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Nikola (NKLA) shares were up in after hours immediately following the electric-truck startup's fourth quarter results, though they paired back those gains later.
These are the numbers as compared to Street estimates compiled by Bloomberg.
Adjusted Earnings (loss) per share: -17 cents vs. estimates of - 24 cents/share
Adjusted Ebitda: loss of 65.5 million vs. an estimated loss of $86.73 million
CEO Mark Russell highlighted the scaled back focus of the company in the last several months of the year.
"In the fourth quarter of 2020, Nikola made the necessary changes to refocus and realign the company. You have seen us restructure our agreement with GM, cancel our battery electric (BEV) refuse truck program, discontinue our Powersports program and realign the company's resources with laser focus on our core businesses: battery electric and hydrogen fuel-cell electric (FCEV) heavy-duty trucks, and hydrogen refueling infrastructure," said Russell.
Nikola's quarterly report also stated progress was made at its joint manufacturing plant in Ulm, Germany and at the company's Arizona facility.
Earlier this week CFRA analyst Garrett Nelson initiated coverage of the stock with a Sell rating, pointing out electric vehicle maker Tesla's (TSLA) first mover advantage which will beat Nikola in the semi truck space.
“With no revenue and no profitability in sight, but with a growing backlog, Nikola has its work cut out to justify its current valuation,” Nelson wrote in his note to investors.
Last year was an eventful one for Nikola. It went public in June through a special purpose acquisition company.
Months later founder Trevor Milton stepped down as executive chairman following a scathing short seller report. A previously announced partnership deal with General Motors GM (GM) was subsequently slimmed down to just the fuel-cell side, scrapping a planned Badger pickup truck.
The Street has assigned 3 Buys, 5 Holds, 0 Sells on the stock.
Ines covers the U.S. stock market. Follow her on Twitter at @ines_ferre