Editor’s Note: This article was updated Nov. 16 to correct the revenue figures for the third quarters of 2020 and 2019.
ElectraMeccanica (NASDAQ:SOLO) news for Thursday includes SOLO stock soaring higher after releasing its earnings report for the third quarter of 2020. This comes after reporting revenue of 300,000 CAD for the quarter.
Here are a few additional details worth noting from the most recent ElectraMeccanica stock news.
- The company’s revenue for the quarter is up 50% from 200,000 CAD in the same period of the year prior.
- Operating loss comes in at 8.8 million CAD, which is 12.8% wider year-over-year from 7.8 million CAD.
- The ElectraMeccanica earnings report also has its net loss coming in at 14.9 million CAD.
- That’s a 181.1% worse result than the company’s net loss of 5.3 million CAD from the same time last year.
Bal Bhullar, CFO of ElectraMeccanica, said this about the SOLO stock news.
“With our anticipated production ramp over the coming quarters and future plans for a U.S. facility buildout, we have created a financial pathway to execute on our immediate and longer-term goals and objectives. While we are in the most financially secure position in our Company’s history, our focus remains on managing our resources effectively and efficiently to maximize results and output for our business and generate greater value for our shareholders over time.”
Outside of earnings, there are other factors for SOLO stock investors to consider. That includes the strange nature of the company’s one-seater vehicle. It’s also worth noting that this unique offering could be what helps its stock in the long-run.
SOLO stock was up 9% as of Thursday morning.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.