss from continuing operations of $147.7 million, a slight increase from the $145.3 million loss in the same period the previous year. Basic and diluted net loss per share was $0.11, improving from the previous year's $0.31. Revenue from truck sales decreased by 26% year-on-year to $7.4 million, primarily due to a return reserve related to a dealer agreement cancellation and an estimated reserve for future returns. Service and other revenues saw a significant decline of 87% to $79,000, largely due to a drop in sales of Mobile Charging Trailers and other charging products following a recall. The cost of revenues...Show More