Nikola reported a bigger-than-expected quarterly loss on Thursday as the company continues to grapple with high costs related to the production ramp up of its fuel-cell electric truck, sending the EV maker's shares down more than 5%.

The company's wholesale deliveries of hydrogen-powered electric trucks jumped 22% in the third quarter from the second quarter.

Nikola stuck to its production forecast of 300-350 fuel-cell powered electric trucks for this year.

On an adjusted basis, the company lost USD 2.75 per share in the third quarter, compared with the average analyst estimate of a loss of USD 2.35, according to data compiled by LSEG.

The Phoenix, Arizona-based company has delivered 200 hydrogen fuel-cell trucks to dealers so far this year.

Nikola reported revenue of USD 25.2 million, missing estimates of USD 37.2 million.

Meanwhile, the company's cash and cash equivalents fell sharply to USD 198.3 million at the end of September, compared with USD 464.7 million at the end of last year.