- Delivered the first production hydrogen fuel cell electric
truck available in North America
- Delivered 35 hydrogen fuel cell electric trucks in Q4 ending
the period with no finished goods inventory
- From October 2023 through
January 31, 2024, 225 additional
voucher requests have been submitted in Calif. for hydrogen fuel
cell electric trucks, all for Nikola
- Remain on track to get the first battery-electric trucks back
into end user hands by the end of Q1
- Opened first HYLA modular refueling station in Ontario, Calif. and announced partnership with
FirstElement Fuel in Oakland,
Calif. providing fleets with fueling solutions in Northern
and Southern Calif.
- During Q4 raised $230.3M, ending
the year with $464.7M of unrestricted
cash, highest unrestricted cash balance since Q4 2021
- Added two additional reputable and seasoned board members with
deep experience in trucking and energy
- Jonathan Pertchik, former CEO of
TravelCenters of America
- Carla Tully, whose experience
includes leading and scaling energy organizations across Fortune
150, private equity, and startups (appointed in February 2024)
PHOENIX, Feb. 22,
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 fourth
quarter and full year ended December 31,
2023.
"Today we're sharing what we've accomplished and how we are
providing fully integrated zero-emissions mobility solutions to
fleets right now," said Nikola
President and CEO Steve
Girsky. "We began delivering production hydrogen fuel cell
electric trucks in Q4, fleets are fueling daily at our modular
refueling station in Ontario,
California, we continue to rack up
HVIP vouchers, and we are on track to start getting our
battery-electric trucks back to end users by the end of the first
quarter."
"In California, we have 99% of all the hydrogen fuel cell
electric tractor HVIP vouchers requested in 2023 through
January 2024," Girsky continued.
"There are more requests for our fuel cell truck alone than all
other truck OEMs combined on both battery and hydrogen fuel cell
electric trucks in the same period. It's a testament to our market
leading position, quality of our products, and the high level of
Nikola fleet success. We are making the most of our head start and
capitalizing on our first-mover advantage."
Launch of the Hydrogen Fuel Cell Electric Truck and Hydrogen
Refueling Ecosystem
In Q4 2023, we demonstrated our ability to produce, manufacture,
and deliver the hydrogen fuel cell electric truck. We believe we
have delivered the first production Class 8 hydrogen fuel cell
truck available in North America.
Fleets are operating the trucks daily, fueling at our first modular
refueling site in Ontario, Calif.
and our partner FirstElement Fuel's station in Oakland, Calif.
Looking forward to 2024, we are focused on optimizing revenue
and costs in our business, as we seek to scale hydrogen fuel cell
electric truck production, secure additional modular refueling
sites and deploy modular fuelers to support fleets and bring the
battery-electric product back to the marketplace.
Hydrogen Fuel Cell Electric Truck
In Q4 2023, we delivered what we believe is the first production
hydrogen fuel cell electric truck available in North America. We produced 42, delivering 35
of those to dealers and reserved seven for continued testing and
fleet demos. Every truck delivered to dealers is spoken for by an
end user, some of which are already utilizing the trucks in
operations daily. End users include:
- Long standing partner Biagi
Bros.
- IMC Logistics, the largest marine drayage company in the
U.S.
- 4 Gen / Duncan and Sons Lines
- Alberta Motor Transport Association
- Coyote Container
In Calif. 99% (355 of 360) of the hydrogen fuel cell electric
HVIP vouchers requested in 2023 through January 2024 are for our hydrogen fuel cell
electric truck. We continue to build a strong sales funnel as our
sales team works in conjunction with dealers. Initial fleet
feedback on truck performance has been positive. Coyote Container
completed an 866-mile round trip haul between The Port of
Oakland, Port of Long Beach, HYLA Ontario refueling station,
and returned to Oakland, stopping
for only one refuel.
Battery-Electric Truck
We remain on track to deliver the first re-worked
battery-electric trucks with new battery packs back to end users by
the end of Q1 and believe all trucks will be returned to end user
fleets by the end of Q2 or early Q3. Once end user trucks have been
returned, we plan to begin retrofitting the remaining
battery-electric trucks in Nikola inventory and selling them for
revenue in late Q3 or early Q4.
Since October 2023, there have
been 33 additional HVIP voucher requests for the battery-electric
truck in Calif. In addition to new battery packs from an
alternative supplier, what we call the BEV "2.0" is expected to
have a number of additional enhancements, some available upon
release and some to be implemented over time, which further improve
the trucks capabilities. Some of the improvements include an
updated instrument display, a more user-friendly mobile app, and
scheduled departure charging to ensure maximum state of charge when
a driver begins their route. In addition to the new packs and
features, we also expect the trucks will be lighter, improving
payload capacity.
Energy
We recently announced the opening of our first HYLA modular
refueling station in Ontario,
Calif., as well as our collaboration with FirstElement Fuel
for fleets to use their refueling station in Oakland, Calif. Fleets are utilizing both
fueling locations and hauling freight between Southern and Northern
Calif.
Our HYLA team is working to secure additional fueling sites
throughout Calif., and believes we have line of sight to secure an
additional six in Southern Calif. and three in Northern Calif. in
2024. The HYLA station development strategy is to deploy modular
fueling assets as truck network density is amassed in the region.
Once truck density is amassed, fixed stations can be constructed
and placed into service. Upon the completion of fixed station
infrastructure, modular fuelers can be redeployed to a new
geography and the cycle can be replicated. We believe the modular
refueling strategy allows us to be nimble and rapidly enter new
markets, while remaining capital efficient.
Fourth Quarter and Full Year Financial Highlights
|
Three Months
Ended
December 31,
|
|
Years
Ended
December 31,
|
(In thousands, except
share, per share and truck data)
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Trucks
produced
|
42
|
|
133
|
|
138
|
|
258
|
Trucks
shipped
|
35
|
|
20
|
|
114
|
|
131
|
Total
revenues
|
$
11,532
|
|
$
5,463
|
|
$
35,839
|
|
$
49,725
|
Gross profit
(loss)
|
$ (38,236)
|
|
$ (26,974)
|
|
$
(214,067)
|
|
$ (85,969)
|
Gross
margin
|
(332) %
|
|
(494) %
|
|
(597) %
|
|
(173) %
|
Net loss from
continuing operations
|
$
(153,596)
|
|
$
(175,966)
|
|
$
(864,621)
|
|
$
(738,138)
|
Net loss
|
$
(153,596)
|
|
$
(222,066)
|
|
$
(966,282)
|
|
$
(784,238)
|
Adjusted EBITDA
(1)
|
$
(102,031)
|
|
$
(131,489)
|
|
$
(519,348)
|
|
$
(414,894)
|
Net loss from
continuing operations per share, basic and diluted
|
$
(0.14)
|
|
$
(0.36)
|
|
$
(1.08)
|
|
$
(1.67)
|
Non-GAAP net loss per
share, basic and diluted(1)
|
$
(0.11)
|
|
$
(0.30)
|
|
$
(0.79)
|
|
$
(1.03)
|
Weighted-average shares
outstanding, basic and diluted
|
1,078,090,959
|
|
487,551,035
|
|
800,030,551
|
|
441,800,499
|
|
|
(1)
|
A reconciliation of the
non-GAAP information is provided below in the financial statement
tables in the press release.
|
|
|
Webcast and Conference Call Information
Nikola will host a webcast to discuss its fourth quarter and
full year 2023 results and business progress at 7:30 a.m. Pacific Time (10:30 a.m. Eastern Time) on February 22, 2024. To access the webcast, parties
in the United States should follow
this link: https://www.webcast-eqs.com/nikola20240222/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'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, Arizona with a
manufacturing facility in Coolidge,
Arizona.
For more information visit our website Facebook
@nikolamotorcompany, Instagram @nikolamotorcompany, YouTube
@nikolamotorcompany, LinkedIn @nikolamotorcompany 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 financial and business performance,
business plan, strategy, focus, opportunities and milestones;
expected orders and customer demand for trucks; the Company's
beliefs regarding competition and that it has competitive and
first-mover advantage; the Company's business outlook; the
Company's expectations regarding hydrogen supply and plans to
secure adequate hydrogen supply; expected benefits of the modular
refueling strategy; expectations related to the battery-electric
truck recall, including the nature of the repairs, the Company's
expectations regarding the trucks, and timing of battery
replacement and truck deliveries and sales; the Company's sales
efforts; and government incentives and expectations regarding
customer demand related to such incentives. 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 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 global
shortages in 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; the effects of competition on the Company's business;
the Company's 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;
the completion of the 2023 audit and any related adjustments to
financial results; 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, 2023
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.
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
(In thousands, except
share and per share data) (unaudited)
|
|
|
|
Three Months
Ended
December 31,
|
|
Years Ended
December 31,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
Truck sales
|
$
10,368
|
|
$
4,695
|
|
$
30,061
|
|
$
45,931
|
Service and
other
|
1,164
|
|
768
|
|
5,778
|
|
3,794
|
Total
revenues
|
11,532
|
|
5,463
|
|
35,839
|
|
49,725
|
Cost of
revenues:
|
|
|
|
|
|
|
|
Truck sales
|
46,617
|
|
31,695
|
|
242,519
|
|
132,556
|
Service and
other
|
3,151
|
|
742
|
|
7,387
|
|
3,138
|
Total cost of
revenues
|
49,768
|
|
32,437
|
|
249,906
|
|
135,694
|
Gross
loss
|
(38,236)
|
|
(26,974)
|
|
(214,067)
|
|
(85,969)
|
Operating
expenses:
|
|
|
|
|
|
|
|
Research and
development
|
39,874
|
|
66,134
|
|
208,160
|
|
270,480
|
Selling, general and
administrative
|
39,325
|
|
56,270
|
|
198,768
|
|
346,186
|
Loss on supplier
deposits
|
10,401
|
|
—
|
|
28,834
|
|
—
|
Total operating
expenses
|
89,600
|
|
122,404
|
|
435,762
|
|
616,666
|
Loss from
operations
|
(127,836)
|
|
(149,378)
|
|
(649,829)
|
|
(702,635)
|
Other income
(expense):
|
|
|
|
|
|
|
|
Interest expense,
net
|
(4,761)
|
|
(6,958)
|
|
(76,023)
|
|
(17,712)
|
Revaluation of warrant
liability
|
56
|
|
410
|
|
371
|
|
3,903
|
Gain on divestiture of
affiliate
|
—
|
|
—
|
|
70,849
|
|
—
|
Loss on debt
extinguishment
|
(10,663)
|
|
—
|
|
(31,025)
|
|
—
|
Other income
(expense), net
|
(10,250)
|
|
(5,446)
|
|
(162,534)
|
|
(1,023)
|
Loss before income
taxes and equity in net loss of affiliates
|
(153,454)
|
|
(161,372)
|
|
(848,191)
|
|
(717,467)
|
Income tax
expense
|
11
|
|
3
|
|
12
|
|
6
|
Loss before equity
in net loss of affiliates
|
$
(153,465)
|
|
$
(161,375)
|
|
$
(848,203)
|
|
$
(717,473)
|
Equity in net loss of
affiliates
|
(131)
|
|
(14,591)
|
|
(16,418)
|
|
(20,665)
|
Net loss from
continuing operations
|
$
(153,596)
|
|
$
(175,966)
|
|
$
(864,621)
|
|
$
(738,138)
|
Discontinued
operations:
|
|
|
|
|
|
|
|
Loss from discontinued
operations
|
—
|
|
(46,100)
|
|
(76,726)
|
|
(46,100)
|
Loss from
deconsolidation of discontinued operations
|
—
|
|
—
|
|
(24,935)
|
|
—
|
Net loss from
discontinued operations
|
—
|
|
(46,100)
|
|
(101,661)
|
|
(46,100)
|
Net
loss
|
$
(153,596)
|
|
$
(222,066)
|
|
$
(966,282)
|
|
$
(784,238)
|
|
|
|
|
|
|
|
|
Basic net loss per
share:
|
|
|
|
|
|
|
|
Net loss from
continuing operations
|
$
(0.14)
|
|
$
(0.36)
|
|
$
(1.08)
|
|
$
(1.67)
|
Net loss from
discontinued operations
|
—
|
|
(0.10)
|
|
(0.13)
|
|
(0.11)
|
Net loss
|
$
(0.14)
|
|
$
(0.46)
|
|
$
(1.21)
|
|
$
(1.78)
|
|
|
|
|
|
|
|
|
Diluted net loss per
share:
|
|
|
|
|
|
|
|
Net loss
|
$
(0.14)
|
|
$
(0.46)
|
|
$
(1.21)
|
|
$
(1.78)
|
|
|
|
|
|
|
|
|
Weighted-average shares
outstanding, basic and diluted
|
1,078,090,959
|
|
487,551,035
|
|
800,030,551
|
|
441,800,499
|
Includes stock-based
compensation as follows:
|
|
|
Three Months
Ended
December 31,
|
|
Years Ended December
31,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Cost of
revenues
|
$
362
|
|
$
2,779
|
|
$
2,175
|
|
$
2,779
|
Research and
development
|
3,170
|
|
6,837
|
|
22,213
|
|
34,949
|
Selling, general, and
administrative
|
2,943
|
|
31,615
|
|
51,003
|
|
214,717
|
Total stock-based
compensation
|
$
6,475
|
|
$
41,231
|
|
$
75,391
|
|
$
252,445
|
CONSOLIDATED BALANCE
SHEETS
|
(In thousands, except
share and per share data) (unaudited)
|
|
|
December
31,
|
|
2023
|
|
2022
|
Assets
|
|
|
|
Current
assets
|
|
|
|
Cash and cash
equivalents
|
$
464,715
|
|
$
225,850
|
Restricted cash and
cash equivalents
|
1,224
|
|
10,600
|
Accounts receivable,
net
|
17,974
|
|
31,638
|
Inventory
|
62,588
|
|
111,870
|
Prepaid expenses and
other current assets
|
25,911
|
|
27,943
|
Assets subject to
assignment for the benefit of creditors, current portion
|
—
|
|
29,025
|
Total current
assets
|
572,412
|
|
436,926
|
Restricted cash and
cash equivalents
|
28,026
|
|
77,459
|
Long-term
deposits
|
14,954
|
|
34,279
|
Property, plant and
equipment, net
|
503,416
|
|
417,785
|
Intangible assets,
net
|
85,860
|
|
92,473
|
Investment in
affiliates
|
57,062
|
|
62,816
|
Goodwill
|
5,238
|
|
6,688
|
Other assets
|
7,889
|
|
8,107
|
Assets subject to
assignment for the benefit of creditors
|
—
|
|
100,125
|
Total
assets
|
$
1,274,857
|
|
$
1,236,658
|
Liabilities and
stockholders' equity
|
|
|
|
Current
liabilities
|
|
|
|
Accounts
payable
|
$
44,133
|
|
$
93,242
|
Accrued expenses and
other current liabilities
|
207,022
|
|
179,571
|
Debt and finance lease
liabilities, current
|
8,950
|
|
61,675
|
Liabilities subject to
assignment for the benefit of creditors, current portion
|
—
|
|
49,102
|
Total current
liabilities
|
260,105
|
|
383,590
|
Long-term debt and
finance lease liabilities, net of current portion
|
269,279
|
|
290,128
|
Operating lease
liabilities
|
4,765
|
|
6,091
|
Other long-term
liabilities
|
21,512
|
|
6,684
|
Deferred tax
liabilities, net
|
22
|
|
15
|
Liabilities subject to
assignment for the benefit of creditors
|
—
|
|
23,671
|
Total
liabilities
|
555,683
|
|
710,179
|
Commitments and
contingencies
|
|
|
|
Stockholders'
equity
|
|
|
|
Preferred
stock
|
—
|
|
—
|
Common stock
|
133
|
|
51
|
Additional paid-in
capital
|
3,790,272
|
|
2,562,855
|
Accumulated
deficit
|
(3,071,069)
|
|
(2,034,850)
|
Accumulated other
comprehensive loss
|
(162)
|
|
(1,577)
|
Total stockholders'
equity
|
719,174
|
|
526,479
|
Total liabilities
and stockholders' equity
|
$
1,274,857
|
|
$
1,236,658
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
(In thousands)
(unaudited)
|
|
|
Years Ended December
31,
|
|
2023
|
|
2022
|
Cash flows from
operating activities
|
|
|
|
Net loss
|
$
(966,282)
|
|
$
(784,238)
|
Less: Loss from
discontinued operations
|
(101,661)
|
|
(46,100)
|
Loss from continuing
operations
|
(864,621)
|
|
(738,138)
|
Adjustments to
reconcile net loss from continuing operations to net cash used in
operating activities:
|
|
|
|
Depreciation and
amortization
|
35,890
|
|
22,765
|
Stock-based
compensation
|
75,391
|
|
252,445
|
Equity in net loss of
affiliates
|
16,418
|
|
20,665
|
Revaluation of
financial instruments
|
205,589
|
|
(174)
|
Revaluation of
contingent stock consideration
|
(43,981)
|
|
—
|
Inventory
write-downs
|
71,218
|
|
19,705
|
Non-cash interest
expense
|
79,201
|
|
15,481
|
Loss on supplier
deposits
|
28,834
|
|
—
|
Gain on divestiture of
affiliate
|
(70,849)
|
|
—
|
Loss on debt
extinguishment
|
31,025
|
|
—
|
Other non-cash
activity
|
4,343
|
|
873
|
Changes in operating
assets and liabilities:
|
|
|
|
Accounts receivable,
net
|
13,665
|
|
(31,638)
|
Inventory
|
(23,756)
|
|
(141,168)
|
Prepaid expenses and
other current assets
|
(44,732)
|
|
(27,681)
|
Long-term
deposits
|
(1,377)
|
|
(4,306)
|
Other
assets
|
(1,530)
|
|
(912)
|
Accounts payable,
accrued expenses and other current liabilities
|
(14,613)
|
|
29,669
|
Operating lease
liabilities
|
(2,009)
|
|
(843)
|
Other long-term
liabilities
|
9,716
|
|
1,694
|
Net cash used in
operating activities
|
(496,178)
|
|
(581,563)
|
Cash flows from
investing activities
|
|
|
|
Purchases and deposits
for property, plant and equipment
|
(120,516)
|
|
(168,257)
|
Divestiture of
affiliates
|
36,000
|
|
—
|
Proceeds from the sale
of assets
|
20,742
|
|
18
|
Payments to
assignee
|
(2,725)
|
|
—
|
Investments in
affiliates
|
(250)
|
|
(23,027)
|
Issuance of senior
secured note receivable and prepaid acquisition-related
consideration
|
—
|
|
(27,791)
|
Settlement of price
differentials
|
—
|
|
(6,588)
|
Net cash used in
investing activities
|
(66,749)
|
|
(225,645)
|
|
|
|
|
Cash flows from
financing activities
|
|
|
|
Proceeds from the
exercise of stock options
|
7,395
|
|
6,867
|
Proceeds from issuance
of shares under the Tumim Purchase Agreements
|
67,587
|
|
123,672
|
Proceeds from
registered direct offering, net of underwriter's
discount
|
63,246
|
|
—
|
Proceeds from public
offerings, net of underwriter's discount
|
128,152
|
|
—
|
Proceeds from issuances
of convertible debt instruments, net of discount and issuance
costs
|
386,733
|
|
233,214
|
Proceeds from issuance
of common stock under Equity Distribution Agreement, net of
commissions paid
|
115,893
|
|
165,143
|
Proceeds from issuance
of debt, promissory notes and notes payable, net of issuance
costs
|
—
|
|
54,000
|
Proceeds from issuance
of financing obligations, net of issuance costs
|
56,148
|
|
44,823
|
Proceeds from insurance
premium financing
|
5,223
|
|
6,637
|
Payment for Coupon
Make-Whole Premiums
|
(35,241)
|
|
—
|
Repayment of debt,
promissory notes and notes payable
|
(45,469)
|
|
(30,526)
|
Payments on insurance
premium financing
|
(5,369)
|
|
(4,638)
|
Payments on finance
lease liabilities and financing obligation
|
(1,315)
|
|
(316)
|
Net cash provided by
financing activities
|
742,983
|
|
598,876
|
Net increase (decrease)
in cash and cash equivalents and restricted cash and cash
equivalents
|
180,056
|
|
(208,332)
|
Cash and cash
equivalents, including restricted cash and cash equivalents,
beginning of period
|
313,909
|
|
522,241
|
Cash and cash
equivalents, including restricted cash and cash equivalents, end of
period
|
$
493,965
|
|
$
313,909
|
|
|
|
|
Cash flows from
discontinued operations:
|
|
|
|
Operating
activities
|
(4,964)
|
|
4,857
|
Investing
activities
|
(1,804)
|
|
(2,469)
|
Financing
activities
|
(572)
|
|
(198)
|
Net cash provided by
(used in) discontinued operations
|
$
(7,340)
|
|
$
2,190
|
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
December 31,
|
|
Years Ended December
31,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Net loss from
continuing operations
|
$
(153,596)
|
|
$ (175,966)
|
|
$
(864,621)
|
|
$
(738,138)
|
Interest expense,
net
|
4,761
|
|
6,958
|
|
76,023
|
|
17,712
|
Income tax
expense
|
11
|
|
3
|
|
12
|
|
6
|
Depreciation and
amortization
|
7,132
|
|
6,293
|
|
35,890
|
|
22,765
|
EBITDA
|
(141,692)
|
|
(162,712)
|
|
(752,696)
|
|
(697,655)
|
Stock-based
compensation
|
6,475
|
|
41,231
|
|
75,391
|
|
252,445
|
Loss on supplier
deposits
|
10,401
|
|
—
|
|
28,834
|
|
—
|
Gain on divestiture of
affiliates
|
—
|
|
—
|
|
(70,849)
|
|
—
|
Loss on debt
extinguishment
|
10,663
|
|
—
|
|
31,025
|
|
—
|
Revaluation of
financial instruments
|
10,457
|
|
(81)
|
|
161,608
|
|
(174)
|
Romeo Acquisition
transaction costs
|
—
|
|
5,218
|
|
—
|
|
7,315
|
Regulatory and legal
matters (1)
|
1,665
|
|
(15,145)
|
|
7,339
|
|
23,175
|
Adjusted
EBITDA
|
$
(102,031)
|
|
$ (131,489)
|
|
$
(519,348)
|
|
$
(414,894)
|
|
|
(1)
|
Regulatory and legal
matters include legal, advisory and other professional service fees
incurred in connection with the 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
December 31,
|
|
Years Ended December
31,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Net loss from
continuing operations
|
$
(153,596)
|
|
$ (175,966)
|
|
$
(864,621)
|
|
$
(738,138)
|
Stock-based
compensation
|
6,475
|
|
41,231
|
|
75,391
|
|
252,445
|
Loss on supplier
deposits
|
10,401
|
|
—
|
|
28,834
|
|
—
|
Gain on divestiture of
affiliate
|
—
|
|
—
|
|
(70,849)
|
|
—
|
Loss on debt
extinguishment
|
10,663
|
|
—
|
|
31,025
|
|
—
|
Revaluation of
financial instruments
|
10,457
|
|
(81)
|
|
161,608
|
|
(174)
|
Romeo Acquisition
transaction costs
|
—
|
|
5,218
|
|
—
|
|
7,315
|
Regulatory and legal
matters (1)
|
1,665
|
|
(15,145)
|
|
7,339
|
|
23,175
|
Non-GAAP net
loss
|
$
(113,935)
|
|
$ (144,743)
|
|
$
(631,273)
|
|
$
(455,377)
|
|
|
|
|
|
|
|
|
Non-GAAP net loss per
share:
|
|
|
|
|
|
|
|
Basic
|
$
(0.11)
|
|
$
(0.30)
|
|
$
(0.79)
|
|
$
(1.03)
|
Diluted
|
$
(0.11)
|
|
$
(0.30)
|
|
$
(0.79)
|
|
$
(1.03)
|
Weighted average shares
outstanding:
|
|
|
|
|
|
|
|
Basic
|
1,078,090,959
|
|
487,551,035
|
|
800,030,551
|
|
441,800,499
|
Diluted
|
1,078,090,959
|
|
487,551,035
|
|
800,030,551
|
|
441,800,499
|
|
|
(1)
|
Regulatory and legal
matters include legal, advisory and other professional service fees
incurred in connection with the short-seller article from September
2020, and investigations and litigation related thereto.
|
Reconciliation of
Cash flows to Adjusted free cash flow
|
|
|
|
Three Months
Ended
December 31,
|
|
Years Ended December
31,
|
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Most comparable GAAP
measure:
|
|
|
|
|
|
|
|
|
Net cash used for
operating activities
|
|
$ (117,754)
|
|
$ (150,104)
|
|
$ (496,178)
|
|
$ (581,563)
|
Net cash used for
investing activities
|
|
(11,107)
|
|
(55,702)
|
|
(66,749)
|
|
(225,645)
|
Net cash provided by
financing activities
|
|
230,726
|
|
115,925
|
|
742,983
|
|
598,876
|
|
|
|
|
|
|
|
|
|
Non-GAAP
measure:
|
|
|
|
|
|
|
|
|
Net cash used for
operating activities
|
|
(117,754)
|
|
(150,104)
|
|
(496,178)
|
|
(581,563)
|
Purchases of property,
plant and equipment
|
|
(12,107)
|
|
(49,821)
|
|
(120,516)
|
|
(168,257)
|
Adjusted free cash
flow
|
|
$ (129,861)
|
|
$ (199,925)
|
|
$ (616,694)
|
|
$ (749,820)
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/nikola-corporation-reports-fourth-quarter-and-full-year-2023-results-302068464.html
SOURCE Nikola Corporation