Electric truckmaker Nikola was widely ridiculed in September when a short-selling firm revealed that its first truck, the Nikola One, never worked. A promotional video of the truck "in motion" actually showed the vehicle rolling down a hill.
But the company's latest quarterly financial results, released Monday, show that Nikola has something it didn't have in 2016: truckloads of cash. Specifically, Nikola has $900 million in the bank—most of it raised when the company went public back in June.
Nikola says it spent $117 million in the third quarter of 2020 while bringing in no revenue. The losses were smaller than some analysts had expected, and investors reacted positively to the results, sending Nikola's stock price up by 2 percent in after-hours trading.
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