PHOENIX, Nov. 9, 2020 /PRNewswire/ -- Nikola Corporation
(Nasdaq: NKLA), a global leader in zero-emissions transportation
systems, today reported financial results for the third quarter of
2020.
"In the third quarter of 2020, Nikola made significant progress
on key milestones," said Mark
Russell, Nikola's Chief Executive Officer. "We delivered on
our commitment to assemble the first Nikola Tre BEV prototypes and
are continuing to work with customers on the prospective and
previously announced BEV truck orders. I look forward to building
on our momentum as we execute our strategy and lay the groundwork
to become an integrated zero-emissions transportation solutions
leader."
Completion of the First Nikola Tre BEV Testing Vehicles at
IVECO's Ulm, Germany Manufacturing Facility
During the third quarter, Nikola and IVECO, (a CNH Industrial
brand) began assembling the first five Nikola Tre BEV prototypes at
IVECO's industrial complex in Ulm, Germany, and recently completed the assembly
of the first Nikola Tre. The first truck is undergoing systems
commissioning, including charging and discharging the high voltage
batteries. It has also been put onto the chassis dyno and is
undergoing torque command calibration to the e-axles on the test
track to prepare for validation testing in the first quarter of
2021.
Nikola and IVECO are working diligently to complete the
remaining four Nikola Tre prototypes and Nikola anticipates these
vehicles will be finished by the end of 2020. The second batch of
prototype assembly is expected to begin in the first quarter of
2021.
Announcement of Strategic Collaboration with General
Motors
On September 8, 2020, Nikola
announced a strategic partnership agreement with General Motors
Co., which contemplates General Motors receiving equity stake in
Nikola in exchange for various in-kind services. The transaction
has not closed, and Nikola is continuing its discussions with
General Motors. Nikola will provide further updates when
appropriate or required.
Other Key Business Highlights
- Made substantial progress toward completion of building
modifications necessary to construct Tre BEV production line at
Nikola's manufacturing facility on IVECO's industrial complex in
Ulm, Germany
- Broke ground on construction at Nikola's Coolidge, Arizona greenfield manufacturing
facility
- Ended the quarter with a strong cash position of $908 million, net of $15
million in restricted cash
Made Significant Progress Toward Completion of Building
Modifications at Nikola's Manufacturing Facility on IVECO's
Industrial Complex in Ulm, Germany
During the third quarter, Nikola and IVECO made substantial
progress in refurbishing the joint venture manufacturing facility
dedicated to the Nikola Tre at IVECO's industrial complex in Ulm,
Germany. The civil works and
building infrastructure have been completed, including the floor,
heating system, and walls. The building of the work cells is
currently in process. Upon completing the work cells, Nikola and
IVECO will begin installing the Automated Guided Vehicle Systems
(AGV) line and heavy-duty assembly tools, such as impact drivers
and tilting systems. The Joint Venture Manufacturing Facility is
the lead plant for the launch of Nikola Tre BEV in the U.S.
by the fourth quarter of 2021. North American production
of the Nikola Tre BEV will commence upon Phase 1.0 completion of
our Coolidge, Arizona plant,
beginning with truck assembly from component kits imported from
Europe.
Broke Ground on Construction at Nikola's Coolidge, Arizona Manufacturing
Facility
On July 23, 2020, Nikola and its
construction partner, Walbridge, broke ground on the U.S.
manufacturing facility in Coolidge,
Arizona. The facility's master site plan has been completed,
submitted, and approved by Coolidge. Currently, the construction of the
Phase 1 assembly shop is on track to be completed toward the end of
2021.
In August 2020, preliminary
earthwork began to prepare the site for grading and utilities. In
October 2020, the mass grading of the
site started, and the Company awarded initial building
sub-contracts. By the end of November
2020, Nikola expects the site work will include utilities,
building pad grading in preparation of foundations, and factory
floor slab, followed by steel erection through December 2020 and January
2021.
Permits are being submitted building by building for various
construction phases as work is scheduled and progressing. This
permitting process is coordinated with Coolidge's city building department, which is
providing excellent support in maintaining Nikola's schedule.
The manufacturing process engineering is continuing, with
initial equipment such as heavy-duty dynamometer, roll, and brake
test, and heavy frame turning equipment being purchased while truck
conveyance equipment and remaining tooling is being finalized.
Based on Nikola's current construction rate, the Company plans
to begin trial production in the late second quarter or early third
quarter of 2021. The full completion of the Phase 1 assembly shop
will continue through 2021.
Corporate Governance
Nikola is committed to strengthening its corporate governance
practices. On September 20, 2020,
Nikola announced the appointment of Steve
Girsky as Chairman of the Board. In October 2020, the Company appointed Steve Shindler as a new independent director and
Chair of the Audit Committee, and Bruce
Smith as a new independent director. Both Mr. Shindler and
Mr. Smith are seasoned executives, and Nikola welcomes the
experience and fresh perspective they will bring to the Board as
the Company continues to execute its strategic and business
priorities.
Ended the quarter with a Strong Cash Position of $908 Million, Net of $15
Million in Restricted Cash
On July 22, 2020, Nikola issued a
formal notice of redemption for its public warrants. The redemption
of 22,877,806 warrants in the third quarter resulted in
approximately $263 million of
additional cash on the balance sheet. Nikola ended the third
quarter with a strong cash position of $908
million.
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
every step 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.
Nikola decided to reschedule Nikola
World due to COVID-19 audience size restrictions until the
Nikola community could safely be brought together. The COVID-19
pandemic remains dynamic, and the Company continues to monitor
public health conditions actively and plan around any associated
effects on our operations in the U.S. and Germany. Nikola's current timelines assume
there are no significant COVID-related disruptions to production.
At this time Nikola believes its long-term objectives will not be
materially affected by COVID-19, and Nikola will continue to
provide progress updates across its entire product portfolio.
Third Quarter Financial Highlights
(In thousands, except
share and per share data)
|
Q3
2020
|
|
Q3
2019
|
|
|
Q3 2020
YTD
|
|
|
Q3 2019
YTD
|
|
Loss from
operations
|
$
(117,299)
|
|
|
$
(13,020)
|
|
|
$
(235,955)
|
|
|
$
(60,065)
|
|
Net loss
|
$
|
(117,469)
|
|
|
$
|
(15,514)
|
|
|
$
|
(237,275)
|
|
|
$
|
(62,377)
|
|
Adjusted EBITDA
(1)
|
$
|
(58,772)
|
|
|
$
|
(11,093)
|
|
|
$
|
(135,042)
|
|
|
$
|
(55,094)
|
|
Net loss per share,
basic and diluted(2)
|
$
|
(0.31)
|
|
|
$
|
(0.06)
|
|
|
$
|
(0.79)
|
|
|
$
|
(0.24)
|
|
Non-GAAP net loss per
share, basic and diluted(1)(2)
|
$
|
(0.16)
|
|
|
$
|
(0.05)
|
|
|
$
|
(0.44)
|
|
|
$
|
(0.23)
|
|
Weighted-average
shares outstanding, basic
|
377,660,477
|
|
|
260,534,724
|
|
|
318,315,891
|
|
|
260,449,607
|
|
|
(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 net loss
per share is the same as diluted net loss per share.
|
Business Outlook
As a pre-revenue company, Nikola believes the best way to
evaluate its results is to monitor the Company's progress toward
achieving its milestones. Nikola remains committed to its goal of
announcing potential collaboration partners concerning electricity
procurement and the rollout of hydrogen fueling infrastructure. In
addition, during the fourth quarter of 2020, Nikola expects to make
continued progress against its milestones for the development of
the Tre BEV and construction of the Coolidge, Arizona, facility. Management
is laser-focused on prioritizing programs and aligning resources to
achieve Nikola's previously announced milestones toward becoming
the zero-emissions transportation industry leader.
Webcast and Conference Call Information
Nikola will host a webcast to discuss its third-quarter results
at 1:30 p.m. Pacific Time
(4:30 p.m. Eastern Time) on
November 9, 2020. To access the
webcast, parties in the United
States should follow this link:
https://www.webcast-eqs.com/register/nikola201109/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 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; 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; timing of completion of prototypes,
validation testing, volume production and other milestones; terms
of the planned collaboration with General Motors; and the effect of
COVID-19 on the Company's business. 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 risks related to litigation
and investigations 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, 2020 filed
with the Securities and Exchange Commission (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, a non-GAAP
financial measure. 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. Adjusted EBITDA is not a substitute 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 Adjusted EBITDA 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.
Non-GAAP net loss and Non-GAAP net loss per share basic and
diluted are presented as supplemental measures of the Company's
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.
CONSOLIDATED
STATEMENTS OF OPERATIONS
(In thousands, except
share and per share data)
(Unaudited)
|
|
|
Three Months
Ended September 30,
|
|
|
Nine Months
Ended September 30,
|
|
2020
|
|
2019
|
|
|
2020
|
|
2019
|
Solar
revenues
|
—
|
|
|
296
|
|
|
95
|
|
|
433
|
|
Cost of solar
revenues
|
—
|
|
|
141
|
|
|
72
|
|
|
227
|
|
Gross
Profit
|
—
|
|
|
155
|
|
|
23
|
|
|
206
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
Research and
development (1)
|
51,473
|
|
|
9,482
|
|
|
118,092
|
|
|
44,733
|
|
Selling, general, and
administrative (1)
|
65,826
|
|
|
3,693
|
|
|
117,886
|
|
|
15,538
|
|
Total operating
expenses
|
117,299
|
|
|
13,175
|
|
|
235,978
|
|
|
60,271
|
|
Loss from
operations
|
(117,299)
|
|
|
(13,020)
|
|
|
(235,955)
|
|
|
(60,065)
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
Interest income,
net
|
172
|
|
|
411
|
|
|
259
|
|
|
1,082
|
|
Revaluation of Series
A redeemable convertible
preferred stock warrant liability
|
—
|
|
|
(2,844)
|
|
|
—
|
|
|
(3,339)
|
|
Loss on forward
contract liability
|
—
|
|
|
—
|
|
|
(1,324)
|
|
|
—
|
|
Other income
(expense), net
|
(340)
|
|
|
85
|
|
|
(251)
|
|
|
95
|
|
Loss before income
taxes
|
(117,467)
|
|
|
(15,368)
|
|
|
(237,271)
|
|
|
(62,227)
|
|
Income tax
expense
|
2
|
|
|
146
|
|
|
4
|
|
|
150
|
|
Net loss
|
$
|
(117,469)
|
|
|
$
|
(15,514)
|
|
|
$
|
(237,275)
|
|
|
$
|
(62,377)
|
|
Premium paid on
repurchase of redeemable convertible
preferred stock
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(13,407)
|
|
|
$
|
—
|
|
Net loss attributable
to common stockholders, basic and diluted
|
$
|
(117,469)
|
|
|
$
|
(15,514)
|
|
|
$
|
(250,682)
|
|
|
$
|
(62,377)
|
|
Net loss per share
attributable to common stockholders,
basic and
diluted
|
$
|
(0.31)
|
|
|
$
|
(0.06)
|
|
|
$
|
(0.79)
|
|
|
$
|
(0.24)
|
|
Weighted-average
shares used to compute net loss per
share attributable to common stockholders, basic and
diluted
|
377,660,477
|
|
|
260,534,724
|
|
|
318,315,891
|
|
|
260,449,607
|
|
|
(1)
Includes stock-based compensation as follows:
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Research and
development
|
$
|
4,612
|
|
|
$
|
157
|
|
|
$
|
7,850
|
|
|
$
|
462
|
|
Selling, general, and
administrative
|
47,584
|
|
|
1,028
|
|
|
83,886
|
|
|
3,310
|
|
Total stock-based
compensation expense
|
$
|
52,196
|
|
|
$
|
1,185
|
|
|
$
|
91,736
|
|
|
$
|
3,772
|
|
CONSOLIDATED
BALANCE SHEETS
(In thousands, except
share and per share data)
|
|
|
September
30,
|
|
December
31,
|
|
2020
|
|
2019
|
|
(Unaudited)
|
|
|
Assets
|
|
|
|
Current
assets
|
|
|
|
Cash and cash
equivalents
|
$
|
907,530
|
|
|
$
|
85,688
|
|
Restricted cash and
cash equivalents
|
10,952
|
|
|
—
|
|
Accounts receivable,
net
|
249
|
|
|
770
|
|
Prepaid in-kind
services
|
63,358
|
|
|
—
|
|
Prepaid expenses and
other current assets
|
3,800
|
|
|
4,423
|
|
Total current
assets
|
985,889
|
|
|
90,881
|
|
Restricted cash and
cash equivalents
|
4,000
|
|
|
4,144
|
|
Long-term
deposits
|
17,303
|
|
|
13,223
|
|
Property and
equipment, net
|
61,313
|
|
|
53,378
|
|
Intangible assets,
net
|
62,466
|
|
|
62,513
|
|
Goodwill
|
5,238
|
|
|
5,238
|
|
Other
assets
|
19
|
|
|
53
|
|
Total
assets
|
$
|
1,136,228
|
|
|
$
|
229,430
|
|
Liabilities and
stockholders' equity
|
|
|
|
Current
liabilities
|
|
|
|
Accounts
payable
|
10,277
|
|
|
5,113
|
|
Accrued expenses and
other current liabilities
|
22,579
|
|
|
11,425
|
|
Customer
deposits
|
6,913
|
|
|
—
|
|
Term note,
current
|
4,100
|
|
|
—
|
|
Total current
liabilities
|
43,869
|
|
|
16,538
|
|
Term note
|
—
|
|
|
4,100
|
|
Other long-term
liabilities
|
11,577
|
|
|
12,212
|
|
Deferred tax
liabilities, net
|
1,076
|
|
|
1,072
|
|
Total
liabilities
|
56,522
|
|
|
33,922
|
|
Commitments and
contingencies (Note 11)
|
|
|
|
Stockholders'
equity
|
|
|
|
Preferred stock,
$0.00010 par value, 150,000,000 shares authorized, no shares issued
and
outstanding as of September 30, 2020 and
December 31, 2019, respectively
|
—
|
|
|
—
|
|
Common stock, $0.0001
par value, 600,000,000 shares authorized, 384,083,110 and
270,826,092
shares issued and outstanding as of
September 30, 2020 and December 31, 2019,
respectively
|
39
|
|
|
27
|
|
Additional paid-in
capital
|
1,505,422
|
|
|
383,961
|
|
Accumulated
deficit
|
(425,755)
|
|
|
(188,480)
|
|
Total stockholders'
equity
|
1,079,706
|
|
|
195,508
|
|
Total liabilities
and stockholders' equity
|
$
|
1,136,228
|
|
|
$
|
229,430
|
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
(In
thousands)
(Unaudited)
|
|
|
Nine Months
Ended
September 30,
|
|
2020
|
|
2019
|
Cash flows from
operating activities
|
|
|
|
Net loss
|
$
|
(237,275)
|
|
|
$
|
(62,377)
|
|
Adjustments to
reconcile net loss to net cash used in operating
activities:
|
|
|
|
Depreciation and
amortization
|
4,255
|
|
|
1,104
|
|
Stock-based
compensation
|
91,736
|
|
|
3,772
|
|
Revaluation of Series
A redeemable convertible preferred stock warrant
liability
|
—
|
|
|
3,339
|
|
Deferred income
taxes
|
4
|
|
|
150
|
|
Non-cash in-kind
services
|
28,642
|
|
|
—
|
|
Loss on forward
contract liability
|
1,324
|
|
|
—
|
|
Changes in operating
assets and liabilities:
|
|
|
|
Accounts receivable,
net
|
521
|
|
|
(495)
|
|
Prepaid expenses and
other current assets
|
(334)
|
|
|
38
|
|
Accounts payable,
accrued expenses and other current liabilities
|
19,402
|
|
|
(10,627)
|
|
Customer
deposits
|
6,823
|
|
|
—
|
|
Other long-term
liabilities
|
—
|
|
|
148
|
|
Net cash used in
operating activities
|
(84,902)
|
|
|
(64,948)
|
|
Cash flows from
investing activities
|
|
|
|
Purchases of property
and equipment
|
(5,855)
|
|
|
(6,328)
|
|
Deposits for property
and equipment
|
(9,325)
|
|
|
(8,135)
|
|
Investment in joint
venture
|
(15)
|
|
|
—
|
|
Cash paid towards
build-to-suit lease
|
—
|
|
|
(18,186)
|
|
Net cash used in
investing activities
|
(15,195)
|
|
|
(32,649)
|
|
Cash flows from
financing activities
|
|
|
|
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
|
2,204
|
|
|
—
|
|
Proceeds from the
exercise of stock warrants, net of issuance costs paid
|
263,064
|
|
|
|
|
Proceeds from
landlord of finance lease
|
889
|
|
|
—
|
|
Payments to landlord
for finance lease
|
(485)
|
|
|
—
|
|
Proceeds from note
payable
|
4,134
|
|
|
—
|
|
Payment of note
payable
|
(4,134)
|
|
|
—
|
|
Net cash provided by
financing activities
|
932,747
|
|
|
65,000
|
|
Net increase
(decrease) in cash and cash equivalents, including restricted
cash
|
832,650
|
|
|
(32,597)
|
|
Cash and cash
equivalents, including restricted cash, beginning of
period
|
89,832
|
|
|
173,956
|
|
Cash and cash
equivalents, including restricted cash, end of period
|
$
922,482
|
|
|
$
|
141,359
|
|
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,
|
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
|
(in
thousands)
|
Net loss
|
|
$
|
(117,469)
|
|
|
$
|
(15,514)
|
|
|
$
|
(237,275)
|
|
|
$
|
(62,377)
|
|
Interest income,
net
|
|
(172)
|
|
|
(411)
|
|
|
(259)
|
|
|
(1,082)
|
|
Income tax expense
(benefit)
|
|
2
|
|
|
146
|
|
|
4
|
|
|
150
|
|
Depreciation and
amortization
|
|
1,498
|
|
|
657
|
|
|
4,255
|
|
|
1,104
|
|
EBITDA
|
|
(116,141)
|
|
|
(15,122)
|
|
|
(233,275)
|
|
|
(62,205)
|
|
Stock-based
compensation
|
|
52,196
|
|
|
1,185
|
|
|
91,736
|
|
|
3,772
|
|
Revaluation of Series
A redeemable convertible preferred stock
warrant liability
|
|
—
|
|
|
2,844
|
|
|
—
|
|
|
3,339
|
|
Loss on forward
contract liability
|
|
—
|
|
|
—
|
|
|
1,324
|
|
|
—
|
|
Regulatory and legal
matters(1)
|
|
5,173
|
|
|
—
|
|
|
5,173
|
|
|
—
|
|
Adjusted
EBITDA
|
|
$
|
(58,772)
|
|
|
$
|
(11,093)
|
|
|
$
|
(135,042)
|
|
|
$
|
(55,094)
|
|
|
(1)
|
Regulatory and legal
matters include legal, advisory and other professional service fees
incurred in connection with the short-seller analyst report 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,
|
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
|
(in
thousands)
|
Net loss attributable
to common stockholders, basic and diluted
|
|
$
|
(117,469)
|
|
|
$
|
(15,514)
|
|
|
$
|
(250,682)
|
|
|
$
|
(62,377)
|
|
Stock-based
compensation
|
|
52,196
|
|
|
1,185
|
|
|
91,736
|
|
|
3,772
|
|
Premium paid on
repurchase of redeemable convertible preferred
stock
|
|
—
|
|
|
—
|
|
|
13,407
|
|
|
$
|
—
|
|
Regulatory and legal
matters(1)
|
|
5,173
|
|
|
—
|
|
|
5,173
|
|
|
|
—
|
|
Non-GAAP net
loss
|
|
$
|
(60,100)
|
|
|
$
|
(14,329)
|
|
|
$
|
(140,366)
|
|
|
$
|
(58,605)
|
|
Non-GAAP net loss per
share, basic and diluted
|
|
$
|
(0.16)
|
|
|
$
|
(0.05)
|
|
|
$
|
(0.44)
|
|
|
$
|
(0.23)
|
|
Weighted average
shares outstanding, basic and diluted
|
|
377,660,477
|
|
|
260,534,724
|
|
|
318,315,891
|
|
|
260,449,607
|
|
|
(1)
|
Regulatory and legal
matters include legal, advisory and other professional service fees
incurred in connection with the short-seller analyst report from
September 2020, and investigations and litigation related
thereto.
|
INVESTOR INQUIRIES:
investors@nikolamotor.com
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SOURCE Nikola Corporation