PHOENIX, Nov. 4, 2021 /PRNewswire/ -- Nikola
Corporation (Nasdaq: NKLA), a global leader in zero-emissions
transportation solutions, today reported financial results for the
quarter ended September 30, 2021.
"During the third quarter, we continued to execute on our
business plan," said Mark Russell,
Nikola's Chief Executive Officer. "Validation of the Nikola Tre BEV
is progressing, with trucks now being test-driven and tested on
public roads. We also formally inaugurated our joint venture
manufacturing facility in Ulm, Germany, and entered into additional strategic
partnerships to advance our hydrogen refueling ecosystem with TC
Energy and OPAL Fuels."
Russell added, "with prospects of an SEC settlement, we're
looking forward to resolving the outstanding issues relating to our
founder and bringing that chapter to a close and maintaining our
focus on delivering trucks to our customers, and building the
energy, service, and support infrastructure our customers
need."
Nikola Tre BEV Validation and Pre-Series Progress
During the quarter, progress continued validating the Nikola Tre
BEV in preparation for public road release in December 2021. As of today, we have completed
eight (8) gamma trucks. We have begun building pre-series trucks in
Coolidge, Arizona and continue to
work steadfastly towards our commitment to deliver up to 25 trucks
to dealers and customers by December
2021. The trucks will haul customer loads, gain real-world
mileage accumulation, and in turn we expect to secure additional
orders for 2022 volume and beyond.
Nikola Tre FCEV Alpha Update
As of today, we have built seven (7) Nikola Tre FCEV alphas,
comprised of two (2) in Ulm and five (5) in Coolidge. Track testing has begun in both Ulm,
Germany, and Phoenix, Arizona, and we continue to progress
toward road release by the end of 2021. Footage of the Nikola Tre
FCEV on the test track can be seen here.
Progress Made at Nikola's Coolidge,
Arizona Manufacturing Facility
We have begun our Nikola Tre BEV pre-series builds in
Coolidge. Trucks are on the
assembly line and in process. As we are building our pre-series
trucks, we are concurrently expanding the Phase 1 assembly
expansion area to enable our total production capacity in 2022 of
2,400 trucks per year on two (2) shifts.
We anticipate the expanded Phase 1 will be completed in
January 2022, and the construction of
Phase 2 will begin immediately after that. Phase 2 is expected to
be completed in early 2023, at which time our assembly hall will be
fully built out with an installed process capacity of 20,000 units
per year. The facility will be capable of building the Nikola Tre
BEV and FCEV trucks on the same line, and also assembling the Bosch
fuel-cell modules.
Completion of our Joint Venture Manufacturing Facility on
IVECO's Industrial Complex in Ulm, Germany
On September 15, 2021, Nikola and
IVECO officially inaugurated the Ulm Joint Venture Manufacturing
Facility. We are currently building 10 pre-series Nikola Tre BEVs
in Ulm, Germany.
Signed MoU with the Hamburg Port Authority for up to 25
Nikola Tre BEVs
On September 15, 2021, Nikola and
IVECO signed an MoU with the Hamburg Port Authority during the
inauguration of the Ulm, Germany
joint venture manufacturing facility. The agreement states our
joint intent to partner in two phases encompassing up to 25 Nikola
Tre BEVs for delivery to the Port throughout 2022.
Expansion of Sales and Service Network
On August 10, 2021, and
September 1, 2021, we announced the
continued expansion of our sales and service network with the
additions of Alta Equipment Group and Quinn Company. Alta
Equipment will provide coverage in the Northeast, including
New York, New Jersey, Eastern
Pennsylvania, and select areas in the New England region.
Quinn Company will provide sales and service coverage throughout
Central and Southern
California.
Signed MoU with OPAL Fuels to Co-Develop and Construct
Hydrogen Refueling Stations and Infrastructure
On September 30, 2021, we entered
into an MoU with OPAL Fuels, LLC (OPAL) to collaborate on the
development, construction, and operation of hydrogen refueling
stations in North America and the
use of renewable natural gas (RNG) in hydrogen production. The
initial focus of our collaboration will be on "behind the fence"
solutions. Under the MoU, Nikola and OPAL intend to co-develop and
co-market hydrogen refueling infrastructure to accelerate the
adoption of FCEVs in North
America.
Executed Second $300 Million
Purchase Agreement with Tumim Stone Capital LLC
On September 27, 2021, we
announced we entered into a second $300
million common stock purchase agreement with Tumim Stone
Capital LLC (Tumim), bringing the total amount to $600 million. This financing agreement allows
Nikola the right to sell shares to Tumim at our sole discretion and
provides us with additional liquidity to execute our business plan.
With the execution of this second purchase agreement, Nikola had
approximately $1.1 billion of
liquidity at the end of Q3 2021 ($587.0
million of cash on the balance sheet and $527.1 million available on the equity line).
Recent Developments
SEC Investigation Update
Nikola and the Staff of the Division of Enforcement at the SEC
have been engaged in discussions regarding a resolution of the
SEC's investigation. The company expects that, if approved, the
resolution would include a $125
million civil penalty paid in installments over time. Final
resolution of this matter is subject to documentation satisfactory
to all the parties, and completion of any settlement is contingent
on a vote of the Commissioners of the SEC.
In addition, the Company intends to seek reimbursement from its
founder, Trevor Milton, for costs
and damages in connection with the government and regulatory
investigations.
Signed Joint Development Agreement with TC Energy for
Co-Development of Large-Scale Production Hubs
On October 7, 2021, we entered
into an agreement with TC Energy to co-develop large scale
clean hydrogen production hubs. Under this agreement, TC Energy and
Nikola are actively collaborating to identify and develop projects
to establish the infrastructure required to deliver low-cost and
low-carbon hydrogen at scale in line with each company's core
objectives. A key objective of the collaboration is to establish
hubs producing 150 tonnes or more of hydrogen per day near highly
traveled truck corridors to fuel Nikola's class 8 trucks.
Signed LOI for 100 FCEV Trucks with PGT
On October 14, 2021, we announced
collaboration with PGT Trucking, Inc., including an LOI for Nikola
to lease 100 Nikola Tre FCEVs to PGT following the satisfactory
completion of a Nikola FCEV demonstration program. The lease would
include the Nikola Tre FCEV, scheduled maintenance, and hydrogen
fuel. Deliveries of the Tre FCEV to PGT are anticipated to begin in
2023, following when FCEV production begins in Coolidge, Arizona.
Entered into Long Term Battery Supply Agreement with LG
Energy Solution
On October 20, 2021, we entered
into a long-term supply agreement with LG Energy Solution, LTD.
This supply agreement will provide additional battery cells for our
trucks beginning in 2022 through 2029.
Tri-Eagle Sales to be Launch
Customer for Ring Power and Nikola
On October 27, 2021, Tri-Eagle Sales reached an agreement to lease 10
Nikola Tre BEV trucks from Nikola sales and service dealer network
member. Ring Power will provide the sales, repairs, maintenance,
and energy infrastructure required to operate the Nikola Tre BEV
trucks throughout the lease term.
Third Quarter
Financial Highlights
|
|
(In thousands, except
share and per share data)
|
Q3
2021
|
|
Q3
2020
|
|
Q3 2021
YTD
|
|
Q3 2020
YTD
|
Loss from
operations
|
$
|
(271,825)
|
|
|
$
|
(117,278)
|
|
|
$
|
(530,813)
|
|
|
$
|
(235,898)
|
|
Net loss
|
$
|
(267,567)
|
|
|
$
|
(79,704)
|
|
|
$
|
(531,022)
|
|
|
$
|
(228,632)
|
|
Adjusted EBITDA
(1)
|
$
|
(85,020)
|
|
|
$
|
(58,751)
|
|
|
$
|
(212,359)
|
|
|
$
|
(134,814)
|
|
Net loss per share,
basic
|
$
|
(0.67)
|
|
|
$
|
(0.21)
|
|
|
$
|
(1.34)
|
|
|
$
|
(0.76)
|
|
Net loss per share,
diluted
|
$
|
(0.68)
|
|
|
$
|
(0.31)
|
|
|
$
|
(1.35)
|
|
|
$
|
(0.79)
|
|
Non-GAAP net loss per
share, basic(1)
|
$
|
(0.22)
|
|
|
$
|
(0.16)
|
|
|
$
|
(0.56)
|
|
|
$
|
(0.44)
|
|
Non-GAAP net loss per
share, diluted(1)
|
$
|
(0.22)
|
|
|
$
|
(0.16)
|
|
|
$
|
(0.56)
|
|
|
$
|
(0.44)
|
|
Weighted-average
shares outstanding, basic
|
400,219,585
|
|
|
377,660,477
|
|
|
395,691,795
|
|
|
318,315,891
|
|
Weighted-average
shares outstanding, diluted
|
400,230,669
|
|
|
378,286,678
|
|
|
395,860,876
|
|
|
318,976,447
|
|
|
|
(1)
|
A reconciliation of
the non-GAAP versus GAAP information is provided below in the
financial statement tables in this press release.
|
Business Outlook
Nikola looks forward to achieving the following milestones in
the fourth quarter of 2021:
- Deliver pre-series Nikola Tre BEVs for use on public roads
hauling customer freight;
- Announce additional fleet testing dealers/customers;
- Purchase land for our first centralized hydrogen production hub
facility and/or commercial on-site gaseous generation station;
and
- Announce additional hydrogen infrastructure/ecosystem
partners
Webcast and Conference Call Information
Nikola will host a webcast to discuss its second-quarter results
at 6:30 a.m. Pacific Time
(9:30 a.m. Eastern Time) on
November 4, 2021. To access the
webcast, parties in the United
States should follow this
link: https://www.webcast-eqs.com/register/nikola20211104/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.
EDITOR'S NOTE: Photos to accompany this release can
be found here
https://nikolamotor.com/press_releases/nikola-corporation-reports-third-quarter-2021-results-141.
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 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 future performance; the prospects and potential
terms of a resolution with the Securities and Exchange Commission
(the "SEC") regarding the SEC's investigation; expected timing of
manufacturing facility buildout in Coolidge, Arizona and Ulm, Germany and production capacity at such
facilities; timing of completion of validation testing, volume
production, buildouts as well as other milestones; expectations
regarding the trucks' uses and impact; expectations regarding the
Company's sales and service network; the company's expectations
regarding use of the Tumim equity line of credit; and terms and
potential benefits of the planned collaborations, including with TC
Energy, OPAL, IVECO and LG. These 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. Forward-looking statements are predictions,
projections and other statements about future events that are 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:
design and manufacturing changes and delays, including global
shortages in parts and materials; general economic, financial,
legal, regulatory, political and business conditions and changes in
domestic and foreign markets; the potential effects of COVID-19;
the outcome of legal, regulatory and judicial proceedings to which
the Company is, or may become a party; demand for and customer
acceptance of the Company's trucks; risks associated with
development and testing of fuel-cell power modules and hydrogen
storage systems; risks related to the rollout of the Company's
business and the timing of expected business milestones; the
effects of competition on the Company's future business; the
availability of and need for capital; 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 September 30,
2021 filed with the SEC, as amended, 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, non-GAAP net loss
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 the Company believes are not indicative of its core operating
performance. Non-GAAP net loss is defined as net loss adjusted for
stock-based compensation expense and certain other items the
Company believes are not indicative of its core operating
performance. 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.
CONSOLIDATED
STATEMENTS OF OPERATIONS (In thousands, except share and per
share data)
(Unaudited)
|
|
|
Three Months
Ended
September 30,
|
|
Nine Months
Ended
September 30,
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Solar
revenues
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
94
|
|
Cost of solar
revenues
|
—
|
|
|
—
|
|
|
—
|
|
|
73
|
|
Gross
profit
|
—
|
|
|
—
|
|
|
—
|
|
|
21
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
Research and
development(1)
|
78,896
|
|
|
51,496
|
|
|
201,785
|
|
|
118,098
|
|
Selling, general, and
administrative(1)
|
192,929
|
|
|
65,782
|
|
|
329,028
|
|
|
117,821
|
|
Total operating
expenses
|
271,825
|
|
|
117,278
|
|
|
530,813
|
|
|
235,919
|
|
Loss from
operations
|
(271,825)
|
|
|
(117,278)
|
|
|
(530,813)
|
|
|
(235,898)
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
Interest income
(expense), net
|
(118)
|
|
|
171
|
|
|
(219)
|
|
|
255
|
|
Loss on forward
contract liability
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,324)
|
|
Revaluation of warrant
liability
|
4,467
|
|
|
37,745
|
|
|
2,907
|
|
|
8,588
|
|
Other income
(expense), net
|
1,057
|
|
|
(340)
|
|
|
174
|
|
|
(249)
|
|
Loss before income
taxes and equity in net loss of affiliates
|
(266,419)
|
|
|
(79,702)
|
|
|
(527,951)
|
|
|
(228,628)
|
|
Income tax
expense
|
1
|
|
|
2
|
|
|
4
|
|
|
4
|
|
Loss before equity in
net loss of affiliates
|
(266,420)
|
|
|
(79,704)
|
|
|
(527,955)
|
|
|
(228,632)
|
|
Equity in net loss of
affiliates
|
(1,147)
|
|
|
—
|
|
|
(3,067)
|
|
|
—
|
|
Net loss
|
(267,567)
|
|
|
(79,704)
|
|
|
(531,022)
|
|
|
(228,632)
|
|
Premium paid on
repurchase of redeemable convertible preferred stock
|
—
|
|
|
—
|
|
|
—
|
|
|
(13,407)
|
|
Net loss attributable
to common stockholders
|
$
|
(267,567)
|
|
|
$
|
(79,704)
|
|
|
$
|
(531,022)
|
|
|
$
|
(242,039)
|
|
|
|
|
|
|
|
|
|
Net loss per share
attributable to common stockholders:
|
|
|
|
|
|
|
|
Basic
|
$
|
(0.67)
|
|
|
$
|
(0.21)
|
|
|
$
|
(1.34)
|
|
|
$
|
(0.76)
|
|
Diluted
|
$
|
(0.68)
|
|
|
$
|
(0.31)
|
|
|
$
|
(1.35)
|
|
|
$
|
(0.79)
|
|
Weighted average
shares outstanding:
|
|
|
|
|
|
|
|
Basic
|
400,219,585
|
|
|
377,660,477
|
|
|
395,691,795
|
|
|
318,315,891
|
|
Diluted
|
400,230,669
|
|
|
378,286,678
|
|
|
395,860,876
|
|
|
318,976,447
|
|
|
(1)
Includes stock-based compensation as follows:
|
|
|
Three Months
Ended
September 30,
|
|
Nine Months
Ended
September 30,
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Research and
development
|
$
|
6,418
|
|
|
$
|
4,612
|
|
|
$
|
26,968
|
|
|
$
|
7,850
|
|
Selling, general, and
administrative
|
42,629
|
|
|
47,584
|
|
|
125,015
|
|
|
83,886
|
|
Total stock-based
compensation expense
|
$
|
49,047
|
|
|
$
|
52,196
|
|
|
$
|
151,983
|
|
|
$
|
91,736
|
|
CONSOLIDATED
BALANCE SHEETS (In thousands, except share and per share
data)
|
|
|
September
30,
|
|
December
31,
|
|
2021
|
|
2020
|
|
(Unaudited)
|
|
|
Assets
|
|
|
|
Current
assets
|
|
|
|
Cash and cash
equivalents
|
$
|
586,986
|
|
|
$
|
840,913
|
|
Restricted cash and
cash equivalents
|
—
|
|
|
4,365
|
|
Inventory
|
3,644
|
|
|
—
|
|
Prepaid in-kind
services
|
6,041
|
|
|
46,271
|
|
Prepaid expenses and
other current assets
|
13,329
|
|
|
5,368
|
|
Total current
assets
|
610,000
|
|
|
896,917
|
|
Restricted cash and
cash equivalents
|
—
|
|
|
4,000
|
|
Long-term
deposits
|
25,078
|
|
|
17,687
|
|
Property, plant and
equipment, net
|
200,655
|
|
|
71,401
|
|
Intangible assets,
net
|
97,181
|
|
|
50,050
|
|
Investment in
affiliates
|
62,370
|
|
|
8,420
|
|
Goodwill
|
5,238
|
|
|
5,238
|
|
Total
assets
|
$
|
1,000,522
|
|
|
$
|
1,053,713
|
|
Liabilities and
stockholders' equity
|
|
|
|
Current
liabilities
|
|
|
|
Accounts
payable
|
57,251
|
|
|
29,364
|
|
Accrued expenses and
other current liabilities
|
170,884
|
|
|
17,739
|
|
Finance lease
liabilities, current
|
24,963
|
|
|
1,070
|
|
Term note,
current
|
—
|
|
|
4,100
|
|
Total current
liabilities
|
253,098
|
|
|
52,273
|
|
Finance lease
liabilities
|
428
|
|
|
13,956
|
|
Warrant
liability
|
4,428
|
|
|
7,335
|
|
Other long-term
liabilities
|
34,732
|
|
|
—
|
|
Deferred tax
liabilities, net
|
10
|
|
|
8
|
|
Total
liabilities
|
292,696
|
|
|
73,572
|
|
Commitments and
contingencies (Note 12)
|
|
|
|
Stockholders'
equity
|
|
|
|
Preferred
stock
|
—
|
|
|
—
|
|
Common
stock
|
40
|
|
|
39
|
|
Additional paid-in
capital
|
1,799,101
|
|
|
1,540,037
|
|
Accumulated other
comprehensive income (loss)
|
(119)
|
|
|
239
|
|
Accumulated
deficit
|
(1,091,196)
|
|
|
(560,174)
|
|
Total stockholders'
equity
|
707,826
|
|
|
980,141
|
|
Total liabilities
and stockholders' equity
|
$
|
1,000,522
|
|
|
$
|
1,053,713
|
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS (In thousands)
(Unaudited)
|
|
|
Nine Months
Ended
September 30,
|
|
2021
|
|
2020
|
Cash flows from
operating activities
|
|
|
|
Net loss
|
$
|
(531,022)
|
|
|
$
|
(228,632)
|
|
Adjustments to
reconcile net loss to net cash used in operating
activities:
|
|
|
|
Depreciation and
amortization
|
5,959
|
|
|
4,424
|
|
Stock-based
compensation
|
151,983
|
|
|
91,736
|
|
Deferred income
taxes
|
2
|
|
|
4
|
|
Non-cash in-kind
services
|
40,230
|
|
|
28,642
|
|
Loss on forward
contract liability
|
—
|
|
|
1,324
|
|
Equity in net loss of
affiliates
|
3,067
|
|
|
—
|
|
Revaluation of warrant
liability
|
(2,907)
|
|
|
(8,588)
|
|
Revaluation of
derivative liability
|
(319)
|
|
|
—
|
|
Issuance of common
stock for commitment shares
|
5,564
|
|
|
—
|
|
Loss on sale of
equipment
|
1,008
|
|
|
—
|
|
Changes in operating
assets and liabilities:
|
|
|
|
Inventory
|
(3,644)
|
|
|
—
|
|
Prepaid expenses and
other current assets
|
(7,090)
|
|
|
271
|
|
Accounts payable,
accrued expenses and other current liabilities
|
147,160
|
|
|
19,398
|
|
Long-term and customer
deposits
|
(4,705)
|
|
|
6,823
|
|
Other long-term
liabilities
|
(655)
|
|
|
—
|
|
Net cash used in
operating activities
|
(195,369)
|
|
|
(84,598)
|
|
Cash flows from
investing activities
|
|
|
|
Purchases and
deposits of property, plant and equipment
|
(113,680)
|
|
|
(15,180)
|
|
Investments in
affiliates
|
(25,000)
|
|
|
(15)
|
|
Proceeds from sale of
equipment
|
200
|
|
|
—
|
|
Net cash used in
investing activities
|
(138,480)
|
|
|
(15,195)
|
|
Cash flows from
financing activities
|
|
|
|
Proceeds from
issuance of Series D redeemable convertible preferred stock, net of
issuance costs paid
|
—
|
|
|
50,349
|
|
Business Combination
and PIPE financing, net of issuance costs paid
|
—
|
|
|
616,726
|
|
Proceeds from the
exercise of stock options
|
4,194
|
|
|
2,204
|
|
Proceeds from the
exercise of stock warrants, net of issuance costs paid
|
—
|
|
|
263,064
|
|
Proceeds from
issuance of common stock under Stock Purchase Agreement
|
72,866
|
|
|
—
|
|
Proceeds from
landlord of finance lease
|
—
|
|
|
889
|
|
Payments on finance
lease liabilities
|
(759)
|
|
|
(789)
|
|
Proceeds from note
payable
|
—
|
|
|
4,134
|
|
Payment of note
payable
|
(4,100)
|
|
|
(4,134)
|
|
Payments for issuance
costs
|
(644)
|
|
|
—
|
|
Net cash provided by
financing activities
|
71,557
|
|
|
932,443
|
|
Net increase
(decrease) in cash and cash equivalents, including restricted
cash
|
(262,292)
|
|
|
832,650
|
|
Cash and cash
equivalents, including restricted cash, beginning of
period
|
849,278
|
|
|
89,832
|
|
Cash and cash
equivalents, including restricted cash, end of period
|
$
|
586,986
|
|
|
$
|
922,482
|
|
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
September 30,
|
|
Nine Months Ended
September 30,
|
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
|
(in thousands, except
share and per share data)
|
Net loss attributable
to common stockholders
|
|
$
|
(267,567)
|
|
|
$
|
(79,704)
|
|
|
$
|
(531,022)
|
|
|
$
|
(242,039)
|
|
Stock-based
compensation
|
|
49,047
|
|
|
52,196
|
|
|
151,983
|
|
|
91,736
|
|
Premium paid on
repurchase of redeemable convertible preferred stock
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13,407
|
|
Revaluation of
warrant liability
|
|
(4,467)
|
|
|
(37,745)
|
|
|
(2,907)
|
|
|
(8,588)
|
|
Revaluation of
derivative liability
|
|
(319)
|
|
|
—
|
|
|
(319)
|
|
|
—
|
|
Regulatory and legal
matters(1)
|
|
9,771
|
|
|
5,173
|
|
|
35,657
|
|
|
5,173
|
|
Legal loss
contingency(2)
|
|
125,000
|
|
|
—
|
|
|
125,000
|
|
|
—
|
|
Non-GAAP net
loss
|
|
$
|
(88,535)
|
|
|
$
|
(60,080)
|
|
|
$
|
(221,608)
|
|
|
$
|
(140,311)
|
|
Non-GAAP net loss per
share:
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
(0.22)
|
|
|
$
|
(0.16)
|
|
|
$
|
(0.56)
|
|
|
$
|
(0.44)
|
|
Diluted
|
|
$
|
(0.22)
|
|
|
$
|
(0.16)
|
|
|
$
|
(0.56)
|
|
|
$
|
(0.44)
|
|
Weighted average
shares outstanding:
|
|
|
|
|
|
|
|
|
Basic
|
|
400,219,585
|
|
|
377,660,477
|
|
|
395,691,795
|
|
|
318,315,891
|
|
Diluted
|
|
400,230,669
|
|
|
378,286,678
|
|
|
395,860,876
|
|
|
318,976,447
|
|
|
|
(1)
|
Regulatory and
legal matters include legal, advisory, and other professional
service fees incurred in connection with the Hindenburg article
from September 2020, and investigations and litigation related
thereto.
|
(2)
|
Reserved loss
contingency from discussions with the SEC Staff of the Division of
Enforcement regarding a potential resolution to the SEC
investigation.
|
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,
|
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
|
(in thousands, except
share and per share data)
|
Net loss attributable
to common stockholders
|
|
$
|
(267,567)
|
|
|
$
|
(79,704)
|
|
|
$
|
(531,022)
|
|
|
$
|
(242,039)
|
|
Stock-based
compensation
|
|
49,047
|
|
|
52,196
|
|
|
151,983
|
|
|
91,736
|
|
Premium paid on
repurchase of redeemable convertible preferred stock
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13,407
|
|
Revaluation of
warrant liability
|
|
(4,467)
|
|
|
(37,745)
|
|
|
(2,907)
|
|
|
(8,588)
|
|
Revaluation of
derivative liability
|
|
(319)
|
|
|
—
|
|
|
(319)
|
|
|
—
|
|
Regulatory and legal
matters(1)
|
|
9,771
|
|
|
5,173
|
|
|
35,657
|
|
|
5,173
|
|
Legal loss
contingency(2)
|
|
125,000
|
|
|
—
|
|
|
125,000
|
|
|
—
|
|
Non-GAAP net
loss
|
|
$
|
(88,535)
|
|
|
$
|
(60,080)
|
|
|
$
|
(221,608)
|
|
|
$
|
(140,311)
|
|
Non-GAAP net loss per
share:
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
(0.22)
|
|
|
$
|
(0.16)
|
|
|
$
|
(0.56)
|
|
|
$
|
(0.44)
|
|
Diluted
|
|
$
|
(0.22)
|
|
|
$
|
(0.16)
|
|
|
$
|
(0.56)
|
|
|
$
|
(0.44)
|
|
Weighted average
shares outstanding:
|
|
|
|
|
|
|
|
|
Basic
|
|
400,219,585
|
|
|
377,660,477
|
|
|
395,691,795
|
|
|
318,315,891
|
|
Diluted
|
|
400,230,669
|
|
|
378,286,678
|
|
|
395,860,876
|
|
|
318,976,447
|
|
|
|
(1)
|
Regulatory and
legal matters include legal, advisory, and other professional
service fees incurred in connection with the Hindenburg article
from September 2020, and investigations and litigation related
thereto.
|
(2)
|
Reserved loss
contingency from discussions with the SEC Staff of the Division of
Enforcement regarding a potential resolution to the SEC
investigation.
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/nikola-corporation-reports-third-quarter-2021-results-301416526.html
SOURCE Nikola Corporation