After better than expected results, shares of Nikola (NASDAQ) have shot up today.

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.

In the same period, adjusted EBITDA lost was $79152. That’s +48% YoY compared with the loss expected to be around $108,800. 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.

In 2023, the automaker will complete phase 2 of Arizona’s expansion and produce up to 20,000 vehicles per year in two shifts.

Nikola stock is now up almost 8%

By Senad Karaahmetovic