Nikola Corporation Reports Third Quarter 2024 Results
Nikola reported Q3 2024 results with record 88 hydrogen fuel cell electric truck deliveries, up 22% quarter-over-quarter. The company saw a 78% increase in FCEV fleet adoption year-to-date, with 16 end fleets deploying Nikola FCEVs. Total revenues reached $25.2 million, though the company reported a net loss of $199.8 million. The company reaffirmed its year-end FCEV volume guidance of 300-350 trucks and has returned 78 BEV '2.0s' to the market. The HYLA network recorded over 5,900 fueling events, dispensing more than 210 metric tons of hydrogen, with dispensing growing nearly 350% year-to-date.
Nikola ha riportato i risultati del terzo trimestre 2024 con un record di 88 consegne di camion elettrici con celle a idrogeno, in aumento del 22% rispetto al trimestre precedente. L'azienda ha registrato un incremento del 78% nell'adozione della flotta di FCEV dall'inizio dell'anno, con 16 flotte finali che hanno adottato i FCEV di Nikola. I ricavi totali hanno raggiunto i 25,2 milioni di dollari, mentre l'azienda ha riportato una perdita netta di 199,8 milioni di dollari. L'azienda ha confermato la previsione di volume di FCEV per la fine dell'anno tra 300-350 camion e ha restituito 78 BEV '2.0' al mercato. La rete HYLA ha registrato oltre 5.900 eventi di rifornimento, erogando più di 210 tonnellate metriche di idrogeno, con un aumento del rifornimento di quasi il 350% dall'inizio dell'anno.
Nikola informó los resultados del tercer trimestre de 2024 con un récord de 88 entregas de camiones eléctricos de celdas de hidrógeno, un aumento del 22% en comparación con el trimestre anterior. La compañía vio un aumento del 78% en la adopción de flotas de FCEV hasta la fecha, con 16 flotas finales desplegando FCEVs de Nikola. Los ingresos totales alcanzaron los 25.2 millones de dólares, aunque la compañía reportó una pérdida neta de 199.8 millones de dólares. La empresa reafirmó su guía de volumen de FCEV para fin de año de 300-350 camiones y ha devuelto 78 BEV '2.0' al mercado. La red HYLA registró más de 5,900 eventos de abastecimiento, dispensando más de 210 toneladas métricas de hidrógeno, con un crecimiento de la dispensación de casi el 350% hasta la fecha.
니콜라는 2024년 3분기 실적을 보고하며 수소 연료 전지 전기 트럭 88대의 기록적인 배송을 달성했습니다, 이는 전분기 대비 22% 증가한 수치입니다. 이 회사는 현재까지 FCEV 플릿 채택이 78% 증가했으며, 16개의 최종 플릿이 니콜라 FCEV를 배치했습니다. 총 수익은 2520만 달러에 달했지만, 회사는 1억 9980만 달러의 순손실을 보고했습니다. 이 회사는 연말 FCEV 양산 목표를 300-350대 트럭으로 수정하고 78개의 BEV '2.0' 모델을 시장에 재진입시켰습니다. HYLA 네트워크는 5900건이 넘는 연료 공급 이벤트를 기록했으며, 210톤 이상의 수소를 공급하고 있으며, 공급량은 현재까지 거의 350% 증가했습니다.
Nikola a rapporté les résultats du troisième trimestre 2024 avec un nombre record de 88 livraisons de camions électriques à hydrogène, en hausse de 22 % par rapport au trimestre précédent. L'entreprise a enregistré une augmentation de 78 % de l'adoption de la flotte de FCEV depuis le début de l'année, avec 16 flottes finales déployant des FCEV de Nikola. Les revenus totaux ont atteint 25,2 millions de dollars, bien que l'entreprise ait rapporté une perte nette de 199,8 millions de dollars. L'entreprise a confirmé son objectif de volume de FCEV pour la fin de l'année entre 300 et 350 camions et a remis 78 BEV '2.0' sur le marché. Le réseau HYLA a enregistré plus de 5 900 événements de ravitaillement, distribuant plus de 210 tonnes métriques d'hydrogène, avec une augmentation de près de 350 % depuis le début de l'année.
Nikola berichtete über die Ergebnisse des dritten Quartals 2024 mit einer Rekordzahl von 88 Lieferungen von Wasserstoff-Brennstoffzellen-Elektro-Lkw, ein Anstieg von 22 % im Vergleich zum Vorquartal. Das Unternehmen verzeichnete einen Anstieg von 78 % bei der Einführung der FCEV-Flotte im Jahresverlauf, wobei 16 Endflotten Nikola-FCEVs einsetzten. Der Gesamterlös erreichte 25,2 Millionen Dollar, während das Unternehmen einen Nettoverlust von 199,8 Millionen Dollar meldete. Das Unternehmen bekräftigte seine Prognose für das FCEV-Volumen zum Jahresende von 300-350 Lkw und hat 78 BEV '2.0' wieder auf den Markt gebracht. Das HYLA-Netzwerk verzeichnete über 5.900 Betankungsereignisse und gab mehr als 210 metrische Tonnen Wasserstoff ab, wobei die Abgabe im Jahresverlauf um fast 350 % wuchs.
- Record 88 FCEV deliveries, up 22% quarter-over-quarter
- 78% increase in FCEV fleet adoption year-to-date
- Revenue growth to $25.2 million from negative revenue in Q3 2023
- Expanded dealer network with addition of GTS Group
- 350% increase in hydrogen dispensing year-to-date
- Net loss of $199.8 million in Q3 2024
- Negative gross margin of 246%
- Operating loss of $178.8 million
- Gross loss of $61.9 million
Insights
The Q3 results show mixed signals for Nikola. While FCEV deliveries reached a record 88 units (up
The hydrogen infrastructure expansion through HYLA shows promise with
The operational metrics for Nikola's hydrogen ecosystem show encouraging momentum. The expansion to 16 end fleets for FCEVs and successful deployment of HYLA fueling infrastructure with over 5,900 fueling events demonstrates growing market acceptance. The average fill of 36kg per event and 210 metric tons total hydrogen dispensed validates the practical viability of hydrogen trucking.
However, the scale of 19 service locations and projected 10 HYLA stations by year-end highlight the massive infrastructure investment still needed. The return of BEV 2.0 trucks to service with 715K road miles provides a diversified zero-emission offering, but the focus appears to be shifting more decisively toward FCEVs as the primary growth driver.
- Record 88 wholesale deliveries of hydrogen fuel cell electric trucks in Q3, up
22% quarter over quarter - FCEV Fleet adoption up
78% year-to-date, with 16 end fleets deploying Nikola FCEVs, 32 distinct end fleets across both powertrains - Expanded dealer network for the first time since launch of the FCEV
- Reiterating our year-end volume guidance of 300-350 FCEVs
"Year-to-date, we had record sales of hydrogen fuel cell electric trucks, a
Hydrogen Fuel Cell Electric Truck
We delivered record sales of 88 FCEVs to our dealer network, up
We expanded our dealer network for the first time since the launch of our FCEV with the addition of GTS Group, in
We reiterate FCEV volume guidance of 300-350 trucks by year-end.
HYLA Energy
We expect to deliver 10 HYLA fueling solutions by year-end. We are focusing our strategy on providing more support at existing stations to better serve our customers as we scale. Operationally, over the lifetime of the entire HYLA network, we have recorded more than 5900 fueling events, dispensing more than 210 metric tons of hydrogen, for an average of 36kg per fill. The year-to-date ramp-up in mobile hydrogen refueling stations has been very strong. Since we began measuring commercial fueling operations in Q1, total hydrogen dispensing has grown nearly
Battery-Electric Truck
We are excited that the BEV "2.0" is back on the road, hauling freight, and validating its use case. Since putting the BEV 2.0 back into service, 19 end fleets have accumulated more than 715K in-service road miles. The BEV 2.0 has been the truck of choice for our end fleets not only for its performance but also to meet the sustainability goals of end fleet partners. Program-to-date, we've returned 78 BEVs back to the market to overwhelmingly positive feedback.
Third Quarter Operational and Financial Highlights
Three Months Ended | Nine Months Ended | ||||||
(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 | |||
(1) A reconciliation of the non-GAAP versus GAAP information is provided below in the financial statement tables in this press release. |
Webcast and Conference Call Information
Nikola will host a webcast to discuss its third quarter results and business progress at 7:30 a.m. Pacific Time (10:30 a.m. Eastern Time) on October 31, 2024. To access the webcast, parties in
The live audio webcast, along with supplemental information, will be accessible on the Company's Investor Relations website here. A recording of the webcast will also be available following the earnings call.
About Nikola Corporation
Nikola Corporation's mission is clear: pioneering solutions for a zero-emissions world. As an integrated truck and energy company, Nikola is transforming commercial transportation, with our Class 8 vehicles, including battery-electric and hydrogen fuel cell electric trucks, and our energy brand, HYLA, driving the advancement of the complete hydrogen refueling ecosystem, covering supply, distribution and dispensing.
Nikola headquarters is based in
Experience our journey to achieve your sustainability goals at nikolamotor.com or engage with us on social media via Facebook @nikolamotorcompany, Instagram @nikolamotorcompany, YouTube @nikolamotorcompany, LinkedIn @nikolamotorcompany or X / Twitter @nikolamotor
Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of federal securities laws with respect to Nikola Corporation (the "Company"), including statements relating to: the Company's belief that the third quarter is an example of how it is executing its strategic and operational objectives by strengthening its resolve to push forward, meet the demands of end fleets, and lay a path for a sustainable future; the Company's belief that zero-emission trucks are driving the future of Class 8 mobility; the Company's beliefs regarding its role in helping to meet sustainability goals; the Company's future financial and business performance, truck sale guidance, business plan, strategy, focus, opportunities and milestones; the benefits and momentum in the Company's profitability flywheel; customer demand for trucks; the Company's beliefs regarding its competition and competitive position; the Company's business outlook; the Company's expectations regarding hydrogen refueling solutions and timelines; expectations related to the battery-electric truck recall; and the Company's beliefs regarding the benefits and attributes of its trucks, and customer experience. These forward-looking statements other than statements of historical fact, and generally are identified by words such as "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," and similar expressions. Forward-looking statements are predictions, projections, and other statements about future events based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: the Company's ability to continue as a going concern; the Company's cash needs and obligations, and changes in its cash needs and obligations; the Company's its ability to raise sufficient capital to continue to operate its business; the Company's ability to achieve cost reductions and decrease its cash usage; the ability of the Company to successfully execute its business plan; design and manufacturing changes and delays, including shortages of parts and materials and other supply challenges; the continued availability of hydrogen refueling solutions; general economic, financial, legal, regulatory, political and business conditions and changes in domestic and foreign markets; demand for and customer acceptance of the Company's trucks and hydrogen refueling solutions; the results of customer pilot testing; the execution and terms of definitive agreements with strategic partners and customers; the failure to convert LOIs or MOUs into binding orders; the cancellation of orders; risks associated with development and testing of fuel cell power modules and hydrogen storage systems; risks related to the recall, including higher than expected costs, the discovery of additional problems, delays retrofitting the trucks and delivering such trucks to customers, supply chain and other issues that may create additional delays, order cancellations as a result of the recall, litigation, complaints and/or product liability claims, and reputational harm; risks related to the rollout of the Company's business and milestones and the timing of expected business milestones; the effects of competition on the Company's business; the Company's capital needs ability to raise capital; the Company's ability to achieve cost reductions and decrease its cash usage; the grant, receipt and continued availability of federal and state incentives; and the factors, risks and uncertainties regarding the Company's business described in the "Risk Factors" section of the Company's Quarterly Report on Form 10-Q, for the quarter ended June 30, 2024 filed with the SEC, in addition to the Company's subsequent filings with the SEC. These filings identify and address other important risks and uncertainties that could cause the Company's actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, the Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.
Use of Non-GAAP Financial Measures
This press release references Adjusted EBITDA and non-GAAP net loss per share, basic and diluted, all of which are non-GAAP financial measures and are presented as supplemental measures of the Company's performance. The Company defines Adjusted EBITDA as earnings before interest expense, taxes, depreciation and amortization, stock-based compensation expense, and certain other items determined by the Company. Non-GAAP net loss is defined as net loss adjusted for stock-based compensation expense and certain other items determined by the Company. Non-GAAP net loss per share, basic and diluted is defined as non-GAAP net loss divided by weighted average basic and diluted shares outstanding. These non-GAAP measures are not substitutes for or superior to measures of financial performance prepared in accordance with generally accepted accounting principles in
The Company believes that presenting these non-GAAP measures provides useful supplemental information to investors about the Company in understanding and evaluating its operating results, enhancing the overall understanding of its past performance and future prospects, and allowing for greater transparency with respect to key financial metrics used by its management in financial and operational-decision making. However, there are a number of limitations related to the use of non-GAAP measures and their nearest GAAP equivalents. For example, other companies may calculate non-GAAP measures differently or may use other measures to calculate their financial performance, and therefore any non-GAAP measures the Company uses may not be directly comparable to similarly titled measures of other companies.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||
(In thousands, except share and per share data) | |||||||
(Unaudited) | |||||||
Three Months Ended | Nine Months Ended | ||||||
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 | |||
(1) Includes stock-based compensation as follows: | |||||||
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 | |||
(2) Shares issued and outstanding have been adjusted to reflect the one-for-thirty (1-for-30) reverse stock split that became effective on June 24, 2024. |
CONDENSED CONSOLIDATED BALANCE SHEETS | |||
(In thousands, except share and per share data) | |||
(Unaudited) | |||
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 | |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||
(In thousands) | |||
(Unaudited) | |||
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) | |
Reconciliation of GAAP Financial Metrics to Non-GAAP | ||||||||
(In thousands, except share and per share data) | ||||||||
(Unaudited) | ||||||||
Reconciliation of Net Loss from continuing operations to EBITDA and Adjusted EBITDA | ||||||||
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) | ||||
(1) Regulatory and legal matters include legal, advisory, and other professional service fees incurred in connection with a short-seller article from September 2020, and investigations and litigation related thereto. |
Reconciliation of GAAP to Non-GAAP Net Loss, and GAAP to Non-GAAP Net Loss per Share, basic and diluted | |||||||
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 | |||
(1) Regulatory and legal matters include legal, advisory, and other professional service fees incurred in connection with a short-seller article from September 2020, and investigations and litigation related thereto. |
(2) Shares issued and outstanding have been adjusted to reflect the one-for-thirty (1-for-30) reverse stock split that became effective on June 24, 2024. |
Reconciliation of Cash flows to Adjusted Free Cash Flow | ||||||||
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) | ||||
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SOURCE Nikola Corporation
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