NIKOLA CORP (NKLAQ) Financials
Newest figures come from the 10-K for FY2024, filed Oct 9, 2025. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the NKLAQ SEC filings page.
NIKOLA CORP (NKLAQ) reported $68.9M in revenue for fiscal year 2024, up 92.1% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Revenue expansion without cash conversion coincided with a sharply thinner equity cushion and tighter short-term liquidity in FY2024.
Scale has not improved cash economics: revenue nearly doubled from$35.8M in FY2023 to$68.9M in FY2024, yet operating cash flow became more negative, moving from-$496M to-$522M . That combination indicates additional sales were not yet covering the operating resources required to produce them.
Gross economics remain structurally unfavorable. Revenue increased by roughly
Financing pressure increased relative to the balance sheet. Total assets fell to
Financial Health Signals
NIKOLA CORP does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
NIKOLA CORP scores -14.38, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($836K) relative to total liabilities ($488.8M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
NIKOLA CORP passes 4 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
NIKOLA CORP reported a net loss of $958.2M while operations used $521.5M of cash. With neither figure positive, the ratio between the two carries no quality signal.
NIKOLA CORP reported an operating loss of $916.5M against $22.8M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
NIKOLA CORP generated $4.9M in revenue in Q4 2024. Against the prior quarter it is down 80.7%.
NIKOLA CORP's EBITDA was -$448.7M in Q4 2024, measuring earnings before interest, taxes, depreciation, and amortization. Against the prior quarter it is down 168.7%.
NIKOLA CORP reported -$477.1M in net income in Q4 2024. Against the prior quarter it is down 138.8%.
NIKOLA CORP earned -$7.44 per diluted share (EPS) in Q4 2024. Against the prior quarter it is down 91.3%.
Cash & Balance Sheet
NIKOLA CORP recorded an outflow of $125.2M in free cash flow in Q4 2024, representing a cash shortfall after capex. This represents an increase of 3.6% from the same quarter a year earlier. Against the prior quarter it is up 23.1%.
NIKOLA CORP held $104.3M in cash against $192.7M in long-term debt as of Q4 2024.
Not reported for Q4 2024.
Margins & Returns
NIKOLA CORP's ROE was -444.1% in Q4 2024, measuring profit generated per dollar of shareholder equity. Against the prior quarter it is down 391.4 percentage points.
Not shown for Q4 2024: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for Q4 2024: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for Q4 2024: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
NIKOLA CORP invested $36.6M in research and development in Q4 2024. Against the prior quarter it is down 12.4%.
NIKOLA CORP invested $3.3M in capex in Q4 2024, funding long-term assets and infrastructure. This represents a decrease of 72.9% from the same quarter a year earlier. Against the prior quarter it is down 75.8%.
Not reported for Q4 2024.
NKLAQ Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q4'2410-K | Q3'2410-Q | Q2'2410-Q | Q1'2410-Q | Q4'2310-K | Q3'2310-Q | Q2'2310-Q | Q1'2310-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $4.9M | $25.2M | $31.3M+103.9% | $7.5M-32.6% | N/A | N/A | $15.4M-15.3% | $11.1M+489.1% |
| Cost of Revenue | $61.0M | $87.1M-29.6% | $86.0M+100.1% | $65.1M+95.0% | N/A | $123.8M+127.5% | $43.0M-9.3% | $33.4M+2192.2% |
| Gross Profit | -$56.2M | -$61.9M+50.6% | -$54.7M-98.1% | -$57.6M-153.7% | N/A | -$125.5M-316.0% | -$27.6M+5.6% | -$22.7M-5366.1% |
| R&D Expenses | $36.6M | $41.8M-0.4% | $40.2M-37.7% | $39.5M-36.1% | N/A | $42.0M-37.1% | $64.5M+2.2% | $61.8M-17.1% |
| SG&A Expenses | $65.1M | $41.6M-28.2% | $36.2M-38.3% | $48.3M+13.1% | N/A | $58.0M-56.4% | $58.8M-26.4% | $42.7M-44.7% |
| Operating Income | -$461.2M | -$178.8M+20.9% | -$131.1M+22.2% | -$145.4M-14.3% | N/A | -$226.2M+1.5% | -$168.6M+2.1% | -$127.2M+15.9% |
| EBITDA | -$448.7M | -$167.0M+20.2% | -$120.0M+26.1% | -$134.8M-11.4% | N/A | -$209.2M+6.7% | -$162.3M+2.8% | -$121.0M+18.4% |
| Interest Expense | $5.7M | $10.9M-79.4% | $3.9M-55.0% | $2.3M-76.8% | N/A | $52.7M+581.1% | $8.7M+211.6% | $9.8M+4560.2% |
| Income Tax | -$21K | $0-100.0% | $92K | $0 | N/A | $1K0.0% | $0-100.0% | $0 |
| Net Income | -$477.1M | -$199.8M+53.1% | -$133.7M+38.6% | -$147.7M+12.6% | N/A | -$425.8M-80.2% | -$217.8M-25.9% | -$169.1M-10.6% |
| EPS (Basic) | -$7.44-12300.0% | -$3.89+73.9% | -$2.86+69.0% | -$0.11+64.5% | -$0.06+82.9% | -$14.90-2659.3% | -$9.22-2148.8% | -$0.31+16.2% |
| EPS (Diluted) | -$7.44 | -$3.89 | -$2.86 | -$0.11 | -$0.06 | -$14.90 | -$9.22 | -$0.31+16.2% |
| Diluted Shares (Avg) | 55M | 51M | 47M | 1.34B | 27M | 29M | 24M | 550M+32.4% |
NKLAQ Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q4'2410-K | Q3'2410-Q | Q2'2410-Q | Q1'2410-Q | Q4'2310-K | Q3'2310-Q | Q2'2310-Q | Q1'2310-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $596.2M-53.2% | $1.0B-9.8% | $1.1B-2.4% | $1.2B-0.5% | $1.3B+3.1% | $1.1B-1.0% | $1.1B-2.5% | $1.2B+27.2% |
| Current Assets | $265.1M-53.7% | $391.5M-16.8% | $430.1M+5.7% | $469.3M+41.9% | $572.4M+31.0% | $470.7M-3.3% | $406.9M-25.4% | $330.8M-21.1% |
| Cash & Equivalents | $104.3M-77.6% | $198.3M-45.3% | $256.3M+13.1% | $345.6M+189.0% | $464.7M+105.8% | $362.9M+14.9% | $226.7M-48.7% | $119.6M-66.8% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $71.8M+14.8% | $76.1M+33.6% | $62.1M-28.3% | $61.3M-50.4% | $62.6M-44.1% | $57.0M-29.7% | $86.6M+66.3% | $123.6M+378.3% |
| Accounts Receivable | $33.4M+85.7% | $51.8M+383.5% | $39.8M+99.2% | $23.9M-13.5% | $18.0M-43.2% | $10.7M-71.6% | $20.0M+19.6% | $27.6M+1959.7% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | $0-100.0% | $0-100.0% | $5.2M0.0% | $5.2M-21.7% | $5.2M-21.7% | $5.2M0.0% | $5.2M0.0% | $6.7M+27.7% |
| Total Liabilities | $488.8M-12.0% | $656.8M+20.6% | $586.4M-4.6% | $565.9M-7.6% | $555.7M-21.8% | $544.7M-8.5% | $614.8M+8.3% | $612.5M+112.5% |
| Current Liabilities | $245.4M-5.7% | $335.8M+14.5% | $281.3M+20.7% | $271.3M-1.9% | $260.1M-32.2% | $293.1M+5.6% | $233.1M-8.1% | $276.5M+50.6% |
| Non-Current Liabilities | $243.4M-17.7% | $321.0M+27.6% | $305.0M-20.1% | $294.6M-12.3% | $295.6M-9.5% | $251.6M-20.8% | $381.6M+21.5% | $336.0M+221.3% |
| Long-Term Debt | $192.7M-28.4% | $270.0M+16.2% | $266.4M-23.5% | $268.3M-9.5% | $269.3M-7.2% | $232.4M-18.0% | $348.4M+27.5% | $296.5M+1083.8% |
| Total Equity | $107.4M-85.1% | $379.2M-37.2% | $523.6M+0.2% | $586.3M+7.4% | $719.2M+36.6% | $603.6M+7.0% | $522.7M-12.8% | $545.9M-12.3% |
| Retained Earnings | -$4.0B-31.2% | -$3.6B-21.8% | -$3.4B-38.4% | -$3.2B-46.0% | -$3.1B-50.9% | -$2.9B-60.9% | -$2.4B-53.6% | -$2.2B-57.0% |
NKLAQ Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q4'2410-K | Q3'2410-Q | Q2'2410-Q | Q1'2410-Q | Q4'2310-K | Q3'2310-Q | Q2'2310-Q | Q1'2310-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$122.0M-3.6% | -$149.4M-63.7% | -$134.6M-21.1% | -$115.6M+34.3% | -$117.8M+21.6% | -$91.3M+42.1% | -$111.1M+22.0% | -$176.0M-34.0% |
| Depreciation & Amortization | $12.6M+76.8% | $11.8M-30.6% | $11.1M+76.2% | $10.6M+69.9% | $7.1M+13.3% | $17.0M+203.6% | $6.3M+18.9% | $6.2M+100.5% |
| Stock-Based Compensation | N/A | $8.6M-53.9% | $8.0M-69.1% | $8.8M-64.1% | N/A | $18.7M-81.9% | $25.7M-53.1% | $24.5M-54.3% |
| Capital Expenditures | $3.3M-72.9% | $13.6M-34.5% | $13.7M-63.1% | $16.5M-67.4% | $12.1M-75.7% | $20.7M-59.5% | $37.2M0.0% | $50.5M+67.8% |
| Free Cash Flow | -$125.2M+3.6% | -$162.9M-45.5% | -$148.3M0.0% | -$132.1M+41.7% | -$129.9M+35.0% | -$111.9M+46.4% | -$148.3M+17.4% | -$226.5M-40.3% |
| Investing Cash Flow | -$2.9M+74.2% | -$13.6M-11689.6% | -$13.7M-173.9% | $4.9M+109.8% | -$11.1M+80.1% | -$115K+99.9% | -$5.0M+91.2% | -$50.5M-51.0% |
| Financing Cash Flow | $28.7M-87.6% | $98.1M-47.9% | $52.6M-74.7% | -$5.1M-104.4% | $230.7M+99.0% | $188.1M+68.2% | $208.2M-39.4% | $115.9M+319.2% |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
NKLAQ Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q4'2410-K | Q3'2410-Q | Q2'2410-Q | Q1'2410-Q | Q4'2310-K | Q3'2310-Q | Q2'2310-Q | Q1'2310-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | -1154.8% | -246.0% | -174.7% | -768.0% | N/A | N/A | -179.9% | -204.2% |
| Operating Margin | -9479.5% | -710.0% | -418.7% | -1939.0% | N/A | N/A | -1097.7% | -1144.2% |
| Net Margin | -9805.8% | -793.4% | -426.8% | -1970.4% | N/A | N/A | -1418.0% | -1521.0% |
| Return on Equity | -444.1% | -52.7%+17.9pp | -25.5%+16.1pp | -25.2%+5.8pp | N/A | -70.5%-28.7pp | -41.7%-12.8pp | -31.0%-6.4pp |
| Return on Assets | -80.0% | -19.3%+17.8pp | -12.0%+7.1pp | -12.8%+1.8pp | N/A | -37.1%-16.7pp | -19.1%-4.3pp | -14.6%+2.2pp |
| Current Ratio | 1.08-1.1x | 1.17-0.4x | 1.53-0.2x | 1.73+0.5x | 2.20+1.1x | 1.61-0.1x | 1.75-0.4x | 1.20-1.1x |
| Debt-to-Equity | 1.79+1.4x | 0.71+0.3x | 0.51-0.2x | 0.46-0.1x | 0.37-0.2x | 0.39-0.1x | 0.67+0.2x | 0.54+0.5x |
| Asset Turnover | 0.01 | 0.02 | 0.030.0x | 0.010.0x | N/A | N/A | 0.010.0x | 0.010.0x |
| FCF Margin | -2574.4% | -647.1% | -473.4% | -1761.5% | N/A | N/A | -965.7% | -2037.8% |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Gross Margin, Operating Margin, Net Margin, FCF Margin.
Where NIKOLA CORP Ranks
Frequently Asked Questions
What is NIKOLA CORP's annual revenue?
NIKOLA CORP (NKLAQ) reported $68.9M in total revenue for fiscal year 2024. This represents a 92.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is NIKOLA CORP's revenue growing?
NIKOLA CORP (NKLAQ) revenue grew by 92.1% year-over-year, from $35.8M to $68.9M in fiscal year 2024.
Is NIKOLA CORP profitable?
No, NIKOLA CORP (NKLAQ) reported a net income of -$958.2M in fiscal year 2024.
What is NIKOLA CORP's EBITDA?
NIKOLA CORP (NKLAQ) had EBITDA of -$870.4M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does NIKOLA CORP have?
As of fiscal year 2024, NIKOLA CORP (NKLAQ) had $104.3M in cash and equivalents against $192.7M in long-term debt.
What is NIKOLA CORP's return on equity (ROE)?
NIKOLA CORP (NKLAQ) has a return on equity of -892.0% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.
What is NIKOLA CORP's free cash flow?
NIKOLA CORP (NKLAQ) recorded an outflow of $568.5M in free cash flow during fiscal year 2024. This represents a 7.8% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is NIKOLA CORP's operating cash flow?
NIKOLA CORP (NKLAQ) recorded an outflow of $521.5M in operating cash flow during fiscal year 2024, representing cash used by core business activities.
What are NIKOLA CORP's total assets?
NIKOLA CORP (NKLAQ) had $596.2M in total assets as of fiscal year 2024, including both current and long-term assets.
What are NIKOLA CORP's capital expenditures?
NIKOLA CORP (NKLAQ) invested $47.0M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
How much does NIKOLA CORP spend on research and development?
NIKOLA CORP (NKLAQ) invested $158.1M in research and development during fiscal year 2024.
What is NIKOLA CORP's current ratio?
NIKOLA CORP (NKLAQ) had a current ratio of 1.08 as of fiscal year 2024, which is considered adequate.
What is NIKOLA CORP's debt-to-equity ratio?
NIKOLA CORP (NKLAQ) had a debt-to-equity ratio of 1.79 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is NIKOLA CORP's return on assets (ROA)?
NIKOLA CORP (NKLAQ) had a return on assets of -160.7% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
How does NIKOLA CORP's liquidity compare with its operating cash outflow?
At the end of fiscal year 2024, NIKOLA CORP (NKLAQ) held $104.3M in cash, cash equivalents and investments, and reported an operating cash outflow of $521.5M over that year. Dividing the one by the other, the reported balance equals about 2 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is NIKOLA CORP's Altman Z-Score?
NIKOLA CORP (NKLAQ) has an Altman Z-Score of -14.38, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is NIKOLA CORP's Piotroski F-Score?
NIKOLA CORP (NKLAQ) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are NIKOLA CORP's earnings high quality?
NIKOLA CORP (NKLAQ) reported a net loss of $958.2M while operations used $521.5M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can NIKOLA CORP cover its interest payments?
NIKOLA CORP (NKLAQ) reported an operating loss of $916.5M against $22.8M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.