PHOENIX, Aug. 3, 2021 /PRNewswire/ -- Nikola
Corporation (Nasdaq: NKLA), a global leader in zero-emissions
transportation solutions, today reported financial results for the
quarter ended June 30, 2021.
"During the second quarter Nikola continued to pave the way and
solidify our place as a global leader in zero-emissions
transportation solutions," said Mark
Russell, Nikola's Chief Executive Officer. "We have had
continued success in commissioning and validating the Nikola Tre
BEVs, completed both our Ulm, Germany and Phase 0.5 of our Coolidge, Arizona manufacturing facilities,
entered into a purchase agreement with Tumim Stone Capital LLC for
up to $300 million of Nikola common
stock, and acquired a 20% stake in the Wabash Valley Resources
clean hydrogen project in West Terra Haute, Indiana."
Nikola Tre BEV Validation and Commissioning Progress
During the second quarter, validation activities continued on
the first batch of five (5) Nikola Tre BEVs. All nine (9) trucks
from the second batch have been built and are in the United States. Three (3) trucks from the
second batch have been commissioned and are in various stages of
validation. The remaining six (6) trucks from the second batch are
currently undergoing commissioning in Arizona. Our batch two trucks have
incorporated component improvements and systems iterations from
batch one testing. Validation testing will continue to run through
Q3 and into the beginning of Q4.
Our team continues to work diligently with suppliers to offset
the global parts and materials shortage, as well as work to grow
the parts maturity level as we ramp up pre series builds.
As of today, Nikola has completed Phase 0.5 of our Coolidge, Arizona manufacturing facility and
is in the process of building seven (7) trucks in Coolidge, comprised of two (2) Tre BEV Pre
Builds and five (5) Tre FCEV Alphas. As we are building trucks in
Phase 0.5 of the facility, we are concurrently building out the
Phase 1 assembly expansion area which will provide additional
manufacturing capacity. We anticipate the Phase 1 assembly
expansion area will be completed by the end of 2021.
Progress Made at our Joint Venture Manufacturing Facility on
IVECO's Industrial Complex in Ulm, Germany
On June 14, Nikola and IVECO
started trial production on the assembly line in Ulm, Germany. There are currently two Nikola Tre
BEV Pre Builds on the line being assembled. The equipment and
assembly process are being fine-tuned as we ramp up for serial
production.
Acquired 20% Interest in Wabash Valley Resources
On June 22, Nikola acquired a 20%
equity interest in Wabash Valley Resources LLC (WVR), a clean
hydrogen project being developed in West Terra Haute, Indiana in exchange for a $54.1 million cash and stock consideration. The
project plans to use solid waste byproducts such as petroleum coke
combined with biomass to produce clean and sustainable hydrogen. As
part of the agreement, Nikola acquired the right to offtake up to
20% of the clean gaseous hydrogen produced at the facility at the
anticipated price of less than $1.00
/ kg (1).
The offtake agreement with WVR could provide Nikola with
approximately 50 tons of hydrogen per day following completion of
the plant. This would allow us to supply clean hydrogen in a
critical geography.
Closed $300 Million Purchase
Agreement with Tumim Stone Capital
On June 11, Nikola entered into a
common stock purchase agreement with Tumim Stone Capital LLC
(Tumim), obligating Tumim to purchase up to $300 million of Nikola common stock. Under the
agreement, Nikola has the right, but not the obligation to sell
shares of its common stock to Tumim, subject to certain
limitations. Purchase notices may be issued to Tumim over the
period commencing from the date of the purchase agreement and
ending on the first day of the month following the 36 months
anniversary. The shares will be issued at a 3% discount to the
three-day forward volume weighted average price (VWAP) from the
date a purchase notice is issued.
This allows us to sell shares to Tumim at our sole discretion
and provides us with additional liquidity to execute on our
business plan.
Expansion of Sales and Service Network
On July 15, Nikola announced the
expansion of our sales and service network adding 51 locations
across Texas, Arizona, California, Colorado, New
Mexico, Florida,
Delaware, Virginia, and Maryland. In conjunction with the RIG360
announcement this past April, this expansion is anticipated to
bring our total number of U.S. sales and service locations to
116.
1)
|
The price of under
$1.00/kg is a management estimate based on variety of key
assumptions; represents anticipated price of hydrogen off-take by
Nikola and does not include the cost and capital investment
necessary to support Nikola fueling infrastructure
needs.
|
Second Quarter Financial Highlights
(In thousands, except
share and per share data)
|
Q2
2021
|
|
Q2
2020
|
|
Q2 2021
YTD
|
|
Q2 2020
YTD
|
Loss from
operations
|
$
|
(138,398)
|
|
|
$
|
(86,623)
|
|
|
$
|
(258,988)
|
|
|
$
|
(118,620)
|
|
Net loss
|
$
|
(143,231)
|
|
|
$
|
(115,782)
|
|
|
$
|
(263,455)
|
|
|
$
|
(148,928)
|
|
Adjusted EBITDA
(1)
|
$
|
(73,906)
|
|
|
$
|
(46,901)
|
|
|
$
|
(127,340)
|
|
|
$
|
(76,063)
|
|
Net loss per share,
basic
|
$
|
(0.36)
|
|
|
$
|
(0.43)
|
|
|
$
|
(0.67)
|
|
|
$
|
(0.56)
|
|
Net loss per share,
diluted
|
$
|
(0.36)
|
|
|
$
|
(0.43)
|
|
|
$
|
(0.67)
|
|
|
$
|
(0.56)
|
|
Non-GAAP net loss per
share, basic(1)
|
$
|
(0.20)
|
|
|
$
|
(0.16)
|
|
|
$
|
(0.34)
|
|
|
$
|
(0.28)
|
|
Non-GAAP net loss per
share, diluted(1)
|
$
|
(0.20)
|
|
|
$
|
(0.16)
|
|
|
$
|
(0.34)
|
|
|
$
|
(0.28)
|
|
Weighted-average
shares outstanding, basic
|
394,577,711
|
|
|
303,785,616
|
|
|
393,390,377
|
|
|
287,822,558
|
|
Weighted-average
shares outstanding, diluted
|
394,577,711
|
|
|
303,785,616
|
|
|
393,390,377
|
|
|
287,822,558
|
|
(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 second half of 2021:
- Deliver pre-series Nikola Tre BEVs for use on public roads
hauling customer freight;
- Announce additional fleet testing customers/dealers;
- Break ground on our first commercial hydrogen station and/or
centralized hydrogen production facility; 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
August 3, 2021. To access the
webcast, parties in the United
States should follow this
link: https://www.webcast-eqs.com/nikola20210803/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, AZ and Ulm, Germany and production capacity at such
facilities; expectations regarding the Company's hydrogen project
with WVR, including timing, supply quantity and cost; timing of
completion of prototypes, validation testing, volume production,
buildouts as well as other milestones; expectations regarding the
Company's sales and service network; the company's expectations
regarding use of the Tumim equity line of credit facility and
dilution to stockholders; and terms and potential benefits of the
planned collaborations with WVR, Rig360 and IVECO. 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 annual
report on Form 10-K for the year ended December 31, 2020 filed with the Securities and
Exchange Commission (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
June
30,
|
|
Six Months
Ended
June
30,
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Solar
revenues
|
$
|
—
|
|
|
$
|
36
|
|
|
$
|
—
|
|
|
$
|
94
|
|
Cost of solar
revenues
|
—
|
|
|
30
|
|
|
—
|
|
|
73
|
|
Gross
profit
|
—
|
|
|
6
|
|
|
—
|
|
|
21
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
Research and
development(1)
|
67,726
|
|
|
42,525
|
|
|
122,889
|
|
|
66,602
|
|
Selling, general, and
administrative(1)
|
70,672
|
|
|
44,104
|
|
|
136,099
|
|
|
52,039
|
|
Total operating
expenses
|
138,398
|
|
|
86,629
|
|
|
258,988
|
|
|
118,641
|
|
Loss from
operations
|
(138,398)
|
|
|
(86,623)
|
|
|
(258,988)
|
|
|
(118,620)
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
Interest income
(expense), net
|
(92)
|
|
|
22
|
|
|
(101)
|
|
|
84
|
|
Loss on forward
contract liability
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,324)
|
|
Revaluation of warrant
liability
|
(2,511)
|
|
|
(29,157)
|
|
|
(1,560)
|
|
|
(29,157)
|
|
Other income
(expense), net
|
(1,102)
|
|
|
(23)
|
|
|
(883)
|
|
|
91
|
|
Loss before income
taxes and equity in net loss of affiliates
|
(142,103)
|
|
|
(115,781)
|
|
|
(261,532)
|
|
|
(148,926)
|
|
Income tax
expense
|
2
|
|
|
1
|
|
|
3
|
|
|
2
|
|
Loss before equity in
net loss of affiliates
|
(142,105)
|
|
|
(115,782)
|
|
|
(261,535)
|
|
|
(148,928)
|
|
Equity in net loss of
affiliates
|
(1,126)
|
|
|
—
|
|
|
(1,920)
|
|
|
—
|
|
Net loss
|
(143,231)
|
|
|
(115,782)
|
|
|
(263,455)
|
|
|
(148,928)
|
|
Premium paid on
repurchase of redeemable convertible preferred stock
|
—
|
|
|
(13,407)
|
|
|
—
|
|
|
(13,407)
|
|
Net loss attributable
to common stockholders
|
$
|
(143,231)
|
|
|
$
|
(129,189)
|
|
|
$
|
(263,455)
|
|
|
$
|
(162,335)
|
|
|
|
|
|
|
|
|
|
Net loss per share
attributable to common stockholders:
|
|
|
|
|
|
|
|
Basic
|
$
|
(0.36)
|
|
|
$
|
(0.43)
|
|
|
$
|
(0.67)
|
|
|
$
|
(0.56)
|
|
Diluted
|
$
|
(0.36)
|
|
|
$
|
(0.43)
|
|
|
$
|
(0.67)
|
|
|
$
|
(0.56)
|
|
Weighted average
shares outstanding:
|
|
|
|
|
|
|
|
Basic
|
394,577,711
|
|
|
303,785,616
|
|
|
393,390,377
|
|
|
287,822,558
|
|
Diluted
|
394,577,711
|
|
|
303,785,616
|
|
|
393,390,377
|
|
|
287,822,558
|
|
|
(1)
Includes stock-based compensation as follows:
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Research and
development
|
$
|
10,228
|
|
|
$
|
2,880
|
|
|
$
|
20,550
|
|
|
$
|
3,238
|
|
Selling, general, and
administrative
|
42,442
|
|
|
35,347
|
|
|
82,386
|
|
|
36,302
|
|
Total stock-based
compensation expense
|
$
|
52,670
|
|
|
$
|
38,227
|
|
|
$
|
102,936
|
|
|
$
|
39,540
|
|
CONSOLIDATED
BALANCE SHEETS
|
(In thousands, except
share and per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June
30,
|
|
December
31,
|
|
2021
|
|
2020
|
|
(Unaudited)
|
|
|
Assets
|
|
|
|
Current
assets
|
|
|
|
Cash and cash
equivalents
|
$
|
632,694
|
|
$
|
840,913
|
Restricted cash and
cash equivalents
|
—
|
|
4,365
|
Inventory
|
2,267
|
|
—
|
Prepaid in-kind
services
|
18,548
|
|
46,271
|
Prepaid expenses and
other current assets
|
9,776
|
|
5,368
|
Total current
assets
|
663,285
|
|
896,917
|
Restricted cash and
cash equivalents
|
—
|
|
4,000
|
Long-term
deposits
|
16,670
|
|
17,687
|
Property, plant and
equipment, net
|
166,367
|
|
71,401
|
Intangible assets,
net
|
50,000
|
|
50,050
|
Investment in
affiliates
|
63,639
|
|
8,420
|
Goodwill
|
5,238
|
|
5,238
|
Total
assets
|
$
|
965,199
|
|
$
|
1,053,713
|
Liabilities and
stockholders' equity
|
|
|
|
Current
liabilities
|
|
|
|
Accounts
payable
|
58,064
|
|
29,364
|
Accrued expenses and
other current liabilities
|
26,725
|
|
18,809
|
Term note,
current
|
—
|
|
4,100
|
Total current
liabilities
|
84,789
|
|
52,273
|
Finance lease
liabilities
|
13,491
|
|
13,956
|
Warrant
liability
|
8,895
|
|
7,335
|
Deferred tax
liabilities, net
|
10
|
|
8
|
Total
liabilities
|
107,185
|
|
73,572
|
Commitments and
contingencies (Note 11)
|
|
|
|
|
|
Common stock with
embedded put right
|
13,237
|
|
—
|
Stockholders'
equity
|
|
|
|
Preferred stock,
$0.0001 par value, 150,000,000 shares authorized, no shares issued
and outstanding as of June 30, 2021 and December 31,
2020
|
—
|
|
—
|
Common stock, $0.0001
par value, 600,000,000 shares authorized, 397,077,561
and 391,041,347 shares issued and outstanding as of
June 30, 2021 and December 31,
2020, respectively
|
40
|
|
39
|
Additional paid-in
capital
|
1,668,362
|
|
1,540,037
|
Accumulated other
comprehensive income
|
4
|
|
239
|
Accumulated
deficit
|
(823,629)
|
|
(560,174)
|
Total stockholders'
equity
|
844,777
|
|
980,141
|
Total liabilities
and stockholders' equity
|
$
|
965,199
|
|
$
|
1,053,713
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
(In
thousands)
|
(Unaudited)
|
|
|
Six Months Ended
June 30,
|
|
2021
|
|
2020
|
Cash flows from
operating activities
|
|
|
|
Net loss
|
$
|
(263,455)
|
|
|
$
|
(148,928)
|
|
Adjustments to
reconcile net loss to net cash used in operating
activities:
|
|
|
|
Depreciation and
amortization
|
3,710
|
|
|
2,926
|
|
Stock-based
compensation
|
102,936
|
|
|
39,540
|
|
Deferred income
taxes
|
2
|
|
|
2
|
|
Non-cash in-kind
services
|
27,723
|
|
|
17,241
|
|
Loss on forward
contract liability
|
—
|
|
|
1,324
|
|
Equity in net loss of
affiliates
|
1,920
|
|
|
—
|
|
Revaluation of warrant
liability
|
1,560
|
|
|
29,157
|
|
Issuance of common
stock for commitment shares
|
2,625
|
|
|
—
|
|
Loss on sale of
equipment
|
1,008
|
|
|
—
|
|
Changes in operating
assets and liabilities:
|
|
|
|
Inventory
|
(2,267)
|
|
|
—
|
|
Prepaid expenses and
other current assets
|
(4,024)
|
|
|
(779)
|
|
Accounts payable,
accrued expenses and other current liabilities
|
9,535
|
|
|
9,064
|
|
Long-term and customer
deposits
|
(7,247)
|
|
|
4,892
|
|
Net cash used in
operating activities
|
(125,974)
|
|
|
(45,561)
|
|
Cash flows from
investing activities
|
|
|
|
Purchases and
deposits of property, plant and equipment
|
(64,787)
|
|
|
(6,303)
|
|
Investments in
affiliates
|
(25,000)
|
|
|
—
|
|
Proceeds from sale of
equipment
|
200
|
|
|
—
|
|
Net cash used in
investing activities
|
(89,587)
|
|
|
(6,303)
|
|
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
|
—
|
|
|
616,736
|
|
Proceeds from the
exercise of stock options
|
3,839
|
|
|
1,884
|
|
Proceeds from
landlord of finance lease
|
—
|
|
|
889
|
|
Payments on finance
lease liabilities
|
(518)
|
|
|
(544)
|
|
Proceeds from note
payable
|
—
|
|
|
4,134
|
|
Payment of note
payable
|
(4,100)
|
|
|
(4,134)
|
|
Payments for issuance
costs
|
(244)
|
|
|
—
|
|
Net cash provided by
(used in) financing activities
|
(1,023)
|
|
|
669,314
|
|
Net increase
(decrease) in cash and cash equivalents, including restricted
cash
|
(216,584)
|
|
|
617,450
|
|
Cash and cash
equivalents, including restricted cash, beginning of
period
|
849,278
|
|
|
89,832
|
|
Cash and cash
equivalents, including restricted cash, end of period
|
$
|
632,694
|
|
|
$
|
707,282
|
|
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
June 30,
|
|
Six Months Ended
June 30,
|
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
|
(in
thousands)
|
Net loss
|
|
$
|
(143,231)
|
|
|
$
|
(115,782)
|
|
|
$
|
(263,455)
|
|
|
$
|
(148,928)
|
|
Interest (income)
expense, net
|
|
92
|
|
|
(22)
|
|
|
101
|
|
|
(84)
|
|
Income tax
expense
|
|
2
|
|
|
1
|
|
|
3
|
|
|
2
|
|
Depreciation and
amortization
|
|
1,905
|
|
|
1,518
|
|
|
3,710
|
|
|
2,926
|
|
EBITDA
|
|
(141,232)
|
|
|
(114,285)
|
|
|
(259,641)
|
|
|
(146,084)
|
|
Stock-based
compensation
|
|
52,670
|
|
|
38,227
|
|
|
102,936
|
|
|
39,540
|
|
Loss on forward
contract liability
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,324
|
|
Revaluation of
warrant liability
|
|
2,511
|
|
|
29,157
|
|
|
1,560
|
|
|
29,157
|
|
Equity in net loss of
affiliates
|
|
1,126
|
|
|
—
|
|
|
1,920
|
|
|
—
|
|
Regulatory and legal
matters (1)
|
|
11,019
|
|
|
—
|
|
|
25,885
|
|
|
—
|
|
Adjusted
EBITDA
|
|
$
|
(73,906)
|
|
|
$
|
(46,901)
|
|
|
$
|
(127,340)
|
|
|
$
|
(76,063)
|
|
|
(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.
|
|
Reconciliation
of GAAP to Non-GAAP Net Loss, and GAAP to Non-GAAP Net Loss per
Share, basic and diluted
|
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
|
(in thousands, except
share and per share data)
|
Net loss attributable
to common stockholders
|
|
$
|
(143,231)
|
|
|
$
|
(129,189)
|
|
|
$
|
(263,455)
|
|
|
$
|
(162,335)
|
|
Stock-based
compensation
|
|
52,670
|
|
|
38,227
|
|
|
102,936
|
|
|
39,540
|
|
Premium paid on
repurchase of redeemable convertible preferred stock
|
|
—
|
|
|
13,407
|
|
|
—
|
|
|
13,407
|
|
Revaluation of
warrant liability
|
|
2,511
|
|
|
29,157
|
|
|
1,560
|
|
|
29,157
|
|
Regulatory and legal
matters(1)
|
|
11,019
|
|
|
—
|
|
|
25,885
|
|
|
—
|
|
Non-GAAP net
loss
|
|
$
|
(77,031)
|
|
|
$
|
(48,398)
|
|
|
$
|
(133,074)
|
|
|
$
|
(80,231)
|
|
Non-GAAP net loss per
share:
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
(0.20)
|
|
|
$
|
(0.16)
|
|
|
$
|
(0.34)
|
|
|
$
|
(0.28)
|
|
Diluted
|
|
$
|
(0.20)
|
|
|
$
|
(0.16)
|
|
|
$
|
(0.34)
|
|
|
$
|
(0.28)
|
|
Weighted average
shares outstanding:
|
|
|
|
|
|
|
|
|
Basic
|
|
394,577,711
|
|
|
303,785,616
|
|
|
393,390,377
|
|
|
287,822,558
|
|
Diluted
|
|
394,577,711
|
|
|
303,785,616
|
|
|
393,390,377
|
|
|
287,822,558
|
|
|
(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.
|
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SOURCE Nikola Corporation