PHOENIX, Feb. 25, 2021 /PRNewswire/ -- Nikola Corporation
(Nasdaq: NKLA), a global leader in zero-emissions transportation
solutions, today reported financial results for the quarter and
full year ended December 31,
2020.
"In the fourth quarter of 2020, Nikola made the necessary
changes to refocus and realign the company. You have seen us
restructure our agreement with GM, cancel our battery electric
(BEV) refuse truck program, discontinue our Powersports program and
realign the company's resources with laser focus on our core
businesses: battery electric and hydrogen fuel-cell electric (FCEV)
heavy-duty trucks, and hydrogen refueling infrastructure," said
Mark Russell, Nikola's Chief
Executive Officer.
Progress on the Commissioning and Validation of the first
Nikola Tre BEVs
Nikola has completed the assembly of the first five Nikola Tre
BEV Prototypes. All trucks are in the commissioning process and are
ramping up to full speed, torque, and payload hauling capacity as
part of our level two software release and vehicle validation
process. Four trucks are in North
America at multiple locations undergoing powertrain,
durability and extreme weather testing. One truck remains in
Europe for ABS braking, traction
control, and electronic stability control testing. Nikola and
Iveco have also begun the assembly of the second batch of prototype
trucks at the Ulm, Germany
facility.
Announcement of Long-Term Electricity Rate Schedule with
APS
In December 2020, Arizona Public
Services Company (APS) and Nikola negotiated a competitive rate
that was unanimously approved by the Arizona Corporation Commission
on January 12, 2021. This innovative
electricity rate schedule with APS is an important step in
achieving our goal of producing hydrogen at price parity with
diesel fuel. Nikola estimates that under the rate structure, we
will be able to deliver hydrogen at market leading prices and
within the range required for Nikola to offer a competitive total
cost of ownership for its customers.
Progress Made at our Joint Venture Manufacturing Facility on
IVECO's Industrial Complex in Ulm, Germany
During the fourth quarter, Nikola and IVECO made significant
progress at the joint venture manufacturing facility on IVECO's
campus in Ulm, Germany. The
building dismantling and refurbishment, including the civil works
(floor, heating, system, and walls), have been completed. The crane
and subgroup infrastructure has also been installed and is on track
for completion by the end of February
2021. The assembly of the customized automatic guided
vehicle systems has begun and is on pace for onsite installation
beginning in March 2021.
The logistics warehouse, internal logistics, end of line,
finishing, enterprise resource planning system implementation, and
the ordering and installation of tools and equipment are all on
pace for completion by the end of May
2021, with trial production of Nikola Tre BEVs scheduled to
begin in June 2021.
Progress made at Nikola's Coolidge,
Arizona Manufacturing Facility
During the fourth quarter of 2020, Nikola went vertical at our
greenfield manufacturing facility in Coolidge, AZ. The steel erection process began
December 29, 2020 and as of today is
almost complete. The roof installation is currently ongoing with
siding and concrete slab to follow. Our manufacturing equipment is
on its way and installation is set to begin in May 2021. We are currently in the process of
hiring manufacturing employees in the Pinal County area and have started training
our manufacturing technicians.
All work is proceeding as planned. We expect to begin
trial production of Nikola Tre BEVs at the Coolidge facility in the third quarter
2021.
Company Realigns Focus on Core Product Offering
General Motors MOU Agreement
On November 29, 2020, we entered
into a non-binding memorandum of understanding (MOU), with General
Motors (GM) for a global supply agreement related to the
integration of GM's Hydrotec fuel-cell system into our commercial
semi-trucks. Under the terms of the MOU, Nikola will have the
ability to work with GM to integrate GM's Hydrotec fuel-cell
technology into our Class 7 and Class 8 zero-emission semi-trucks
for the medium and long-haul trucking sectors. The MOU with GM
allows Nikola to dual source fuel-cell systems for our heavy-duty
class 8 FCEVs.
Nikola and Republic Services End Collaboration on Refuse
Truck
On December 23, 2020, we announced
that Nikola and Republic Services discontinued their collaboration
on the development of a new refuse truck. After considerable
collaboration and review, both companies determined that the
program would take longer than previously anticipated, in addition
to requiring higher than previously planned upfront development
costs.
The cancellation of the refuse program was one of the last steps
in a series of decisions made during the fourth quarter to
restructure the organization and realign resources. We believe
Nikola is now well-positioned to execute on its business plan.
Corporate Governance
On December 23, 2020, Nikola
announced that it appointed Mary L.
Petrovich as a new independent director. Nikola also
previously announced the addition of Bruce
L. Smith to the board as a new independent director on
October 29, 2020. To view Bruce or
Mary's bio, please click here.
Effects of COVID-19
The health and safety of Nikola's employees and communities are
the Company's top priority. Nikola's management team has taken
steps to ensure its team can safely continue working to advance the
Company's strategy and vision to become a global leader in
zero-emissions transportation. The COVID-19 pandemic has created a
disruption in the manufacturing, delivery and overall supply chain
of OEMs and their suppliers; which has led to critical parts
shortages, including battery cells and semiconductors, and work
restrictions.
Fourth Quarter and Full Year Financial Highlights
|
Three Months
Ended
December 31,
|
|
Years Ended
December 31,
|
(In thousands, except
share and per share data)
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Loss from
operations
|
$
|
(146,839)
|
|
|
$
|
(27,930)
|
|
|
$
|
(382,735)
|
|
|
$
|
(87,995)
|
|
Net loss
|
$
|
(147,096)
|
|
|
$
|
(26,279)
|
|
|
$
|
(384,314)
|
|
|
$
|
(88,656)
|
|
Adjusted EBITDA
(1)
|
$
|
(65,503)
|
|
|
$
|
(24,347)
|
|
|
$
|
(200,484)
|
|
|
$
|
(79,441)
|
|
Net loss per share,
basic and diluted(2)
|
$
|
(0.38)
|
|
|
$
|
(0.16)
|
|
|
$
|
(1.19)
|
|
|
$
|
(0.40)
|
|
Non-GAAP net loss per
share, basic and diluted(1)(2)
|
$
|
(0.17)
|
|
|
$
|
(0.09)
|
|
|
$
|
(0.62)
|
|
|
$
|
(0.32)
|
|
Weighted-average
shares outstanding, basic and diluted(2)
|
385,983,645
|
|
|
268,698,455
|
|
|
335,325,271
|
|
|
262,528,769
|
|
|
(1) A reconciliation
of the non-GAAP information provided here to the most directly
comparable GAAP metric has been provided in the financial statement
tables included in this press release.
|
(2) Since the Company
was in a net loss position for all periods presented, basic shares
outstanding and net loss per share are the same as diluted shares
outstanding and net loss per share.
|
Business Outlook
Now that we have put the strategic restructuring of the business
behind us, we look forward to achieving the following milestones in
2021:
- Start of trial production at our joint venture manufacturing
facility on IVECO's Campus in Ulm, Germany in June
2021;
- Start of trial production at our greenfield manufacturing
facility in Coolidge, Arizona in
the third quarter of 2021;
- Break ground on our first commercial hydrogen station(s)
infrastructure;
- Announce hydrogen collaboration partners and electricity
procurement arrangements; and
- Delivery of the first Nikola Tre BEVs to customers during the
fourth quarter of 2021.
To see images not included in this press release please
click here, or visit Nikola's Investor Relations Website.
Webcast and Conference Call Information
Nikola will host a webcast to discuss its fourth quarter and
fiscal year results at 2:30 p.m. Mountain
Time (4:30 p.m. Eastern Time)
on February 25, 2021. To access the
webcast, parties in the United
States should follow this
link: https://www.webcast-eqs.com/register/nikola20210225/en.
The live audio webcast, along with supplemental information,
will be accessible on the company's investor relations website
at https://nikolamotor.com/investors/news?active=events. A
recording of the webcast will also be available following the
earnings call.
About Nikola Corporation
Nikola Corporation is globally transforming the transportation
industry. As a designer and manufacturer of zero-emission
battery-electric and hydrogen-electric vehicles, electric vehicle
drivetrains, vehicle components, energy storage systems, and
hydrogen station infrastructure, Nikola is driven to revolutionize
the economic and environmental impact of commerce as we know it
today. Founded in 2015, Nikola Corporation is headquartered in
Phoenix, Arizona. For more
information, visit www.nikolamotor.com or Twitter @nikolamotor.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, including but not limited to statements relating to the
Company's future performance, milestones and ability to execute on
its business plan; expected timing of manufacturing facility
buildout in Coolidge, Arizona and
Ulm, Germany and production
capacity at such facilities; expectations regarding the Company's
hydrogen fuel station rollout plan and its ability to deliver
hydrogen at prices which will meet its business requirements;
expected timing of completion of prototypes, validation testing,
production and other milestones; the Company's beliefs regarding
the refocus and realignment of its business; the potential benefits
of the MOU with General Motors; and the effect of COVID-19 on the
Company's business. Forward-looking statements generally are
identified by words such as "believe," "project," "expect,"
"anticipate," "estimate," "intend," "strategy," "future,"
"opportunity," "plan," "may," "should," "will," "would," and
similar expressions that predict or indicate future events or
trends or that are not historical fact. Forward-looking statements
are subject to risks and uncertainties that could cause actual
results to differ materially and reported results should not be
considered as an indication of future performance. These risks and
uncertainties include, but are not limited to: general economic,
financial, legal, political and business conditions and changes in
domestic and foreign markets; the potential effects of COVID-19;
the outcome of legal, judicial and administrative proceedings to
which the Company is, or may become a party; risks related to the
Company's business and the timing of expected business milestones;
design, construction or manufacturing delays; changes in the
assumptions underlying the Company's expectations regarding its
future business or its business model; the availability of capital;
the effects of competition on the Company's business; and the other
risks set forth under the heading "Risk Factors" in the Company's
filings with the SEC, including its Quarterly Report on Form 10-Q
for the quarter ended September 30,
2020 and in other documents filed or to be filed with the
SEC, including our Annual Report on Form 10-K for the fiscal year
ended December 31, 2020 to be filed
with the SEC. If these or other risks materialize, or
assumptions prove incorrect, actual results could differ materially
from the results implied by these forward-looking statements.
Forward-looking statements speak only as of the date hereof, and
the Company disclaims any obligation to update these
forward-looking statements.
Use of Non-GAAP Financial Measures
To supplement our financial statements prepared in accordance
generally accepted accounting principles in the United States (GAAP), we are providing
certain non-GAAP measures, including Adjusted EBITDA, Non-GAAP net
loss, and Non-GAAP net loss per share basic and diluted. The
Company defines Adjusted EBITDA as net loss before interest income
or expense, income tax expense or benefit, depreciation and
amortization, stock-based compensation expense, and other
items determined by the Company. Non-GAAP net loss is defined as
net loss attributable to common stockholders, basic and diluted
adjusted for stock-based compensation expense and 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 a substitute for or superior to measures of financial
performance prepared in accordance with 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
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. Because of these
limitations, these non-GAAP financial measures should not be
considered in isolation from, or as a substitute for, financial
information prepared in accordance with GAAP. Investors are
encouraged to review the non-GAAP reconciliations to GAAP provided
elsewhere in this press release.
Trademarks
This press release contains trademarks, service marks, trade
names and copyrights of Nikola and other companies, and are the
property of their respective owners.
CONSOLIDATED
STATEMENTS OF OPERATIONS
(In thousands, except
share and per share data)
|
|
|
Three Months
Ended
December 31,
|
|
Years Ended
December 31,
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
(Unaudited)
|
|
|
|
|
Solar
revenues
|
$
|
—
|
|
|
$
|
49
|
|
|
$
|
95
|
|
|
$
|
482
|
|
Cost of solar
revenues
|
—
|
|
|
44
|
|
|
72
|
|
|
271
|
|
Gross
profit
|
—
|
|
|
5
|
|
|
23
|
|
|
211
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
Research and
development(1)
|
67,521
|
|
|
22,781
|
|
|
185,619
|
|
|
67,514
|
|
Selling, general, and
administrative(1)
|
64,903
|
|
|
5,154
|
|
|
182,724
|
|
|
20,692
|
|
Impairment
expense
|
14,415
|
|
|
—
|
|
|
14,415
|
|
|
—
|
|
Total operating
expenses
|
146,839
|
|
|
27,935
|
|
|
382,758
|
|
|
88,206
|
|
Loss from
operations
|
(146,839)
|
|
|
(27,930)
|
|
|
(382,735)
|
|
|
(87,995)
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
Interest income,
net
|
(53)
|
|
|
374
|
|
|
202
|
|
|
1,456
|
|
Revaluation of Series
A redeemable convertible preferred stock
warrant liability
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,339)
|
|
Loss on forward
contract liability
|
—
|
|
|
—
|
|
|
(1,324)
|
|
|
—
|
|
Other income
(expense), net
|
(597)
|
|
|
1,278
|
|
|
(846)
|
|
|
1,373
|
|
Loss before income
taxes and equity in net loss of affiliate
|
(147,489)
|
|
|
(26,278)
|
|
|
(384,703)
|
|
|
(88,505)
|
|
Income tax expense
(benefit)
|
(1,030)
|
|
|
1
|
|
|
(1,026)
|
|
|
151
|
|
Loss before equity in
net loss of affiliate
|
(146,459)
|
|
|
(26,279)
|
|
|
(383,677)
|
|
|
(88,656)
|
|
Equity in net loss of
affiliate
|
(637)
|
|
|
—
|
|
|
(637)
|
|
|
—
|
|
Net loss
|
(147,096)
|
|
|
(26,279)
|
|
|
(384,314)
|
|
|
(88,656)
|
|
Premium paid on
repurchase of redeemable convertible preferred
stock
|
—
|
|
|
(16,816)
|
|
|
(13,407)
|
|
|
(16,816)
|
|
Net loss attributable
to common stockholders, basic and diluted
|
$
|
(147,096)
|
|
|
$
|
(43,095)
|
|
|
$
|
(397,721)
|
|
|
$
|
(105,472)
|
|
Net loss per share
attributable to common stockholders, basic and
diluted
|
$
|
(0.38)
|
|
|
$
|
(0.16)
|
|
|
$
|
(1.19)
|
|
|
$
|
(0.40)
|
|
Weighted-average
shares used to compute net loss per share
attributable to common stockholders, basic and
diluted
|
385,983,645
|
|
|
268,698,455
|
|
|
335,325,271
|
|
|
262,528,769
|
|
|
(1)
Includes stock-based compensation as follows:
|
|
|
Three Months Ended
December 31,
|
|
Years Ended
December 31,
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Research and
development
|
$
|
8,012
|
|
|
$
|
191
|
|
|
$
|
15,862
|
|
|
$
|
653
|
|
Selling, general, and
administrative
|
38,243
|
|
|
895
|
|
|
122,129
|
|
|
4,205
|
|
Total stock-based
compensation
|
$
|
46,255
|
|
|
$
|
1,086
|
|
|
$
|
137,991
|
|
|
$
|
4,858
|
|
CONSOLIDATED
BALANCE SHEETS
(In thousands, except
share and per share data)
|
|
|
December
31,
|
|
2020
|
|
2019
|
Assets
|
|
|
|
Current
assets
|
|
|
|
Cash and cash
equivalents
|
$
|
840,913
|
|
|
$
|
85,688
|
|
Restricted cash and
cash equivalents
|
4,365
|
|
|
—
|
|
Accounts receivable,
net
|
—
|
|
|
658
|
|
Prepaid in-kind
services
|
46,271
|
|
|
—
|
|
Prepaid expenses and
other current assets
|
5,368
|
|
|
4,535
|
|
Total current
assets
|
896,917
|
|
|
90,881
|
|
Restricted cash and
cash equivalents
|
4,000
|
|
|
4,144
|
|
Long-term
deposits
|
17,687
|
|
|
13,276
|
|
Property and
equipment, net
|
71,401
|
|
|
53,378
|
|
Intangible assets,
net
|
50,050
|
|
|
62,513
|
|
Investment in
affiliate
|
8,420
|
|
|
—
|
|
Goodwill
|
5,238
|
|
|
5,238
|
|
Total
assets
|
$
|
1,053,713
|
|
|
$
|
229,430
|
|
Liabilities and
stockholders' equity
|
|
|
|
Current
liabilities
|
|
|
|
Accounts
payable
|
29,364
|
|
|
5,113
|
|
Accrued expenses and
other current liabilities
|
18,809
|
|
|
11,425
|
|
Term note,
current
|
4,100
|
|
|
—
|
|
Total current
liabilities
|
52,273
|
|
|
16,538
|
|
Term note
|
—
|
|
|
4,100
|
|
Finance lease
liabilities
|
13,956
|
|
|
—
|
|
Other long-term
liabilities
|
—
|
|
|
12,212
|
|
Deferred tax
liabilities, net
|
8
|
|
|
1,072
|
|
Total
liabilities
|
66,237
|
|
|
33,922
|
|
Commitments and
contingencies (Note 14)
|
|
|
|
Preferred stock,
$0.0001 par value, 150,000,000 shares authorized, no shares issued
and outstanding
as of December 31, 2020 and 2019
|
—
|
|
|
—
|
|
Stockholders'
equity
|
|
|
|
Common stock, $0.0001
par value, 600,000,000 shares authorized, 391,041,347 and
270,826,092
shares issued and outstanding as of December 31, 2020
and 2019, respectively
|
39
|
|
|
27
|
|
Additional paid-in
capital
|
1,560,820
|
|
|
383,961
|
|
Accumulated other
comprehensive income
|
239
|
|
|
—
|
|
Accumulated
deficit
|
(573,622)
|
|
|
(188,480)
|
|
Total stockholders'
equity
|
987,476
|
|
|
195,508
|
|
Total liabilities
and stockholders' equity
|
$
|
1,053,713
|
|
|
$
|
229,430
|
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
(In
thousands)
|
|
|
Years Ended
December 31,
|
|
2020
|
|
2019
|
Cash flows from
operating activities
|
|
|
|
Net loss
|
$
|
(384,314)
|
|
|
$
|
(88,656)
|
|
Adjustments to
reconcile net loss to net cash used in operating
activities:
|
|
|
|
Depreciation and
amortization
|
6,008
|
|
|
2,323
|
|
Stock-based
compensation
|
137,991
|
|
|
4,858
|
|
Revaluation of Series
A redeemable convertible preferred stock warrant
liability
|
—
|
|
|
3,339
|
|
Deferred income
taxes
|
(1,063)
|
|
|
151
|
|
Non-cash in-kind
services
|
45,729
|
|
|
8,000
|
|
Loss on forward
contract liability
|
1,324
|
|
|
—
|
|
Impairment
expense
|
14,415
|
|
|
—
|
|
Equity in net loss of
affiliate
|
637
|
|
|
—
|
|
Changes in operating
assets and liabilities:
|
|
|
|
Accounts receivable,
net
|
658
|
|
|
(763)
|
|
Prepaid expenses and
other current assets
|
(1,586)
|
|
|
157
|
|
Accounts payable,
accrued expenses and other current liabilities
|
29,668
|
|
|
(9,366)
|
|
Other long-term
liabilities
|
—
|
|
|
(670)
|
|
Net cash used in
operating activities
|
(150,533)
|
|
|
(80,627)
|
|
Cash flows from
investing activities
|
|
|
|
Purchases and
deposits for property and equipment
|
(22,324)
|
|
|
(21,100)
|
|
Investments in
affiliate
|
(8,817)
|
|
|
—
|
|
Cash paid towards
build-to-suit lease
|
—
|
|
|
(18,202)
|
|
Net cash used in
investing activities
|
(31,141)
|
|
|
(39,302)
|
|
Cash flows from
financing activities
|
|
|
|
Proceeds from the
exercise of Series A redeemable convertible preferred stock
warrants
|
—
|
|
|
2,160
|
|
Repurchase of Series
B redeemable convertible preferred stock from related parties, net
of issuance costs
paid
|
—
|
|
|
(31,356)
|
|
Proceeds from
issuance of Series D redeemable convertible preferred stock, net of
issuance costs paid
|
50,349
|
|
|
65,000
|
|
Business Combination
and PIPE financing, net of issuance costs paid
|
616,726
|
|
|
—
|
|
Proceeds from the
exercise of stock options
|
9,650
|
|
|
1
|
|
Proceeds from the
exercise of stock warrants, net of issuance costs paid
|
264,548
|
|
|
—
|
|
Proceeds from
landlord on finance lease
|
889
|
|
|
—
|
|
Payments on finance
lease liability
|
(1,042)
|
|
|
—
|
|
Proceeds from note
payable
|
4,134
|
|
|
—
|
|
Payment of note
payable
|
(4,134)
|
|
|
—
|
|
Net cash provided by
financing activities
|
941,120
|
|
|
35,805
|
|
Net increase
(decrease) in cash and cash equivalents and restricted cash and
cash equivalents
|
759,446
|
|
|
(84,124)
|
|
Cash and cash
equivalents, including restricted cash and cash equivalents,
beginning of period
|
89,832
|
|
|
173,956
|
|
Cash and cash
equivalents, including restricted cash and cash equivalents, end of
period
|
$
|
849,278
|
|
|
$
|
89,832
|
|
Reconciliation of
GAAP Financial Metrics to Non-GAAP
(In thousands, except
share and per share data)
(Unaudited)
|
Reconciliation
of Net Loss to EBITDA and Adjusted EBITDA
|
|
|
|
Three Months
Ended
December 31,
|
|
Years Ended
December 31,
|
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
|
(in
thousands)
|
Net loss
|
|
$
|
(147,096)
|
|
|
$
|
(26,279)
|
|
|
$
|
(384,314)
|
|
|
$
|
(88,656)
|
|
Interest (income)
expense, net
|
|
53
|
|
|
(374)
|
|
|
(202)
|
|
|
(1,456)
|
|
Income tax expense
(benefit)
|
|
(1,030)
|
|
|
1
|
|
|
(1,026)
|
|
|
151
|
|
Depreciation and
amortization
|
|
1,753
|
|
|
1,219
|
|
|
6,008
|
|
|
2,323
|
|
EBITDA
|
|
$(146,320)
|
|
|
$(25,433)
|
|
|
$(379,534)
|
|
|
$(87,638)
|
|
Stock-based
compensation
|
|
46,255
|
|
|
1,086
|
|
|
137,991
|
|
|
4,858
|
|
Revaluation of Series
A redeemable convertible preferred stock
warrant liability
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,339
|
|
Loss on forward
contract liability
|
|
—
|
|
|
—
|
|
|
1,324
|
|
|
—
|
|
Equity in net loss of
affiliate
|
|
|
637
|
|
|
$
|
—
|
|
|
|
637
|
|
|
|
—
|
|
Regulatory and legal
matters (1)
|
|
|
19,510
|
|
|
$
|
—
|
|
|
|
24,683
|
|
|
|
—
|
|
Impairment
expense
|
|
|
14,415
|
|
|
$
|
—
|
|
|
|
14,415
|
|
|
|
—
|
|
Adjusted
EBITDA
|
|
$
|
(65,503)
|
|
|
$
|
(24,347)
|
|
|
$
|
(200,484)
|
|
|
$
|
(79,441)
|
|
|
(1)Regulatory and legal matters include
legal, advisory and other professional service fees incurred in
connection with the short-seller analyst 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
December 31,
|
|
Years Ended
December 31,
|
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
|
(in
thousands)
|
Net loss attributable
to common stockholders
|
|
$
|
(147,096)
|
|
|
$
|
(43,095)
|
|
|
$
|
(397,721)
|
|
|
$
|
(105,472)
|
|
Stock-based
compensation
|
|
46,255
|
|
|
1,086
|
|
|
137,991
|
|
|
4,858
|
|
Premium paid on
repurchase of redeemable convertible preferred
stock
|
|
—
|
|
|
16,816
|
|
|
13,407
|
|
|
16,816
|
|
Regulatory and legal
matters(1)
|
|
19,510
|
|
|
—
|
|
|
24,683
|
|
|
—
|
|
Impairment
expense
|
|
14,415
|
|
|
—
|
|
|
14,415
|
|
|
—
|
|
Non-GAAP net
loss
|
|
$
|
(66,916)
|
|
|
$
|
(25,193)
|
|
|
$
|
(207,225)
|
|
|
$
|
(83,798)
|
|
Non-GAAP net loss per
share, basic and diluted
|
|
$
|
(0.17)
|
|
|
$
|
(0.09)
|
|
|
$
|
(0.62)
|
|
|
$
|
(0.32)
|
|
Weighted average
shares outstanding, basic and diluted
|
|
385,983,645
|
|
|
268,698,455
|
|
|
335,325,271
|
|
|
262,528,769
|
|
|
(1)Regulatory and legal matters include
legal, advisory and other professional service fees incurred in
connection with the short-seller analyst article from September
2020, and investigations and litigation related
thereto.
|
View original content to download
multimedia:http://www.prnewswire.com/news-releases/nikola-corporation-reports-fourth-quarter-and-full-year-2020-results-301236017.html
SOURCE Nikola Corporation