Delaware
(State or Other Jurisdiction of Incorporation)
|
001-38495
(Commission File Number)
|
82-4151153
(I.R.S. Employer
Identification No.)
|
Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||
Common stock, $0.0001 par value per share | NKLA | The Nasdaq Stock Market LLC |
Exhibit No. | Description | |||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL). |
NIKOLA CORPORATION | |||||||||||
Dated: October 31, 2024 |
By: | /s/ Thomas B. Okray | |||||||||
Thomas B. Okray | |||||||||||
Chief Financial Officer | |||||||||||
Three Months Ended September 30, |
Nine Months Ended September 30, |
||||||||||||||||||||||
(In thousands, except share and per share data) |
2024 | 2023 | 2024 | 2023 | |||||||||||||||||||
Trucks produced | 83 | N/A | 203 | 96 | |||||||||||||||||||
Trucks shipped | 90 | 3 | 203 | 79 | |||||||||||||||||||
Total revenues | $ | 25,181 | $ | (1,732) | $ | 63,997 | $ | 24,307 | |||||||||||||||
Gross profit (loss) | $ | (61,943) | $ | (125,503) | $ | (174,244) | $ | (175,831) | |||||||||||||||
Gross margin | (246) | % | 7246 | % | (272) | % | (723) | % | |||||||||||||||
Loss from operations | $ | (178,791) | $ | (226,167) | $ | (455,278) | $ | (521,993) | |||||||||||||||
Net loss from continuing operations | $ | (199,781) | $ | (425,764) | $ | (481,177) | $ | (711,025) | |||||||||||||||
Net loss on discontinued operations | $ | — | $ | — | $ | — | $ | (101,661) | |||||||||||||||
Net loss | $ | (199,781) | $ | (425,764) | $ | (481,177) | $ | (812,686) | |||||||||||||||
Adjusted EBITDA (1) |
$ | (123,610) | $ | (188,563) | $ | (337,037) | $ | (417,318) | |||||||||||||||
Net loss from continuing operations per share, basic and diluted | $ | (3.89) | $ | (14.90) | $ | (10.12) | $ | (30.20) | |||||||||||||||
Net loss from discontinued operations | $ | — | $ | — | $ | — | $ | (4.32) | |||||||||||||||
Non-GAAP net loss per share, basic and diluted(1) |
$ | (2.75) | $ | (9.04) | $ | (8.05) | $ | (21.97) | |||||||||||||||
Weighted-average shares outstanding, basic and diluted | 51,388,962 | 28,573,800 | 47,553,460 | 23,544,174 |
Three Months Ended September 30, |
Nine Months Ended September 30, |
||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Truck sales | $ | 24,847 | $ | (2,368) | $ | 61,008 | $ | 19,693 | |||||||||||||||
Service and other | 334 | 636 | 2,989 | 4,614 | |||||||||||||||||||
Total revenues | 25,181 | (1,732) | 63,997 | 24,307 | |||||||||||||||||||
Cost of revenues: | |||||||||||||||||||||||
Truck sales | 82,205 | 122,679 | 222,946 | 195,902 | |||||||||||||||||||
Service and other | 4,919 | 1,092 | 15,295 | 4,236 | |||||||||||||||||||
Total cost of revenues | 87,124 | 123,771 | 238,241 | 200,138 | |||||||||||||||||||
Gross loss | (61,943) | (125,503) | (174,244) | (175,831) | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Research and development (1) |
41,800 | 41,966 | 121,458 | 168,286 | |||||||||||||||||||
Selling, general, and administrative (1) |
41,629 | 57,982 | 126,157 | 159,443 | |||||||||||||||||||
Impairment expense | 33,419 | — | 33,419 | — | |||||||||||||||||||
Loss on supplier deposits | — | 716 | — | 18,433 | |||||||||||||||||||
Total operating expenses | 116,848 | 100,664 | 281,034 | 346,162 | |||||||||||||||||||
Loss from operations | (178,791) | (226,167) | (455,278) | (521,993) | |||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||
Interest expense, net | (10,875) | (52,680) | (17,094) | (71,262) | |||||||||||||||||||
Gain on divestiture of affiliate | — | — | — | 70,849 | |||||||||||||||||||
Loss on debt extinguishment | (871) | — | (3,184) | (20,362) | |||||||||||||||||||
Other income (expense), net | (9,417) | (146,654) | (4,664) | (151,969) | |||||||||||||||||||
Loss before income taxes and equity in net profit (loss) of affiliates | (199,954) | (425,501) | (480,220) | (694,737) | |||||||||||||||||||
Income tax expense | — | 1 | 92 | 1 | |||||||||||||||||||
Loss before equity in net profit (loss) of affiliates | (199,954) | (425,502) | (480,312) | (694,738) | |||||||||||||||||||
Equity in net profit (loss) of affiliates | 173 | (262) | (865) | (16,287) | |||||||||||||||||||
Net loss from continuing operations | (199,781) | (425,764) | (481,177) | (711,025) | |||||||||||||||||||
Discontinued operations: | |||||||||||||||||||||||
Loss from discontinued operations | — | — | — | (76,726) | |||||||||||||||||||
Loss from deconsolidation of discontinued operations | — | — | — | (24,935) | |||||||||||||||||||
Net loss from discontinued operations | — | — | — | (101,661) | |||||||||||||||||||
Net loss | $ | (199,781) | $ | (425,764) | $ | (481,177) | $ | (812,686) | |||||||||||||||
Basic and diluted net loss per share (2): |
|||||||||||||||||||||||
Net loss from continuing operations | $ | (3.89) | $ | (14.90) | $ | (10.12) | $ | (30.20) | |||||||||||||||
Net loss from discontinued operations | $ | — | $ | — | $ | — | $ | (4.32) | |||||||||||||||
Net loss | $ | (3.89) | $ | (14.90) | $ | (10.12) | $ | (34.52) | |||||||||||||||
Weighted-average shares outstanding, basic and diluted (2) |
51,388,962 | 28,573,800 | 47,553,460 | 23,544,174 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Cost of revenues | $ | 434 | $ | 414 | $ | 1,114 | $ | 1,813 | |||||||||||||||
Research and development | 2,473 | 3,383 | 7,825 | 19,043 | |||||||||||||||||||
Selling, general, and administrative | 5,694 | 14,862 | 16,398 | 48,060 | |||||||||||||||||||
Total stock-based compensation expense | $ | 8,601 | $ | 18,659 | $ | 25,337 | $ | 68,916 |
September 30, | December 31, | ||||||||||
2024 | 2023 | ||||||||||
Assets | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | 198,301 | $ | 464,715 | |||||||
Restricted cash and cash equivalents | 3,374 | 1,224 | |||||||||
Accounts receivable, net | 51,773 | 17,974 | |||||||||
Inventory | 76,076 | 62,588 | |||||||||
Prepaid expenses and other current assets | 61,996 | 25,911 | |||||||||
Total current assets | 391,520 | 572,412 | |||||||||
Restricted cash and cash equivalents | 16,086 | 28,026 | |||||||||
Long-term deposits | 17,256 | 14,954 | |||||||||
Property, plant and equipment, net | 490,244 | 503,416 | |||||||||
Intangible assets, net | 52,130 | 85,860 | |||||||||
Investment in affiliate | 56,197 | 57,062 | |||||||||
Goodwill | — | 5,238 | |||||||||
Other assets | 12,610 | 7,889 | |||||||||
Total assets | $ | 1,036,043 | $ | 1,274,857 | |||||||
Liabilities and stockholders' equity | |||||||||||
Current liabilities | |||||||||||
Accounts payable | $ | 57,161 | $ | 44,133 | |||||||
Accrued expenses and other current liabilities | 205,508 | 207,022 | |||||||||
Debt and finance lease liabilities, current | 73,111 | 8,950 | |||||||||
Total current liabilities | 335,780 | 260,105 | |||||||||
Long-term debt and finance lease liabilities, net of current portion | 270,018 | 269,279 | |||||||||
Operating lease liabilities | 6,806 | 4,765 | |||||||||
Other long-term liabilities | 44,193 | 21,534 | |||||||||
Total liabilities | 656,797 | 555,683 | |||||||||
Commitments and contingencies | |||||||||||
Stockholders' equity | |||||||||||
Preferred stock | — | — | |||||||||
Common stock | 6 | 4 | |||||||||
Additional paid-in capital | 3,931,702 | 3,790,401 | |||||||||
Accumulated deficit | (3,552,246) | (3,071,069) | |||||||||
Accumulated other comprehensive loss | (216) | (162) | |||||||||
Total stockholders' equity | 379,246 | 719,174 | |||||||||
Total liabilities and stockholders' equity | $ | 1,036,043 | $ | 1,274,857 |
Nine Months Ended September 30, | |||||||||||
2024 | 2023 | ||||||||||
Cash flows from operating activities | |||||||||||
Net loss | $ | (481,177) | $ | (812,686) | |||||||
Less: Loss from discontinued operations | — | (101,661) | |||||||||
Loss from continuing operations | (481,177) | (711,025) | |||||||||
Adjustments to reconcile net loss from continuing operations to net cash used in operating activities: | |||||||||||
Depreciation and amortization | 33,408 | 28,758 | |||||||||
Stock-based compensation | 25,337 | 68,916 | |||||||||
Equity in net loss of affiliates | 865 | 16,287 | |||||||||
Revaluation of financial instruments | 6,284 | 195,132 | |||||||||
Revaluation of contingent stock consideration | — | (43,981) | |||||||||
Inventory write-downs | 56,587 | 64,500 | |||||||||
Non-cash interest expense | 11,906 | 72,846 | |||||||||
Loss on supplier deposits | — | 18,433 | |||||||||
Gain on divestiture of affiliate | — | (70,849) | |||||||||
Loss on debt extinguishment | 3,184 | 20,362 | |||||||||
Loss on disposal of assets | 2,921 | — | |||||||||
Impairment expense | 33,419 | — | |||||||||
Other non-cash activity | 5,674 | 3,888 | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable, net | (33,799) | 20,932 | |||||||||
Inventory | (71,085) | (9,983) | |||||||||
Prepaid expenses and other current assets | (14,017) | (48,332) | |||||||||
Other assets | (1,595) | (2,384) | |||||||||
Accounts payable, accrued expenses and other current liabilities | (3,478) | (1,672) | |||||||||
Long-term deposits | (262) | (1,377) | |||||||||
Operating lease liabilities | (2,769) | (1,191) | |||||||||
Other long-term liabilities | 29,064 | 2,316 | |||||||||
Net cash used in operating activities | (399,533) | (378,424) | |||||||||
Cash flows from investing activities | |||||||||||
Purchases and deposits of property, plant and equipment | (43,740) | (108,409) | |||||||||
Proceeds from the sale of assets | 21,398 | 20,742 | |||||||||
Divestiture of affiliate | — | 35,000 | |||||||||
Payments to Assignee | — | (2,725) | |||||||||
Investments in affiliate | — | (250) | |||||||||
Net cash used in investing activities | (22,342) | (55,642) |
Cash flows from financing activities | |||||||||||
Proceeds from the exercise of stock options | — | 7,393 | |||||||||
Proceeds from issuance of shares under the Tumim Purchase Agreements | — | 67,587 | |||||||||
Proceeds from registered direct offering, net of underwriter's discount | — | 63,456 | |||||||||
Proceeds from public offering, net of underwriter's discount | — | 32,244 | |||||||||
Proceeds from issuance of common stock under Equity Distribution Agreement, net of commissions and other fees paid | 73,464 | 115,027 | |||||||||
Proceeds from issuance of convertible notes | 80,000 | 217,075 | |||||||||
Proceeds from issuance of financing obligation, net of issuance costs | — | 53,548 | |||||||||
Proceeds from insurance premium financing | 4,598 | 5,223 | |||||||||
Repayment of debt and promissory notes | (522) | (45,287) | |||||||||
Payment for Coupon Make-Whole Premium | (4,579) | — | |||||||||
Payments on insurance premium financing | (3,661) | (3,550) | |||||||||
Payments on finance lease liabilities and financing obligation | (3,549) | (459) | |||||||||
Payments for issuance costs | (80) | — | |||||||||
Net cash provided by financing activities | 145,671 | 512,257 | |||||||||
Net increase (decrease) in cash and cash equivalents, including restricted cash and cash equivalents | (276,204) | 78,191 | |||||||||
Cash and cash equivalents, including restricted cash and cash equivalents, beginning of period | 493,965 | 313,909 | |||||||||
Cash and cash equivalents, including restricted cash and cash equivalents, end of period | $ | 217,761 | $ | 392,100 | |||||||
Cash flows from discontinued operations: | |||||||||||
Operating activities | $ | — | $ | (4,964) | |||||||
Investing activities | — | (1,804) | |||||||||
Financing activities | — | (572) | |||||||||
Net cash used in discontinued operations | $ | — | $ | (7,340) | |||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Net loss from continuing operations | $ | (199,781) | $ | (425,764) | $ | (481,177) | $ | (711,025) | ||||||||||||||||||
Interest expense, net | 10,875 | 52,680 | 17,094 | 71,262 | ||||||||||||||||||||||
Income tax expense | — | 1 | 92 | 1 | ||||||||||||||||||||||
Depreciation and amortization | 11,720 | 16,996 | 33,408 | 28,758 | ||||||||||||||||||||||
EBITDA | (177,186) | (356,087) | (430,583) | (611,004) | ||||||||||||||||||||||
Impairment expense | 33,419 | — | 33,419 | — | ||||||||||||||||||||||
Stock-based compensation | 8,601 | 18,659 | 25,337 | 68,916 | ||||||||||||||||||||||
Loss on supplier deposits | — | 716 | — | 18,433 | ||||||||||||||||||||||
Gain on divestiture of affiliate | — | — | — | (70,849) | ||||||||||||||||||||||
Loss on debt extinguishment | 871 | — | 3,184 | 20,362 | ||||||||||||||||||||||
Loss / (gain) on disposal of assets | (237) | — | 2,921 | — | ||||||||||||||||||||||
Equipment purchase cancellation | — | — | 15,613 | — | ||||||||||||||||||||||
Revaluation of financial instruments | 8,431 | 145,717 | 6,284 | 151,151 | ||||||||||||||||||||||
Regulatory and legal matters (1) |
2,491 | 2,432 | 6,788 | 5,673 | ||||||||||||||||||||||
Adjusted EBITDA | $ | (123,610) | $ | (188,563) | $ | (337,037) | $ | (417,318) |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
(in thousands, except share and per share data) | |||||||||||||||||||||||
Net loss from continuing operations | $ | (199,781) | $ | (425,764) | $ | (481,177) | $ | (711,025) | |||||||||||||||
Impairment expense | 33,419 | — | 33,419 | — | |||||||||||||||||||
Stock-based compensation | 8,601 | 18,659 | 25,337 | 68,916 | |||||||||||||||||||
Debt issuance costs for Senior Convertible Notes | 4,890 | — | 4,890 | — | |||||||||||||||||||
Loss on supplier deposits | — | 716 | — | 18,433 | |||||||||||||||||||
Gain on divestiture of affiliate | — | — | — | (70,849) | |||||||||||||||||||
Loss on debt extinguishment | 871 | — | 3,184 | 20,362 | |||||||||||||||||||
Revaluation of financial instruments | 8,431 | 145,717 | 6,284 | 151,151 | |||||||||||||||||||
Loss / (gain) on disposal of assets | (237) | — | 2,921 | — | |||||||||||||||||||
Equipment purchase cancellation | — | — | 15,613 | — | |||||||||||||||||||
Regulatory and legal matters (1) |
2,491 | 2,432 | 6,788 | 5,673 | |||||||||||||||||||
Non-GAAP net loss | $ | (141,315) | $ | (258,240) | $ | (382,741) | $ | (517,339) | |||||||||||||||
Net loss from continuing operations per share, basic and diluted (2) |
$ | (3.89) | $ | (14.90) | $ | (10.12) | $ | (30.20) | |||||||||||||||
Non-GAAP net loss per share, basic and diluted | $ | (2.75) | $ | (9.04) | $ | (8.05) | $ | (21.97) | |||||||||||||||
Weighted average shares outstanding, basic and diluted (2) |
51,388,962 | 28,573,800 | 47,553,460 | 23,544,174 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Most comparable GAAP measure: | ||||||||||||||||||||||||||
Net cash used in operating activities | $ | (149,377) | $ | (91,259) | $ | (399,533) | $ | (378,424) | ||||||||||||||||||
Net cash used in investing activities | (13,558) | (115) | (22,342) | (55,642) | ||||||||||||||||||||||
Net cash provided by financing activities | 98,080 | 188,119 | 145,671 | 512,257 | ||||||||||||||||||||||
Non-GAAP measure: | ||||||||||||||||||||||||||
Net cash used in operating activities | (149,377) | (91,259) | (399,533) | (378,424) | ||||||||||||||||||||||
Purchases of property, plant and equipment | (13,558) | (20,690) | (43,740) | (108,409) | ||||||||||||||||||||||
Adjusted free cash flow | $ | (162,935) | $ | (111,949) | $ | (443,273) | $ | (486,833) |