- 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
PHOENIX, Oct. 31,
2024 /PRNewswire/ -- Nikola Corporation (Nasdaq:
NKLA), a global leader in zero-emissions transportation and energy
supply and infrastructure solutions, via the HYLA brand, today
reported financial results and business updates for the quarter
ended September 30, 2024.
"Year-to-date, we had record sales of hydrogen fuel cell
electric trucks, a 78% increase in FCEV fleet adoption, and a
nearly 350% increase in hydrogen fuel dispensed at our commercial
stations," said Steve Girsky,
President and CEO of Nikola. "We also returned 78 BEV "2.0s" back
to end fleets and dealers. With every truck delivered and fueled at
our HYLA stations, we continue to deliver proof points to the
market that zero-emission trucks are driving the future of Class 8
mobility."
Hydrogen Fuel Cell Electric Truck
We delivered record
sales of 88 FCEVs to our dealer network, up 22% from last quarter.
On the retail front, we continued to see strong organic growth from
existing end fleets. National fleet partners such as Kenan
Advantage Group and DHL Supply Chain recently announced deployment
of Nikola FCEVs and noted the important role we play in not only
helping them meet their sustainability goals, but those of their
end customers, which includes Nestlé and Diageo.
We expanded our dealer network for the first time since the
launch of our FCEV with the addition of GTS Group, in Southern California. GTS, a successful
traditional truck dealership, recently introduced a new division,
created for the sales and service of Nikola trucks called "Next
Generation Truck" or NGT. This additional dealer brings the
number of Nikola sales and service locations up to nineteen across
the U.S.
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 350% year-to-date.
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
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
|
|
|
(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 United
States should follow this link.
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 Phoenix, Ariz. with a manufacturing facility
in Coolidge, Ariz.
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 United States
(GAAP) and should not be considered as an alternative to any other
performance measures derived in accordance with GAAP.
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
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
|
|
(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