Nikola (NKLA 0.88%) stock hit its 52-week lows on Sept. 26 and had plunged a staggering 82% year to date by yesterday's market close. Today, shares of the electric vehicle (EV) maker skyrocketed and were up more than 25% as of noon Wednesday after the company reported record sales for the third quarter. The emphasis on "record" is important here, as you will soon understand.

Nikola is finally selling more trucks

Nikola delivered 88 heavy-duty Class 8 hydrogen fuel-cell trucks to its dealers in Q3. It was the highest-ever third-quarter sales for the company. Deliveries also rose sequentially from 72 fuel-cell trucks in the second quarter.

Deliveries, however, were within Nikola's Q3 guidance range of 80 to 100 fuel-cell trucks. That could make one wonder why the stock still jumped by double-digit percentages on Wednesday. The thing is, Nikola has consistently missed its financial goals, so investors perhaps see a silver lining in the company's latest sales numbers that met management's targets.

Is this the bottoming for Nikola stock and time to buy?

Nikola began delivering hydrogen fuel-cell trucks in the fourth quarter of 2023 after shifting focus away from battery-electric vehicles, so it's too early to celebrate "record" sales. Simply put, if you're an investor or looking to invest in Nikola stock, you'd want to look beyond today's headlines.

To be sure, higher sales should lift Nikola's revenue and help it cut losses. Nikola generated around $31 million in revenue in Q2 but reported a gross loss of nearly $55 million, although losses were down sequentially. Nikola has potential as it's the only company commercially selling Class 8 fuel-cell EVs in North America.

The company, however, has delivered only 235 trucks so far, is burning cash rapidly, and is issuing stock to raise funds. Those are just some of the factors you'd want to keep in mind before jumping the bandwagon on Nikola stock.