Nikola Corp. (NKLA) saw a modest loss in the third quarter while its revenues surpassed expectations. The electric vehicle maker reported just over $24 million in revenues, exceeding the expected $22 million.

"During the third quarter we continued to produce and deliver Nikola Tre BEVs to dealers and customers," Nikola President Michael Lohscheller said in a statement.

Nikola said it's set to achieve completion on 17 "beta," or pre-production fuel cell trucks by the year's end. The Phoenix-based company said it will test the vehicle in pilot runs with Walmart and other truck-fleet operators.

The company also said it's exploring ways to expand its energy drive.

"We also made significant advancements in developing our energy business, announcing our intent to develop access of up to 300 metric-tons per day of hydrogen and up to 60 stations by 2026."

Nikola said it had nearly $404 million in cash on hand at the end of the quarter, down from roughly $587 million in the previous quarter. The company reported a net loss of about $2.3 million, a minor improvement on the $2.67 million in net losses the year before.

Nikola in August filed a document that would help it raise $400 million in additional funding via the stock market.

In October, the company finalized the acquisition of Romeo, one of its battery-pack providers. Nikola said the move could save it up to $350 million over the next four years.

As of Thursday at 12:12 p.m. ET, shares of Nikola were trading at $2.98, down $0.33, or 9.85%.