On March 23, it was announced that Nikola Corp. (NKLA) has expanded its dealer network to Arizona through Alta Equipment Group Inc. (ALTG). Consequently, NKLA stock rallied in the after-hours on Wednesday.
During the regular trading session, the stock remained in the red with a decline of 0.65%. After a day range of $9.48 to $9.02, NKLA stock closed the regular session at a value of $9.14 per share. The volume of the shares exchanged during the session was below the average at 8.79 million. Following the expansion news, the stock rebounded in the after-hours and entered green. The stock was able to add a value of 11.16% in the after-hours at a volume of 1.28 million shares. Thus, NKLA stock was trading at $!0.16 apiece in the after-hours on Wednesday.
The zero-emission transportations and infrastructure solutions provider, Nikola Corp. has a market capitalization of $3.84 billion. Founded in 2014, the company has 417.46 million outstanding shares in the market currently. Having lost 7.40% year to date, NKLA has been gaining since the past month.
NKLA’s Expansion to Arizona
On Wednesday, Alta Equipment Group Inc. announced being awarded the Arizona sales and service territory for NKLA. Alta has one of the largest integrated equipment dealership platforms in America.
Previously, Alta’s dealer territory with the company included NY, NJ, eastern PA, and New England markets. Thus, the new agreement expands its territory to Arizona, replacing Empire Transport.
Moreover, the Tre battery-electric vehicle (BEV) is the first product of the company that Alta will sell. With a cabover design, the Tre BEV has an expected range of nearly 350 miles.
Analysts and Investor Day
On March 23, the company hosted its Analysts Day at 4:15 pm ET. During the event, NKLA’s management presented an overview of the company’s Class 8 truck program and Energy business. Furthermore, the event also included a Q&A session.
Additionally, the company will host its Investor Day on March 24, 2022, at 4:15 pm ET with presentations on the same topics.
NKLA’s 2021 Financials
On February 24, the company reported its financial results for Q4 and fiscal 2021.
NKLA had a net loss of $159,416 in Q4 and $690,438 in fiscal 2021. Resultantly, the non-GAAP net loss per diluted share was $0.23 and $0.79 in Q4 and fiscal 2021, respectively.
Furthermore, the adjusted EBITDA was a loss of $90,385 in Q4 and $302,744 in fiscal 2021.