Nikola (NASDAQ: NKLA) stock price continued slumping this month as concerns about its cash flow and overall demand. It has crashed by over 18% in the past 30 days and is hovering at its all-time low. It is down by over 99% from its al–time high. Are you looking for signals & alerts from pro-traders? Sign-up to Invezz Signals™ for FREE. Takes 2 mins. Demand risks remain Copy link to section Nikola, a leader in the hydrogen trucks industry, has made a lot of progress as I wrote in my last article here. It has ...

The electric-truck maker might be an interesting play for speculative investors. Nikola (NKLA -2.67%), a producer of electric semi trucks, saw its market cap hit $28.8 billion as its stock hit its record high of $79.73 on June 9, 2020. But at the time of this writing, it trades at about $0.56 a share with a market cap of $750 million. The stock collapsed after the company missed its own production estimates; its founder and former CEO, Trevor Milton, was convicted of securities and wire fraud; and it recall ...

Core Viewpoint - Nikola Corporation is facing significant challenges despite recent growth in truck sales, with concerns about profitability and high operational costs impacting its stock performance [2][4]. Group 1: Financial Performance - Nikola's stock price is currently at $0.567, a crucial support level, having dropped over 36% this year and over 99% from its peak [1]. - The company sold 40 trucks in the fourth quarter, totaling 75 units sold, with expectations to sell between 300 and 350 trucks in the current year [2]. - Revenue from the HYLA truck is projected to be around $133 million this year, contributing to an expected total revenue of over $140 million, a significant increase from $35 million in 2023 [2]. Group 2: Operational Challenges - Nikola reported a revenue of over $7.4 million in the first quarter, but incurred a net loss of over $147 million, indicating ongoing financial struggles [4]. - The company may need to raise additional funds, having ended the last quarter with over $345 million in cash and equivalents, alongside $1.2 million in restricted cash [4]. - High costs associated with hydrogen fueling and logistical issues are significant barriers, with hydrogen fuel prices being three times higher than diesel [4]. Group 3: Market Sentiment and Stock Trends - Nikola's stock has been in a bearish trend, hovering around crucial support levels, with potential for further decline if it breaks below $0.5333 [6]. - Technical analysis indicates a head and shoulders pattern, suggesting more downside risk, with a potential drop to $0.40 [6].

Nikola isn't the only stock in the EV sector with high volatility this week. And while new tariffs just announced for Chinese EV imports are directly affecting other U.S.-based EV manufacturing stocks, that shouldn't be the case for heavy truck maker Nikola. While Nikola recently reported updates, the answer likely lies more with the market in general. There is activity in the electric vehicle (EV) sector due to newly announced tariffs on EV imports from China, and there is renewed trading activity in meme ...

Core Viewpoint - Nikola's stock has experienced a significant decline of -15.9% over the past month, contrasting with the S&P 500's +2% performance, raising questions about its future direction [2]. Earnings Estimate Revisions - Nikola is projected to report a loss of $0.10 per share for the current quarter, reflecting a year-over-year improvement of +50% [5]. - The consensus earnings estimate for the current fiscal year stands at -$0.42, indicating a year-over-year change of +46.8% [5]. - For the next fiscal year, the consensus estimate is -$0.30, which represents a +28.6% change from the previous year [6]. - The Zacks Rank for Nikola is 3 (Hold), suggesting it may perform in line with the broader market in the near term [7]. Revenue Growth Forecast - The consensus sales estimate for the current quarter is $21.58 million, showing a year-over-year increase of +40.5% [10]. - For the current fiscal year, the sales estimate is $117.75 million, indicating a +224.6% change, while the next fiscal year's estimate is $404.39 million, reflecting a +243.4% change [10]. Last Reported Results and Surprise History - In the last reported quarter, Nikola generated revenues of $7.5 million, a decrease of -32.6% year-over-year, and reported an EPS of -$0.09 compared to -$0.26 a year ago [11]. - The reported revenues fell short of the Zacks Consensus Estimate of $15.05 million by -50.2%, while the EPS surprise was 0% [11]. - Over the last four quarters, Nikola exceeded consensus EPS estimates twice and surpassed revenue estimates once [12]. Valuation - Nikola is graded F in the Zacks Value Style Score, indicating it is trading at a premium compared to its peers [16].

The electric vehicle industry is struggling, and this company is struggling more than most.The electric vehicle (EV) industry has had quite a few struggles, and one of the biggest individual strugglers has been Nikola (NKLA 0.17%). Beset by a host of troubles, some of its own making, the battery EV (BEV) and fuel cell EV (FCEV) truck maker's shares have fallen into penny stock territory.At the beginning of May, one prognosticator tracking Nikola's stock cut his price target exactly in half. Interestingly, t ...

New Long Beach station advances Nikola's commitment to sustainable transportation solutionsPHOENIX, May 8, 2024 /PRNewswire/ -- Nikola Corporation (Nasdaq: NKLA), a global leader in zero-emissions transportation and energy supply and infrastructure solutions, via the HYLA brand, proudly announces the opening of its latest HYLA high-pressure modular refueling station and facility in Southern Calif. HYLA refueling station in Southern California Situated near the Port of Long Beach at 2267 W. Gaylord St., ...

Q 1 2 0 2 4 K E Y M E S S A G E S FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements within the meaning of the federal securities laws with respect to Nikola Corporation (the "Company"), including statements relating to: the Company's future financial outlook and future business performance, business plan, focus, strategy and mission; expected timing of completion of production, deliveries and other milestones; expectations regarding the Company's hydrogen refueling solutions; ...

PART I - FINANCIAL INFORMATION [Item 1. Condensed Consolidated Financial Statements](index=6&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements) Q1 2024 saw Nikola Corporation report **$7.5 million** revenues, a **$147.7 million** net loss, declining cash, and substantial doubt about its going concern [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Condensed Consolidated Balance Sheets | Account | March 31, 2024 ($ thousands) | December 31, 2023 ($ thousands) | Change | | :--- | :--- | :--- | :--- | | **Assets** | | | | | Cash and cash equivalents | 345,637 | 464,715 | ▼ -25.6% | | Total current assets | 469,309 | 572,412 | ▼ -18.0% | | Total assets | 1,152,153 | 1,274,857 | ▼ -9.6% | | **Liabilities & Equity** | | | | | Total current liabilities | 271,293 | 260,105 | ▲ +4.3% | | Total liabilities | 565,878 | 555,683 | ▲ +1.8% | | Total stockholders' equity | 586,275 | 719,174 | ▼ -18.5% | [Condensed Consolidated Statements of Operations](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Condensed Consolidated Statements of Operations | Metric | Three Months Ended Mar 31, 2024 ($ thousands) | Three Months Ended Mar 31, 2023 ($ thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Total revenues | 7,497 | 10,677 | ▼ -29.8% | | Gross loss | (57,575) | (22,697) | ▲ 153.7% | | Loss from operations | (145,363) | (127,200) | ▲ 14.3% | | Net loss from continuing operations | (147,722) | (145,251) | ▲ 1.7% | | Net loss | (147,722) | (169,094) | ▼ -12.6% | | Basic and diluted net loss per share | (0.11) | (0.31) | Improved | - The net loss from continuing operations remained relatively stable YoY, but the total net loss improved significantly due to a **$23.8 million** loss from discontinued operations (Romeo Power) in Q1 2023 which did not recur in Q1 2024[15](index=15&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Condensed Consolidated Statements of Cash Flows | Cash Flow Activity | Three Months Ended Mar 31, 2024 ($ thousands) | Three Months Ended Mar 31, 2023 ($ thousands) | | :--- | :--- | :--- | | Net cash used in operating activities | (115,603) | (176,022) | | Net cash provided by (used in) investing activities | 4,940 | (50,517) | | Net cash provided by (used in) financing activities | (5,055) | 115,916 | - Cash used in operating activities decreased to **$115.6 million** from **$176.0 million** YoY[23](index=23&type=chunk) - Investing activities generated **$4.9 million** in cash, a significant shift from a **$50.5 million** use of cash in the prior year, primarily due to **$21.4 million** in proceeds from asset sales[23](index=23&type=chunk) - Financing activities used **$5.1 million**, compared to providing **$115.9 million** in the prior year period which included proceeds from stock and convertible note issuances[23](index=23&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) - The company has concluded there is substantial doubt about its ability to continue as a going concern for the next twelve months due to its history of losses and the need to raise additional capital to fund operations[32](index=32&type=chunk)[33](index=33&type=chunk)[37](index=37&type=chunk) - In Q3 2023, the company initiated a voluntary recall for its BEV trucks related to battery pack issues, accruing **$65.0 million** for the recall, with **$9.7 million** incurred as of March 31, 2024[55](index=55&type=chunk)[190](index=190&type=chunk) - The company's former subsidiary, Romeo Power, Inc., was transferred via an Assignment for the Benefit of Creditors on June 30, 2023, with its results reported as discontinued operations for Q1 2023[31](index=31&type=chunk)[157](index=157&type=chunk) - The company is involved in multiple legal proceedings, including a consolidated securities class action lawsuit, shareholder derivative actions, and is seeking to enforce a **$165 million** arbitration award against its founder, Trevor Milton[168](index=168&type=chunk)[169](index=169&type=chunk)[172](index=172&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=37&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2024 financial performance, highlighting **$7.5 million** revenues, a **30% decrease**, increased gross loss, and substantial going concern doubt [Results of Continuing Operations](index=40&type=section&id=Results%20of%20Continuing%20Operations) Results of Continuing Operations | Metric | Q1 2024 ($ thousands) | Q1 2023 ($ thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Truck Sales | 7,418 | 10,055 | ▼ 26% | | Total Revenues | 7,497 | 10,677 | ▼ 30% | | Gross Loss | (57,575) | (22,697) | ▲ 154% | | R&D Expense | 39,497 | 61,806 | ▼ 36% | | SG&A Expense | 48,291 | 42,697 | ▲ 13% | | Net Loss from Continuing Operations | (147,722) | (145,251) | ▲ 2% | - Truck sales decreased by **26%** YoY, primarily due to an **$8.0 million** return reserve related to a dealer agreement cancellation, offsetting revenue from increased truck shipments (40 FCEVs in Q1 2024 vs 31 BEVs in Q1 2023)[212](index=212&type=chunk)[216](index=216&type=chunk) - Cost of revenues for truck sales increased **87%** to **$61.7 million**, driven by a **$12.6 million** provision for net realizable value reserves, a **$7.0 million** increase in estimated warranty costs for FCEV trucks, and a **$3.6 million** increase in depreciation expense[219](index=219&type=chunk) - R&D expenses fell by **36%** due to lower spending on FCEV prototype builds (**$15.0 million**) and a decrease in stock compensation (**$6.2 million**)[223](index=223&type=chunk) - SG&A expenses increased by **13%**, primarily driven by a one-time **$15.6 million** fee for an equipment purchase cancellation, partially offset by a **$9.1 million** decrease in stock-based compensation[225](index=225&type=chunk) [Liquidity and Capital Resources](index=45&type=section&id=Liquidity%20and%20Capital%20Resources) - The company has substantial doubt about its ability to continue as a going concern for the next 12 months, as it needs to raise additional capital to fund operations[243](index=243&type=chunk)[246](index=246&type=chunk) - As of March 31, 2024, principal sources of liquidity were cash and cash equivalents of **$345.6 million**[247](index=247&type=chunk) - The company anticipates capital expenditures for the remainder of fiscal year 2024 will be approximately **$90.0 million**[263](index=263&type=chunk) - As of March 31, 2024, approximately **$311.7 million** remained available under the Equity Distribution Agreement with Citi, though access is dependent on market conditions and share availability[252](index=252&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=50&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is exposed to market risks from changes in interest rates, inflation, and foreign currency exchange rates, with a **$1.0 million** foreign currency gain in Q1 2024 - The company's primary market risk exposure is related to interest rates on its cash and cash equivalents of **$345.6 million**, but a **10%** change in rates is not expected to be material due to short-term maturities[282](index=282&type=chunk) - The company is exposed to foreign currency risk, recording a gain of **$1.0 million** in Q1 2024 versus a loss of **$1.1 million** in Q1 2023 from foreign currency exchange adjustments[283](index=283&type=chunk) [Item 4. Controls and Procedures](index=50&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that as of March 31, 2024, the company's disclosure controls and procedures were not effective due to a material weakness in ITGCs - As of March 31, 2024, management concluded that the company's disclosure controls and procedures were not effective[285](index=285&type=chunk) - The ineffectiveness is due to a material weakness in internal control over financial reporting related to information technology general controls (ITGCs), specifically concerning user access and change management[285](index=285&type=chunk)[425](index=425&type=chunk) - The company has implemented a remediation plan and anticipates that the material weakness will be remediated during fiscal year 2024, once the new controls have operated effectively for a sufficient period[288](index=288&type=chunk) PART II - OTHER INFORMATION [Item 1. Legal Proceedings](index=52&type=section&id=Item%201.%20Legal%20Proceedings) The company is subject to various material pending legal proceedings, including regulatory investigations, shareholder securities litigation, and derivative lawsuits - The company refers to Note 11, Commitments and Contingencies, for a description of its material pending legal proceedings[291](index=291&type=chunk) [Item 1A. Risk Factors](index=52&type=section&id=Item%201A.%20Risk%20Factors) The company faces numerous significant risks, including substantial doubt about its going concern ability, the need for additional capital, product recalls, and a material weakness in internal controls [Risks Related to Our Business and Industry](index=52&type=section&id=Risks%20Related%20to%20Our%20Business%20and%20Industry) - The company has a history of losses, an accumulated deficit of **$3.2 billion**, and there is substantial doubt about its ability to satisfy obligations and continue as a going concern for the next 12 months[292](index=292&type=chunk) - Nikola needs to raise additional capital but may be unable to issue sufficient shares without stockholder approval for a reverse stock split, which is critical for financing operations and maintaining its Nasdaq listing[298](index=298&type=chunk)[304](index=304&type=chunk)[305](index=305&type=chunk) - A voluntary recall of BEV trucks was announced in August 2023 due to battery pack thermal events, with **$65.0 million** accrued for the recall and **$9.7 million** incurred through March 31, 2024, resulting in a temporary hold on new BEV shipments[324](index=324&type=chunk)[325](index=325&type=chunk) - The company is dependent on its dealer network, with four dealers individually accounting for over **10%** of total revenue in 2023[315](index=315&type=chunk) [Risks Related to Our Convertible Indebtedness](index=73&type=section&id=Risks%20Related%20to%20Our%20Convertible%20Indebtedness) - As of March 31, 2024, the company had significant outstanding principal on its convertible notes, including **$123.5 million** on the June 2022 Toggle Notes and **$14.0 million** on the 8.25% Convertible Notes[416](index=416&type=chunk) - Servicing its substantial debt requires significant cash, and the company's business may not generate sufficient cash flow, potentially forcing asset sales, debt restructuring, or dilutive equity financing[417](index=417&type=chunk) - The company may not have the ability to raise the funds necessary to repurchase its convertible notes upon a fundamental change or change of control, which could lead to a default[421](index=421&type=chunk) [General Risk Factors](index=77&type=section&id=General%20Risk%20Factors) - The company's stock price is highly volatile and has been negatively impacted by a short-seller report and other public announcements[436](index=436&type=chunk)[439](index=439&type=chunk) - The company received a notice from Nasdaq on January 19, 2024, for non-compliance with the **$1.00** minimum bid price requirement, with potential delisting if compliance is not regained by July 17, 2024[444](index=444&type=chunk) - A reverse stock split is being proposed at the 2024 annual meeting to address the Nasdaq minimum bid price requirement, but stockholder approval is not guaranteed[445](index=445&type=chunk) [Item 5. Other Information](index=81&type=section&id=Item%205.%20Other%20Information) During the quarter ended March 31, 2024, no director or officer of the company adopted or terminated any Rule 10b5-1 trading plan or non-Rule 10b5-1 trading arrangement - No director or officer adopted or terminated a Rule 10b5-1 trading plan during the first quarter of 2024[456](index=456&type=chunk) [Item 6. Exhibits](index=82&type=section&id=Item%206.%20Exhibits) This section lists all the exhibits filed with the Form 10-Q, including the company's amended certificate of incorporation and bylaws, executive employment agreements, and officer certifications - Key exhibits filed include executive employment agreements for Dirk Ole Hoefelmann and Thomas B Okray, and a termination agreement with Nel ASA[458](index=458&type=chunk)

Nikola (NASDAQ:NKLA) stock is falling hard on Tuesday after the electric vehicle (EV) company reported revenue that was nowhere close to Wall Street’s estimates.Nikola’s Q1 earnings report includes revenue of $7.5 million. That’s a far cry from the $15.79 million in revenue that Wall Street was hoping for during the quarter. It’s also a drop from the $10.68 million reported in the same period of the year prior.It’s worth noting that this drags down NKLA stock today despite the company’s adjusted EPS of -9 c ...