Why EV Stock Proterra Jumped 18% Today
Electric vehicle (EV) stock Proterra (NASDAQ: PTRA) zoomed higher on Thursday morning, surging 17.8% as of 1:30 p.m. EST as the market reacted to a surprise profit from the commercial EV powertrain company and a big contract it just won.
Proterra doesn't just manufacture EV battery systems for commercial vehicles, but it also builds electric transit buses and charging solutions and software. Here are some notable numbers from Proterra's third quarter (all changes year over year):
To be sure, Proterra incurred an operating loss of $29.8 million, up 32% year over year as the company's operating and research and development expenses increased. But with a one-time gain related to changes in warrant liabilities, Proterra ended the third quarter with a surprise profit.
Source Fool.com
