By Denny Jacob
Embark Technology Inc. shares rose roughly 13% to $5.38 after the company reported its fourth-quarter results and highlighted progress with its autonomous vehicles.
The autonomous vehicle company posted a net loss of $76.4 million, or 24 cents a share, for the quarter ended Dec. 31, compared with a net loss of $6.5 million, or five cents a share, in the year-ago period.
Total assets rose to $291 million from $73 million.
The company said it secured 14,200 reservations for Embark-equipped autonomous trucks ahead of the 2024 commercial launch of the Embark Driver. It said the first trucks will be delivered to Knight-Swift Transportation Holdings Inc. by the end of 2022.
Embark said it partnered with real-estate firm Alterra to provide the company with access to transfer points in freight markets across the U.S. It said initial sites will be secured by the end of 2022.
Write to Denny Jacob at [email protected]