Today, Nikola shares (NASDAQ:) surge after better-than expected results.

In the first quarter of 2018, the company’s adjusted loss per shares was 21c, as compared with a loss per shared of 14c and an estimate loss per sharing of 27c.

The adjusted EBITDA loss was $79,152, an increase of 48% YoY. This is in comparison to the $108,800 expected loss. While analysts expected a $157,000 loss, operating loss was around $151,300.

Nikola plans to dispatch 300-500 Tre BEV trucks to customers in 2022. Additionally, Nikola will begin construction of the Arizona hydrogen hub by this year.

“To date, we have received POs, LOIs, and MOUs for a total of 510 Nikola Tre BEVs,” Nikola said in a statement.

Automaker plans to finish the second phase of Arizona’s plant expansion in 2023. It will have a capacity to produce up to 22,000 trucks annually on two shifts.

Nikola stock is now up almost 8%

By Senad Karaahmetovic