Proterra Inc. (PTRA) is a leading designer and manufacturer of zero-emission electric transit vehicles along with EV tech solutions for commercial purposes. The company’s product line is durable and energy-efficient and is based on laborious independent testing.
The price of PTRA stock during the regular trading on March 1, 2022, was $8.23 with a deceleration of 8.96%. At last check in the aftermarket, the stock dropped further by 12.7%.
PTRA: Key Financials
On March 01, 2022, PTRA released its consolidated financial results for the fourth quarter of 2021 ended December 31, 2021. Some of the key aspects are discussed here.
Revenue
Total revenue in Q4 2021 was $68.4 million versus $54.1 million for the same quarter of 2020. The company observed an increment of $14.2 million in its revenue year-over-year. Also, the company missed the revenue expectations of $71.1 million.
EPS
Diluted net loss per share in the fourth quarter of 2021 was $45.1 million or $0.43 in comparison to $32.6 million or $6.38 for the same quarter of 2020. The company observed a noteworthy incline in its EPS year-over-year. Also, it missed the EPS estimates of -$0.18.
PTRA: Events and Happenings
On January 27, 2022, PTRA reported that The Santa Clara Valley Transportation Authority will install a novel clean energy microgrid and electric vehicle fleet charging platform with PTRA and Scale Microgrid Solutions. It will support the agency’s evolution to a full zero-emission bus fleet and the grant was awarded by the California Energy Commission for the project.
On January 18, 2022, PTRA and Nikola Corp. announced a supply deal for multiple years to support Nikola’s zero-emission semi-trucks with the company’s leading battery technology. On January 13, 2022, PTRA and Vicinity Motor Corp. updated on their strategic partnership to support Vicinity’s work trucks and electric transit buses with the company’s battery technology.
On December 14, 2021, PTRA informed about its plan to open an EV battery system production plant to manufacture its battery systems for clients in South Carolina.
Conclusion
Due to the economic crisis during the last year, PTRA stock was 61% down in that period. The current stock situation of the company is debilitating as it dipped in regular trading as well as aftermarket. It is the impact of the current fourth-quarter financial statement release as the company missed both revenue and EPS targets.
