- Reported strongest topline in the history of the company, Q2
2024 revenue was $31.3M, up 318% from
Q1
- Wholesaled 72 hydrogen fuel cell electric vehicles in Q2,
exceeding the high-end of guidance, up 80% from Q1
- Created alternative revenue streams with our initial sale of
regulatory credits
- BEV "2.0" recall program on track for completion by year-end
2024
PHOENIX, Aug. 9, 2024
/PRNewswire/ -- Nikola Corporation (Nasdaq: NKLA), a global
leader in zero-emissions transportation and energy supply and
infrastructure solutions, via the HYLA brand, today reported
financial results and business updates for the quarter ended
June 30, 2024.
"In the last three quarters of serial production, we have
demonstrated that Nikola is the offtake. We are the
catalyst to disrupt Class 8 trucking to make zero-emission a
reality," said Steve Girsky,
President and CEO of Nikola. "We are the only OEM with Class 8
FCEVs commercially available in North
America today. Our trucks are put to the test every day by
end fleet users, hauling freight and delivering to their customers.
Q2 is an example of how we're approaching the intersection of
mission and reality and how Nikola is out front, charting the
course."
Hydrogen Fuel Cell Electric Truck
In Q2, we exceeded the high-end of the guidance range by
delivering 72 hydrogen fuel cell electric vehicles (FCEVs) to
our dealer network. That makes 147 wholesaled FCEVs in the first
three quarters of serial production. Last quarter, we talked about
the importance of expanding our reach to meet the demands of end
fleet users virtually anywhere in North
America. Walmart Canada is the first major retailer in
Canada to introduce a hydrogen
fuel cell electric semi-truck to its fleet. We also received repeat
orders from two national accounts. Nikola's Profitability Flywheel
is beginning to gain momentum with these national accounts, as each
of these end fleets grows its zero-emission presence to achieve
decarbonization goals.
We continue to delight fleet users with data-driven quality and
performance. To date, our FCEV end fleets have traveled more than
550K miles with an average fuel
economy of 7.2 mi/kg, validating our performance benchmark. We
collect field data every day and the numbers bear out. On a
converted basis, our FCEVs outperformed the average Class 8 truck
on fuel economy and avoidance of tailpipe emissions. We estimate
the average miles per gallon (mpg) diesel equivalent of our FCEV is
8.0, or 23% better, than the Class 8 fuel economy average of
6.5/diesel gallon equivalent (DGE) per the Department of Energy.
Moreover, in-service FCEVs have consumed more than 77 metric tons
of hydrogen dispensed at various Nikola fueling solutions. In
total, we estimate our FCEV end fleet operations have avoided
approximately 867 metric tons of CO2 tailpipe
emissions.*
HYLA Energy
We're delivering HYLA fueling solutions to support volume ramp
up. As a strategy, we are launching stations and deploying assets
where we anticipate demand. It is our objective to stay ahead of
FCEV deployment so that fueling solutions are ready and available
for end fleets. To that end, since the Q1 earnings call, we opened
a HYLA branded station in Toronto,
Ontario, Canada and completed commissioning a modular
station in Santa Fe Springs in
Southern Calif. We also added another modular refueler at our
Ontario, Calif. station, doubling
capacity. We recently had a record day in Ontario, with 28 FCEVs refueled and more than
850kg of hydrogen dispensed in one day. Likewise, through our work
with Shell, our fleet customers have been able to fuel at Shell's
heavy-duty station in Ontario, CA,
where density has been growing. Our stations run 24/7 to support
the around-the-clock operations of our fleet users.
Constructive Green Policies
We continued to maintain our dominant share of HVIP vouchers in
Calif. At quarter-end, we had 99% of FCEV and 23% of
battery-electric vehicle (BEV) HVIP vouchers. We also created
alternative revenue streams from the sale of regulatory credits. We
recognized our first sale agreement of NOx and PM credits in the
quarter. We expect this revenue stream to grow as volume increases
each model year.
Battery-Electric Truck
We continued to make progress returning BEVs to our dealer
network and end fleet users. We remain on track to complete the
recall program by year-end 2024. Feedback on returned units has
been overwhelmingly positive and over-the-air updates continue to
reach customers.
Second Quarter Financial Highlights
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
(In thousands, except
share and per share data)
|
2024
|
|
2023
|
|
2024
|
|
2023
|
Trucks
produced
|
77
|
|
33
|
|
120
|
|
96
|
Trucks
shipped
|
73
|
|
45
|
|
113
|
|
76
|
Total
revenues
|
$
31,319
|
|
$
15,362
|
|
$
38,816
|
|
$
26,039
|
Gross profit
(loss)
|
$
(54,726)
|
|
$
(27,631)
|
|
$
(112,301)
|
|
$
(50,328)
|
Gross margin
|
(175) %
|
|
(180) %
|
|
(289) %
|
|
(193) %
|
Loss from
operations
|
$
(131,124)
|
|
$
(168,626)
|
|
$
(276,487)
|
|
$
(295,826)
|
Net loss from
continuing operations
|
$
(133,674)
|
|
$
(140,010)
|
|
$
(281,396)
|
|
$
(285,261)
|
Net loss on
discontinued operations
|
$
—
|
|
$
(77,818)
|
|
$
—
|
|
$
(101,661)
|
Net loss
|
$
(133,674)
|
|
$
(217,828)
|
|
$
(281,396)
|
|
$
(386,922)
|
Adjusted EBITDA
(1)
|
$
(109,396)
|
|
$
(125,068)
|
|
$
(213,427)
|
|
$
(228,756)
|
Net loss from
continuing operations per share, basic and diluted
|
$
(2.86)
|
|
$
(5.93)
|
|
$
(6.17)
|
|
$
(13.59)
|
Net loss from
discontinued operations
|
$
—
|
|
$
(3.29)
|
|
$
—
|
|
$
(4.85)
|
Non-GAAP net loss per
share, basic and diluted(1)
|
$
(2.67)
|
|
$
(5.90)
|
|
$
(5.29)
|
|
$
(12.35)
|
Weighted-average shares
outstanding, basic and diluted
|
46,699,945
|
|
23,623,094
|
|
45,614,635
|
|
20,987,679
|
(1) A
reconciliation of the non-GAAP versus GAAP information is provided
below in the financial statement tables in this press
release.
|
Webcast and Conference Call Information
Nikola will host a webcast to discuss its second quarter results
and business progress at 7:30 a.m. Pacific
Time (10:30 a.m. Eastern Time)
on August 9, 2024. To access the
webcast, parties in the United
States should follow this link.
The live audio webcast, along with supplemental information,
will be accessible on the Company's Investor Relations website
here. A recording of the webcast will also be available following
the earnings call.
*Average emissions avoidance estimate based on total end
fleet odometer mileage, avg. 6.5 mi/diesel gallon equivalent fuel
economy of Class 8 trucks (per DOE), and the mobile combustion
emission factor of 10.21 kg CO2 per gallon of diesel fuel (per
EPA).
About Nikola Corporation
Nikola Corporation's mission is clear: pioneering solutions for
a zero-emissions world. As an integrated truck and energy company,
Nikola is transforming commercial transportation, with our Class 8
vehicles, including battery-electric and hydrogen fuel cell
electric trucks, and our energy brand, HYLA, driving the
advancement of the complete hydrogen refueling ecosystem, covering
supply, distribution and dispensing.
Nikola headquarters is based in Phoenix, Ariz. with a manufacturing facility
in Coolidge, Ariz.
Experience our journey to achieve your sustainability goals
at nikolamotor.com or engage with us on social media
via Facebook @nikolamotorcompany,
Instagram @nikolamotorcompany,
YouTube @nikolamotorcompany,
LinkedIn @nikolamotorcompany or X /
Twitter @nikolamotor
Forward-Looking Statements
This press release contains certain forward-looking statements
within the meaning of federal securities laws with respect to
Nikola Corporation (the "Company"), including statements relating
to: the Company's future financial and business performance,
business plan, strategy, focus, opportunities and milestones; the
benefits and momentum in the Company's profitability flywheel;
customer demand for trucks; the Company's beliefs regarding its
competition and competitive position; the Company's business
outlook; the Company's expectations regarding hydrogen refueling
solutions and timelines; expectations related to the
battery-electric truck recall, including timing of battery
replacement and truck deliveries and sales; the Company's beliefs
regarding the benefits and attributes of its trucks, and customer
experience; estimated average mileage per gallon diesel equivalent;
estimated avoidance of tailpipe emissions; and government
incentives including CARB credits and expectations regarding
related revenue. These forward-looking statements other than
statements of historical fact, and generally are identified by
words such as "believe," "project," "expect," "anticipate,"
"estimate," "intend," "strategy," "future," "opportunity," "plan,"
"may," "should," "will," "would," and similar expressions.
Forward-looking statements are predictions, projections, and other
statements about future events based on current expectations and
assumptions and, as a result, are subject to risks and
uncertainties. Many factors could cause actual future events to
differ materially from the forward-looking statements in this press
release, including but not limited to: successful execution of the
Company's business plan; design and manufacturing changes and
delays, including shortages of parts and materials and other supply
challenges; general economic, financial, legal, regulatory,
political and business conditions and changes in domestic and
foreign markets; demand for and customer acceptance of the
Company's trucks and hydrogen refueling solutions; the results of
customer pilot testing; the execution and terms of definitive
agreements with strategic partners and customers; the failure to
convert LOIs or MOUs into binding orders; the cancellation of
orders; risks associated with development and testing of fuel cell
power modules and hydrogen storage systems; risks related to the
recall, including higher than expected costs, the discovery of
additional problems, delays retrofitting the trucks and delivering
such trucks to customers, supply chain and other issues that may
create additional delays, order cancellations as a result of the
recall, litigation, complaints and/or product liability claims, and
reputational harm; risks related to the rollout of the Company's
business and milestones and the timing of expected business
milestones; actual driving conditions and other factors that affect
vehicle range; changes in methodology, inputs, assumptions or other
factors used to estimate average mileage per gallon diesel
equivalent or avoidance of tailpipe emissions; the effects of
competition on the Company's business; the Company's capital needs
ability to raise capital; the Company's ability to achieve cost
reductions and decrease its cash usage; the grant, receipt and
continued availability of federal and state incentives; and the
factors, risks and uncertainties regarding the Company's business
described in the "Risk Factors" section of the Company's Quarterly
Report on Form 10-Q, for the quarter ended March 31, 2024 filed with the SEC, in addition to
the Company's subsequent filings with the SEC. These filings
identify and address other important risks and uncertainties that
could cause the Company's actual events and results to differ
materially from those contained in the forward-looking statements.
Forward-looking statements speak only as of the date they are made.
Readers are cautioned not to put undue reliance on forward-looking
statements, and, except as required by law, the Company assumes no
obligation and does not intend to update or revise these
forward-looking statements, whether as a result of new information,
future events, or otherwise.
Use of Non-GAAP Financial Measures
This press release references Adjusted EBITDA and non-GAAP net
loss per share, basic and diluted, all of which are non-GAAP
financial measures and are presented as supplemental measures of
the Company's performance. The Company defines Adjusted EBITDA as
earnings before interest expense, taxes, depreciation and
amortization, stock-based compensation expense, and certain other
items determined by the Company. Non-GAAP net loss is defined as
net loss adjusted for stock-based compensation expense and certain
other items determined by the Company. Non-GAAP net loss per share,
basic and diluted is defined as non-GAAP net loss divided by
weighted average basic and diluted shares outstanding. These
non-GAAP measures are not substitutes for or superior to measures
of financial performance prepared in accordance with generally
accepted accounting principles in the
United States (GAAP) and should not be considered as an
alternative to any other performance measures derived in accordance
with GAAP.
The Company believes that presenting these non-GAAP measures
provides useful supplemental information to investors about the
Company in understanding and evaluating its operating results,
enhancing the overall understanding of its past performance and
future prospects, and allowing for greater transparency with
respect to key financial metrics used by its management in
financial and operational-decision making. However, there are a
number of limitations related to the use of non-GAAP measures and
their nearest GAAP equivalents. For example, other companies may
calculate non-GAAP measures differently or may use other measures
to calculate their financial performance, and therefore any
non-GAAP measures the Company uses may not be directly comparable
to similarly titled measures of other companies.
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except
share and per share data)
(Unaudited)
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
Revenues:
|
|
|
|
|
|
|
|
Truck sales
|
$
28,743
|
|
$
12,006
|
|
$
36,161
|
|
$
22,061
|
Service and
other
|
2,576
|
|
3,356
|
|
2,655
|
|
3,978
|
Total
revenues
|
31,319
|
|
15,362
|
|
38,816
|
|
26,039
|
Cost of revenues:
|
|
|
|
|
|
|
|
Truck sales
|
78,994
|
|
40,203
|
|
140,741
|
|
73,223
|
Service and
other
|
7,051
|
|
2,790
|
|
10,376
|
|
3,144
|
Total cost of
revenues
|
86,045
|
|
42,993
|
|
151,117
|
|
76,367
|
Gross loss
|
(54,726)
|
|
(27,631)
|
|
(112,301)
|
|
(50,328)
|
Operating expenses:
|
|
|
|
|
|
|
|
Research and
development (1)
|
40,161
|
|
64,514
|
|
79,658
|
|
126,320
|
Selling, general, and
administrative (1)
|
36,237
|
|
58,764
|
|
84,528
|
|
101,461
|
Loss on supplier
deposits
|
—
|
|
17,717
|
|
—
|
|
17,717
|
Total operating
expenses
|
76,398
|
|
140,995
|
|
164,186
|
|
245,498
|
Loss from operations
|
(131,124)
|
|
(168,626)
|
|
(276,487)
|
|
(295,826)
|
Other income
(expense):
|
|
|
|
|
|
|
|
Interest expense,
net
|
(3,941)
|
|
(8,749)
|
|
(6,219)
|
|
(18,582)
|
Gain on divestiture of
affiliate
|
—
|
|
70,849
|
|
—
|
|
70,849
|
Loss on debt
extinguishment
|
(1,529)
|
|
(20,362)
|
|
(2,313)
|
|
(20,362)
|
Other income
(expense), net
|
3,893
|
|
(5,505)
|
|
4,753
|
|
(5,315)
|
Loss before income taxes and equity in net loss of
affiliates
|
(132,701)
|
|
(132,393)
|
|
(280,266)
|
|
(269,236)
|
Income tax
expense
|
92
|
|
—
|
|
92
|
|
—
|
Loss before equity in net loss of
affiliates
|
(132,793)
|
|
(132,393)
|
|
(280,358)
|
|
(269,236)
|
Equity in net loss of
affiliates
|
(881)
|
|
(7,617)
|
|
(1,038)
|
|
(16,025)
|
Net loss from continuing
operations
|
(133,674)
|
|
(140,010)
|
|
(281,396)
|
|
(285,261)
|
Discontinued operations:
|
|
|
|
|
|
|
|
Loss from discontinued
operations
|
—
|
|
(52,883)
|
|
—
|
|
(76,726)
|
Loss from
deconsolidation of discontinued operations
|
—
|
|
(24,935)
|
|
—
|
|
(24,935)
|
Net loss from discontinued
operations
|
—
|
|
(77,818)
|
|
—
|
|
(101,661)
|
Net loss
|
$
(133,674)
|
|
$
(217,828)
|
|
$
(281,396)
|
|
$
(386,922)
|
|
|
|
|
|
|
|
|
Basic and diluted net
loss per share (2):
|
|
|
|
|
|
|
|
Net loss from
continuing operations
|
$
(2.86)
|
|
$
(5.93)
|
|
$
(6.17)
|
|
$
(13.59)
|
Net loss from
discontinued operations
|
$
—
|
|
$
(3.29)
|
|
$
—
|
|
$
(4.85)
|
Net loss
|
$
(2.86)
|
|
$
(9.22)
|
|
$
(6.17)
|
|
$
(18.44)
|
|
|
|
|
|
|
|
|
Weighted-average shares
outstanding, basic and diluted (2)
|
46,699,945
|
|
23,623,094
|
|
45,614,635
|
|
20,987,679
|
(1) Includes
stock-based compensation as follows:
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
Cost of
revenues
|
$
352
|
|
$
668
|
|
$
680
|
|
$
1,399
|
Research and
development
|
2,493
|
|
6,574
|
|
5,352
|
|
15,660
|
Selling, general, and
administrative
|
5,105
|
|
18,467
|
|
10,704
|
|
33,198
|
Total stock-based
compensation expense
|
$
7,950
|
|
$
25,709
|
|
$
16,736
|
|
$
50,257
|
(2) Shares
issued and outstanding have been adjusted to reflect the
one-for-thirty (1-for-30) reverse stock split that became effective
on June 24, 2024.
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
(In thousands, except
share and per share data)
(Unaudited)
|
|
|
June 30,
|
|
December 31,
|
|
2024
|
|
2023
|
|
(Unaudited)
|
|
|
Assets
|
|
|
|
Current
assets
|
|
|
|
Cash and cash
equivalents
|
$
256,330
|
|
$
464,715
|
Restricted cash and
cash equivalents
|
10,200
|
|
1,224
|
Accounts receivable,
net
|
39,840
|
|
17,974
|
Inventory
|
62,134
|
|
62,588
|
Prepaid expenses and
other current assets
|
61,599
|
|
25,911
|
Total current
assets
|
430,103
|
|
572,412
|
Restricted cash and
cash equivalents
|
16,086
|
|
28,026
|
Long-term
deposits
|
8,887
|
|
14,954
|
Property, plant and
equipment, net
|
494,023
|
|
503,416
|
Intangible assets,
net
|
82,161
|
|
85,860
|
Investment in
affiliate
|
56,024
|
|
57,062
|
Goodwill
|
5,238
|
|
5,238
|
Other assets
|
17,392
|
|
7,889
|
Total assets
|
$
1,109,914
|
|
$
1,274,857
|
Liabilities and stockholders'
equity
|
|
|
|
Current
liabilities
|
|
|
|
Accounts
payable
|
$
55,559
|
|
$
44,133
|
Accrued expenses and
other current liabilities
|
213,980
|
|
207,022
|
Debt and finance lease
liabilities, current
|
11,806
|
|
8,950
|
Total current
liabilities
|
281,345
|
|
260,105
|
Long-term debt and
finance lease liabilities, net of current portion
|
266,390
|
|
269,279
|
Operating lease
liabilities
|
7,362
|
|
4,765
|
Other long-term
liabilities
|
31,264
|
|
21,534
|
Total
liabilities
|
586,361
|
|
555,683
|
Commitments and
contingencies
|
|
|
|
Stockholders'
equity
|
|
|
|
Preferred
stock
|
—
|
|
—
|
Common
stock
|
5
|
|
4
|
Additional paid-in
capital
|
3,876,034
|
|
3,790,401
|
Accumulated
deficit
|
(3,352,465)
|
|
(3,071,069)
|
Accumulated other
comprehensive loss
|
(21)
|
|
(162)
|
Total stockholders'
equity
|
523,553
|
|
719,174
|
Total liabilities and stockholders'
equity
|
$
1,109,914
|
|
$
1,274,857
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In
thousands)
(Unaudited)
|
|
|
Six Months Ended June 30,
|
|
2024
|
|
2023
|
Cash flows from operating
activities
|
|
|
|
Net loss
|
$
(281,396)
|
|
$
(386,922)
|
Less: Loss from
discontinued operations
|
—
|
|
(101,661)
|
Loss from continuing
operations
|
(281,396)
|
|
(285,261)
|
Adjustments to
reconcile net loss from continuing operations to net cash used in
operating activities:
|
|
|
|
Depreciation and
amortization
|
21,688
|
|
11,762
|
Stock-based
compensation
|
16,736
|
|
50,257
|
Equity in net loss of
affiliates
|
1,038
|
|
16,025
|
Revaluation of
financial instruments
|
(2,147)
|
|
7,906
|
Revaluation of
contingent stock consideration
|
—
|
|
(2,472)
|
Inventory
write-downs
|
37,576
|
|
12,718
|
Non-cash interest
expense
|
7,835
|
|
19,363
|
Loss on supplier
deposits
|
—
|
|
17,717
|
Gain on divestiture of
affiliate
|
—
|
|
(70,849)
|
Loss on debt
extinguishment
|
2,313
|
|
20,362
|
Loss on disposal of
assets
|
3,158
|
|
—
|
Other non-cash
activity
|
3,680
|
|
1,015
|
Changes in operating
assets and liabilities:
|
|
|
|
Accounts receivable,
net
|
(21,866)
|
|
11,640
|
Inventory
|
(38,132)
|
|
11,725
|
Prepaid expenses and
other current assets
|
(20,029)
|
|
(48,583)
|
Other
assets
|
(962)
|
|
(2,041)
|
Accounts payable,
accrued expenses and other current liabilities
|
6,234
|
|
(59,474)
|
Long-term
deposits
|
(278)
|
|
(1,293)
|
Operating lease
liabilities
|
(1,739)
|
|
(779)
|
Other long-term
liabilities
|
16,135
|
|
3,097
|
Net cash used in
operating activities
|
(250,156)
|
|
(287,165)
|
Cash flows from investing
activities
|
|
|
|
Purchases and deposits
of property, plant and equipment
|
(30,182)
|
|
(87,719)
|
Proceeds from the sale
of assets
|
21,398
|
|
—
|
Divestiture of
affiliate
|
—
|
|
35,000
|
Payments to
Assignee
|
—
|
|
(2,724)
|
Investments in
affiliate
|
—
|
|
(84)
|
Net cash used in
investing activities
|
(8,784)
|
|
(55,527)
|
Cash flows from financing
activities
|
|
|
|
Proceeds from the
exercise of stock options
|
—
|
|
1,040
|
Proceeds from issuance
of shares under the Tumim Purchase Agreements
|
—
|
|
67,587
|
Proceeds from
registered direct offering, net of underwriter's
discount
|
—
|
|
63,806
|
Proceeds from public
offering, net of underwriter's discount
|
—
|
|
32,244
|
Proceeds from issuance
of common stock under Equity Distribution Agreement, net of
commissions and other fees paid
|
52,201
|
|
61,565
|
Proceeds from issuance
of convertible notes, net of discount and issuance costs
|
—
|
|
52,075
|
Proceeds from issuance
of financing obligation, net of issuance costs
|
—
|
|
49,605
|
Proceeds from insurance
premium financing
|
4,598
|
|
3,909
|
Repayment of debt and
promissory notes
|
(261)
|
|
(5,057)
|
Payment for Coupon
Make-Whole Premium
|
(4,530)
|
|
—
|
Payments on insurance
premium financing
|
(1,853)
|
|
(2,381)
|
Payments on finance
lease liabilities and financing obligation
|
(2,564)
|
|
(255)
|
Net cash provided by
financing activities
|
47,591
|
|
324,138
|
Net decrease in cash
and cash equivalents, including restricted cash and cash
equivalents
|
(211,349)
|
|
(18,554)
|
Cash and cash
equivalents, including restricted cash and cash equivalents,
beginning of period
|
493,965
|
|
313,909
|
Cash and cash
equivalents, including restricted cash and cash equivalents, end of
period
|
$
282,616
|
|
$
295,355
|
|
|
|
|
Cash flows from discontinued
operations:
|
|
|
|
Operating
activities
|
$
—
|
|
$
(4,964)
|
Investing
activities
|
—
|
|
(1,804)
|
Financing
activities
|
—
|
|
(572)
|
Net cash used in
discontinued operations
|
$
—
|
|
$
(7,340)
|
Reconciliation of
GAAP Financial Metrics to Non-GAAP
(In thousands, except
share and per share data)
(Unaudited)
|
|
Reconciliation of
Net Loss from continuing operations to EBITDA and Adjusted
EBITDA
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
|
(in
thousands)
|
Net loss from
continuing operations
|
|
$
(133,674)
|
|
$
(140,010)
|
|
$
(281,396)
|
|
$
(285,261)
|
Interest expense,
net
|
|
3,941
|
|
8,749
|
|
6,219
|
|
18,582
|
Income tax
expense
|
|
92
|
|
—
|
|
92
|
|
—
|
Depreciation and
amortization
|
|
11,092
|
|
5,524
|
|
21,688
|
|
11,762
|
EBITDA
|
|
(118,549)
|
|
(125,737)
|
|
(253,397)
|
|
(254,917)
|
Stock-based
compensation
|
|
7,950
|
|
25,709
|
|
16,736
|
|
50,257
|
Loss on supplier
deposits
|
|
—
|
|
17,717
|
|
—
|
|
17,717
|
Gain on divestiture of
affiliate
|
|
—
|
|
(70,849)
|
|
—
|
|
(70,849)
|
Loss on debt
extinguishment
|
|
1,529
|
|
20,362
|
|
2,313
|
|
20,362
|
Loss on disposal of
assets
|
|
470
|
|
—
|
|
3,158
|
|
—
|
Equipment purchase
cancellation
|
|
—
|
|
—
|
|
15,613
|
|
—
|
Revaluation of
financial instruments
|
|
(2,972)
|
|
5,633
|
|
(2,147)
|
|
5,434
|
Regulatory and legal
matters (1)
|
|
2,176
|
|
2,097
|
|
4,297
|
|
3,240
|
Adjusted
EBITDA
|
|
$
(109,396)
|
|
$
(125,068)
|
|
$
(213,427)
|
|
$
(228,756)
|
(1) Regulatory and legal
matters include legal, advisory, and other professional service
fees incurred in connection with a short-seller article from
September 2020, and investigations and litigation related
thereto.
|
Reconciliation of
GAAP to Non-GAAP Net Loss, and GAAP to Non-GAAP Net Loss per Share,
basic and diluted
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
(in thousands, except
share and per share data)
|
Net loss from
continuing operations
|
$
(133,674)
|
|
$
(140,010)
|
|
$
(281,396)
|
|
$
(285,261)
|
Stock-based
compensation
|
7,950
|
|
25,709
|
|
16,736
|
|
50,257
|
Loss on supplier
deposits
|
—
|
|
17,717
|
|
—
|
|
17,717
|
Gain on divestiture of
affiliate
|
—
|
|
(70,849)
|
|
—
|
|
(70,849)
|
Loss on debt
extinguishment
|
1,529
|
|
20,362
|
|
2,313
|
|
20,362
|
Revaluation of
financial instruments
|
(2,972)
|
|
5,633
|
|
(2,147)
|
|
5,434
|
Loss on disposal of
assets
|
470
|
|
—
|
|
3,158
|
|
—
|
Equipment purchase
cancellation
|
—
|
|
—
|
|
15,613
|
|
—
|
Regulatory and legal
matters (1)
|
2,176
|
|
2,097
|
|
4,297
|
|
3,240
|
Non-GAAP net
loss
|
$
(124,521)
|
|
$
(139,341)
|
|
$
(241,426)
|
|
$
(259,100)
|
|
|
|
|
|
|
|
|
Net loss from
continuing operations per share, basic and diluted
(2)
|
$
(2.86)
|
|
$
(5.93)
|
|
$
(6.17)
|
|
$
(13.59)
|
Non-GAAP net loss per
share, basic and diluted
|
$
(2.67)
|
|
$
(5.90)
|
|
$
(5.29)
|
|
$
(12.35)
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding, basic and diluted (2)
|
46,699,945
|
|
23,623,094
|
|
45,614,635
|
|
20,987,679
|
(1) Regulatory and legal
matters include legal, advisory, and other professional service
fees incurred in connection with a short-seller article from
September 2020, and investigations and litigation related
thereto.
|
(2) Shares
issued and outstanding have been adjusted to reflect the
one-for-thirty (1-for-30) reverse stock split that became effective
on June 24, 2024.
|
Reconciliation of
Cash flows to Adjusted Free Cash Flow
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
|
(in
thousands)
|
Most comparable GAAP
measure:
|
|
|
|
|
|
|
|
|
Net cash used in
operating activities
|
|
$
(134,553)
|
|
$
(111,143)
|
|
$
(250,156)
|
|
$
(287,165)
|
Net cash used in
investing activities
|
|
(13,724)
|
|
(5,010)
|
|
(8,784)
|
|
(55,527)
|
Net cash provided by
financing activities
|
|
52,646
|
|
208,222
|
|
47,591
|
|
324,138
|
|
|
|
|
|
|
|
|
|
Non-GAAP
measure:
|
|
|
|
|
|
|
|
|
Net cash used for
operating activities
|
|
(134,553)
|
|
(111,143)
|
|
(250,156)
|
|
(287,165)
|
Purchases of property,
plant and equipment
|
|
(13,724)
|
|
(37,202)
|
|
(30,182)
|
|
(87,719)
|
Adjusted free cash
flow
|
|
$
(148,277)
|
|
$
(148,345)
|
|
$
(280,338)
|
|
$
(374,884)
|
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SOURCE Nikola Corporation