What happened 

Shares of SPI Energy (SPI -5.24%) soared another 105.1% in trading on Thursday as investors continued a run that saw the stock jump 1,250% yesterday. But like the pop in shares yesterday, the gains didn't last, and at 3 p.m. EDT shares were down 3.1% for the day. 

So what

Yesterday's pop was driven by the announcement that SPI will add an electric vehicle and EV charging subsidiary to its business. This would be added to its traditional solar business, creating more of a vertically integrated energy company. 

Illustration of EV and energy storage in a garage.

Image source: Getty Images.

The idea of SPI Energy getting into EVs and charging at a time when much better capitalized companies are ramping up manufacturing is questionable, to say the least. Until yesterday, the company's market cap was around $20 million and it had been burning through cash. EVs may be hot right now, but this isn't a company to bet on building a real EV competitor long term. 

Now what

The EV hype is really what's driving SPI Energy this week, not anything fundamentally impressive that the company is doing. We saw that yesterday in the sharp increase in shares on little more than a press release. And today, the early bump was more traders flooding into a hot EV name. But over the long term, this renewable energy stock will be judged on how much money it can make, and that's where I see a questionable future. Until SPI Energy starts reporting a sustainable profit, there are better names in solar and EVs today.