Nikola Corp Financials
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 growth is happening inside a deeply loss-making production model, leaving the business dependent on external financing rather than customer-funded operations.
Revenue nearly doubled to$68.9M , yet gross margin stayed at-334.6% ; the loss rate per sale improved, but selling more volume still did not make deliveries economically viable. Free cash flow looked less bad only because capex was cut to$47.0M ; operating cash burn was still-$521.5M , so the core business was not funding itself.
The balance-sheet cushion shrank fast: cash ended at
Overhead discipline is visible, with SG&A plus R&D falling 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 3 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 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.
Key Financial Metrics
Earnings & Revenue
Nikola Corp generated $68.9M in revenue in fiscal year 2024. This represents an increase of 92.1% from the prior year.
Nikola Corp's EBITDA was -$870.4M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 41.8% from the prior year.
Nikola Corp reported -$958.2M in net income in fiscal year 2024. This represents an increase of 0.8% from the prior year.
Cash & Balance Sheet
Nikola Corp recorded an outflow of $568.5M in free cash flow in fiscal year 2024, representing a cash shortfall after capex. This represents an increase of 7.8% from the prior year.
Nikola Corp held $104.3M in cash against $192.7M in long-term debt as of fiscal year 2024.
Not reported for fiscal year 2024.
Margins & Returns
Nikola Corp's ROE was -892.0% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is down 757.7 percentage points from the prior year.
Not shown for fiscal year 2024: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for fiscal year 2024: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for fiscal year 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 $158.1M in research and development in fiscal year 2024. This represents a decrease of 24.1% from the prior year.
Nikola Corp invested $47.0M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 61.0% from the prior year.
Not reported for fiscal year 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.
| Metric | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 |
|---|---|---|---|---|---|---|---|
| Revenue | $68.9M+92.1% | $35.8M-27.9% | $49.7M | $0-100.0% | $95K-80.3% | $482K+178.6% | $173K |
| Cost of Revenue | $299.3M+19.8% | $249.9M+84.2% | $135.7M | $0-100.0% | $72K-73.4% | $271K+442.0% | $50K |
| Gross Profit | -$230.4M-7.6% | -$214.1M-149.0% | -$86.0M | $0-100.0% | $23K-89.1% | $211K+71.5% | $123K |
| R&D Expenses | $158.1M-24.1% | $208.2M-23.0% | $270.5M-7.7% | $293.0M+57.8% | $185.6M+174.9% | $67.5M+15.7% | $58.4M |
| SG&A Expenses | $191.2M-3.8% | $198.8M-42.6% | $346.2M-13.6% | $400.6M+119.2% | $182.7M+783.1% | $20.7M+69.1% | $12.2M |
| Operating Income | -$916.5M-41.0% | -$649.8M+7.5% | -$702.6M-1.3% | -$693.5M-81.2% | -$382.7M-335.0% | -$88.0M-24.8% | -$70.5M |
| Income Tax | $71K+491.7% | $12K+100.0% | $6K+50.0% | $4K+100.4% | -$1.0M-779.5% | $151K+107.5% | -$2.0M |
| Net Income | -$958.2M+0.8% | -$966.3M-23.2% | -$784.2M-13.6% | -$690.4M-86.2% | -$370.9M-318.3% | -$88.7M-37.9% | -$64.3M |
| EPS (Diluted) | -$17.56 | -$36.23 | -$1.78-2.3% | -$1.74 | $0.00+100.0% | -$0.40 | -$0.28 |
Not reported in any period shown, so not listed: Interest Expense.
NKLAQ Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 |
|---|---|---|---|---|---|---|---|
| Total Assets | $596.2M-53.2% | $1.3B+3.1% | $1.2B+24.9% | $989.8M-6.1% | $1.1B+359.3% | $229.4M-3.0% | $236.5M |
| Current Assets | $265.1M-53.7% | $572.4M+31.0% | $436.9M-16.7% | $524.7M-41.5% | $896.9M+886.9% | $90.9M+7282.1% | $1.2M |
| Cash & Equivalents | $104.3M-77.6% | $464.7M+105.8% | $225.8M-54.6% | $497.2M-40.9% | $840.9M+881.4% | $85.7M+7232.5% | $1.2M |
| Inventory | $71.8M+14.8% | $62.6M-44.1% | $111.9M+864.6% | $11.6M | $0 | N/A | N/A |
| Accounts Receivable | $33.4M+85.7% | $18.0M-43.2% | $31.6M | $0 | $0-100.0% | $658K | N/A |
| Goodwill | $0-100.0% | $5.2M-21.7% | $6.7M+27.7% | $5.2M0.0% | $5.2M0.0% | $5.2M | N/A |
| Total Liabilities | $488.8M-12.0% | $555.7M-21.8% | $710.2M+139.7% | $296.2M+302.7% | $73.6M+116.9% | $33.9M-32.6% | $50.3M |
| Current Liabilities | $245.4M-5.7% | $260.1M-32.2% | $383.6M+112.4% | $180.6M+245.5% | $52.3M+216.1% | $16.5M+1847.2% | $849K |
| Long-Term Debt | $192.7M-28.4% | $269.3M-7.2% | $290.1M+1058.3% | $25.0M | $0-100.0% | $4.1M | N/A |
| Total Equity | $107.4M-85.1% | $719.2M+36.6% | $526.5M-24.1% | $693.6M-29.2% | $980.1M+401.3% | $195.5M+5.0% | $186.2M |
| Retained Earnings | -$4.0B-31.2% | -$3.1B-50.9% | -$2.0B-62.7% | -$1.3B-123.3% | -$560.2M-197.2% | -$188.5M-9952.4% | $1.9M |
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.
| Metric | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$521.5M-5.1% | -$496.2M+14.7% | -$581.6M-89.3% | -$307.2M-104.0% | -$150.5M-86.7% | -$80.6M-49.3% | -$54.0M |
| Capital Expenditures | $47.0M-61.0% | $120.5M-28.4% | $168.3M-6.1% | $179.3M | N/A | N/A | N/A |
| Free Cash Flow | -$568.5M+7.8% | -$616.7M+17.8% | -$749.8M-54.1% | -$486.4M | N/A | N/A | N/A |
| Investing Cash Flow | -$25.2M+62.2% | -$66.7M+70.4% | -$225.6M-8.8% | -$207.5M-566.3% | -$31.1M+20.8% | -$39.3M-155.0% | -$15.4M |
| Financing Cash Flow | $174.4M-76.5% | $743.0M+24.1% | $598.9M+219.2% | $187.6M-80.1% | $941.1M+2528.5% | $35.8M-83.1% | $211.7M |
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.
| Metric | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 |
|---|---|---|---|---|---|---|---|
| Gross Margin | -334.6% | -597.3% | -172.9% | N/A | 24.2%-19.6pp | 43.8%-27.3pp | 71.1% |
| Operating Margin | -1330.9% | -1813.2% | -1413.0% | N/A | -402879.0% | -18256.2% | -40745.1% |
| Net Margin | -1391.5% | -2696.2% | -1577.1% | N/A | -390385.3% | -18393.4% | -37163.6% |
| Return on Equity | -892.0%-757.7pp | -134.4%+14.6pp | -149.0%-49.4pp | -99.6%-61.7pp | -37.8%+7.5pp | -45.4%-10.8pp | -34.5% |
| Return on Assets | -160.7%-84.9pp | -75.8%-12.4pp | -63.4%+6.3pp | -69.8%-34.6pp | -35.2%+3.4pp | -38.6%-11.5pp | -27.2% |
| Current Ratio | 1.08-1.1x | 2.20+1.1x | 1.14-1.8x | 2.91-14.3x | 17.16+11.7x | 5.50+4.0x | 1.45 |
| Debt-to-Equity | 1.79+1.4x | 0.37-0.2x | 0.55+0.5x | 0.040.0x | 0.000.0x | 0.02-0.2x | 0.27 |
| FCF Margin | -825.6% | -1720.7% | -1507.9% | N/A | N/A | N/A | N/A |
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.
What is Nikola Corp's cash runway?
Based on fiscal year 2024 data, Nikola Corp (NKLAQ) had $104.3M in cash against an annual operating cash burn of $521.5M. This gives an estimated cash runway of approximately 2 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
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 3 out of 9, indicating weak 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.