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 ...

Nikola (NKLA) came out with a quarterly loss of $0.09 per share in line with the Zacks Consensus Estimate. This compares to loss of $0.26 per share a year ago. These figures are adjusted for non-recurring items.A quarter ago, it was expected that this pioneer in zero-emission trucks would post a loss of $0.16 per share when it actually produced a loss of $0.11, delivering a surprise of 31.25%.Over the last four quarters, the company has surpassed consensus EPS estimates two times.Nikola, which belongs to th ...

[Q1 2024 Performance Overview](index=1&type=section&id=Nikola%20Corporation%20Reports%20First%20Quarter%202024%20Results) Nikola exceeded FCEV delivery guidance, accelerated hydrogen infrastructure, and reported Q1 2024 revenues of $7.5 million with a net loss of $147.7 million [Business & Operational Highlights](index=1&type=section&id=Business%20%26%20Operational%20Highlights) Nikola exceeded FCEV delivery guidance, expanded hydrogen infrastructure, began monetizing CARB credits, and progressed BEV remediation [Hydrogen Fuel Cell Electric Truck (FCEV)](index=1&type=section&id=Hydrogen%20Fuel%20Cell%20Electric%20Truck) Nikola wholesaled 40 FCEVs in Q1, exceeding guidance, with trucks accumulating over 830,000 miles and expanding market reach - Wholesaled **40 FCEVs** in Q1, exceeding guidance and bringing the program-to-date total to **75 trucks**[3](index=3&type=chunk)[5](index=5&type=chunk) - Program-to-date, FCEVs accumulated over **830,000 miles** with average fuel economy exceeding the **7.2 mi/kg** target[4](index=4&type=chunk) - Expanding market reach beyond California and Canada into new areas like New York[3](index=3&type=chunk)[5](index=5&type=chunk) [Energy & HYLA Infrastructure](index=2&type=section&id=Energy) HYLA accelerated its hydrogen refueling plan, expecting 9 solutions by mid-2024 and 14 by year-end, including new stations - Accelerated hydrogen refueling plan, now expecting **9 solutions by mid-2024** and **14 by year-end 2024**[6](index=6&type=chunk) - During Q1, HYLA opened new hydrogen refueling stations in Ontario (CA), Port of Long Beach (CA), and Alberta, Canada[5](index=5&type=chunk) [Battery-Electric Truck (BEV)](index=2&type=section&id=Battery-Electric%20Truck) First remediated BEV delivered in Q1, full remediation by year-end 2024, with inventory sales expected in 2025 and software updates - Completed first delivery of a remediated BEV in Q1, with all remediations expected by **year-end 2024**[8](index=8&type=chunk)[5](index=5&type=chunk) - Sales of on-hand BEV inventory are now expected opportunistically in **2025**, dependent on future battery supply[8](index=8&type=chunk) - BEV 2.0 updated to share software commonality with FCEV, enabling over-the-air updates and new ADAS features[9](index=9&type=chunk) [Regulatory & Policy Impact](index=2&type=section&id=Constructive%20Green%20Policies) Nikola holds 99% of unredeemed HVIP vouchers for Class 8 FCEVs and executed its first CARB credit sale - Holds **99% market share** (**362 of 367**) of unredeemed HVIP vouchers for Class 8 FCEVs[7](index=7&type=chunk) - Executed first sale of CARB credits (NOx and PM), with revenue to be recognized in **Q2 2024**, expecting a meaningful future stream[7](index=7&type=chunk) [Financial Performance](index=3&type=section&id=Financial%20Performance) Nikola reported Q1 2024 revenues of $7.5 million, a net loss of $147.7 million, and ended with $345.6 million cash [Financial Highlights Summary](index=3&type=section&id=First%20Quarter%20Financial%20Highlights) Q1 2024 saw 43 trucks produced, $7.5 million revenue, a $57.6 million gross loss, and a $147.7 million net loss | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Trucks Produced | 43 | 63 | | Trucks Shipped | 40 | 31 | | Total Revenues | $7.5M | $10.7M | | Gross Loss | $(57.6)M | $(22.7)M | | Loss from Operations | $(145.4)M | $(127.2)M | | Net Loss from Continuing Operations | $(147.7)M | $(145.3)M | | Adjusted EBITDA | $(104.0)M | $(103.7)M | | Net Loss per Share (Continuing Ops) | $(0.11) | $(0.26) | | Non-GAAP Net Loss per Share | $(0.09) | $(0.22) | [Consolidated Statement of Operations](index=5&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) Q1 2024 total revenues were $7.5 million, gross loss widened to $57.6 million, and net loss from continuing operations was $147.7 million | Line Item (In thousands) | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Total Revenues | $7,497 | $10,677 | | Total Cost of Revenues | $65,072 | $33,374 | | **Gross Loss** | **$(57,575)** | **$(22,697)** | | Research and Development | $39,497 | $61,806 | | Selling, General, and Administrative | $48,291 | $42,697 | | **Loss from Operations** | **$(145,363)** | **$(127,200)** | | **Net Loss from Continuing Operations** | **$(147,722)** | **$(145,251)** | | **Net Loss** | **$(147,722)** | **$(169,094)** | [Consolidated Balance Sheet](index=7&type=section&id=CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS) As of March 31, 2024, total assets were $1.15 billion, cash $345.6 million, liabilities $565.9 million, and equity $586.3 million | Account (In thousands) | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Cash and cash equivalents | $345,637 | $464,715 | | Total Current Assets | $469,309 | $572,412 | | **Total Assets** | **$1,152,153** | **$1,274,857** | | Total Current Liabilities | $271,293 | $260,105 | | **Total Liabilities** | **$565,878** | **$555,683** | | **Total Stockholders' Equity** | **$586,275** | **$719,174** | [Consolidated Statement of Cash Flows](index=8&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) Q1 2024 net cash used in operations was $115.6 million, investing activities provided $4.9 million, resulting in a $115.7 million net decrease | Cash Flow Activity (In thousands) | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | 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) | $115,916 | | **Net Decrease in Cash** | **$(115,718)** | **$(110,623)** | [Non-GAAP Financial Measures & Reconciliations](index=4&type=section&id=Use%20of%20Non-GAAP%20Financial%20Measures) Nikola provides non-GAAP measures like Adjusted EBITDA and non-GAAP net loss, with Q1 2024 Adjusted EBITDA at $(104.0) million - The company uses non-GAAP measures like Adjusted EBITDA and non-GAAP net loss to supplement GAAP reporting, adjusting for specific items[16](index=16&type=chunk)[17](index=17&type=chunk) Reconciliation to Adjusted EBITDA (in thousands) | Reconciliation to Adjusted EBITDA (in thousands) | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net loss from continuing operations | $(147,722) | $(145,251) | | **Adjusted EBITDA** | **$(104,030)** | **$(103,749)** | Reconciliation to Non-GAAP Net Loss (in thousands, except per share) | Reconciliation to Non-GAAP Net Loss (in thousands, except per share) | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net loss from continuing operations | $(147,722) | $(145,251) | | **Non-GAAP net loss** | **$(116,904)** | **$(119,820)** | | **Non-GAAP net loss per share** | **$(0.09)** | **$(0.22)** |

Nikola Corporation (NKLA) is slated to release first-quarter 2024 results on May 7, before market open. The Zacks Consensus Estimate for the to-be-reported quarter’s loss per share and revenues is pegged at 9 cents and $15.05 million, respectively.For the first quarter, the consensus estimate for NKLA’s loss per share has remained unchanged in the past 60 days. Its bottom-line estimates imply growth of 65.38% from the year-ago reported number.The Zacks Consensus Estimate for its quarterly revenues suggests ...