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Nikola | 10-K: Annual report

SEC announcement ·  Feb 28 22:27
Summary by Moomoo AI
Nikola Corporation, a designer and manufacturer of heavy-duty commercial battery-electric vehicles (BEVs) and fuel-cell electric vehicles (FCEVs), as well as energy infrastructure solutions, has reported its annual financial performance and business developments. Financial Performance: Nikola's financial performance for the year reflected a net loss from continuing operations of $864.6 million, with a total net loss of $966.3 million. The company experienced a gross loss of $214.1 million, primarily due to increased cost of revenues related to truck sales, which included significant recall campaign costs for BEV trucks. Research and development expenses decreased by 23% to $208.2 million, while selling, general, and administrative expenses decreased by 43% to $198.8 million. The company also reported a gain on the divestiture of its affiliate, Nikola Iveco...Show More
Nikola Corporation, a designer and manufacturer of heavy-duty commercial battery-electric vehicles (BEVs) and fuel-cell electric vehicles (FCEVs), as well as energy infrastructure solutions, has reported its annual financial performance and business developments. Financial Performance: Nikola's financial performance for the year reflected a net loss from continuing operations of $864.6 million, with a total net loss of $966.3 million. The company experienced a gross loss of $214.1 million, primarily due to increased cost of revenues related to truck sales, which included significant recall campaign costs for BEV trucks. Research and development expenses decreased by 23% to $208.2 million, while selling, general, and administrative expenses decreased by 43% to $198.8 million. The company also reported a gain on the divestiture of its affiliate, Nikola Iveco Europe GmbH, amounting to $70.8 million. Business Development: Nikola's business development activities included the commencement of commercial production of the Tre BEV in the first quarter of 2022 and the Tre FCEV in the third quarter of 2023. The company also announced its new global brand, HYLA, to encompass its energy products for hydrogen procurement, distribution, and dispensing. Future Plans: Nikola plans to continue developing its business, including commercializing its heavy-duty trucks, expanding and maintaining manufacturing facilities, investing in vehicle servicing, developing hydrogen fueling infrastructure, and investing in technology, marketing, sales, and distribution infrastructure. The company also aims to maintain and improve its operational, financial, and management information systems, hire and retain personnel, and protect its intellectual property portfolio.

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