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美国
证券交易委员会
华盛顿特区20549

形式 10-Q

☒根据1934年《证券交易法》第13或15（d）条的季度报告
截至季度 2024年9月30日

或
☐根据1934年《证券交易所法》第13或15（d）条提交的过渡报告
从 到

委员会文件号： 001-38495
尼古拉公司
（注册人章程中规定的确切名称）

德拉瓦82-4151153
（成立或组织的州或其他司法管辖区）（国税局雇主
识别号）
百老汇路东段4141号
凤凰, AZ
85040
（主要行政办公室地址）(Zip代码）
(480) 581-8888
（注册人的电话号码，包括地区代码）
N/A
（以前的名称、以前的地址和以前的财年，如果自上次报告以来发生了变化）





根据该法第12（b）条登记的证券：
每个班级的标题交易符号注册的每个交易所的名称
普通股，每股面值0.0001美金民族解放军纳斯达克证券市场有限责任公司

通过勾选标记确认登记人是否（1）在过去12个月内（或在登记人被要求提交此类报告的较短期限内）填写了1934年证券交易法第13或15（d）条要求填写的所有报告，以及（2）在过去90天内是否遵守此类填写要求。 是的 否 ☐

通过勾选来验证注册人是否已在过去12个月内（或在注册人被要求提交此类文件的较短期限内）以电子方式提交了根据S-t法规第405条（本章第232.405条）要求提交的所有交互数据文件。 是的 否 ☐

通过复选标记来确定注册人是大型加速申报人、加速申报人、非加速申报人、小型报告公司还是新兴成长型公司。请参阅《交易法》第120条第2条中「大型加速申报人」、「加速申报人」、「小型报告公司」和「新兴成长型公司」的定义：
大型加速文件夹☒加速编报公司☐
非加速归档☐小型上市公司☐
新兴成长型公司☐

如果是新兴成长型公司，请通过勾选标记表明注册人是否选择不利用延长的过渡期来遵守根据《交易法》第13（a）条规定的任何新的或修订的财务会计准则。 ☐

通过勾选标记检查注册人是否是空壳公司（定义见《交易法》第120条第2款）。是的否 ☒

截至2024年10月28日，已有 60,867,055 沙注册人流通普通股的剩余份额。



尼科拉公司
简明合并财务报表
目录
页面
风险因素摘要
第一部分-财务信息
项目1.
简明综合财务报表
项目2.
项目3.
项目4.
项目5.
第二部分-其他信息
项目1.
项目1A.
项目6.

1

风险因素总结
我们的业务面临众多风险和不确定性，可能会影响我们成功实施业务战略并影响我们的财务业绩的能力。您应仔细考虑本报告中的所有信息，特别是以下主要风险和第1A项中描述的所有其他具体因素。在决定是否投资我们公司之前，请先阅读本报告「风险因素」。
•我们有亏损的历史，预计在可预见的未来将产生巨额费用和持续亏损，并且对我们继续持续经营的能力存在很大疑问。
•我们需要筹集额外的资本才能继续作为一家持续经营企业，但当我们需要时我们可能无法获得这些资本。如果我们无法在需要时筹集额外的资本，我们的运营和前景将受到负面影响。
•我们可能无法充分控制与运营相关的成本。
•我们的商业模式还有待测试，任何未能将我们的战略计划商业化的做法都将对我们的经营业绩和业务产生不利影响，损害我们的声誉，并可能导致超出我们资源范围的巨额负债。
•我们有限的运营历史使得评估我们的业务和未来前景变得困难，并且可能会增加您投资的风险。
•我们的成功取决于卡车运输市场采用氢能电动（「FCEV」）卡车和电池电动（「BEV」）卡车的意愿。
•无限期或长期资产的重大减损可能会对我们的经营运绩产生不利影响。
•无法获得、减少或取消政府和经济激励措施可能会对我们的业务、前景、财务状况和经营业绩产生实质性的不利影响。
•如果我们未能有效管理未来的增长，我们可能无法成功营销和销售我们的车辆。
•我们在试图直接向车队或最终用户销售产品的一个或多个州可能面临法律挑战，这可能会对我们的成本产生重大不利影响。
•我们面临与诉讼、监管行动以及政府调查和询问相关的风险和不确定性。
•产品召回已经并可能在未来对我们的业务、前景、经营运绩和财务状况产生重大不利影响。
•我们的成功将取决于我们是否有能力经济地大规模制造卡车，并建立氢燃料生态系统以满足客户的业务需求，以及我们是否有能力开发和制造足够质量的卡车，并按计划大规模吸引最终用户车队。
•我们在卡车的设计、验证和制造过程中可能会出现重大延误，这可能会损害我们的业务和前景。
•成本增加、供应中断或零部件和原材料短缺可能会损害我们的业务。
•我们可能无法以足够的数量或优惠的价格采购建立计划的氢燃料解决方案所需的氢，或者根本无法采购，或者以等于或高于我们成本的价格向客户出售氢。
•我们可能会面临与商用电动汽车安全性认知相关的挑战，特别是如果发生与商用电动汽车质量或安全相关的不良事件或事故。
•我们的业务可能没有足够的现金流来偿还我们的巨额债务，而且我们可能无法再融资或重组我们的债务。
2

•我们发现了财务报告内部控制的重大弱点，并在过去发现了其他重大弱点。如果我们无法补救这些材料 弱点，或者如果我们未来遇到额外的重大弱点或其他缺陷，或者未能维持有效的财务报告内部控制系统，我们可能无法准确或及时地报告我们的财务业绩。
3

第一部分-财务信息
项目1.财务报表
尼科拉公司
简明综合 资产负债表
(In数千，份额和每股数据除外）
9月30日，12月31日，
20242023
（未经审计）
资产
易变现资产
现金及现金等价物$198,301 $464,715 
受限制现金和现金等值物3,374 1,224 
应收帐款，净额51,773 17,974 
库存76,076 62,588 
预付费用和其他易变现资产61,996 25,911 
易变现资产总额391,520 572,412 
受限制现金和现金等值物16,086 28,026 
长期存款17,256 14,954 
不动产、厂房和设备，净值490,244 503,416 
无形资产，净值52,130 85,860 
投资附属公司
56,197 57,062 
商誉— 5,238 
其他资产12,610 7,889 
总资产$1,036,043 $1,274,857 
负债和股东权益
流动负债
应付帐款$57,161 $44,133 
应计费用和其他流动负债205,508 207,022 
债务和融资租赁负债，流动（包括美金63.2 亿和$0 分别按公允价值计量）
73,111 8,950 
流动负债总额335,780 260,105 
长期债务和融资租赁负债，扣除流动部分270,018 269,279 
经营租赁负债6,806 4,765 
其他长期负债44,193 21,534 
总负债656,797 555,683 
承诺和或有事项（注11）
股东权益
优先股，美金0.0001 面值， 150,000,000 授权股份， 没有 截至2024年9月30日和2023年12月31日已发行和发行股票
— — 
普通股，美金0.0001 面值， 1,000,000,000 和 1,600,000,000 分别于2024年9月30日和2023年12月31日授权的股份， 55,283,396 和 44,336,100 分别截至2024年9月30日和2023年12月31日已发行和发行股票(1)
6 4 
借记资本公积3,931,702 3,790,401 
累计赤字(3,552,246)(3,071,069)
累计其他综合损失(216)(162)
股东权益总额379,246 719,174 
负债和股东权益总额$1,036,043 $1,274,857 
(1) 已发行股票和已发行股票已进行调整，以反映2024年6月24日生效的一比三十（1比30）反向股票分割。参见注释1， 呈列基准.
请参阅简明综合财务报表随附的附注。
4

尼科拉公司
浓缩合并运营报表
(In数千，份额和每股数据除外）
（未经审计）
止三个月
9月30日，		 止九个月
9月30日，
2024202320242023
收入：
卡车销售$24,847 $(2,368)$61,008 $19,693 
服务等 334 636 2,989 4,614 
总收入25,181 (1,732)63,997 24,307 
收入成本：
卡车销售82,205 122,679 222,946 195,902 
服务等 4,919 1,092 15,295 4,236 
总收入成本87,124 123,771 238,241 200,138 
毛损(61,943)(125,503)(174,244)(175,831)
运营费用：
研发41,800 41,966 121,458 168,286 
销售、一般和行政41,629 57,982 126,157 159,443 
减损费用
33,419 — 33,419 — 
供应商押金损失— 716 — 18,433 
总运营支出116,848 100,664 281,034 346,162 
经营亏损(178,791)(226,167)(455,278)(521,993)
其他收入（费用）：
利息开支净额(10,875)(52,680)(17,094)(71,262)
剥离附属公司的收益— — — 70,849 
债务贫困损失(871)— (3,184)(20,362)
其他费用，净额
(9,417)(146,654)(4,664)(151,969)
所得税前亏损和附属公司净利润（亏损）权益
(199,954)(425,501)(480,220)(694,737)
所得税开支— 1 92 1 
附属公司净利润（损失）扣除权益前亏损
(199,954)(425,502)(480,312)(694,738)
关联公司净利润（亏损）中的权益
173 (262)(865)(16,287)
持续经营净亏损(199,781)(425,764)(481,177)(711,025)
停止运营：
已终止业务之亏损— — — (76,726)
取消合并已终止业务造成的损失— — — (24,935)
已终止业务净亏损— — — (101,661)
净亏损$(199,781)$(425,764)$(481,177)$(812,686)
每股基本和稀释净亏损 (1):
持续经营净亏损$(3.89)$(14.90)$(10.12)$(30.20)
已终止业务净亏损$— $— $— $(4.32)
净亏损$(3.89)$(14.90)$(10.12)$(34.52)
加权平均流通股、基本股和稀释股(1)
51,388,962 28,573,800 47,553,460 23,544,174 
(1) 金额已进行调整，以反映2024年6月24日生效的一比三十（1比30）反向股票分割。参见注释1， 呈列基准.
请参阅简明综合财务报表随附的附注。
5

尼科拉公司
综合损失的浓缩合并报表
(In数千）
（未经审计）
止三个月
9月30日，		九个月结束
9月30日，
2024202320242023
净亏损$(199,781)$(425,764)$(481,177)$(812,686)
其他全面收益（损失）：
外币兑换调整，扣除税(195)145 (54)1,629 
全面亏损$(199,976)$(425,619)$(481,231)$(811,057)
请参阅简明综合财务报表随附的附注。
6

尼科拉公司
股东权益浓缩合并报表
(In数千，共享数据除外）
（未经审计）
截至2024年9月30日的三个月
普通股
额外实缴
资本		积累
赤字		累计其他综合收益（损失）股东权益总额
股份量
截至2024年6月30日余额48,473,984 $5 $3,876,034 $(3,352,465)$(21)$523,553 
为RSU奖励发行股份94,722 — — — — — 
为转换而发行的普通股 8.25%可转换票据
9,257 — 75 — — 75 
为转换高级可转换票据而发行的普通股
4,600,695 1 26,185 — — 26,186 
根据股权分配协议发行的普通股，净值
2,104,738 — 20,807 — — 20,807 
股票补偿— — 8,601 — — 8,601 
净亏损— — — (199,781)— (199,781)
其他全面亏损
— — — — (195)(195)
截至2024年9月30日余额55,283,396 $6 $3,931,702 $(3,552,246)$(216)$379,246 
截至2024年9月30日的九个月
普通股(1)
额外实缴
资本		积累
赤字		累计其他综合收益（损失）股东权益总额
股份量
截至2023年12月31日余额44,336,100 $4 $3,790,401 $(3,071,069)$(162)$719,174 
为RSU奖励发行股份354,408 — — — — — 
为转换而发行的普通股 8.25%可转换票据
733,331 — 18,112 — — 18,112 
为转换高级可转换票据而发行的普通股
4,600,695 1 26,185 — — 26,186 
根据股权分配协议发行的普通股，净值
5,258,862 1 71,667 — — 71,668 
股票补偿— — 25,337 — — 25,337 
净亏损— — — (481,177)— (481,177)
其他全面亏损
— — — — (54)(54)
截至2024年9月30日余额55,283,396 $6 $3,931,702 $(3,552,246)$(216)$379,246 
(1) 金额已进行调整，以反映2024年6月24日生效的一比三十（1比30）反向股票分割。参见注释1， 呈列基准.
请参阅简明综合财务报表随附的附注。
7

截至2023年9月30日的三个月
普通股(1)
额外实缴
资本		积累
赤字		累计其他综合收益（损失）股东总数
股权
股份量
截至2023年6月30日余额25,643,344 $3 $2,944,578 $(2,421,772)$(93)$522,716 
股票期权的行使198,909 — 6,353 — — 6,353 
为RSU奖励发行股份104,770 — — — — — 
根据股权分配协议发行的普通股，净值922,096 — 53,139 — — 53,139 
优先可转换票据转换后发行普通股
4,470,054 — 139,250 — — 139,250 
2023年4月发行用于转换Toggle可转换票据的普通股2,415,293 — 115,152 — — 115,152 
出于或有股票考虑而收到的普通股(686,667)— (2)(69,937)— (69,939)
将可转换票据转换为权益中嵌入的转换功能重新分类— — 241,851 — — 241,851 
股份支付奖励从负债重新分类为权益— — 20,992 — — 20,992 
股份支付奖励从权益重新分类为负债— — (8,395)— — (8,395)
股票补偿— — 8,068 — — 8,068 
净亏损— — — (425,764)— (425,764)
其他全面收益
— — — — 145 145 
截至2023年9月30日余额33,067,799 $3 $3,520,986 $(2,917,473)$52 $603,568 
(1) 金额已进行调整，以反映2024年6月24日生效的一比三十（1比30）反向股票分割。参见注释1， 呈列基准.
请参阅简明综合财务报表随附的附注。
8

截至2023年9月30日的九个月
普通股(1)
额外实缴
资本		积累
赤字		累计其他综合收益（损失）股东总数
股权
股份量
截至2022年12月31日余额17,097,850 $2 $2,562,904 $(2,034,850)$(1,577)$526,479 
股票期权的行使224,121 — 7,155 — — 7,155 
为RSU奖励发行股份363,858 — — — — — 
根据Tumim购买协议发行的普通股1,073,726 — 67,587 — — 67,587 
根据股权分配协议发行的普通股，净值2,223,015 — 115,593 — — 115,593 
优先可转换票据转换后发行普通股
7,380,412 — 246,431 — — 246,431 
公开发行的普通股
997,024 — 32,244 — — 32,244 
注册直接发行的普通股1,979,167 1 63,155 — — 63,156 
2023年4月发行用于转换Toggle可转换票据的普通股2,415,293 115,152 — — 115,152 
出于或有股票考虑而收到的普通股(686,667)— (2)(69,937)— (69,939)
将可转换票据转换为权益中嵌入的转换功能重新分类— — 241,851 — — 241,851 
股份支付奖励从负债重新分类为权益— — 20,992 — — 20,992 
股份支付奖励从权益重新分类为负债— — (10,401)— — (10,401)
股票补偿— — 58,325 — — 58,325 
净亏损— — — (812,686)— (812,686)
其他全面收益
— — — — 1,629 1,629 
截至2023年9月30日余额33,067,799 $3 $3,520,986 $(2,917,473)$52 $603,568 
(1) 金额已进行调整，以反映2024年6月24日生效的一比三十（1比30）反向股票分割。参见注释1， 呈列基准.
请参阅简明综合财务报表随附的附注。
9

尼科拉公司
简明综合现金流量表
(In数千）
（未经审计）
截至9月30日的九个月，
20242023
经营活动产生的现金流量
净亏损$(481,177)$(812,686)
减：已终止业务的损失— (101,661)
来自持续经营运务之亏损(481,177)(711,025)
将持续经营运务的净亏损与经营活动中使用的净现金进行调节的调整：
折旧及摊销33,408 28,758 
股票补偿25,337 68,916 
附属公司净亏损中的权益865 16,287 
金融工具重新评估6,284 195,132 
或有股票对价的重新评估
— (43,981)
库存减记56,587 64,500 
非现金利息费用11,906 72,846 
供应商押金损失
— 18,433 
剥离附属公司的收益
— (70,849)
债务贫困损失3,184 20,362 
资产处置损失
2,921 — 
减损费用33,419 — 
其他非现金活动5,674 3,888 
经营资产和负债变化：
应收帐款，净额(33,799)20,932 
库存(71,085)(9,983)
预付费用和其他易变现资产(14,017)(48,332)
其他资产(1,595)(2,384)
应付帐款、应计费用和其他流动负债(3,478)(1,672)
长期存款(262)(1,377)
经营租赁负债(2,769)(1,191)
其他长期负债29,064 2,316 
经营活动所用现金净额(399,533)(378,424)
投资活动产生的现金流量
不动产、厂房和设备的购买和押金(43,740)(108,409)
出售资产的收益
21,398 20,742 
剥离附属公司
— 35,000 
向受托人付款
— (2,725)
对附属公司的投资
— (250)
投资活动所用现金净额
(22,342)(55,642)
请参阅简明综合财务报表随附的附注。
10

融资活动现金流量
行使股票期权的收益— 7,393 
Tumim购买协议下发行股票的收益— 67,587 
登记直接发行收益，扣除承销商折扣
— 63,456 
公开发行收益，扣除承销商折扣
— 32,244 
根据股权分配协议发行普通股的收益，扣除已支付的佣金和其他费用
73,464 115,027 
发行可转换票据的收益
80,000 217,075 
发行融资义务的收益，扣除发行成本— 53,548 
保险费融资收益4,598 5,223 
偿还债务和商业本票(522)(45,287)
支付优惠券全价
(4,579)— 
保险费融资支付(3,661)(3,550)
融资租赁负债和融资义务的付款
(3,549)(459)
发行费用支付
(80)— 
融资活动提供的净现金
145,671 512,257 
现金及现金等值物净增加（减少），包括限制性现金和现金等值物
(276,204)78,191 
现金及现金等值物，包括受限制现金及现金等值物，期末493,965 313,909 
期末现金及现金等值物，包括受限制现金及现金等值物$217,761 $392,100 
已终止业务的现金流量：
经营活动$— $(4,964)
投资活动— (1,804)
融资活动— (572)
已终止业务使用的现金净额$— $(7,340)
补充现金流披露：
支付利息的现金$13,859 $5,561 
收到的现金利息$12,141 $7,153 
非现金投资和融资活动的补充披露：
高级可转换票据转换为普通股$26,186 $246,431 
转化 8.25%可转换票据
$18,112 $— 
购买不动产、厂房和设备包括在负债中$12,311 $13,551 
PIk兴趣$11,135 $16,263 
换取新融资租赁负债的租赁资产
$4,407 $10,982 
股权分配协议项下的应计佣金$1,844 $1,114 
将可转换票据转换为权益中嵌入的转换功能重新分类$— $241,851 
2023年4月切换可转换票据的转换$— $115,152 
应计发行成本$— $300 
剥离附属公司的或有股票对价$— $25,956 
嵌入式衍生品负债从2023年4月开始分叉Toggle可转换票据$— $21,180 
某些股份奖励从负债重新分类为权益
$— $20,992 
某些股份奖励从权益重新分类为负债$— $10,401 
请参阅简明综合财务报表随附的附注。
11
尼科拉公司
公司简明综合财务报表附注
（未经审计）

1.呈列基准
(a)概述
尼古拉公司（「尼古拉」或「公司」）是一家重型商用氢能电动（「FCEV」）和电池电动（「BEV」）卡车和能源基础设施解决方案的设计和制造商。
(b)未经审核简明综合财务报表
随附的未经审计简明合并财务报表是根据美国公认会计原则（「GAAP」）和美国证券交易委员会（「SEC」）的法规编制的。管理层认为，未经审计的财务信息反映了所有调整，包括正常的经常性调整，这些调整被认为是公平陈述公司财务状况、运营运绩和所示期间现金流量所必需的。所呈现的中期报告的业绩不一定表明全年可能预期的业绩。这些简明合并财务报表应与公司截至2023年12月31日止年度10-k表格年度报告中包含的经审计合并财务报表及其注释一并阅读（经修订）。
某些前期余额已重新分类，以符合简明综合财务报表及随附附注中的本期列报方式。 A除非另有说明，否则美金金额以千为单位。
按照公认会计原则编制财务报表需要管理层做出影响某些报告金额和披露的估计和假设。因此，实际结果可能与这些估计不同。
Tre FCEV卡车的预生产活动，包括制造准备、过程验证、原型制造、货运和库存减记，均在公司的简明综合运营报表中记录为研发活动。与生产开始相当，制造成本（包括与Tre FCEV卡车相关的劳动力和管理费用、设施成本以及库存相关费用）从2023年第四季度开始计入收入成本。
2023年6月30日，根据一般转让（「转让」），公司转让了其子公司Romeo Power，Inc.的所有权。（「罗密欧」）对其所有有形和无形资产的权利、所有权和权益，但须遵守SG Service Co.的某些商定排除情况（统称为「资产」），LLC以其作为罗密欧债权人利益的受托人（「受托人」）的唯一有限身份，并指定受托人作为罗密欧债权人利益的受托人，因此，截至2023年6月30日，受托人继承了罗密欧在资产中的所有权利、所有权和权益。罗密欧截至2023年9月30日的三个月和九个月的运营运绩报告为已终止业务。参见注释9， 子公司去合并，以了解更多信息。除非另有特别说明，本季度报告中10-Q表格中对财务数据的所有引用均指公司的持续运营。
2024年6月24日，该公司对其普通股进行了一比三十（1比30）的反向股票拆分（「反向股票拆分」）。反向股票分拆于2024年6月5日在公司年度股东大会上获得股东批准，2024年6月13日，公司董事会批准了反向股票分拆。与反向股票分拆同时，普通股授权股数从 1,600,000,000 到 1,000,000,000.未经审计的简明综合财务报表中包含的所有对普通股、购买普通股的期权、限制性股票单位、股份数据、每股数据、有关可转换票据的转换率和价格以及相关信息的所有引用均已追溯调整，以反映反向股票拆分对所列所有期间的影响。
(c)融资风险和持续经营
根据会计准则法典化（「ASC」）205-40，披露实体持续经营能力的不确定性（「ASC 205-40」） 公司已评估总体而言是否存在对公司在简明综合财务报表发布之日后一年内持续经营能力产生重大怀疑的条件和事件。
12
尼科拉公司
公司简明综合财务报表附注
（未经审计）
作为一家早期成长型公司，公司获得资本的能力至关重要。在公司能够产生足够的收入来支付其运营费用、运营资金和资本支出之前，公司将需要筹集额外资本。额外的股票融资可能无法以优惠的条件提供，或者根本无法提供，并且会稀释当前股东。债务融资（如果有的话）可能涉及限制性契约和稀释性融资工具。
该公司打算采取各种策略来获得未来运营所需的资金，例如继续通过与花旗集团全球市场公司修订和重述的股权分配协议获得资本。（「花旗」），担任销售代理。参见注释7， 资本结构.然而，访问修订和重述的股权分配协议的能力取决于公司普通股的市场价格和交易量，这无法得到保证，因此无法作为公司ASC 205-40分析的流动性来源。
如果公司无法获得所需金额的资本，公司将被要求推迟、缩减或放弃其部分或全部开发计划和运营，这可能会对公司的业务、财务状况和运营结果造成重大损害。由于上述不确定性，公司ASC 205-40分析的结果是，公司在自这些简明综合财务报表发布之日起的未来十二个月内持续经营的能力存在重大疑问。此外，股权分配协议项下的可用资本金额不足以满足公司的资本要求。
这些财务报表是由管理层根据GAAP编制的，这一基础假设公司将继续作为持续经营企业，考虑在正常业务过程中实现资产以及履行负债和承诺。这些财务报表不包括可能因这种不确定性的结果而产生的任何调整。
2.主要会计政策概要
(a)现金、现金等值物以及受限制现金和现金等值物
该公司将剩余期限为三个月或以下的所有高流动性投资（包括货币市场基金）视为现金等值物。 截至2024年9月30日和2023年12月31日，公司拥有美金198.3 亿和$464.7 分别为百万现金和现金等值物。现金等值物和受限制现金等值物包括美金27.8 亿和$29.8 截至2024年9月30日和2023年12月31日，分别有百万笔高流动性投资。
截至2024年9月30日和2023年12月31日，公司拥有美金19.5 亿和$29.3 流动和非流动限制现金分别为百万美金。受限制现金是指提款或使用受到限制的现金，由公司信用状的证券化组成。参见注释6， 债务和融资租赁负债， 了解更多详细资讯。
现金及现金等值物以及受限制现金及现金等值物与简明综合现金流量表中呈列金额的对帐如下：
截至
2024年9月30日2023年12月31日2023年9月30日
现金及现金等价物$198,301 $464,715 $362,850 
受限制现金和现金等值物-流动3,374 1,224 1,224 
受限制现金和现金等值物-非流动16,086 28,026 28,026 
现金、现金等值物以及受限制现金和现金等值物$217,761 $493,965 $392,100 
13
尼科拉公司
公司简明综合财务报表附注
（未经审计）
(b)金融工具公允价值
公司金融工具的公允价值如下：
截至2024年9月30日
1级2级3级总
资产
现金等值物-货币市场
$27,825 $— $— $27,825 
负债
高级可转换票据
— — 63,158 63,158 
截至2023年12月31日
1级2级3级总
资产
现金等值物-货币市场$29,839 $— $— $29,839 
负债
衍生负债
$— $— $8,871 $8,871 
嵌入式转换功能衍生负债
2022年6月，公司完成定向发行金额为美金200.0 无担保本金总额百万 8.00% / 11.00%以实物支付的可转换高级票据（「PIK」）切换票据（「2022年6月切换可转换票据」）。2023年4月11日，公司完成了美金的兑换（「兑换」）100.0 公司现有2022年6月Toggle可转换票据本金总额为百万美金，用于发行美金100.0 百万本金总额 8.00% / 11.00% b系列可转换高级PIk切换票据（「2023年4月切换可转换票据」）。2023年4月Toggle可转换票据根据日期为2023年4月11日的契约（「2023年4月Toggle可转换票据契约」）发行。
此外，2023年6月，公司完成了定向发行金额为美金11.0 无担保本金总额百万 8.00% / 8.00% C系列可转换高级PIk切换票据（「2023年6月切换可转换票据」）。2023年6月Toggle可转换票据根据日期为2023年6月23日的契约（「2023年6月Toggle可转换票据契约」）发行。
2023年4月Toggle可转换票据契约和2023年6月Toggle可转换票据契约，除其他外，在某些情况下限制票据的转换，直到（x）授权股份数量增加，其金额足以允许发行票据基础普通股以及（y）2023年10月11日，并条件是公司将选择以现金结算票据的转换，直到授权股份数量发生此类增加，并且公司获得了纳斯达克上市规则第5635条规定的股东批准（「纳斯达克规则5635」）。
由于在某些情况下临时要求以现金结算转换，2023年4月Toggle可转换票据和2023年6月Toggle可转换票据中嵌入的转换功能被分开并以公允价值单独确认，直到获得纳斯达克规则5635所设想的股东批准以增加授权股份的数量。经交易所，公司确认美金21.2 作为简明综合资产负债表上应计费用和其他流动负债中的衍生负债的嵌入转换特征的价值为百万美金。
2023年第三季度，随著股东于2023年8月3日批准增加授权股份数量，公司重新评估了从 2023年4月切换可转换票据和2023年6月切换可转换票据.截至2023年8月3日，转换特征符合所有股权分类标准，因此，衍生负债于2023年8月3日重新计量，并从应计费用和其他流动负债重新分类为简明综合资产负债表上的额外实缴资本。公平值变动
14
尼科拉公司
公司简明综合财务报表附注
（未经审计）
的衍生负债记录在简明综合经营报表的其他费用中。 截至2023年9月30日止三个月和九个月，衍生负债的公允价值变化如下：
止三个月
九个月结束
2023年9月30日2023年9月30日
估计公允价值-年初
$29,340 $— 
衍生负债的确认
— 21,180 
估计公允价值变化212,511 220,671 
重新分类为股权(241,851)(241,851)
估计公允价值-期末
$— $— 
转换功能的公允价值是通过应用有无方法对二项格子模型进行估计的。以下反映了所使用的输入和假设：
止三个月
2023年9月30日		九个月结束
2023年9月30日
股价
$102.00
$32.70 - $102.00
换股价
$43.68 - $44.48
$43.68 - $44.48
无风险利率
4.58%
3.76% - 4.58%
权利波幅
47.5%
47.5% - 60%
预期股息率—%—%
信用利差
14.9%
14.9% - 20.1%
此外，2023年12月12日，该公司完成了承销公开募股，金额为美金175.0 公司本金总额百万 8.25% 2026年到期的绿色可转换优先票据（「8.25%可转换票据」）。的 8.25%可转换票据是根据公司与美国银行信托公司，全国协会（「受托人」）之间日期为2023年12月12日的一份契约发行的，并受该契约约束，该契约由公司与受托人之间日期为2023年12月12日的第一份补充契约补充。
嵌入的转换功能 8.25%可转换票据符合与主合同分离并按公允价值单独确认的标准。该衍生工具在初始和后续期间均按公允价值计量，公允价值变动在简明综合经营报表的其他费用净额中确认。书的自公告之日起 8.25%可转换票据，公司认可美金47.3 作为简明综合资产负债表上应计费用和其他流动负债中的衍生负债的嵌入转换特征的价值为百万美金。 截至九个月衍生负债公允价值变化 2024年9月30日 如下：
九个月结束
2024年9月30日
估计公允价值-年初
$8,871 
估计公允价值变化(2,184)
转换衍生负债的结算(6,687)
估计公允价值-期末
$— 
截至2024年9月30日止三个月，衍生负债的公允价值并不重大。
15
尼科拉公司
公司简明综合财务报表附注
（未经审计）
转换功能的公允价值是通过应用有无方法估计的。以下反映了所使用的输入和假设的范围：
九个月结束
2024年9月30日
股价
$7.40 - $31.20
换股价$27.00
无风险利率
4.10% - 5.47%
信用利差
14.08% - 15.18%
责任分类奖项
2023年第二季度和第三季度，公司将某些以股份为基础的支付奖励从权益重新分类为负债，在分配或行使时需要现金结算。这些奖励的公允价值是根据截至计量日期和每个报告期末的公司股票收盘价或布莱克-斯科尔斯模型确定的。负债公允价值的变化在必要的服务期内确认为补偿成本。
截至2023年8月3日，分类为负债的股份支付奖励不再需要在分配或行使时现金结算。该公司在公司简明综合资产负债表上按公允价值将股份支付奖励重新分类为额外缴足资本。截至2023年9月30日止三个月和九个月内负债分类奖励的公允价值变化如下：
止三个月九个月结束
2023年9月30日2023年9月30日
责任分类奖励-期末$2,006 $— 
以股份为基础的付款奖励重新分类为负债8,395 10,401 
公平值变动10,591 10,591 
股份支付奖励重新分类为股权(20,992)(20,992)
负债分类奖励-期末$— $— 
(c)收入确认
卡车销售
卡车销售包括公司卡车销售确认的收入。卡车的销售通常被视为控制权转移给客户（历来仅为公司的经销商）的时间点的单一履行义务。当产品被承运商提货时，控制权通常被视为已转移，经销商可以指导产品的使用并从产品中获得几乎所有剩余利益。公司可能会应经销商的要求提供某些售后升级。如果合同包含不止一项不同的履行义务，则交易价格根据各项履行义务的独立售价分配给各项履行义务。根据州法律和公司的经销商协议，如果经销商协议终止，公司可能被要求回购经销商库存，并将其视为有退货权的销售。
该公司根据平均历史回报估计回报准备金，包括在经销商协议终止的情况下。管理层认为，该估计准确反映了预期回报，但实际回报活动可能与估计不同。应计回报率约为 $4.4 亿和$0.7 万 分别截至2024年9月30日和2023年12月31日，并一般反映在简明综合资产负债表上的应计费用和其他流动负债中。如果准备金适用于有未偿应收帐款余额的卡车，则准备金反映为应收帐款净额的减少。
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尼科拉公司
公司简明综合财务报表附注
（未经审计）
收入根据交易价格确认，交易价格衡量为公司根据与经销商的合同条款转让产品而预期收到的对价金额。如果适用，交易价格可能会因可变考虑而进行调整，例如平面图安排的回扣和融资成本，这要求公司对这些津贴中尚未计入经销商的部分进行估计。
售出卡车的付款根据公司的惯常付款条款进行。公司选择了一项会计政策，根据该政策，公司不会因重大融资部分的影响而调整承诺的对价金额，因为在合同开始时，公司预计，公司将承诺的商品或服务转让给经销商与经销商支付该商品或服务费用之间的期限为一年或更短。向经销商收取的销售税不是考虑收入并应计，直至汇回税务机关。运输和搬运活动发生在经销商获得产品控制权后，因此公司选择将这些费用计入收入成本中的履行成本，而不是额外承诺的服务。
服务等
服务和其他收入主要包括充电产品、监管信贷、服务零件、售后零件、服务和劳动力以及氢的销售。销售通常在控制权转移给客户的时间点被确认为单一绩效义务。当产品交付给客户并且客户可以指导产品的使用并从资产中获得几乎所有剩余利益时，控制权通常被视为已转移。所售产品的付款是根据公司的惯常付款条款进行的，并且公司的合同不包含重大的融资成分。征收的销售税不被视为收入，在汇回税务机关之前应计。
(d)产品违约和召回活动
产品保修成本在卡车控制权移交给经销商时确认，并根据保固期限等因素进行估算(一般2 到 5年)、产品成本和产品故障率。保固准备金每季度进行审查和调整，以确保应计款项足以满足预期的未来保固义务。估计未来的保修成本是高度主观的，需要管理层做出重大判断。管理层认为应计专案是足够的。然而，根据现有的有限历史资讯，根据新的资讯或事实和情况的变化，未来可能需要大量的额外费用。该公司的应计专案包括根据历史经验估算的覆盖部件的重置成本。这一估计数可能受到与第三方供应商合同变更或确定新供应商的需要以及伴随这种变更而来的工程和设计费用的影响。
当产品召回责任可能发生且相关金额可合理估计时，会确认召回活动成本。成本是根据需要维修的卡车数量以及所需的维修（包括工程和开发、产品成本、劳动力费率和运输）来估计的。估计卡车的维修成本是高度主观的，需要重大的管理判断。根据目前可用的信息，管理层认为应计收益足够。根据新信息、事实和情况的变化、主要供应商提供的材料以及公司可能承诺或被要求采取的行动，未来可能需要支付大量额外费用。
2023年第三季度，该公司向国家公路交通安全管理局提出自愿召回，r该公司的BEV卡车，与现有电池组的问题有关。该公司累计召回活动成本 $56.7 万其中 $34.9 万 已发生至2024年9月30日.该公司暂时暂停新BEV卡车发货，直到其BEV卡车库存使用替代电池组进行改造。 见注释11， 承诺和意外情况，以了解更多信息。
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尼科拉公司
公司简明综合财务报表附注
（未经审计）
截至2024年9月30日和2023年9月30日止三个月和九个月的保修责任变化汇总如下：
截至9月30日的三个月，截至9月30日的九个月，
2024202320242023
应计保修-期间开始$77,266 $11,057 $78,946 $7,788 
期间发出的保证-产品保修
19,274 172 44,353 4,245 
召回活动中发放的保证金
— 61,848 — 61,848 
先前存在的保证责任的净变化(4,936)(1,084)(10,658)(1,304)
产生的保修费用
(14,472)(1,665)(35,509)(2,249)
应计保修-期末$77,132 $70,328 $77,132 $70,328 
截至2024年9月30日，保修应计为美金34.1 百万计入应计费用和其他流动负债以及美金43.0 简明合并资产负债表上的其他长期负债为百万美金。截至2023年12月31日，保修应计为美金65.7 百万计入应计费用和其他流动负债以及美金13.2 简明合并资产负债表上的其他长期负债为百万美金。
(e)分部资料
根据ASC 280「分部报告」，经营分部被定义为企业的组成部分，其中有离散财务信息，首席运营决策者（「CODM」）定期评估这些信息，以决定如何分配资源和评估绩效。本公司已 两 零部件、卡车业务部门和能源业务部门。卡车业务部门正在制造和销售FCEV和BEV卡车，为卡车运输行业提供或预计提供环保、具有成本效益的解决方案。能源业务部门正在开发和建设氢加油站网络，以满足公司客户的氢燃料需求。该公司的执行长（也是执行长）将公司的运营作为单一报告单位以及单一运营和可报告部门做出决策并管理，以分配资源和评估财务业绩。
(f)商誉
当购买收购中支付的对价超过所收购的净有形资产和已识别无形资产的公允价值时，公司记录其善意。善意不会摊销，而是每年或在事实和情况需要审查的情况下更频繁地进行减损测试。该公司已确定有一个单一报告单位用于进行每年12月31日进行的善意减损测试。截至2024年9月30日的三个月内，公司股价和市值持续下跌，这是一个定性因素，表明报告单位的公允价值可能无法收回，因此需要根据ASC 350、善意及其他进行进一步的减损审查。
该公司截至2011年进行了中期减损审查 2024年9月30日， 这表明公司单一报告单元的公允价值超过了报告单元的公允价值。因此，公司确认了一项善意损失 $5.2 万 期间 截至2024年9月30日的三个月和九个月内的简明综合经营报表的减损费用，代表报告单位的公允价值之间的差额，但以公司简明综合资产负债表上的善意的公允价值为限制。 参见注释4， 善意和无形资产，净.
(g)使用年期无限的无形资产
公司必须使用ASC 350中无限寿命无形资产的指南，每年对其无限寿命无形资产进行减损测试。公司的评估包括首先评估定性因素，
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尼科拉公司
公司简明综合财务报表附注
（未经审计）
确定资产是否更有可能出现减损。如果资产更有可能出现减损，公司会确定资产的公允价值，并在其公允价值超过公允价值时记录减损费用。
2024年第三季度，本公司股价和市值的持续下跌表明，本公司的无限期活期无形资产的账面价值更有可能减值。在第三方评估公司的协助下，本公司确定了截至2024年9月30日，评估适用的许可协定的条款是否在市场上。在评估隐含特许权使用费税率是否被视为市价时，采用了一种免除特许权使用费估值的方法。免除特许权使用费办法的基础是这样一种假设，即一个实体愿意支付特许权使用费以从资产的使用中获益，而不是所有权。免除特许权使用费办法包括两个步骤：(1)估计资产的合理特许权使用费费率；(2)将特许权使用费费率适用于预测的净收入流，并对由此产生的现金流进行贴现，以确定现值。该公司将选定的特许权使用费费率乘以预测的净收入，以计算与资产相关的成本节约(免除特许权使用费支付)。
期间 截至2024年9月30日的三个月和九个月，公司在简明综合经营报表的损失费用中确认了价值美金的损失28.2 百万，代表公司无限期无形资产的公允价值之间的差额。看到 注4， 善意和无形资产，净.
(h)长期资产和有限寿命无形资产
每当事件或环境变化显示账面值可能无法收回时，本公司便会审核其长期资产及有限寿命无形资产的减值情况。公司监测和考虑的事件和情况包括类似资产的市场价格大幅下降、资产使用范围和方式的重大不利变化、法律因素或商业环境的不利变化、超过收购或开发类似资产的估计成本的成本积累，以及超过预测成本的持续亏损。本公司通过将该等资产或资产组的账面价值与其预期该资产或资产组将产生的未来未贴现现金流进行比较来评估该等资产的可回收性。如果长期资产预期产生的预期长期未贴现现金流的总和少于正在评估的长期资产的账面价值，则本公司确认减值亏损。然后，减值费用将确认为账面金额超过资产公允价值的金额。
2024年第三季度，公司股价和市值的持续下跌表明公司的长期资产和有限寿命无形资产可能更有可能出现损害，因此需要根据ASC 360-10「持有和使用的长期资产的损害」进行可收回性评估。截至 2024年9月30日，公司进行了上述可收回性测试，并得出结论，所有资产组均被视为可收回，因此截至2024年9月30日止三个月和九个月内未确认任何损失。
(i)最近的会计声明
最近发布的会计公告尚未采用
2023年10月，财务会计准则委员会（「FASB」）发布了会计准则更新第2023-06号，以澄清或改进各种主题的披露和列报要求，这将使用户能够更轻松地比较受SEC现有披露约束的实体与之前不受要求约束的实体，并使FASb会计准则编纂中的要求与SEC的法规保持一致。公司目前正在评估该等修订的条款及其对其未来综合报表的影响。
2023年12月，FASb发布了ASO第2023-09号（「ASO 2023-09」）所得税，以加强所得税披露，以满足投资者对有关实体全球运营中存在的税收风险和机会的更多信息的请求。ASO 2023-09自2024年12月15日之后开始的年度有效，并且允许提前采用。公司计划在截至2025年12月31日的年度采用ASO 2023-09，目前正在评估该会计准则更新对其合并财务报表和相关披露的影响。
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尼科拉公司
公司简明综合财务报表附注
（未经审计）
3.资产负债表组成部分
库存
2024年9月30日和2023年12月31日的库存分别包括以下内容：
截至
2024年9月30日2023年12月31日
原料$35,112 $32,889 
Work in process28,078 15,486 
成品4,695 8,206 
维修零件8,191 6,007 
总库存$76,076 $62,588 
库存成本使用标准成本计算，标准成本在先进先出的基础上接近实际成本。库存按成本或可变现净值中的较低者列报。当根据估计售价计算的可变现净值超过其公允价值时，则会就任何超额或报废进行减记。一旦库存被减记，就会为该库存建立一个新的、较低的成本基础，并且事实和情况的后续变化不会导致新建立的成本基础的恢复或增加。
2023年第三季度，公司减记美金45.7 数百万BEV库存与现有电池组、电池和其他BEV零部件有关，由于公司自愿召回，这些部件被视为过剩或过时。
预付费用和其他易变现资产
于2024年9月30日和2023年12月31日，预付费用和其他易变现资产分别包括以下内容：
截至
2024年9月30日2023年12月31日
应收保险款项
$17,500 $— 
库存押金16,939 4,843 
非贸易应收款项8,039 4,895 
预付费用5,715 7,573 
应收扣留款4,869 3,655 
预付保险费3,890 2,148 
其他易变现资产
2,893 1,154 
其他存款
2,151 1,643 
预付费用和其他易变现资产总额$61,996 $25,911 
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尼科拉公司
公司简明综合财务报表附注
（未经审计）
财产、厂房和设备，净值
于2024年9月30日和2023年12月31日，物业、厂房和设备（净额）包括以下内容：
截至
2024年9月30日 2023年12月31日
建筑$240,861 $239,918 
在建工程105,718 135,994 
设备83,482 67,657 
工具62,114 39,389 
融资租赁资产41,072 37,504 
软体8,689 8,649 
土地7,957 7,957 
其他6,871 6,409 
租赁物业装修3,115 3,100 
示范车辆1,798 788 
不动产、厂房和设备，毛额561,677 547,365 
减：累计折旧和摊销(71,433)(43,949)
财产、厂房和设备总计，净值$490,244 $503,416 
截至2024年9月30日，公司简明合并资产负债表上的在建工程主要与氢能基础设施的开发有关。
2024年第一季度，公司变更了模具预期使用寿命的会计估计。公司确定直线折旧，预计使用寿命为 5 年比消耗法更能代表这些资产的估计经济寿命。这一估计变更适用于2024年第一季度预期有效，并导致折旧经验增加$的强度2.9 亿和$8.5 三米和九米的百万月结束 分别于2024年9月30日.为 三个月及九个 截至 2024年9月30日，估计变更导致每股净亏损增加美元0.06及$0.18，分别。
截至2024年9月30日和2023年9月30日的三个月折旧费用为美元9.9 亿和$15.1 分别为百万。截至2024年9月30日和2023年9月30日止九个月的折旧费用为美元27.8 亿和$23.9 分别为百万。
于2023年7月，本公司与Fortescue Future Industries(“FFI”)的全资附属公司FFI Phoenix Hub Holdings，LLC签订会员权益及资产购买协议(“FFI购买协议”)。根据FFI购买协议的条款，FFI Phoenix Hub Holdings，LLC收购100%本公司的全资附属公司菲尼克斯氢气枢纽有限公司持有与菲尼克斯氢气枢纽项目相关的资产，包括土地和在建资产。该公司出售了$24.4百万根据第一次结账，2023年第三季度的资产减值。该公司的收益是扣除$3.7上百万的阻碍。于2024年第一季度，本公司根据FFI购买协议的条款完成了第二笔交易。该公司出售了$25.1百万根据第二次结算，2024年第一季度的资产减少。该公司的收益是扣除美元后的净额。3.7上百万的阻碍。截至2024年9月30日，公司确认了美元4.9在第一次和第二次结清时的剩余预提应收账款在简明综合资产负债表上的预付和其他流动资产为百万美元。截至 2023年12月31日，公司确认为美元3.7第一次结账时预提应收账款在综合资产负债表上的预付和其他流动资产为百万美元。
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尼科拉公司
公司简明综合财务报表附注
（未经审计）
应计费用和其他流动负债
于2024年9月30日和2023年12月31日，应计费用和其他流动负债包括以下内容：
截至
2024年9月30日2023年12月31日
结算负债
$103,446 $91,330 
保修责任，当前34,112 65,703 
已收到的库存尚未开具发票23,408 8,642 
其他应计费用14,435 6,894 
应计工资和工资相关费用8,242 3,254 
应计购买的不动产、厂房和设备
7,913 2,458 
无形资产的应计购买5,624 13,796 
应计外包工程服务5,441 4,207 
经营租赁负债，流动2,887 1,867 
衍生负债
— 8,871 
应计费用和其他流动负债总额$205,508 $207,022 
4.善意和 无形资产，净资产
可单独识别的无形资产和声誉的总账面值和累计摊销如下：
截至2024年9月30日
总账面
量		积累
摊销
减值
账面净值
量
许可证：
S-WAY产品和平台许可证$50,000 $(17,857)$— $32,143 
FCPm许可证47,181 — (28,181)19,000 
其他无形资产1,650 (663)— 987 
无形资产总额，净
$98,831 $(18,520)$(28,181)$52,130 
商誉
$5,238 $— $(5,238)$— 
截至2023年12月31日
总账面
量		积累
摊销		账面净值
量
许可证：
S-WAY产品和平台许可证$50,000 $(12,500)$37,500 
FCPm许可证47,181 — 47,181 
其他无形资产1,650 (471)1,179 
无形资产总额，净
$98,831 $(12,971)$85,860 
商誉
$5,238 $— $5,238 
22
尼科拉公司
公司简明综合财务报表附注
（未经审计）
截至2024年9月30日和2023年9月30日止三个月与无形资产相关的摊销费用为美元1.9 万截至2024年和2023年9月30日止九个月与无形资产相关的摊销费用 是 $5.5 亿和$5.6 分别为百万。
2021年，该公司获得了用于生产FCEV的燃料电池动力模块（“FCPM”）许可。该公司预计将在内部FCPm生产开始时开始摊销许可证.截至2024年9月30日，公司尚未开始摊销许可证。
由于截至三个月内公司股价和市值持续下跌 2024年9月30日，公司确定对其确定和不确定的长期资产进行减损评估是适当的。 为 截至2024年9月30日的三个月和九个月，公司确认了以下的减损费用 $33.4 FCPm许可证和善意价值百万美元。参见注释2， 重要会计政策摘要，以了解更多信息。
5.对附属机构的投资
对按权益法核算的未合并附属公司的投资包括以下内容：
截至
截至2024年9月30日的所有权2024年9月30日2023年12月31日
沃巴什谷资源有限责任公司20 %$56,197 $57,062 
$56,197 $57,062 
附属公司净利润（亏损）中的权益 简明 截至2024年和2023年9月30日止三个月和九个月的综合经营报表如下：
截至9月30日的三个月，截至9月30日的九个月，
2024202320242023
关联公司净利润（亏损）中的权益：
尼古拉依维柯欧洲有限公司$— $— $— $(15,556)
沃巴什谷资源有限责任公司173 (262)(865)(731)
关联公司净利润（亏损）中的权益总额
$173 $(262)$(865)$(16,287)
尼古拉依维柯欧洲有限公司
2020年4月，公司与依维柯SAP（“依维柯”）成为一系列协议的缔约方，在欧洲成立了合资企业Nikola依维柯Europe GmbH。该合资企业的业务位于德国乌尔姆，包括为欧洲市场制造FCEV和BEV 8级卡车。
Nikola Iveco Europe GmbH被视为可变利益实体（“VIE”），因为在没有额外次级财务支持的情况下，股本不足为其活动提供资金。该公司不被视为主要受益人，因为根据协议条款，它无权指导对经济表现最显着影响的活动。因此，VIE采用权益法核算。
于2023年6月29日，本公司与依维柯签署欧洲合资企业交易协议(“交易协议”)，据此本公司出售其50尼古拉依维柯欧洲有限公司的%股权收购依维柯$35.01000万美元。与交易协议一起，本公司签订了一份知识产权许可协议(“许可协议”)，授予依维柯和尼古拉依维柯欧洲有限公司与BEV和FCEV相关软件和控制技术的非独家、永久、不可撤销、完全可再许可、可转让和完全可转让的许可(“许可软件”)。根据交易协议的条款，该公司也有资格获得0.7依维柯向依维柯出售其本身普通股1,000,000股，视乎依维柯及其顾问在根据许可协议完成资产剥离时就交付予依维柯的许可软件所进行的成功尽职调查(“软件尽职调查”)而定。软件尽职调查是根据依维柯与本公司共同商定的标准进行评估的。
23
尼科拉公司
公司简明综合财务报表附注
（未经审计）
在资产剥离完成时，公司确认了等于收到的对价与其在Nikola Iveco Europe GmbH投资中的基准之间的差额的收益，其中包括负债余额为美元11.4 对附属公司的投资百万美元，累计货币兑换损失为美元1.5 万在剥离结束时交付的许可软件被确定代表使用许可软件的权利，并且在剥离结束时交付的许可软件时履行了履行义务。该公司在简明综合运营报表中确认了与终止承认其在Nikola Iveco Europe GmbH的基础和交付许可软件相关的收益，作为剥离附属公司的收益。 截至2023年9月30日的九个月内，公司确认收益为美元70.8 剥离附属公司的收益百万美元，其中包括：
止九个月
2023年9月30日
已收现金作价$35,000 
应收或有股票对价25,956 
取消承认对附属公司的投资11,428 
累计货币兑换损失的终止确认(1,535)
剥离附属公司的收益$70,849 
应收或有股票对价
或有股票对价计入可变对价，并计入资产剥离结束时的总对价，因为在解决或有事项后，该对价不太可能发生重大逆转。2023年8月3日，软件尽职调查被视为成功，依维柯转让给公司 0.7 百万股尼古拉普通股，这些股票立即被淘汰。公司在收到普通股后确认了简明综合资产负债表的累计赤字中的公允价值。或有股票对价的公允价值根据公司普通股的收盘价计量，公允价值变化在简明综合经营报表的其他费用净额中确认。
截至2023年9月30日止三个月和九个月，或有股票对价的公允价值变化如下：
止三个月止九个月
2023年9月30日2023年9月30日
公允价值-期末$28,428 $— 
资产剥离结束时确认的或有股票对价— 25,956 
公平值变动41,509 43,981 
交付股份以换取股票对价(69,937)(69,937)
公允价值-期末$— $— 
沃巴什谷资源有限责任公司
2021年6月22日，公司与Wabash Valley Resources LLC（“WVR”）和卖家签订了会员权益购买协议（“MIPA”），根据该协议，公司购买了一份 20WVR %股权以换取美元25.0 现金及 56,079 公司普通股的股份。普通股对价是根据公司30天平均收盘价或美元计算的445.80 每股，公司发行 56,079 其普通股的股份。
公司利益 WVR按权益法核算，并计入对公司附属公司的投资 简明 合并资产负债表。初始公允价值中包括基差美元55.5 由于投资成本与公司在WVR净资产中所占比例之间的差异，因此损失了100万美元。基差主要由不动产、厂房和设备以及无形资产组成。
24
尼科拉公司
公司简明综合财务报表附注
（未经审计）
截至2024年9月30日，公司的最大损失风险为美元56.7 百万，代表公司股权和向WVR提供的贷款的账面价值0.5 万
6.债务和财务免除负债
截至2024年9月30日和2023年12月31日的债务和融资租赁负债摘要如下：
截至
2024年9月30日2023年12月31日
当前：
高级可转换票据
$63,158 $— 
融资租赁负债6,187 6,312 
保险费融资2,791 1,852 
本票827 699 
融资责任148 87 
债务和融资租赁负债，流动$73,111 $8,950 
截至
2024年9月30日2023年12月31日
非当前：
切换可转换票据$138,483 $124,061 
融资责任102,169 101,470 
融资租赁负债26,353 26,395 
8.25%可转换票据
1,226 15,047 
本票1,787 2,306 
长期债务和融资租赁负债，扣除流动部分$270,018 $269,279 
以下债务义务的公允价值使用第2级公允价值输入数据（包括股价和无风险利率）估计。下表呈列其公允价值及估计公允价值：
截至2024年9月30日
账面值公平值
2022年6月切换可转换票据$128,159 $125,669 
2023年6月切换可转换票据10,324 11,136 
本票
2,614 2,593 
保险费融资2,791 2,773 
8.25%可转换票据
1,226 644 
切换可转换票据
2022年6月，公司完成定向发行金额为美元200.0 该公司2022年6月Toggle可转换票据本金总额为百万美元，该票据将于2026年5月31日到期。2022年6月Toggle可转换票据根据日期为2022年6月1日的契约（“2022年6月Toggle可转换票据契约”）发行。
与2023年4月Toggle可转换票据的发行同时，公司执行了日期为2023年4月3日的2022年6月Toggle可转换票据契约的第一份补充契约（“2022年6月之前的第一份补充契约”），以及日期为2023年4月10日的2022年6月Toggle可转换票据契约的第二份补充契约（“至2022年6月的第二份补充契约”），其中至2022年6月的第一份补充契约切换可转换票据契约等，修改了2022年6月切换可转换票据契约的兑换条款，以限制2022年6月的兑换
25
尼科拉公司
公司简明综合财务报表附注
（未经审计）
在某些情况下，切换可转换票据，直到（x）授权股份数量的增加，其金额足以发行2022年6月切换可转换票据基础的普通股以及（y）2023年10月11日，并规定公司应选择在授权股份数量增加之前以现金结算2022年6月Toggle可转换票据的转换。
2023年6月，本公司完成定向增发11.0本公司2023年6月发行的Togger可转换票据(连同2022年6月的Togger可转换票据和2023年4月的Togger可转换票据，简称“Togger可转换票据”)本金总额为100万美元，将于2026年5月31日到期。2023年6月可转换票据是根据2023年6月可转换票据契约(连同2022年6月可转换票据契约和2023年4月可转换票据契约，即“可转换票据契约”)发行的。发行2023年6月的Togger可转换票据，作为持有人签署日期为2023年6月的Togger可转换票据契约的第三个补充契约(“至2022年6月的第三个补充契约”)和日期为2023年6月的“至2023年6月的可转换票据契约的第一个补充契约”(“截至2023年4月的第一个补充契约”)的同意费用，其中包括释放罗密欧，分别作为2022年6月的Togger可转换票据和2023年4月的Togger可转换票据的担保人。2023年4月的Togger可转换票据于2023年第三季度完全转换。截至2024年9月30日和2023年12月31日，2022年6月的Togger可转换票据和2023年6月的Togger可转换票据均未偿还。
以下是未偿Toggle可转换票据某些条款的摘要：
利息支付
公司可以选择以现金支付Toggle可转换票据的任何利息（“现金利息”），通过以到期利息的Toggle可转换票据（“PIk利息”）的形式发行额外的Toggle可转换票据，或其任何组合。Toggle可转换票据的利息每半年支付一次。 每张Toggle可转换票据的利率和付款日期总结如下：
2022年6月切换可转换票据2023年6月切换可转换票据
PIk利率（每年）11.00%8.00%
现金利率（每年）8.00%8.00%
半年付息日期每年5月31日和11月30日每年6月30日和12月31日
第一个利息支付日期2022年11月30日2023年12月31日
自2023年6月23日起应计的2023年6月Toggle可转换票据的利息于2023年12月31日作为PIk利息支付。
转换
根据适用的转换率，Toggle可转换票据加上任何应计和未付利息可根据公司的选择转换为现金、公司普通股股份或其组合。
就2022年6月Toggle可转换票据而言，转换率于2024年6月24日调整为每1，000美元本金3.8120股，但在某些情况下须进行惯常反稀释调整，这代表调整后的转换价格约为美元262.33 每股
对于2023年6月Toggle可转换票据，兑换率于2024年6月24日调整为等于（a）的金额 22.4809 除以（b）商，（i）其分子是（x）在该转换之前尚未发行的2023年6月Toggle可转换票据的初始本金额和（y）与2023年6月Toggle可转换票据到期利息的PIk利息发行相关的资本化总额和（ii）其分母为2023年6月Toggle可转换票据的初始本金金额。
Toggle可转换票据契约规定，在2026年2月28日之前，Toggle可转换票据将仅在特定事件发生时和在某些时期内由持有人选择兑换， 并将
26
尼科拉公司
公司简明综合财务报表附注
（未经审计）
于2026年2月28日或之后随时可兑换，直至Toggle可转换票据到期日前第二个预定交易日营业结束。
在下列情况下，可转换可转换票据的持有人才有权在紧接2026年2月28日前一个营业日营业结束前转换全部或部分可转换票据：(I)在截至2022年9月30日的财政季度结束后的任何财政季度内，对于2022年6月的可转换票据，在2023年6月的财政季度结束后的任何财政季度内，对于2023年6月的可切换可转换票据，如果至少在该财政季度内普通股的最后报告销售价格20在以下期间内的交易日(不论是否连续)30在上一财政季度的最后一个交易日结束幷包括在内的连续交易日大于或等于130可转换票据于每个适用交易日转换价格的百分比；。(Ii)五任何时间之后的营业日期间十可转换可转换票据的每个交易日的每1,000美元本金的交易价的连续交易日期间十连续交易日期间少于98于每个该等交易日；(Iii)如本公司于紧接赎回日期前第二个营业日的第二个营业日收市前的任何时间要求赎回该等Togger可换股票据；或(Iv)发生指定的公司事项。
救赎
公司不得在2025年6月1日之前赎回Toggle可转换票据。公司可自行选择在该日期或之后且在该日期之前赎回全部或部分Toggle可转换票据 26到期日前的第一个预定交易日，现金购买价格等于待赎回的任何Toggle可转换票据的本金总额加上应计和未付利息。
此外，在到期日之前或本公司发出赎回通知后发生的某些企业事件发生后，在某些情况下，本公司将提高与此类企业事件相关而选择转换其Togger可转换票据(2023年6月Togger可转换票据除外)的持有人或选择转换在相关赎回期间要求赎回的任何此类Togger可转换票据的持有人的转换率。此外，如果发生根本变化或控制权交易的变化，Togger可转换票据的持有者将有权要求公司以相当于以下价格的价格回购其全部或部分Togger可转换票据100此类可转换票据资本化本金的百分比，如发生根本变化，或130在控制权交易发生变化的情况下，每种情况下，均加上回购日(但不包括回购日)的任何应计和未付利息。
Toggle可转换票据债券包括限制性契约，除特定例外情况外，限制公司及其子公司产生超过美元的有担保债务的能力500.0 百万美元，承担其他子公司担保，并出售为Toggle可转换票据提供担保的任何子公司的股权。此外，Toggle可转换票据债券包括习惯条款和契诺，包括某些违约事件，在此事件之后，持有人可能会加速据此发行的Toggle可转换票据的到期，并导致其在加速后立即到期和应付。
2023年第二季度，美元兑换100.0 百万2022年6月触发可转换票据以发行美元100.0 2023年4月的百万Toggle可转换票据被确定代表术语的重大变化，并应用了贫困会计法。公司确认债务消除损失为美元20.4 截至2023年9月30日的九个月内为百万美元。作为交易所评估的一部分，该公司将2023年4月Toggle可转换票据的转换功能分开，并确认衍生负债为美元21.2 截至交易日，百万美元，导致债务折扣调整。
此外，在2023年第二季度，执行至2022年6月的第三份补充契约和至2023年4月的第一份补充契约Toggle可转换票据契约分别被视为对2022年6月的Toggle可转换票据契约和2023年4月的Toggle可转换票据契约下未偿票据的修改，因为修订后的条款并未实质性改变各注释的条款。以发行2023年6月Toggle可转换票据的形式向持有人支付的对价在修改后确认为发行成本，并作为2022年6月Toggle可转换票据和2023年4月Toggle可转换票据剩余期限的利息费用调整摊销。
27
尼科拉公司
公司简明综合财务报表附注
（未经审计）
2023年8月4日，2023年4月Toggle可转换票据的持有人对所有未偿还本金行使了转换权。该公司选择通过发行 2,415,293 普通股股份。由于转换功能重新分类为权益，剩余未摊销折扣在简明综合经营报表中确认为利息费用净额。
截至2024年9月30日和2023年12月31日，Toggle可转换票据债务部分的净资产如下：
2022年6月切换可转换票据
2023年6月切换可转换票据
截至2024年9月30日截至2023年12月31日截至2024年9月30日截至2023年12月31日
本金额$130,269 $123,478 $11,918 $11,460 
应计Pik利息4,816 1,170 238 — 
未分配折扣(1,672)(2,306)(1,832)(2,496)
未摊销的发行成本(5,254)(7,245)— — 
账面净值$128,159 $115,097 $10,324 $8,964 
截至2024年9月30日，2022年6月Toggle可转换票据和2023年6月Toggle可转换票据的实际利率为 13.90%和17.24分别为%。一债务贴现和发行成本的摊销作为利息费用的一部分报告，并在适用的Toggle可转换票据期限内使用直线法计算，这与实际利率法接近。
下表列出了公司与2022年6月Toggle可转换票据相关的利息费用：
截至9月30日的三个月，截至9月30日的九个月，
2024202320242023
合同利息费用$3,582 $3,219 $10,438 $12,464 
债务贴现和发行成本摊销906 785 2,625 2,520 
总利息支出$4,488 $4,004 $13,063 $14,984 
下表列出了公司与2023年4月Toggle可转换票据相关的利息费用：
截至2023年9月30日的三个月截至2023年9月30日的九个月
合同利息费用$1,096 $3,562 
债务贴现和发行成本摊销41,530 42,242 
总利息支出$42,626 $45,804 
下表列出了公司与2023年6月Toggle可转换票据相关的利息费用：
截至9月30日的三个月，截至9月30日的九个月，
2024202320242023
合同利息费用$238 $220 $697 $240 
债务贴现和发行成本摊销231 253 663 253 
总利息支出$469 $473 $1,360 $493 
28
尼科拉公司
公司简明综合财务报表附注
（未经审计）
高级可转换票据
第一份购买协议注释
2022年12月30日，该公司与其中指定的投资者签订了一份证券购买协议（“购买协议”），出售最多美元125.0 登记直接发售的优先可转换票据（“购买协议票据”）初始本金金额为百万美元。购买协议 注意到 可转换为公司普通股股份，但须遵守某些条件和限制。该公司完成了出售美元的初步交易50.0 2022年12月30日购买协议票据（“A系列票据”）本金总额为百万美元。
初步成交后，公司签订了修订后的证券购买协议（“修订后的购买协议”），据此，公司于2023年3月17日完成了额外成交，出售美元25.0 购买协议票据（“b-1系列票据”）本金总额为百万美元，于2023年5月10日出售美元15.0 本金总额百万 购买协议 票据（“b-2系列票据”），并于2023年5月25日出售美元12.1 购买协议票据（“b-3系列票据”）的本金总额为百万美元。
购买协议票据的购买价格为 每1，000美元本金1，000美元。
每份购买协议票据的应计利息为 5每年%，在每个日历季度的第一个日历日支付，A系列票据从2023年4月1日开始，b-1系列票据从2023年6月1日开始，b-2系列和b-3系列票据从2023年7月1日开始。利息可由公司选择以现金或公司普通股股份或现金和普通股股份的组合支付。根据购买协议和经修订购买协议发行的每份购买协议票据的到期日为 一年 从发行。在购买协议票据进行任何转换、赎回或其他偿还时，“整整”金额等于该购买协议票据项下按当时实际利率应计的额外利息金额，假设该购买协议票据的未偿还本金在该购买协议票据的到期日（包括该购买协议票据的到期日）仍未偿还。
在2023年1月9日或之后的任何时间，每份购买协议票据的全部或任何部分本金，加上应计和未付利息、任何补足金额及其任何后期费用(“转换金额”)，可由票据持有人选择在任何时间全部或部分转换为公司普通股，转换价格(“转换价格”)等于(I)适用的“参考价”(经若干调整后)的较低者，(Ii)(X)适用的“底价”(“底价”)与(Y)普通股于转换日期的成交量加权平均价(“VWAP”)两者中较大者，及(Iii)(X)底价及兑换票据持有人所选择的较大者，(Y)(X)视乎适用转换通知的交付时间，(1)适用转换日期的VWAP或(2)紧接适用转换日期前的VWAP及(Y)95的平均VWAP的百分比三于适用兑换日期开始(包括该日)的交易日，可根据购买协议票据的条款作出调整。适用于每次发行采购协议票据的参考价和底价摘要如下：
参考价格楼面价
A系列笔记$179.250 $14.340 
系列b-1注释$121.500 $14.340 
系列b-2注释$64.200 $14.340 
系列b-3注释$58.545 $14.340 
29
尼科拉公司
公司简明综合财务报表附注
（未经审计）
下表总结了截至九个月内购买协议票据的转换 2023年9月30日:
A系列笔记系列b-1注释系列b-2注释系列b-3注释
发行用于转换的普通股股份726,187 704,256 725,276 754,639 
本金余额已转换$50,000 $25,000 $15,000 $12,076 
整体利息转换$2,500 $1,250 $750 $604 
平均转换价格$72.30 $37.27 $21.72 $16.80 
公司选择对 购买协议注释 根据ASC 825下的公允价值选择权。ASC 825-10-15-4规定了向金融工具提供的“公允价值选择权”选择（ASC 825-10-15-5未另行禁止），其中金融工具最初按其发行日期的估计公允价值计量，随后在每个报告期日期按估计公允价值重新计量。该公司认为，公允价值期权更好地反映了公司的基本经济状况 购买协议 Notes.购买协议票据于2023年第二季度完全转换，购买协议于2023年第三季度终止。
第二份购买协议注释
对 2023年8月21日、公司订立证券购买协议（“第二份 购买协议”）其中列出的投资者将出售高达 $325.0 万 按优先可转换票据的初始本金金额计算（“第二份购买协议注释”），在登记直接发行中。的 第二份购买协议注释 （与第一份购买协议票据一起称为“优先可转换票据”）可转换为公司普通股股份，但须遵守某些条件和限制。该公司完成了一项初始化收盘出售美元125.0 2023年8月21日第二份购买协议票据（“A-1系列票据”）本金总额为百万美元。
首次成交后，公司签订了补充契约，根据该契约，公司于2023年9月22日完成了额外成交，出售美元40.0 第二份购买协议票据（“A-2系列票据”）的本金总额为百万美元。
第二份购买协议票据的购买价格为每1，000美元本金1，000美元。
每份第二份购买协议票据的应计利息为 5每年%，对于A-1系列票据和A-2系列票据，从2024年1月1日开始，每个日历季度的第一个日历日拖欠支付。根据第二份购买协议发行的每份第二份购买协议票据的到期日为 一年 从发行开始，在某些情况下可以根据票据持有人的选择延长。在第二份购买协议票据进行任何转换、赎回或其他偿还时，“整整”金额等于该第二份购买协议票据下按当时实际利率应计的额外利息金额，假设该第二份购买协议票据的未偿本金在该第二份购买协议票据的到期日（包括该第二份购买协议票据的到期日）仍然未偿。
2023年8月21日或之后的任何时间，兑换金额可随时按兑换价兑换。 适用于每次发行第二份购买协议票据的参考价格和底价总结如下：
参考价格底价
系列A-1注释$88.200 $11.400 
系列A-2注释$88.200 $11.400 
30
尼科拉公司
简明合并财务报表附注
（未经审计）
下表总结了截至2023年9月30日的三个月和九个月内第二份购买协议票据的转换：
系列A-1注释系列A-2注释
发行用于转换的普通股股份4,279,353 190,701 
本金余额已转换$125,000 $7,619 
整体利息转换$6,250 $381 
平均转换价格$30.67 $41.95 
公司选择根据ASC 825项下的公允价值选择权对第二份购买协议票据进行会计核算。第二份购买协议票据于2023年第三季度完全转换，第二份购买协议于2024年第三季度终止。
第三份购买协议注释
2024年8月19日，Company签订了证券购买协议（“第三份 购买协议”）其中列出的投资者将出售高达 $160.0 万 按优先可转换票据的初始本金金额计算（“第三份购买协议注释”），在登记直接发行中。的 第三份购买协议注释 （与第一份购买协议票据和第二份购买协议一起称为“优先可转换票据”）可转换为公司普通股股份，但须遵守某些条件和限制。该公司完成了一项初始化收盘出售美元80.0 2024年8月19日第三份购买协议票据（“b-1系列票据”）本金总额为百万美元。
第三份购买协议票据的购买价格为每1，000美元本金1，000美元。在满足或豁免某些条件的情况下，根据公司的选择并征得投资者的同意，可能会对第三份购买协议票据的剩余本金进行一次或多次额外平仓。
每三份购买协议票据将按下列利率计息5B-1系列票据从2024年10月1日开始，在每个日历季度的第一个日历日拖欠，年利率为%。利息将不会以现金支付，但会在每个付息日将累算利息加至当时未偿还的本金而予以资本化。根据第三份购买协议发行的每一张第三份购买协议票据的到期日为一年在某些情况下，票据持有人可以选择延长发行期限。于转换、赎回或以其他方式偿还第三份购买协议票据时，一笔相当于根据该第三份购买协议票据将会产生的额外利息的“整笔”金额，按当时的利率计算，假设该第三份购买协议票据的未偿还本金在该第三份购买协议票据的到期日(包括该日在内)仍未偿还。
根据纳斯达克第5635条，本公司限于发行合共10,114,374根据第三份购买协议的条款持有的股份。倘本公司于转换任何第三份购买协议票据时发行的普通股连同与第三份购买协议票据相关的所有其他普通股的发行将超过根据纳斯达克规则第5635条(“交易所上限”)规定的可发行股份总数，则本公司将不会发行任何普通股，惟如本公司已按照纳斯达克证券市场适用规则的规定获得其股东批准，则上述限制并不适用。本公司于任何时候因交易所上限而被禁止发行普通股，本公司将根据第三份购买协议票据的条款支付现金。当本公司因交易所上限而被禁止发行普通股时，持有人可转换的时间或金额并无限制。在转换发生时，如果公司因交易所上限而被禁止发行股票，则需要在转换日期和转换的最终定价时支付现金二转换日期后的交易日。请注意，交易所上限是在2024年9月30日之后达到的，见注13，随后发生的事件。由于已达到交易所上限限制，在未获股东批准的情况下，并无额外能力发行根据第三份购买协议余下的股份。
31
尼科拉公司
简明合并财务报表附注
（未经审计）
2024年8月19日或之后的任何时间，兑换金额可随时按兑换价兑换。 适用于每次发行第三份购买协议票据的参考价格和底价总结如下：
参考价格底价
系列b-1注释
$12.200 $1.620 
公司选择根据ASC 825项下的公允价值选择权对第三份购买协议票据进行会计处理。使用转换后公允价值方法，公司确定发行时系列b-1票据的公允价值为美元88.4 万公司立即确认公允价值调整美元8.4 截至2024年9月30日的三个月和九个月的简明综合经营报表中的净费用为百万美元。此外，公司认可美元4.9 利息费用为100万美元，扣除截至2024年9月30日的三个月和九个月的简明综合经营报表中的配售代理费和其他发行成本。截至2024年9月30日，公司确认美元63.2 未偿还第三份购买协议票据的公允价值在简明综合资产负债表上显示为百万美元。
下表总结了截至2024年9月30日的三个月和九个月内第三份购买协议票据的转换：
系列b-1注释
发行用于转换的普通股股份4,600,695 
本金余额已转换$22,857 
整体利息转换$1,143 
平均转换价格$5.69 
转换票据的实际价值
$25,263 
债务贫困损失
$923 
8.25%可转换票据
2023年12月12日，公司完成了美元的销售和发行175.0 百万本金总额 8.25%可转换票据。的 8.25%可转换票据是公司的高级、无担保债务。
的 8.25%可转换票据应计利息，利率为8.25年息%，自2024年6月15日起，每半年拖欠一次，即每年的6月15日和12月15日。这个8.25%可转换票据将于2026年12月15日到期，除非提前回购、赎回或转换。在紧接到期日之前的第二个预定交易日交易结束前的任何时间，票据持有人可将其8.25%可转换票据，由他们选择。本公司将按当时适用的换算率交付(I)本公司普通股的股份(如适用，连同现金以代替任何零碎股份)；及(Ii)现金金额，代表按美国国库折现的已转换票据的剩余预定息票支付现值50基点(“息票全额溢价”)。转换率于2024年6月24日调整为每1,000美元本金37.0370股普通股8.25%可转换票据，代表调整后的转换价格约为$27.00每股普通股。换算率和换算价在发生某些事件时会有进一步的惯常调整。此外，如果发生了构成重大根本变化的某些企业事件，那么在某些情况下，转化率将在特定的一段时间内增加。
的 8.25%可转换票据将在2025年12月15日或之后和到期日之前根据公司的选择权随时或不时赎回全部或部分可转换票据，但前提是公司最后报告的普通股每股销售价格超过175转换价格的百分比，每个至少20交易日，不论是否连续30截至紧接本公司发出相关赎回通知日期前一个交易日(包括前一个交易日)的连续交易日。然而，公司可能不会赎回少于所有未赎回的8.25%可转换票据，除非至少$100.0本金总额为1,000万美元8.25%可转换票据截至公司发出相关赎回通知时仍未赎回且不需要赎回。赎回价格将是相当于8.25%须赎回的可转换票据，另加截至赎回日(但不包括赎回日)的应计及未付利息(如有)。
32
尼科拉公司
简明合并财务报表附注
（未经审计）
如果某些构成根本性变化的公司事件发生在到期日之前，那么，除某些现金合并的有限例外外，票据持有人可以要求公司回购其 8.25%现金回购价格等于本金额的可转换票据 8.25%将回购的可转换票据，加上截至（但不包括）基本变更回购日期的应计和未付利息（如果有）。根本性变化的定义包括涉及公司的某些业务合并交易以及有关公司普通股的某些退市事件。
的 8.25%可转换票据有关于违约事件发生的惯例条款，包括以下内容：(I)某些付款违约8.25%可转换票据(在拖欠利息的情况下8.25%可转换票据，将受30-日治愈期)；(Ii)公司没有根据契约就以下事项发出某些通知8.25%指定期间内的可换股票据；(Iii)本公司未能遵守契约中有关本公司有能力在一次或一系列交易中将本公司及其附属公司的全部或实质所有资产作为整体合并或合并，或以出售、租赁或以其他方式转让予另一人的能力的契诺；(Iv)本公司未能履行本公司根据本契约或8.25%可转换票据，如果此类违约未在以下时间内治愈或放弃60根据契约发出通知后数日；(V)某些付款违约或其他违约，导致公司或其任何重要附属公司的借款在规定到期日之前加速偿还至少$30,000,000未在以下范围内治愈、放弃、撤销或解除(如适用)30(Vi)作出某些判决，判公司或其任何重要附属公司败诉，要求支付至少$30,000,000(不包括保险覆盖的任何金额)，如果此类判决没有被撤销或停留在60(Vii)涉及本公司或其任何重要附属公司的若干破产、无力偿债及重组事件。
如果发生涉及本公司(不仅是本公司的重要附属公司)的破产、无力偿债或重组事件的违约事件，则本金额以及所有应计和未付利息和息票全额保费(如果有)8.25%未偿还的可转换票据将立即到期并支付，而无需任何人采取任何进一步行动或通知。如果任何其他违约事件发生并仍在继续，则受托人通过通知本公司或至少25本金总额的%8.25%当时未偿还的可换股票据，可向本公司及受托人发出通知，宣布以下所有可换股票据的本金金额及所有应计及未付利息及息票全数溢价(如有)8.25%当时未偿还的可转换票据将立即到期并支付。然而，尽管如上所述，本公司可选择，对于因本公司未能遵守契约中的某些报告契诺而发生的违约事件，唯一的补救办法是票据持有人有权在违约事件持续期间获得8.25%可转换票据，最多180按指定年率计算的天数0.25首90天的百分比及0.50从第91天到第180天，在每一种情况下，8.25%可转换票据。
嵌入的转换功能 8.25%可转换票据符合与主合同分离并按公允价值单独确认的标准。参见注释2， 重要会计政策摘要. 收到的总收益首先分配至分叉衍生负债的公允价值，其余收益分配至主机，导致初始购买者债务折扣的调整。
公司认可美元122.1 发行后百万 8.25%可转换票据，扣除初始买家折扣美元47.3 百万美元，债务发行成本为美元5.6 万未摊销债务贴现和发行成本被报告为从债券面值中直接扣除 8.25%可转换票据。2023年期间，票据持有人 8.25%可转换票据转换本金总额为美元153.4 发行百万 5,683,038 公司普通股的股份。
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简明合并财务报表附注
（未经审计）
下表总结了 8.25%期间可转换票据 三个月和九个月结束 2024年9月30日：
截至2024年9月30日的三个月
截至2024年9月30日的9个月
发行用于转换的普通股股份9,257 733,331 
本金余额已转换$250 $19,800 
整体溢价
$48 $4,579 
转换后的净资产
$174 $13,741 
债务消除的收益（损失）
$51 $(2,262)
债务部分的净资产净值 8.25%截至目前的可转换票据 2024年9月30日和2023年12月31日 如下：
自.起
2024年9月30日2023年12月31日
本金额$1,758 $21,558 
未分配折扣(475)(5,821)
未摊销的发行成本(57)(690)
账面净额$1,226 $15,047 
之利息开支 8.25%可转换票据 三个月及九个 截至 2024年9月30日并不重要。
融资责任
2022年5月10日（“销售日期”），公司签订了一份销售协议（“销售协议”），根据该协议，公司以购买价格出售了与公司位于亚利桑那州凤凰城的总部相关的土地和房产52.5 万截至销售日期，$13.1 从与正在建设的总部部分相关的收益中扣除了100万美元。根据销售协议的条款，公司在整个施工完成过程中收到了剩余收益。在出售的同时，公司签订了租赁协议（“租赁协议”），公司租回了与总部相关的土地和物业，初始期限为 20 年与 四 扩展选项 7 每年。截至销售日期，公司考虑 一 合理确定将行使延期选择权。
由于该租赁被归类为融资租赁，因此买方不被视为已获得总部的控制权。因此，总部的出售不予确认，该物业和土地继续在公司的简明合并资产负债表中确认。截至销售日期，公司记录了美元38.3 百万美元作为公司简明综合资产负债表上的融资义务，代表已收到的收益扣除债务发行成本美元1.1 万租赁协议条款下的租金付款采用实际利率法在利息支出和本金还款之间分配。此外，债务发行成本在租期内摊销为利息费用。
销售日期之后至2024年9月30日，公司确认了额外的美元13.1 公司简明合并资产负债表上与工程竣工相关的融资义务为百万美元。截至2024年9月30日和2023年9月30日的三个月，公司确认美元0.9 与融资义务利息和债务发行成本摊销相关的利息费用百万美元。截至2024年9月30日和2023年9月30日止九个月，公司确认美元2.7 与融资义务利息和债务发行成本摊销相关的利息费用百万美元。
2023年6月29日（“土地出售日期”），公司签订了一份销售协议（“土地出售协议”），根据该协议，公司以购买价格出售了公司制造工厂所在地亚利桑那州柯立芝的土地50.4 万在出售的同时，公司签订了租赁协议（“土地租赁
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简明合并财务报表附注
（未经审计）
协议”），根据该协议，公司将土地租回，初始期限为 99 年土地租赁协议授予公司在第五十次（50th）土地销售日周年纪念日，价格等于公平市场价值中较高者，或 300购买价格的%。截至土地出售日期，公司认为购买选择权合理确定会被行使。
由于该租赁被归类为融资租赁，因此买方不被视为已获得该土地的控制权。因此，亚利桑那州柯立芝土地的出售不予确认，该土地继续在公司的简明综合资产负债表中得到确认。截至土地出售日，公司记录美元49.4 百万美元作为公司简明综合资产负债表上的融资义务，代表已收到的收益扣除债务发行成本美元1.0 万土地租赁协议条款下的租金付款采用实际利率法在利息支出和本金还款之间分配。此外，债务发行成本在租期内摊销为利息费用。
截至2024年9月30日的三个月和九个月，公司确认了美元1.3 亿和$3.9 与融资义务利息和债务发行成本摊销相关的利息费用分别为百万美元。截至2023年9月30日的三个月和九个月，公司确认了美元1.3 与融资义务利息和债务发行成本摊销相关的利息费用百万美元。
抵押期票
2022年6月7日，公司以美元签署了一份期票和一份主担保协议（“主担保协议”）50.0 百万美元，规定利率为 4.26%（“抵押票据”）。如主担保协议中所述，抵押票据完全由某些个人财产资产抵押。抵押票据带有 60 一个月期限，并于 60 同等连续拖欠的每月分期付款。
截至2023年9月30日的三个月和九个月，公司确认了美元0.2 亿和$1.1 抵押票据的利息费用分别为百万美元。该公司于2023年第三季度偿还了该期票。公司偿还美元39.3 2023年第三季度为百万美元，代表抵押票据的未偿还本金余额。
2022年8月4日，公司签署了一份期票和一份担保协议，金额为美元4.0 百万美元，隐含利率为 7.00%（“第二张抵押票据”）。如担保协议中所述，第二张担保票据完全由某些个人财产资产抵押。第二张抵押票据带有 60 每月期限，支付日期 60 每月拖欠的同等分期付款。
截至2024年9月30日和2023年9月30日的三个月和九个月，与第二份抵押票据相关的利息费用并不重大。
保险费融资
公司签署了保险费融资协议，根据该协议，公司为某些年度保险费提供了美元的资金6.6 百万，主要包括董事和高级职员保险的保费。应付保险费产生利息 2.95%，并于2023年3月27日到期。
2023年第二季度和第三季度，公司签订了额外的保险费融资协议，根据协议，公司为某些年度保险费提供了美元的融资3.9 亿和$1.2 分别为百万，主要包括董事和高级职员保险的保费。应付保险费各产生利息 6.64%，并于2024年3月27日到期。
2024年第二季度，公司签署了一项额外保险费融资协议，根据该协议，公司为某些年度保险费提供了美元的融资4.6 百万，主要包括董事和高级职员保险的保费。应付保险费产生利息 6.99%，按月分期付款到期，到期日期为2025年3月27日。
截至2024年9月30日和2023年9月30日止三个月和九个月，公司就保险费融资协议确认了金额不重大的利息支出。
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尼科拉公司
简明合并财务报表附注
（未经审计）
信用证
2024年第一季度，公司执行了一项美元3.0 截至2025年1月30日，与FFI购买协议相关的百万信用证。 截至2024年9月30日， 没有 信用证上已提取金额。
2023年第三季度，公司执行了一项美元1.2 百万信用证以确保2024年9月14日之前的海关保证金。该信用证随后延长至2025年9月14日。截至2024年9月30日， 没有 信用证上已提取金额。
2022年第二季度，结合租赁协议的签署，公司签署了价值美元的不可撤销备用信用证12.5 百万美元用于抵押公司的租赁义务。租赁协议随后进行了修订，将信用证金额增加至美元13.1 万根据租赁协议，信用证的年度涨幅与基本租金涨幅相称。信用证将在租赁协议到期时到期，但在满足租赁协议中规定的某些条件后，信用证可能会减少或提前终止。
2021年第四季度，公司签下了价值美元的不可撤销备用信用证25.0 截至2024年12月31日，因与供应商执行产品供应协议而支付100万美元。根据随后的修订，信用证金额减少至美元2.2 万截至2024年9月30日， 信用证上尚未提取任何金额。
7.资本结构
授权股份
截至2024年9月30日，公司已授权 1,150,000,000 股票包括 1,000,000,000 指定为普通股的股票和 150,000,000 指定为优先股的股票。
认股权证
截至2024年9月30日和2023年12月31日，公司已 28,038 未执行的私人授权令。该公司承担了VectoIQ Acquisition Corp.（“VectoIQ”）和Romeo之前分别发行的私人认购证，每份私人认购证均赋予注册持有人购买的权利 一 价格为美元的普通股份额345.00或$2,908.94 每股可调整。未执行的私人授权令并不重要。
在某些情况下，包括在股票股息、资本重组、重组、合并或合并的情况下，行使私募股权时可发行的普通股的行使价格和数量可能会进行调整。然而，私募股权证不会因以低于其行使价的价格发行普通股而进行调整。
股票购买协议
与Tumim的第一份购买协议
2021年6月11日，公司与Tumim Stone Capital LLC（“Tumim”）签订了普通股购买协议（“第一份Tumim购买协议”）和注册权协议（“注册权协议”），根据该协议，Tumim承诺购买最多美元300.0 百万股公司普通股，但须遵守第一份Tumim购买协议中规定的某些限制和条件。
根据第一份Tumim购买协议的条款，公司有权但没有义务在第一份Tumim购买协议之日（“Tumim截止日期”）开始至下个月第一天的期间内向Tumim出售普通股。 36个月 图米姆闭幕日期周年纪念日。购买价格计算为 97正常交易时间内公司普通股成交量加权平均价格的% 三 自购买通知日期开始的连续交易日。
截至2023年9月30日的九个月内、公司出售 114,033 普通股，收益为美元8.4 百万美元，并于2023年第一季度终止了第一份Tumim购买协议。
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尼科拉公司
简明合并财务报表附注
（未经审计）
与Tumim的第二份购买协议
2021年9月24日，公司与Tumim签订了第二份普通股购买协议（“第二份Tumim购买协议”）和注册权协议，根据该协议，Tumim承诺购买最多美元300.0 百万股公司普通股，但须遵守第二份Tumim购买协议中规定的某些限制和条件。
根据第二份Tumim购买协议的条款，公司有权但没有义务在第二份Tumim购买协议之日（“第二份Tumim收盘日”）开始至下个月第一天的期间内向Tumim出售普通股。 36个月 第二个Tumim截止日期周年纪念日，前提是满足某些条件。购买价格计算为 97正常交易时间内公司普通股成交量加权平均价格的% 三 自购买通知日期开始的连续交易日。
期间 九 截至2023年9月30日的月份、该公司 出售 959,693 普通股股份，收益 $59.2 万 根据第二份Tumim购买协议的条款向Tumim出售，并于2023年第三季度终止了第二份Tumim购买协议.
股权分配协议
2022年8月，公司与作为销售代理的花旗集团签订了股权分配协议，根据该协议，公司可以发行和出售其普通股，总最高发行价为 $400.0百万. 2023年8月，公司修订并重述了与花旗作为销售代理的股权分配协议（修订并重述至2024年5月，“股权分配协议”），据此，公司将总最高发行价提高了 $200.0 百万，导致总发行价高达美元600.0 万.
该公司向花旗支付的固定佣金率为 2.5占根据股权分配协议出售的股份发行总收益的%。 期间 三个月及九个 截至 2024年9月30日，公司出售 2,104,738和5,258,862 股权分配协议项下的普通股，每股平均价格为美元10.19 和$14.02，总收益 $21.5 亿和$73.8 万，d净收益约为美元20.8 亿和$71.7 百万，在美元之后0.7 亿和$2.1 分别为百万。销售代理佣金和其他发行成本。 在结束的三个月和九个月里 2023年9月30日、公司出售 922,096和2,223,015 股权分配协议项下的普通股，每股平均价格为美元59.11 和$53.33分别为总收益 $54.5 亿和$118.6 万 一个d净收益约为美元53.1 亿和$115.6 百万，在美元之后1.4 亿和$3.0 分别向销售代理支付百万美元的佣金。与股权分配协议相关产生的佣金反映为公司额外缴入资本的减少 简明 合并资产负债表。C公司简明合并资产负债表上应计费用和其他流动负债中确认的遗漏是 $1.8 万 截至2024年9月30日和 非物质 截至2023年12月31日。
公开发行
该公司售出 997,024 承销公开发行（“公开发行”）中的普通股，发行价格为美元33.60 每股公开发行于2023年4月4日结束，公司收到净收益为美元32.2 扣除承销商折扣和发行成本后，百万美元。
直接发行
该公司与投资者（“投资者”）签订了股票购买协议，根据该协议，投资者同意购买最多美元100.0 在登记直接发行（“直接发行”）中购买的公司普通股百万股，直接发行中购买的普通股股份的实际数量减少至根据公开发行的股份总数。直接发行于2023年4月11日结束，公司出售 1,979,167 公开发行价格为美元的普通股33.60 每股向投资者支付净收益为美元63.2 扣除安置代理费和发行费用后，百万美元。
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尼科拉公司
简明合并财务报表附注
（未经审计）
8.基于斯托克的补偿费用
2017年和2020年库存计划
2017年股票期权计划（“2017年计划”）规定向高管、员工、董事和顾问授予购买普通股的激励和非合格期权。期权的授予价格不低于授予日期的公平市场价值，通常可在以下期间行使 一和四年 授予日期之后。期权通常会到期 十年 自授予之日起。2017年计划下的杰出奖项继续受2017年计划的条款和条件约束。
尼古拉公司2020年股票激励计划（“2020年计划”）规定向公司员工、外部董事和顾问授予激励和非合格股票期权、限制性股票单位（“RSU”）、限制性股票奖励、股票增值奖励和现金奖励。2020年计划和Nikola Corporation 2020年员工股票购买计划（“2020年ESPP”）在与VectoIQ的业务合并完成后立即生效。迄今为止，公司董事会尚未根据ESPP授权任何发行。
股票期权
股票期权变动摘要如下：
选项加权
平均值
行使价
每股		加权平均
剩余
承包期
（年）
截至2023年12月31日的未偿还债务501,362 $40.74 3.64
授予— — 
行使— — 
取消(3,838)44.39 
在2024年9月30日未偿还497,524 2.87
自2024年9月30日起已获授权并可行使497,524 $41.10 2.87
限制性股票单位
RSU的变化摘要如下：
RSU数量
2023年12月31日的余额
851,228 
授予536,726 
发布(352,262)
取消(92,153)
2024年9月30日的余额
943,539 
基于市场的RSU
公司基于市场授予 其执行人员的RSU，使他们有权在归属时获得指定数量的公司普通股股份。赚取的股票数量可能介于 0%和200目标奖励的百分比取决于公司在业绩期结束时的业绩。奖励的绩效条件基于公司普通股相对于广大绿色能源公司的总股东回报（“TSB”）。
2024年第一季度，公司授予 20,000 向新高管颁发TLR奖，绩效期结束日期为 2025年12月31日. 2024年第二季度和第三季度，公司授予 366,300 TSB向其高管授予奖励，绩效期结束日期为2026年12月31日。授予日期TLR奖励的公允价值是使用蒙特卡罗模拟模型确定的，该模型利用了重要假设
38
尼科拉公司
简明合并财务报表附注
（未经审计）
包括股票波动性和无风险利率，并且在整个归属期内不会发生变化。TLR奖励的授予日期公允价值确定为美元11.0 百万并在归属期内确认。 以下代表用于确定TLR奖励授予日期公允价值的一系列重要假设：
截至2024年9月30日的九个月
股价
$7.22 - $20.88
期限(年)
1.82 - 2.68
无风险利率
3.8% - 4.9%
预期波幅
115.2% - 118.5%
预期股息率
—%

A summary of changes in market based RSUs are as follows:
Number of Market Based RSUs
Balance at December 31, 2023
100,003 
Granted386,300 
Released— 
Cancelled— 
Balance at September 30, 2024
486,303 
股票补偿费用
下表列出了截至2024年和2023年9月30日止三个月和九个月的简明综合经营报表的影响：
截至9月30日的三个月，截至9月30日的9个月，
2024202320242023
收入成本$434 $414 $1,114 $1,813 
研发2,473 3,383 7,825 19,043 
销售、一般和行政5,694 14,862 16,398 48,060 
基于股票的薪酬总支出$8,601 $18,659 $25,337 $68,916 
截至2024年9月30日，未确认赔偿费用总额如下：
未确认的补偿通知
基于市场的RSU$13,615 
股份单位25,041 
截至2024年9月30日的未确认薪酬费用总额
$38,656 
9.子公司的分拆
如注1中所讨论的， 呈列基准2023年6月30日，公司转让了罗密欧对其所有有形和无形资产的所有权利、所有权和权益的所有权，但须遵守某些商定的除外规定。公司没有收到与该转让相关的现金对价。
罗密欧的任命代表着一种战略转变，其业绩报告为上一年度的已终止业务。转让完成后，公司没有保留罗密欧的任何权益，罗密欧也不被视为关联方。
39
尼科拉公司
简明合并财务报表附注
（未经审计）
就取消综合账目而言，公司确认取消综合账目附属公司的亏损为美元24.9 百万，在截至2023年9月30日止九个月的简明综合经营报表中计入取消合并已终止业务的亏损，包括以下各项：

截至解除合并
解除合并的资产：
现金和现金等价物$213 
应收账款，净额— 
库存7,271 
预付费用和其他流动资产3,351 
受限制现金及现金等值物，非流动1,500 
不动产、厂房和设备，净值17,555 
无形资产，净额656 
对附属公司的投资
10,000 
其他资产23,364 
解除合并的资产总额$63,910 
解除合并负债：
应付账款$15,583 
应计费用和其他流动负债57,612 
债务和融资租赁负债，流动1,206 
长期债务和融资租赁负债，扣除流动部分1,160 
经营租赁负债21,664 
令状责任8 
其他非流动负债— 
解除合并的负债总额97,233 
因取消合并而取消确认的净负债(33,323)
减：终止确认的公司间余额54,084 
减：与解除合并直接相关的现金付款2,724 
减：终止承认善意1,450 
取消合并已终止业务造成的损失$24,935 
40
尼科拉公司
简明合并财务报表附注
（未经审计）
The following represents the major components of loss from discontinued operations presented in the condensed consolidated statements of operations:
截至2023年9月30日的九个月
收入$1,665 
收入成本12,926 
毛损(11,261)
运营费用：
研发5,673 
销售，一般和行政14,937 
供应商押金损失44,835 
总运营支出65,445 
运营亏损(76,706)
其他收入（费用），净额
利息开支净额(53)
重新评估搜查令责任33 
停产损失$(76,726)

10.INCOME TAXES
为了计算中期税收拨备，公司在每个中期期末估计年度有效税率，并将其应用于其普通季度收益。已颁布税法或税率变化的影响在发生变化的中期期间确认。计算每个中期的年度估计有效税率需要做出一定的估计和判断，包括但不限于当年的预期营业收入、在外国司法管辖区赚取和纳税的收入比例的预测、账簿和税款之间的永久性差异以及收回当年产生的递延所得税资产的可能性。用于计算所得税拨备的会计估计可能会随着新事件的发生、获得额外信息或税收环境的变化而发生变化。
从2022年开始，《减税和就业法案》（“TCJA”）要求纳税人将某些研发成本资本化，并根据《国税法》第174条在五年或十五年内摊销。此前，此类费用可以在发生期间扣除。预计该规定不会影响公司的实际税率或导致其联邦所得税的任何现金支付。
由于累积税务损失，截至2024年和2023年9月30日的三个月和九个月的所得税费用并不重大。
11.承付款和或有事项
法律诉讼
该公司不时受到法律和监管行动的约束。评估损失是否可能或合理可能，以及此类损失或此类损失的范围是否可估计，通常涉及对未来事件的重大判断，而且诉讼结果本质上是不确定的。公司在发生时支付专业法律费用，这些费用包括在简明综合财务报表的销售、一般和行政费用中。除下文所述外，截至2024年9月30日，不存在针对公司的重大未决或威胁诉讼。
监管和政府调查
根据日期为2021年12月21日的命令，该公司与美国证券交易委员会就美国证券交易委员会对该公司与2020年9月发表的一篇卖空者文章相关的调查达成和解。根据和解条款，该公司在不承认或否认SEC的调查结果的情况下同意支付美元125 百万民事罚款。
41
尼科拉公司
简明合并财务报表附注
（未经审计）
第一个$25 已于2021年底支付了100万美元的分期付款，其余分期付款将每半年支付一次，直至2023年。正如公司于2021年11月4日向SEC提交的该季度10-Q表格季度报告中披露的那样，该公司此前保留了截至2021年9月30日的季度和解全额。2022年7月，公司和SEC同意了替代付款计划。该公司制作了p美元的付款1.5 2024年第一季度和第二季度为百万美元，支付美元0.8 2024年第三季度为百万美元，其余付款计划有待确定。截至2024年9月30日，公司已反映剩余负债为美元80.3 简明合并的应计费用和其他流动负债百万美元已登记的资产负债表。
截至2024年9月30日和2023年9月30日止的三个月和九个月内，公司因本报告其他地方披露的法律工作而发生的法律和其他专业费用包括米尔顿先生根据与公司的赔偿协议支付的律师费的微不足道金额。截至2024年9月30日和2023年12月31日，米尔顿先生根据其赔偿协议支付的律师费的法律和其他专业费用的应计费用并不重大。
如果某些政府调查和任何由此产生的第三方索赔随着时间的推移会产生不利结果，这些结果可能会危及公司的运营并耗尽其现金储备，并可能导致股东失去全部投资。
该公司目前正在向米尔顿先生寻求报销政府和监管机构调查对象的行为所产生的费用和损害赔偿。2023年10月20日，纽约州纽约仲裁小组判给该公司约美元165 一百万美元加上针对米尔顿先生的仲裁程序的利息。该仲裁裁决已在美国亚利桑那特区地方法院得到确认，公司正在寻求追回。公司从交易对手方收回任何判决的能力得不到保证，并且可能导致无法收回。
股东证券诉讼
本公司及其若干现任及前任高级职员及董事是美国亚利桑那州地区法院未决的综合证券集体诉讼(“股东证券诉讼”)的被告。2020年12月15日，美国亚利桑那州地区法院合并了Lead案件下的诉讼Borteanu v. 尼古拉公司等人，不是的。Cv-20-01797-PXL-SPL，并任命Angelo Baio为“首席原告”。2020年12月30日，美国第九巡回上诉法院提交了一份诉状，要求撤销地区法院的主要原告命令，并指示法院任命另一名主要原告，案件编号20-73819。2021年7月23日，第九巡回法院部分批准了曼达默斯请愿书，撤销了地区法院2020年12月15日的命令，并将案件发回地区法院重新评估首席原告的任命。2021年11月18日，法院任命尼古拉投资者集团II为首席原告。2022年1月24日，主要原告提交了经修订的综合修订集体诉讼起诉书，根据经修订的1934年《证券交易法》(下称《交易法》)第10(B)和20(A)节及其颁布的第100亿.5条提出索赔，其依据是新闻稿、公开文件和社交媒体中关于公司业务计划和前景的据称虚假和/或误导性陈述和遗漏。2022年4月8日，被告采取行动驳回综合修订集体诉讼起诉书。2023年2月2日，法院做出裁决，在不构成偏见的情况下批准被告的驳回动议。因此，原告的申诉被全部驳回，并允许在2023年4月3日之前进行修改。2023年4月3日，原告提起第二次合并修订集体诉讼。被告于2023年5月15日提出动议，要求驳回第二次合并修订的集体诉讼申诉。2023年12月8日，法院部分批准和部分驳回了被告的驳回动议。2024年1月26日，公司和某些前高级管理人员和董事对第二次合并修订的集体诉讼起诉书进行了答复。2024年2月23日，双方交换了初步披露。2024年5月17日，主要原告申请等级认证。2024年8月19日，被告提出反对首席原告提出的等级认证动议，并提出排除首席原告专家证词的动议。2024年9月30日结束的被告排除动议简报。2024年10月1日，主要原告提交了一份答辩书，进一步支持他们提出的等级认证动议。2024年10月25日，被告申请许可，对主要原告的答复提出了书面答复。这些动议目前悬而未决。
原告寻求未具体金额的损害赔偿、律师费和其他救济。公司打算大力捍卫自己。公司无法估计与这些诉讼相关的潜在损失或损失范围（如果有的话），这可能是重大的。
42
NIKOLA CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
派生诉讼
从2020年9月23日开始，二据称的股东派生诉讼已提交给美国特拉华州地区法院(比恩诉米尔顿等人案。案件编号1：20-cv-01277-una；Salguocar诉Girsky et.艾尔，案件1：20-cv-01404-una)，据称代表公司起诉公司的某些现任和前任董事，指控他们违反受托责任、违反《交易所法》第14(A)条以及严重管理不善。这个Byun诉讼还提出了不当得利和滥用控制权的索赔，而萨尔古卡尔诉讼带来了对公司资产浪费的索赔。2020年10月19日，Byun行动被搁置到30在(A)股东证券诉讼因受到损害而被整体驳回；(B)被告对股东证券诉讼中的任何投诉提出答复；或(C)原告和被告共同请求解除中止之后的几天。2020年11月17日，Byun和 萨尔古卡尔行动被整合为在Re Nikola Corporation衍生品诉讼中，铅盒编号20-cv-01277-cfc。在其合并诉讼的命令中，法院适用了Byun 继续采取巩固行动。2023年1月31日，原告提出了修改后的投诉。
2020年12月18日，美国亚利桑那州地区法院提起了所谓的股东派生诉讼，Huhn诉Milton等人，第2号案件：20-cv-02437-dwl，据称代表公司起诉公司的某些现任和前任董事，指控他们违反受托责任、违反《交易法》第14(A)条、不当得利，以及针对公司董事会成员、被告Jeff·乌本、内幕销售和挪用信息。2021年1月26日，胡恩行动被搁置到30在(A)股东证券诉讼因受到损害而被全部驳回；(B)被告对股东证券诉讼中的任何投诉提出答辩；或(C)原告和被告共同请求解除中止之后的几天。2024年4月5日，法院发布了一项命令，进一步搁置诉讼：(A)直到原告和被告提出解除中止的联合请求；或(B)在任何一方提出动议并提出好的理由后，当事人没有同意解除中止；该命令还要求各方在命令发布后每六个月提交一份联合状况报告，向法院提供有关股东证券诉讼和在Re Nikola Corporation衍生品诉讼，C.A.编号2022-0023-KJSm.2024年10月7日，双方提交了一份联合状况报告，提供了最新情况。
On January 7, 2022, Barbara Rhodes, a purported stockholder of the Company, filed her Verified Stockholder Derivative Complaint in Delaware Chancery Court captioned Rhodes v. Milton, et al. and Nikola Corp., C.A. No. 2022-0023-KSJM (the “Rhodes Action”). On January 10, 2022, Zachary BeHage and Benjamin Rowe, purported stockholders of the Company, filed their Verified Shareholder Derivative Complaint in Delaware Chancery Court captioned BeHage v. Milton, et al. and Nikola Corp., C.A. No. 2022-0045-KSJM. (the “BeHage Rowe Action” and, together with the Rhodes Action, the "Related Actions"). These actions are against certain of the Company’s current and former directors and allege breach of fiduciary duties, insider selling under Brophy, aiding and abetting insider selling, aiding and abetting breach of fiduciary duties, unjust enrichment, and waste of corporate assets.
On February 1, 2022, the court consolidated the Rhodes Action and the BeHage Rowe Action as In re Nikola Corporation Derivative Litigation, C.A. No. 2022-0023-KJSM (the "Consolidated Chancery Action"). The Consolidated Chancery Action was stayed through February 2, 2022 on a combination of joint stipulations and court orders. Plaintiffs then filed a second amended complaint on February 14, 2023 (the “Second Amended Complaint”). On March 10, 2022, Michelle Brown and Crisanto Gomes, purported stockholders of the Company, filed their Verified Shareholder Derivative Complaint in Delaware Chancery Court captioned Brown v. Milton, et al. and Nikola Corp., C.A. No. 2022-0223-KSJM (the “Brown & Gomes Action”). The Brown & Gomes Action likewise alleges claims against certain of the Company’s current and former directors for purported breaches of fiduciary duty and unjust enrichment. On January 12, 2023, the parties entered into a stipulation consolidating the Brown & Gomes Action in the Consolidated Chancery Derivative Action. On May 3, 2023, each of the current and former director defendants moved to partially dismiss the Second Amended Complaint. Briefing concluded on August 25, 2023, and the court heard arguments on December 8, 2023. On April 9, 2024, the court issued an order, granting in part and denying in part the defendants’ motion to dismiss. Defendants’ deadline to answer the Complaint was August 9, 2024. On October 3, 2024, the court entered the parties' stipulation extending the deadline to answer the Complaint to December 6, 2024.
In addition, on March 8, 2021, the Company received a demand letter from a law firm representing a purported stockholder of the Company alleging facts and claims substantially the same as many of the facts and claims in the filed derivative shareholder lawsuit. The demand letter requests that the board of directors (i) undertake an independent internal investigation into certain board members and management’s purported violations of Delaware and/or federal law; and (ii)
43
NIKOLA CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
对涉嫌违反信托规定的董事会和管理层成员提起民事诉讼。2021年4月，董事会成立了需求审查委员会，由独立董事Bruce L.史密斯和玛丽·L。Petrovich审查此类需求并向公司和聘请的独立律师提供意见。需求审查委员会完成独立内部调查后，建议董事会目前不对需求信采取任何行动。需求审查委员会的独立法律顾问向发送需求信的股东的法律顾问提供了最新情况。无法保证所谓股东是否会就要求函中提出的索赔提起任何诉讼或针对公司提起任何诉讼，或者任何此类诉讼是否可能具有重大意义。
此外，2022年12月23日，公司收到了代表公司所谓股东Ed Lomont的律师事务所的另一封要求函，声称的事实和主张与提起的衍生品股东诉讼中的许多事实和主张基本相同。要求函要求董事会的要求审查委员会(I)对某些董事会成员和管理层据称违反特拉华州和/或联邦法律的行为进行独立的内部调查；以及(Ii)就涉嫌违反受托责任的行为对这些董事会成员和管理层提起民事诉讼。2023年2月，董事会重新聘请由独立董事布鲁斯·L·史密斯和玛丽·L·彼得罗维奇组成的需求审查委员会审查此类需求，并向公司提供意见并聘请独立律师。要求审查委员会完成独立的内部调查后，建议审计委员会此时不要对要求函采取任何行动。
On September 6, 2023, Lomont filed a Verified Stockholder Derivative Complaint in Delaware Chancery Court captioned Lomont v. Milton, et al., C.A. No. 2023-0908-KSJM (the “Lomont Action”) against certain of the Company’s current and former directors, alleging claims against those defendants for purported breaches of fiduciary duty, unjust enrichment, and contribution and indemnification. The Lomont Action alleges that the Company constructively and wrongfully refused Lomont’s demand that the Company bring claims against officers and directors. On February 21, 2024, the court entered the parties’ stipulation staying the action for six months. On September 16, 2024, the court entered the parties' stipulation staying the action for an additional two months.
During the nine months ended September 30, 2024, the Company recorded an accrual for loss contingency within accrued expenses and other current liabilities on the condensed consolidated balance sheets in the aggregate amount of $17.5 million, which represents the Company's preliminary expectations for settlement, as well as a $17.5 million receivable for loss recovery within prepaid expenses and other current assets on the condensed consolidated balance sheets for the anticipated insurance proceeds related to the expected settlement.
On February 21, 2024, a purported shareholder derivative action was filed in the United States District Court for the District of Delaware, captioned Roy v. Russell, et al., Case No. 1:24-cv-00230-UNA (the “Roy Action”), purportedly on behalf of the Company, against certain of the Company’s current and former officers and directors alleging violations of Section 14(a) of the Exchange Act, breach of fiduciary duty based on false statements; oversight, and insider trading; unjust enrichment; abuse of control; corporate waste; and gross mismanagement. On May 2, 2024, the court entered the parties' stipulation staying the action through the final resolution of the Tenneson Action, described below.
On April 23, 2024, the Company received a demand letter from a law firm representing a purported former stockholder of Romeo, Thomas Boisjolie, who says he received shares in the Company as part of the Company’s acquisition of Romeo. The demand letter alleges that certain former officers and directors of Romeo mismanaged the Romeo business and allegedly made false or misleading public statements about that business and about Romeo’s business combination with RMG Acquisition Corp., resulting among other things in the filing of a securities fraud action in the United States District Court for the Southern District of New York entitled In re Romeo Power Inc. Securities Litigation, No. 1:21-cv-03362-LGS. The demand letter requested that the Company’s board of directors commence a civil action against those members of the Romeo board and management for alleged fiduciary breaches and other alleged misconduct. In July 2024, the board of directors of the Company formed a demand review committee, consisting of independent directors Carla Tully, John Vesco and Jonathan Pertchik, to review such demands and provide input to the Company; the demand review committee retained independent counsel and commenced its review. On August 15, 2024, and without waiting for the demand review committee to complete its review, Boisjolie filed suit a purported “double derivative complaint in the Delaware Court of Chancery entitled Boisjolie v. Selwood, et al., C.A. No. 2024-0852, against the following former officers and directors of Romeo: Lionel Selwood, Lauren Webb, Susan Brennan, Brady Ericson, Donald Gottwald, Philip Kassin, Robert Mancini, Timothy Stuart and Paul Williams; with Romeo and the Company as nominal defendants. The complaint does not seek any recovery against the Company but rather alleges that the
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NIKOLA CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
former officers and directors of Romeo should pay damages to the Company and to Romeo for the harms they have allegedly caused the Company and Romeo to suffer.
Tenneson Action
2023年10月13日，约翰·田尼森（John Tenneson）向美国亚利桑那特区地方法院提起所谓的证券集体诉讼，标题如下 滕尼森诉尼古拉等人案，案件号2：23-cv-02131-DJH（“田纳西州诉讼”）。田纳西州诉讼根据《交易法》第10（b）和20（a）条以及据此颁布的100亿5条规则，基于涉嫌虚假和/或误导性陈述和新闻稿、公开文件、并在社交媒体上讨论了公司与电池部件制造相关的安全和结构控制以及产品召回的可能性。2024年4月25日，亚利桑那州地区法院指定原告雷耶斯为首席原告。2024年5月24日，主要原告提交了修改后的投诉。2024年7月25日，被告提出驳回诉讼，案情陈述于2024年8月29日结束。该动议目前正在等待中。
原告寻求未具体金额的损害赔偿、律师费和其他救济。公司打算大力捍卫自己。公司无法估计与田纳西州诉讼相关的潜在损失或损失范围（如果有的话），这可能是重大的。
狮电事件
2023年3月2日，Lion Electric向亚利桑那州联邦地区法院对该公司提起诉讼，指控该公司对Romeo Power，Inc.进行了侵权干预。/ Lion Electric的业务关系以及Lion对商业关系的业务预期。该公司否认这些指控，并打算大力捍卫此事。根据管理层目前已知的信息，截至2024年9月30日和2023年12月31日，公司确认的估计负债为美元1.5 简明综合资产负债表上的应计费用和其他流动负债为百万美元。
Smithers matter
On August 15, 2024, the Company received notice of a complaint filed by a former Nikola employee, against Smithers Tire & Automotive Testing Inc. (“Smithers”) for an injury sustained while working at a Smither’s facility. Smithers in turn filed a third-party action against Nikola that alleges breach of the lease agreement between Nikola and Smithers for failing to indemnify against the former employee's claims. Nikola disputes the contentions in the complaint and intends to fully defend the matter.
Commitments and Contingencies
FCPM License
In the third quarter of 2021, the Company entered into a fuel cell power module ("FCPM") license to intellectual property that will be used to adapt, further develop and assemble FCPMs. Payments for the license are due in installments ranging from 2022 to 2025. As of September 30, 2024 and December 31, 2023, the Company accrued $5.6 million and $13.8 million, respectively, in accrued expenses and other current liabilities, $13.9 million and zero, respectively, in accounts payable, and zero and $5.5 million, respectively, in other long-term liabilities on the condensed consolidated balance sheets.
库存回购协议
于2023年第一季度，本公司与一家财务公司订立安排，向其经销商提供楼层平面图融资(“楼层平面图”)，一般条款约为15月份。公司在向经销商发运卡车后收到财务公司的付款，并且公司参与经销商融资的成本，但不超过一定的限额。连同楼层计划，本公司与财务公司订立存货回购协议(“存货回购协议”)，根据该协议，本公司同意在交易商违约的情况下，由融资公司选择回购由融资公司收回的货车。截至2024年9月30日，根据库存回购协议的条款，公司可能需要支付的最高潜在现金付款为$11.21000万美元。根据库存回购协议，本公司的财务风险仅限于向融资公司支付的金额与随后转售收回的卡车所收到的金额之间的差额。截至2024年9月30日，本公司尚未根据《库存回购协议》的条款回购任何卡车，也未收到任何回购请求。
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尼科拉公司
简明合并财务报表附注
（未经审计）
BEV召回活动
2023年8月11日，该公司宣布自愿召回其BEV卡车，并确定更换所有BEV卡车的电池组是最安全、最具成本效益的补救措施。所有BEV卡车都被运输到公司的制造工厂，用替代电池组进行改造。
召回活动的累积金额基于管理层对结算此类物品最终所需金额的最佳估计。公司无法保证未来不会遇到重大索赔，也不会产生超出应计金额的重大费用来辩护或解决此类索赔。截至2024年9月30日及2023年12月31日，公司已crued $56.7 亿和$65.8 分别为百万美元，其中公司在该日期产生索赔34.9 亿和$3.0 分别涉及百万d到召回活动。
已执行但尚未开始的租赁和其他承诺
截至2024年9月30日的九个月内，公司达成了多项长期承诺，主要与尚未开始的设施和氢能基础设施租赁协议相关。与这些义务相关的未贴现付款是 $75.6 万 截至2024年9月30日.这些安排的条款范围从 三 到 15 年
12.每股净亏损
下表列出了截至2024年和2023年9月30日止三个月和九个月每股基本和稀释净亏损的计算：
截至9月30日的三个月，截至9月30日的9个月，
2024202320242023
分子：
持续经营净亏损$(199,781)$(425,764)$(481,177)$(711,025)
已终止业务净亏损— — — (101,661)
净亏损$(199,781)$(425,764)$(481,177)$(812,686)
分母：
加权平均流通股、基本股和稀释股51,388,962 28,573,800 47,553,460 23,544,174 
每股净亏损（基本亏损和稀释亏损）：
持续经营净亏损$(3.89)$(14.90)$(10.12)$(30.20)
已终止业务净亏损$— $— $— $(4.32)
净亏损$(3.89)$(14.90)$(10.12)$(34.52)
每股基本净亏损是通过将本期净亏损除以本期已发行普通股的加权平均股数计算得出的。
每股稀释净亏损的计算方法是将净亏损（根据认购证负债的重新估值进行调整）除以本期已发行普通股的加权平均股数（根据假设行使认购证而产生的普通股等值股票的稀释效应进行调整）。使用库存股法计算这些普通股等值物的潜在稀释效应。由于尚未发行的认购证在所有呈列期间均具有反稀释作用，因此对认购证负债的重新估值没有进行调整。
46
尼科拉公司
简明合并财务报表附注
（未经审计）
当潜在稀释性股份的影响具有反稀释性时，其被排除在稀释净亏损的计算之外。 以下未发行普通股等值股票被排除在所列期间每股稀释净亏损的计算之外，因为将它们包括在内将具有反稀释作用。
截至9月30日的三个月，截至9月30日的9个月，
2024202320242023
切换可转换票据（按转换后）743,875 693,448 743,875 693,448 
高级可转换票据（按转换后基准）
1,210,092 707,758 1,210,092 707,758 
8.25%可转换票据（按转换后基准）
65,111 — 65,111 — 
尚未行使之认股权证28,038 28,038 28,038 28,038 
股票期权，包括绩效股票期权497,524 505,282 497,524 505,282 
受限制股票单位，包括基于市场的RSU
1,429,842 566,726 1,429,842 566,726 
总3,974,482 2,501,252 3,974,482 2,501,252 
13.后续事件
股权分配协议
2024年10月，公司发行总计 69,902 股权分配协议项下的普通股，总收益为美元0.4 万
第三份购买协议
2024年10月，公司发行了总计 5,513,679 用于结算转换的普通股股份 $26.2百万 根据第三份购买协议票据的本金总额、整笔金额以及应计和未付利息。这导致公司总计发行 10,114,374 第三份购买协议票据项下的股份，是在未经股东批准的情况下根据第三份购买协议可发行的股份的最大金额。
该公司收到了总计 $33.7 万 本金总额、整笔金额以及应计及未付利息，公司有义务以现金结算 $39.3百万 (the“交易所上限赎回金额”）。持有人同意推迟结算交易所上限赎回金额，直至（x）发生任何破产违约事件（以较早者为准）（定义见第三份购买协议票据），（y）如果公司和持有人共同同意将全部或部分交易所上限赎回金额兑换为公司证券，仅就待交换的交易所上限赎回金额的适用部分而言，即该交易所之前的时间和（z）12月31日，2024年（或公司与持有人可能不时书面商定的其他日期）。因此，交易所上限赎回金额尚未到期。
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项目2.管理层对财务状况和运营结果的讨论和分析
本报告包含非历史事实的前瞻性陈述。在本报告中使用诸如“相信”、“可能”、“将”、“应该”、“估计”、“继续”、“预期”、“打算”、“预期”、“应该”、“将会”、“可能”、“计划”、“预测”、“潜在”、“目标”、“目标”、“战略”、“似乎”、“寻求”、“未来”、“展望”和类似的表述旨在识别前瞻性陈述。这些声明是预测或指示未来事件或趋势的声明，或者不是历史事件的声明。这些前瞻性陈述包括但不限于：我们对我们的商业模式和战略的预期；预期的业务里程碑及其完成的时间；从我们的氢气提取、分销和分配计划中获得的潜在好处；对我们的氢气供应和确保充足的氢气供应的计划的期望；我们的车辆、分销和加油解决方案的预期性能和规格；我们的卡车和氢气加油解决方案的预期和市场接受度；政府对与此类激励相关的客户需求的激励和期望；与战略合作伙伴计划和实际合作的潜在好处；关于我们潜在租赁安排的计划；关于我们的维护和服务计划的计划；关于我们预计在没有额外资本的情况下能够为我们的业务提供资金的预期；对现金使用和资本需求的预期；我们筹集资本的能力；本新闻稿中包含的前瞻性信息包括：我们对公司普通股的预期使用情况；对公司竞争地位的看法；市场机会；对费用水平和成本的预期和估计；对公司弥补重大弱点能力及相关时机的信心；我们的关键判断和估计，以及相关的充分性；与电池电动卡车召回相关的预期范围、成本和时机，包括维修的性质、车辆维修的预期成本及此类费用的计时；以及任何潜在的抵消、电池更换的时机、卡车交付和销售；以及供应链挑战。这些陈述基于各种假设，无论是否在本报告中确定，并基于管理层目前的预期，而不是对实际业绩的预测。这些假设包括但不限于：我们的实际财务和业务表现；与我们卡车生产和属性有关的预期时间；对我们氢燃料解决方案的期望；客户持续获得氢气加油的能力和水平；我们战略、未来运营、财务状况、预计收入和损失、预计成本、前景和计划的变化；与我们战略合作伙伴最终协议的执行和我们计划合作的成功；我们继续经营下去的能力；我们的资本需求和现金跑道；我们为我们的运营和计划中的运营获得资金的能力；我们的现金来源和使用；资本成本；及时以可接受的价格获得零部件的能力；调查、诉讼、投诉、产品责任索赔和/或负面宣传的结果；我们商业模式的执行、市场接受和成功；与我们的竞争对手和行业有关的发展；我们对获得和维护知识产权保护并不侵犯他人权利的能力的预期；利率和通胀对我们业务的影响；我们的业务、扩张计划和机会；我们实现车辆成本降低的能力；最终用户对我们卡车的需求；关于我们召回活动和保修成本的假设；政府激励措施的持续可用性；适用法律或法规的变化；以及我们业务和经营市场的预期趋势和挑战。
前瞻性陈述会受到风险和不确定因素的影响，这些风险和不确定因素可能会导致实际结果与预期的大不相同。这些风险和不确定性包括但不限于本报告第二部分第1A项中讨论的风险以及我们执行业务模式的能力，包括对我们产品和服务的需求和市场接受度；市场对电池电动和燃料电池卡车的接受率；适用法律或法规的变化；与我们参与或可能加入的任何法律、法规或司法程序的结果相关的风险；我们的资本要求；关于我们对资本和现金跑道需求的估计的变化；我们筹集足够资本以满足我们的要求并为我们的业务提供资金的能力以及任何此类资本的条款；我们已经采取或未来可能采取的资本节约行动损害我们的业务的风险；我们偿还、偿还或再融资我们的债务的能力；我们的竞争能力；我们业务合作的成功；美国的监管发展；联邦和州激励措施的授予、接受和持续提供；利率、通货膨胀的影响。供应链问题和其他经济、商业和/或竞争因素；竞争对我们业务的影响；与召回相关的风险，包括高于预期的成本，发现其他问题，延迟改装卡车并将此类卡车交付给客户，供应链和其他可能造成额外延误的问题，召回导致的订单取消，诉讼，投诉和/或产品责任索赔，以及声誉损害；未能将意向书或谅解备忘录转换为具有约束力的订单；订单取消；设计和制造更改和延误，包括部件和材料短缺以及其他供应挑战；与我们的氢气燃料基础设施的铺设及其时间相关的风险；建设风险和延误；使用氢气加油设施的可用性；与制造相关的风险
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电池和燃料电池动力模块;氢加油位置的变化和特征，包括但不限于加油硬件和软件协议、燃料量和加油条件，其中任何一项都可能影响加油时间;我们的运营损失历史;储备估计不足的风险;以及一般经济、金融、法律、监管、政治和商业状况以及国内外市场的变化。这些前瞻性陈述仅限于本文日期。我们明确否认更新本文中包含的任何前瞻性陈述以反映我们对此预期的任何变化或任何此类陈述所基于的事件、条件或情况的任何变化的任何义务或承诺。
在本报告中，所有提及“尼古拉”、“我们”、“我们”或“我们的”均指尼古拉公司。
Nikola™和HyLA是Nikola Corporation的商标。我们还在本报告中提及其他公司和组织的商标。
以下讨论应结合管理层对财务状况和经营业绩的讨论和分析以及截至2023年12月31日止年度10-k表格年度报告中包含的经审计的合并财务报表及其注释（经修订）一起阅读。
概述
我们是一家技术创新者和集成商，致力于通过开发创新的能源和运输解决方案来实现卡车运输行业脱碳。我们正在开创一种商业模式，使车队和最终用户能够集成下一代卡车技术、加氢基础设施、电动汽车充电解决方案和相关维护。通过创建这个生态系统，我们和我们的战略业务合作伙伴和供应商希望为清洁技术汽车和下一代加油解决方案建立长期竞争优势。
我们的专业知识在于设计、创新以及软件和工程。我们与业务合作伙伴和供应商合作组装、集成和调试我们的车辆。我们的方法是利用战略合作伙伴关系来帮助降低成本、提高资本效率并提高上市速度。
我们经营两个业务部门：卡车和能源。卡车业务部门正在将FCEV和BEV 8级卡车商业化，这些卡车为短途、中程和长途卡车运输行业提供或旨在提供环保、经济高效的解决方案。能源业务部门正在开发氢燃料基础设施以支持我们的FCEV卡车。
我们于2022年第一季度开始商业化生产Tre BEV，并于2023年第三季度开始商业化生产Tre FCEV，两者均在我们位于亚利桑那州柯立芝的制造工厂进行。
我们的全球品牌HyLA涵盖我们的能源产品，用于采购、分配和分配氢为我们的卡车提供燃料。我们希望利用多种所有权结构，我们可以完全或部分拥有或不拥有氢能生产资产。如果我们能够在没有氢能生产资产所有权的情况下获得氢供应，我们必须并预计将继续签订长期供应合同，其中我们的成本和供应保证得到明确定义。
我们打算继续发展我们的业务，其中包括以下持续活动：
· 将我们的重型卡车和其他产品商业化;
· 扩大和维护制造设施和设备;
· 投资为我们保修期内的车辆提供维修服务，包括召回活动、维修和维修零件;
· 开发、部署和维护氢燃料基础设施;
· 继续投资我们的技术;
· 投资我们产品和服务的营销和广告、销售和分销基础设施;
· 维护和改进我们的运营、财务和管理信息系统;
· 雇用和留住人员;
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· 获取、维护、扩大和保护我们的知识产权组合;以及
· 作为上市公司运营。
影响经营业绩的关键因素
我们相信，我们的业绩和未来的成功取决于几个因素，这些因素为我们带来了重大机遇，但也带来了风险和挑战，包括标题为“风险因素”的部分中列出的那些因素。
我们需要大量的额外资本来制造和验证我们的产品和服务，为运营提供资金，并在可预见的未来履行义务。在我们能够产生足够的收入和正的毛利率之前，我们寻求通过现有现金、股票销售、债务融资、战略合作伙伴关系和许可安排的组合来为我们的运营提供资金。我们未来资金需求的数额和时间将取决于许多因素，包括我们开发和验证工作的速度和结果，对我们卡车和氢燃料的需求，以及费用水平等。我们估计，我们现有的财政资源仅足以支付我们预测的运营成本，并履行我们到2025年第一季度但不能超过2025年第一季度的义务。我们已经采取措施减少现金需求，以努力扩大我们的现金跑道，未来可能需要再次这样做。如果我们不能获得足够的资金来支持我们的运营，我们的业务和运营结果将受到实质性的不利影响。见“风险因素-- 我们有亏损的历史，预计在可预见的未来将产生巨额费用和持续亏损，人们对我们作为一家持续经营的企业继续经营的能力有很大的怀疑。“ 和“流动性和资本资源”。
卡车生产和发货
我们于2022年3月在亚利桑那州柯立芝制造工厂开始商业生产，并于2022年第二季度开始销售Tre BEV卡车。从2023年第三季度开始，Tre BEV的生产和销售受到BEV卡车自愿召回的显着影响。
此次召回是为了回应电池组热事件引发的调查。为了最大限度地减少车辆停工时间并最大限度地提高最终用户的安全和满意度，经销商及其零售客户拥有的卡车上的电池组正在使用替代供应商的电池组进行改造。截至2024年9月30日，我们为BEV卡车累积了5，670万美元的召回活动费用，预计在召回完成后将退回给经销商及其客户，其中3，490万美元已发生到2024年9月30日。电池更换于2023年底开始，改装卡车从2024年第一季度开始返回经销商或最终用户。该公司预计将在2025年上半年内完成所有最终用户和经销商卡车的改装和退回。
截至2024年9月30日，所有BEV卡车库存均被归类为在制品库存，因为我们删除了现有的电池组，并计划对BEV库存进行改造 替代 电池组。
以下是截至2024年和2023年9月30日的三个月和九个月内生产和发货的Tre BEV卡车数量摘要，不包括Tre BEV退货的影响：
截至9月30日的三个月，截至9月30日的9个月，
三辆BEV2024202320242023
产生—N/A—96
发货23379
2023年，我们将生产线转型为混合型号生产线，并于2023年第四季度开始发货Tre FCEV。以下是截至2024年9月30日和2023年9月30日的三个月和九个月内生产和发货的Tre FCEV卡车数量摘要：
截至9月30日的三个月，截至9月30日的9个月，
三个FCEV
2024202320242023
产生83N/A203N/A
发货88N/A200N/A
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氢燃料电池汽车市场和氢基础设施是早期市场。因此，由于新技术供应链挑战，我们已经并可能继续经历生产短缺。此外，由于缺乏氢基础设施或最终用户供应，我们可能会出现FCEV卡车交付延误的情况。
财务信息的可比性
2023年6月30日，我们完成了罗密欧的转让，该转让之前已从收购之日（2022年10月14日）起合并在我们的财务报表中。罗密欧的经营业绩在截至2023年9月30日的九个月的已终止业务中报告。正如本管理层对财务状况和经营业绩的讨论和分析中所讨论的，我们所列期间的业绩仅包括持续经营业务的业绩，不包括与我们已终止经营业务相关的业绩。
呈列基准
目前，我们通过一个运营部门开展业务。有关更多信息，请参阅我们截至2023年12月31日的年度10-k表格年度报告（经修订）中的注释2。

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持续经营的结果
截至2024年9月30日的三个月与截至2023年9月30日的三个月的比较
下表列出了我们在所示期间持续经营业务的历史经营业绩：
截至9月30日的三个月，$%
20242023变化变化
(in数千，份额和每股数据除外）
收入：
卡车销售$24,847 $(2,368)$27,215 (1149)%
服务等 334 636 (302)(47)%
总收入25,181 (1,732)26,913 (1554)%
收入成本：
卡车销售82,205 122,679 (40,474)(33)%
服务等 4,919 1,092 3,827 350%
收入总成本87,124 123,771 (36,647)(30)%
毛损(61,943)(125,503)63,560 (51)%
运营费用：
研发41,800 41,966 (166)—%
销售、一般和行政41,629 57,982 (16,353)(28)%
减损费用
33,419 — 33,419 NM
供应商押金损失— 716 (716)(100)%
总运营支出116,848 100,664 16,184 16%
运营亏损(178,791)(226,167)47,376 (21)%
其他收入（费用）：
利息开支净额(10,875)(52,680)41,805 (79)%
债务贫困损失(871)— (871)NM
其他费用，净额
(9,417)(146,654)137,237 (94)%
所得税前亏损和附属公司净利润（亏损）权益(199,954)(425,501)225,547 (53)%
所得税开支— 1 (1)NM
附属公司净利润（损失）扣除权益前亏损(199,954)(425,502)225,548 (53)%
关联公司净利润（亏损）中的权益173 (262)435 (166)%
持续经营净亏损$(199,781)$(425,764)$225,983 (53)%
每股基本和稀释净亏损 (1):
持续经营净亏损$(3.89)$(14.90)$11.01 (74)%
加权平均流通股、基本股和稀释股(1)
51,388,962 28,573,800 22,815,162 80%
(1) 金额已进行调整，以反映2024年6月24日生效的一比三十（1比30）反向股票分割。参见注释1， 呈列基准.
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收入
卡车销售
截至2024年9月30日的三个月内，我们从88辆Tre FCEV发货和2辆Tre BEV发货中获得收入，而截至2023年9月30日的三个月内，我们的收入为3辆Tre BEV发货。卡车销售额从截至2023年9月30日的三个月的负240万美元增加到截至2024年9月30日的三个月的2480万美元，增长了2，720万美元，增幅为1149%。收入的增长主要与销量的增长以及FCEV的平均售价高于BEV有关。截至2024年9月30日的三个月内，Tre BEV回报和预期回报增加630万美元，部分抵消了这一增长。我们预计在召回改造完成后，将在未来重新销售退回的BEV。
服务等
服务和其他收入包括向经销商和车队客户交付的充电产品的销售、监管信贷销售、氢销售以及服务零件和劳动力。服务和其他收入减少了30万美元（47%），从截至2023年9月30日止三个月的60万美元降至截至2024年9月30日止三个月的30万美元，主要是由于截至2024年9月30日止三个月的充电单元退货导致充电产品销售下降，这一数字被截至2024年9月30日的三个月内的氢气销售部分抵消。截至2023年9月30日的三个月内，我们没有氢气销售。
收入成本
卡车销售
收入成本包括直接零件、材料和劳动力成本、制造费用（包括摊销的工具成本和我们制造设施的折旧）、运费和关税成本、估计保修费用（包括召回活动）的准备金以及库存减记。
与卡车销售相关的收入成本下降了4，050万美元（33%），从截至2023年9月30日的三个月的1.227亿美元降至截至2024年9月30日的三个月的8，220万美元。这一下降主要归因于2023年第三季度启动的BEV卡车自愿召回。与此次召回相关，截至2023年9月30日的三个月内，我们累积了6，180万美元的估计召回活动费用，并为BEV电池组和其他被认为过剩和过时的零部件保留了4，570万美元。收入成本的下降被卡车销量的增加、FCEV的平均生产成本高于BEV，以及销量和产品组合推动的保修费用（不包括召回活动）增加1，530万美元，部分抵消。
服务等
收入成本主要与直接材料、劳动力、外包制造服务以及销售充电产品、氢气以及服务零件和劳动力的履行成本有关。
与服务和其他收入相关的收入成本增加了380万美元，即350%，从截至2023年9月30日止三个月的110万美元增加到截至2024年9月30日止三个月的490万美元。这一增长主要是由于截至2024年9月30日的三个月内与氢销售相关的直接材料和分配成本以及充电产品确认的库存减记。
研究与开发
研究和开发费用主要包括发现和开发我们的车辆所产生的成本，包括人员相关费用、支付给第三方（例如顾问和承包商）用于外部开发和验证活动的费用;与材料、用品和第三方服务相关的费用，包括原型零件、工具和非经常性工程;以及原型设备和研发设施的折旧。
研发费用减少了20万美元，从截至2023年9月30日的三个月的4200万美元减少到截至2024年9月30日的三个月的4180万美元。这一减少主要是由于折旧和占用成本、外部开发、与FCEV原型建造相关的零部件和工具、库存补偿、差旅、运费和其他成本等单独减少，总计为410万美元
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致力于研究和开发活动。人事费用增加390万美元，部分抵消了减少的影响。
销售、一般和行政
销售、一般和行政费用包括我们的企业、高管、财务和其他行政职能的人员相关费用、外部专业服务费用（包括法律、审计和会计服务）以及设施费用、折旧、摊销、差旅、营销和销售成本。人员相关费用包括工资、福利和股票补偿。
销售、一般和行政费用减少了1，640万美元（28%），从截至2023年9月30日止三个月的5800万美元减少到截至2024年9月30日止三个月的4160万美元。这一减少主要是由于截至2023年9月30日的三个月内，股票补偿减少了920万美元，以及与重新评估Tre BEV演示的使用寿命相关的折旧费用减少了890万美元。法律费用增加150万美元和其他一般企业费用净增加部分抵消了减少的影响。
减损收件箱
截至2024年9月30日的三个月内的减损费用是与我们的无限期无形资产相关的2，820万美元的减损费用和与声誉相关的520万美元。
供应商押金损失
截至2023年9月30日的三个月内供应商押金损失是某些模具和长期供应协议的押金损失。
利息开支净额
利息支出净减少4，180万美元，从截至2023年9月30日止三个月的5，270万美元降至截至2024年9月30日止三个月的1，090万美元。由于Toggle可转换票据、高级可转换票据和抵押票据的利息费用减少4，900万美元，利息费用净减少。这被主要与截至2024年9月30日的三个月内发行优先可转换票据相关的发行成本580万美元、融资义务和融资租赁的额外利息支出80万美元以及现金、现金等值物和受限制现金余额赚取的利息收入减少60万美元部分抵消。
债务消灭损失
截至2024年9月30日的三个月内，债务消除损失为90万美元，主要是由于本期转换的高级可转换票据的偿还。
其他费用，净额
其他费用净减少1.372亿美元，从截至2023年9月30日止三个月的1.467亿美元降至截至2024年9月30日止三个月的940万美元。减少主要是由于金融工具重新估值净损失减少1.373亿美元。
所得税费用
截至2024年9月30日和2023年9月30日的三个月，所得税费用并不重大。我们在联邦和州层面累计了净运营亏损，并对净递延税保持了全额估值津贴。
关联公司净利润（损失）中的权益
截至2024年和2023年9月30日止三个月，联属公司净利润（亏损）中的权益并不重大。附属公司净利润（亏损）中的权益代表我们对WVR的权益法投资的净利润和亏损部分。
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Comparison of Nine Months Ended September 30, 2024 to Nine Months Ended September 30, 2023
The following table sets forth our historical operating results for continuing operations for the periods indicated:
Nine Months Ended September 30,$%
20242023ChangeChange
(dollar amounts in thousands)
Revenues:
Truck sales$61,008 $19,693 $41,315 210%
Service and other 2,989 4,614 (1,625)(35)%
Total revenues63,997 24,307 39,690 163%
Cost of revenues:
Truck sales222,946 195,902 27,044 14%
Service and other 15,295 4,236 11,059 261%
Total cost of revenues238,241 200,138 38,103 19%
Gross loss(174,244)(175,831)1,587 (1)%
Operating expenses:
Research and development121,458 168,286 (46,828)(28)%
Selling, general, and administrative126,157 159,443 (33,286)(21)%
Impairment expense
33,419 — 33,419 NM
Loss on supplier deposits— 18,433 (18,433)(100)%
Total operating expenses281,034 346,162 (65,128)(19)%
Loss from operations(455,278)(521,993)66,715 (13)%
Other income (expense):
Interest expense, net(17,094)(71,262)54,168 (76)%
Gain on divestiture of affiliate— 70,849 (70,849)(100)%
Loss on debt extinguishment(3,184)(20,362)17,178 (84)%
Other expense, net
(4,664)(151,969)147,305 (97)%
Loss before income taxes and equity in net loss of affiliates(480,220)(694,737)214,517 (31)%
Income tax expense92 1 91 NM
Loss before equity in net loss of affiliates(480,312)(694,738)214,426 (31)%
Equity in net loss of affiliates(865)(16,287)15,422 (95)%
Net loss from continuing operations$(481,177)$(711,025)$229,848 (32)%
Basic and diluted net loss per share (1):
Net loss from continuing operations$(10.12)$(30.20)$20.08 (66)%
Weighted-average shares outstanding, basic and diluted(1)
47,553,460 23,544,174 24,009,286 102%
(1) Amounts have been adjusted to reflect the one-for-thirty (1-for-30) reverse stock split that became effective on June 24, 2024. See Note 1, Basis of Presentation.
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Revenues
Truck sales
During the nine months ended September 30, 2024, we derived revenue from 200 Tre FCEV shipments and 3 Tre BEV shipments, compared to 79 Tre BEVs shipped during the nine months ended September 30, 2023. Trucks sales increased by $41.3 million, or 210%, from $19.7 million during the nine months ended September 30, 2023 to $61.0 million during the nine months ended September 30, 2024. The increase in revenue is attributed to the increase in sales volume and higher average selling price of FCEVs compared to BEVs. The increase was partially offset by an increase of $14.3 million in Tre BEV returns and expected returns during the nine months ended September 30, 2024. We expect to re-sell returned BEVs in future periods after retrofits for the recall are completed.
Service and other
Service and other revenues decreased by $1.6 million, or 35%, from $4.6 million during the nine months ended September 30, 2023 to $3.0 million during the nine months ended September 30, 2024. The decrease was driven by a decline in charging product sales and service revenue and due to returns of charging units during the nine months ended September 30, 2024. This was partially offset by an increase of $2.7 million for sales of regulatory credits, and sales of hydrogen during the nine months ended September 30, 2024. We did not have sales of hydrogen or regulatory credits during the nine months ended September 30, 2023.
Cost of Revenues
Truck sales
Cost of revenues related to truck sales increased by $27.0 million, or 14%, from $195.9 million during the nine months ended September 30, 2023 to $222.9 million during the nine months ended September 30, 2024. Cost of revenues increased primarily due to the increase in volume of trucks sold during the nine months ended September 30, 2024, higher costs related to production of FCEVs compared to BEVs, and higher warranty expense of $30.8 million due to higher volume and product mix. This was partially offset by the accrual of $61.8 million for estimated recall campaign costs and $45.7 million reserve for BEV battery pack and other components deemed excess and obsolete that was recognized during the nine months ended September 30, 2023.
Service and other
Cost of revenues related to service and other revenue increased by $11.1 million, or 261%, from $4.2 million during the nine months ended September 30, 2023 to $15.3 million during the nine months ended September 30, 2024. The increase was primarily driven by a $3.7 million inventory reserve on charging products recognized during the nine months ended September 30, 2024 along with increases in direct material and dispensing costs associated with hydrogen sales.
Research and Development
Research and development expenses decreased by $46.8 million, or 28%, from $168.3 million during the nine months ended September 30, 2023 to $121.5 million during the nine months ended September 30, 2024. This decrease was primarily due to decreased spending on outside development, tooling, and expensed components related to FCEV prototype builds of $29.4 million, a decrease in stock compensation of $10.9 million, a decrease in personnel costs of $7.0 million, and decreases in travel and freight of $3.1 million. Decreases were partially offset by an increase of $1.8 million for depreciation and occupancy costs, and an increase of $1.8 million for other costs dedicated to research and development activities.
Selling, General, and Administrative
Selling, general, and administrative expenses decreased by $33.3 million, or 21%, from $159.4 million during the nine months ended September 30, 2023 to $126.2 million during the nine months ended September 30, 2024. The decrease was driven by a reduction in stock based compensation of $31.7 million, a decrease in depreciation expense of $9.8 million, a decrease in personnel expenses of $7.8 million, and a decrease in legal expenses of $1.6 million. These decreases were partially offset by fees related to an equipment purchase cancellation of $15.6 million and a net increase in other general corporate expenses.
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Impairment Expense
Impairment expense during the nine months ended September 30, 2024 represents a $28.2 million impairment charge related to our indefinite lived intangible asset and $5.2 million related to goodwill.
Loss on Supplier Deposits
Loss on supplier deposits during the nine months ended September 30, 2023 represents a loss on deposit for certain tooling and long-term supply agreements.
Interest Expense, net
Interest expense, net decreased by $54.2 million, or 76%, from $71.3 million during the nine months ended September 30, 2023 to $17.1 million during the nine months ended September 30, 2024. Interest expense, net decreased due to a reduction of interest expense on the Toggle Convertible Notes, Senior Convertible Notes and collateralized notes of $59.7 million, and a decrease in interest income earned on our cash, cash equivalents and restricted cash and cash equivalents balances of $5.0 million. These were partially offset by issuance costs of $5.8 million related primarily to the issuance of Senior Convertible Notes during the nine months ended September 30, 2024, and an increase in interest on our financing obligations and finance leases of $4.7 million.
Gain on Divestiture of Affiliate
Gain on divestiture of affiliate was $70.8 million for the nine months ended September 30, 2023, representing the consideration for the divestiture of Nikola Iveco Europe GmbH and related License Agreement, in excess of the basis of our investment as of the divestiture date.
Loss on Debt Extinguishment
Loss on debt extinguishment decreased by $17.2 million, or 84%, from $20.4 million during the nine months ended September 30, 2023 to $3.2 million during the nine months ended September 30, 2024. During the nine months ended September 30, 2023, loss on debt extinguishment represented the loss on exchange of $100.0 million of June 2022 Toggle Convertible Notes for the issuance of $100.0 million April 2023 Toggle Convertible Notes. During the nine months ended September 30, 2024, the loss on debt extinguishment represents extinguishments of 8.25% Convertible Notes and Senior Convertible Notes converted during the period.
Other Expense, net
Other expense, net decreased by $147.3 million from $152.0 million during the nine months ended September 30, 2023 to $4.7 million during the nine months ended September 30, 2024. The decrease is primarily attributed to a decrease in net losses from the revaluation of financial instruments of $144.9 million, along with a decrease of losses from the sale of assets and an increase in government grant income.
Income Tax Expense
Income tax expense was immaterial for the nine months ended September 30, 2024 and 2023. We have accumulated net operating losses at the federal and state level and maintain a full valuation allowance against our net deferred taxes.
Equity in Net Loss of Affiliates
Equity in net loss of affiliates decreased by $15.4 million, from $16.3 million for the nine months ended September 30, 2023 to $0.9 million for the nine months ended September 30, 2024. The decrease was driven by the divestiture of Nikola Iveco Europe GmbH during the second quarter of 2023.
Non-GAAP Financial Measures
In addition to our results determined in accordance with GAAP, we believe the following non-GAAP measures are useful in evaluating operational performance. We use the following non-GAAP financial information to evaluate ongoing operations and for internal planning and forecasting purposes. We believe that non-GAAP financial information, when taken collectively, may be helpful to investors in assessing operating performance.
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EBITDA and Adjusted EBITDA
“EBITDA” is defined as net loss from continuing operations before interest income or expense, income tax expense or benefit, and depreciation and amortization. “Adjusted EBITDA” is defined as EBITDA adjusted for stock-based compensation and other items determined by management. Adjusted EBITDA is intended as a supplemental measure of our performance that is neither required by, nor presented in accordance with, GAAP. We believe that the use of EBITDA and Adjusted EBITDA provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing our financial measures with those of comparable companies, which may present similar non-GAAP financial measures to investors. However, you should be aware that when evaluating EBITDA and Adjusted EBITDA we may incur future expenses similar to those excluded when calculating these measures. In addition, our presentation of these measures should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. Our computation of Adjusted EBITDA may not be comparable to other similarly titled measures computed by other companies, because all companies may not calculate Adjusted EBITDA in the same fashion.
Because of these limitations, EBITDA and Adjusted EBITDA should not be considered in isolation or as a substitute for performance measures calculated in accordance with GAAP. We compensate for these limitations by relying primarily on our GAAP results and using EBITDA and Adjusted EBITDA on a supplemental basis. You should review the reconciliation of net loss from continuing operations to EBITDA and Adjusted EBITDA below and not rely on any single financial measure to evaluate our business.
The following table reconciles net loss from continuing operations to EBITDA and Adjusted EBITDA for the three and nine months ended September 30, 2024 and 2023:
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
(in thousands)
Net loss from continuing operations$(199,781)$(425,764)$(481,177)$(711,025)
Interest expense, net10,875 52,680 17,094 71,262 
Income tax expense— 1 92 1 
Depreciation and amortization11,720 16,996 33,408 28,758 
EBITDA(177,186)(356,087)(430,583)(611,004)
Impairment expense
33,419 — 33,419 — 
Stock-based compensation8,601 18,659 25,337 68,916 
Loss on supplier deposits— 716 — 18,433 
Gain on divestiture of affiliate— — — (70,849)
Loss on debt extinguishment871 — 3,184 20,362 
Loss / (gain) on disposal of assets
(237)— 2,921 — 
Equipment purchase cancellation
— — 15,613 — 
Revaluation of financial instruments8,431 145,717 6,284 151,151 
Regulatory and legal matters (1)
2,491 2,432 6,788 5,673 
Adjusted EBITDA$(123,610)$(188,563)$(337,037)$(417,318)
(1) Regulatory and legal matters include legal, advisory, and other professional service fees incurred in connection with the short-seller article from September 2020, and investigations and litigation related thereto.
Non-GAAP Net Loss and Non-GAAP Net Loss Per Share, Basic and Diluted
Non-GAAP net loss and non-GAAP net loss per share, basic and diluted are presented as supplemental measures of our performance. Non-GAAP net loss is defined as net loss from continuing operations, basic and diluted adjusted for stock
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compensation expense and other items determined by management. Non-GAAP net loss per share, basic and diluted, is defined as non-GAAP net loss divided by weighted average shares outstanding, basic and diluted.
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
(in thousands, except share and per share data)
Net loss from continuing operations$(199,781)$(425,764)$(481,177)$(711,025)
Impairment expense
33,419 — 33,419 — 
Stock-based compensation8,601 18,659 25,337 68,916 
Debt issuance costs for Senior Convertible Notes
4,890 — 4,890 — 
Loss on supplier deposits— 716 — 18,433 
Gain on divestiture of affiliate— — — (70,849)
Loss on debt extinguishment871 — 3,184 20,362 
Revaluation of financial instruments8,431 145,717 6,284 151,151 
Loss / (gain) on disposal of assets
(237)— 2,921 — 
Equipment purchase cancellation
— — 15,613 — 
Regulatory and legal matters(1)
2,491 2,432 6,788 5,673 
Non-GAAP net loss$(141,315)$(258,240)$(382,741)$(517,339)
Non-GAAP net loss per share, basic and diluted$(2.75)$(9.04)$(8.05)$(21.97)
Weighted average shares outstanding, basic and diluted51,388,962 28,573,800 47,553,460 23,544,174 
(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.
Adjusted Free Cash Flow
We define "Adjusted free cash flow", a non-GAAP financial measure, as net cash flow from operating activities less purchases of property, plant and equipment. Adjusted free cash flow is intended as a supplemental measure of our performance that is neither required by, nor presented in accordance with, GAAP.
Our use of Adjusted free cash flow has limitations as an analytical tool and should not be considered in isolation or as a substitute for an analysis of our results under GAAP. First, Adjusted free cash flow is not a substitute for net cash flow from operating activities. Second, other companies may calculate Adjusted free cash flow or similarly titled non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of Adjusted free cash flow as a tool for comparison. Additionally, the utility of Adjusted free cash flow is further limited as it does not reflect our future contractual commitments and does not represent the total increase or decrease in our cash balance for a given period. Because of these and other limitations, Adjusted free cash flow should be considered along with net cash flow from operating activities and other comparable financial measures prepared and presented in accordance with GAAP.
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The following table presents a reconciliation of net cash flow from operating activities, the most directly comparable financial measure calculated in accordance with GAAP, to Adjusted free cash flow for each of the periods presented.
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
(in thousands)
Most comparable GAAP measure:
Net cash used in operating activities
$(149,377)$(91,259)$(399,533)$(378,424)
Net cash used in investing activities
(13,558)(115)(22,342)(55,642)
Net cash provided by financing activities
98,080 188,119 145,671 512,257 
Non-GAAP measure:
Net cash used in operating activities
(149,377)(91,259)(399,533)(378,424)
Purchases of property, plant and equipment(13,558)(20,690)(43,740)(108,409)
Adjusted free cash flow$(162,935)$(111,949)$(443,273)$(486,833)
Liquidity and Capital Resources
In accordance with the ASC 205-40, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASC 205-40”), we have evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about our ability to continue as a going concern within one year after the date that the condensed consolidated financial statements are issued.
As an early stage growth company, our ability to access capital is critical. Until we can generate sufficient revenue to cover our operating expenses, working capital and capital expenditures, we will need to raise additional capital. Additional stock financing may not be available on favorable terms and could be dilutive to current stockholders. Debt financing, if available, may involve restrictive covenants and dilutive financing instruments.
We intend to employ various strategies to obtain the required funding for future operations such as continuing to access capital through the Equity Distribution Agreement. However, the ability to access the Equity Distribution Agreement is dependent on our common stock trading volume and the market price of our common stock.
We have taken steps to reduce our cash requirements in an effort to extend our cash runway and may need to do so again in the future. If additional capital is not available to us when and in the amounts needed, we may have to significantly reduce our spending, delay, scale back, or abandon some or all of our operations and development programs, change our corporate structure or cancel planned activities and may not have sufficient resources to conduct our business, which would materially harm our business, financial condition and results of operations. The result of our ASC 205-40 analysis, due to uncertainties discussed above, is that there is substantial doubt about our ability to continue as a going concern through the next twelve months from the date of issuance of these condensed consolidated financial statements. We estimate that our existing financial resources are only adequate to fund our forecasted operating costs and meet our obligations into, but not beyond, the first quarter of 2025.
Since inception, we financed our operations primarily from the sales of common stock, the business combination, redemption of warrants, and the issuance of debt. As of September 30, 2024, our principal sources of liquidity were our cash and cash equivalents in the amount of $198.3 million.
During the second quarter of 2022, we completed a private placement of $200.0 million aggregate principal amount of the June 2022 Toggle Convertible Notes, which mature on May 31, 2026. Net proceeds from the issuance were $183.2 million. See Note 6, Debt and Finance Lease Liabilities, for additional details regarding conversions, interest and optional redemptions.
During the third quarter of 2022, we entered into an Equity Distribution Agreement with Citi, which was subsequently amended and restated during the third quarter of 2023, pursuant to which we can issue and sell shares of our common stock with an aggregate maximum offering price of $600.0 million. Through September 30, 2024, we sold an aggregate of 9,048,045
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shares of common stock under the Equity Distribution Agreement, and received approximately $352.7 million in net proceeds from the Equity Distribution Agreement, after deduction of commissions to the sales agent and issuance fees. During the three and nine months ended September 30, 2024, we sold 2,104,738 and 5,258,862 shares of common stock and received net proceeds of approximately $20.8 million and $71.7 million, respectively, after deduction of commissions to the sales agent and issuance fees. As of September 30, 2024, we had approximately $237.9 million remaining available under the Equity Distribution Agreement.
During the third quarter of 2024, we entered into a securities purchase agreement with an investor pursuant to which we may, subject to the terms and conditions of the agreement, issue and sell up to $160.0 million in initial principal amount of senior convertible notes (the "Third Purchase Agreement Notes") in a registered direct offering. We consummated an initial closing for the sale of $80.0 million in aggregate principal amount of Third Purchase Agreement Notes on August 19, 2024.
Short-Term Liquidity Requirements
As of September 30, 2024, our current assets were $391.5 million, consisting primarily of cash and cash equivalents of $198.3 million, inventory of $76.1 million and prepaid expenses and other current assets of $62.0 million, and our current liabilities were $335.8 million, primarily comprised of accrued expenses and accounts payable, which includes $80.3 million related to the SEC settlement and $34.1 million for the current portion of warranty reserves. For the three and nine months ended September 30, 2024, we recognized net losses of $199.8 million and $481.2 million, respectively, and we experienced negative cash flow from operations of $399.5 million for the nine months ended September 30, 2024.
Our short-term liquidity is expected to be utilized to execute our business strategy over the next twelve month period including (i) performing recall work related to the BEV recall, (ii) maintaining the Coolidge manufacturing facility, (iii) continuing to develop and maintain our energy infrastructure, and (iv) scaling the production, distribution, and servicing of the FCEV and BEV trucks. However, actual results could vary materially and negatively as a result of a number of factors, including:
•our available capital and ability to raise sufficient capital to finance our business;
•our ability to manage the costs of manufacturing and servicing the FCEV and BEV trucks and our ability to drive the cost down with our suppliers;
•the amount and timing of cash generated from sales of our FCEV and BEV trucks and hydrogen infrastructure, and our ability to offer our products and services at competitive prices;
•the costs of maintaining our manufacturing facility, hydrogen refueling assets and equipment;
•our warranty claims experience should actual warranty claims differ significantly from estimates;
•our BEV truck recall campaign costs and timing;
•the scope, progress, results, costs, timing and outcomes of our ongoing validation and demos of our FCEV trucks;
•the costs and timing of development and deployment of our hydrogen distribution dispensing and storage network;
•our ability to attract and retain strategic partners for development and maintenance of our hydrogen dispensing and storage network and the related costs and timing;
•our ability to service or repay our debt obligations as they become due or refinance these obligations;
•the costs of maintaining, expanding and protecting our intellectual property portfolio, including potential litigation costs and liabilities;
•the costs of general and administrative personnel, including accounting and finance, legal and human resources, as well as costs related to litigation, investigations, or settlements; and
•other risks discussed in the section entitled "Risk Factors."
For at least the next twelve months, we expect our principal demand for funds will be for our ongoing activities described above. In addition to those activities, our short term liquidity will be utilized to fund the current portion of non-
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cancellable commitments including leases, purchase commitments, and debt obligations, including the Exchange Cap Redemption Amount as described in Note 13, Subsequent Events. During the nine months ended September 30, 2024, we entered various commitments primarily related to lease agreements for facilities and hydrogen fueling infrastructure which have not yet commenced. Undiscounted payments related to these obligations are $75.6 million as of September 30, 2024. See Note 11, Commitments and Contingencies, for additional details.
Other than those commitments described above, there have been no material changes to our short-term commitments as disclosed in our Annual Report on Form 10-K for the year ended December 31, 2023, as amended. See Note 5, Leases, Note 8, Debt and Finance Lease Liabilities, and Purchase Commitments within Note 14, Commitments and Contingencies, of our Annual Report on Form 10-K for the year ended December 31, 2023, as amended, for additional details.
As of September 30, 2024, we anticipate that our capital expenditures for the remainder of fiscal year 2024 will be approximately $20.0 million. Actual capital expenditures will also be dependent on availability of capital as well as third party lead times.
Long-Term Liquidity Requirements
Until we can generate sufficient revenue and positive gross margins to cover operating expenses, working capital and capital expenditures, we expect to fund cash needs through a combination of equity and debt financing, and potentially through lease securitization, strategic collaborations, and licensing arrangements. If we raise funds by issuing equity or equity-linked securities, dilution to stockholders may result. Any equity or equity-linked securities issued may also provide for rights, preferences or privileges senior to those of holders of our common stock. If we raise funds by issuing debt securities, these debt securities would have rights, preferences and privileges senior to those of holders of our common stock. The terms of debt securities or other debt financing agreements could impose significant restrictions on our operations and may require us to pledge certain assets. The credit market and financial services industry have in the past, and may in the future, experience periods of upheaval that could impact the availability and cost of equity and debt financing.
Since the date of our incorporation, we have not engaged in any off balance sheet arrangements, as defined in the rules and regulations of the SEC. For the three and nine months ended September 30, 2024, there have been no other material changes to our significant contractual obligations as previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2023, as amended.
As of September 30, 2024, our long-term liquidity requirements include debt repayments, lease arrangements, and long-term purchase commitments. During the nine months ended September 30, 2024, we entered various commitments primarily related to lease agreements for facilities and hydrogen fueling infrastructure which have not yet commenced. Undiscounted payments related to these obligations are $75.6 million as of September 30, 2024. See Note 11, Commitments and Contingencies, for additional details.
Other than those commitments described above, there have been no material changes to our long-term commitments as disclosed in our Annual Report on Form 10-K for the year ended December 31, 2023, as amended. See Note 5, Leases, Note 8, Debt and Finance Lease Liabilities, and Purchase Commitments within Note 14, Commitments and Contingencies, of our Annual Reporting on Form 10-K for the year ended December 31, 2023, as amended, for additional details.

Summary of Cash Flows
The following table provides a summary of cash flow data:
Nine Months Ended September 30,
20242023
(in thousands)
Net cash used in operating activities$(399,533)$(378,424)
Net cash used in investing activities
(22,342)(55,642)
Net cash provided by financing activities
145,671 512,257 
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Cash Flows from Operating Activities
Our cash flows from operating activities are significantly affected by the growth of our business primarily related to manufacturing, research and development and selling, general and administrative activities. Our operating cash flows are also affected by our working capital needs to support personnel-related expenditures and fluctuations in accounts payable and other current assets and liabilities.
Net cash used in operating activities was $399.5 million for the nine months ended September 30, 2024. The most significant component of our cash used during this period was net loss from continuing operations of $481.2 million, which included $56.6 million for inventory write downs, $33.4 million related to depreciation and amortization, $33.4 million related to impairment expense, $25.3 million related to stock-based compensation, $11.9 million non-cash interest expense, other non-cash charges of $18.9 million, and net cash outflows of $97.9 million from changes in operating assets and liabilities primarily driven by increases in inventory, accounts receivable, net and prepaid expenses and other current assets, partially offset by increases in other long-term liabilities.
Net cash used in operating activities was $378.4 million for the nine months ended September 30, 2023. The most significant component of our cash used during this period was a net loss from continuing operations of $711.0 million, which included $195.1 million net losses on revaluation of financial instruments, gain on divestiture of affiliate of $70.8 million, $68.9 million related to stock-based compensation, $64.5 million inventory write downs, $72.8 million non-cash interest expense, other non-cash charges of $43.7 million and net cash outflows of $41.7 million from changes in operating assets and liabilities primarily driven by an increase in prepaid expenses and other current assets partially offset by a decrease in accounts receivable, net.
Cash Flows from Investing Activities
Cash flows used in investing activities primarily relate to capital expenditures to support our growth, offset by proceeds from the sale of assets. Net cash used in investing activities is expected to continue as we maintain our truck manufacturing facility in Coolidge, Arizona, and develop our hydrogen infrastructure network.
Net cash used in investing activities was $22.3 million for the nine months ended September 30, 2024, which was due to $43.7 million in purchases of and deposits for capital equipment and investments, primarily for hydrogen infrastructure, partially offset by proceeds of $21.4 million related to the sale of assets.
Net cash used in investing activities was $55.6 million for the nine months ended September 30, 2023, which was primarily due to $108.4 million in purchases of and deposits for capital equipment, costs of expansion for our facilities, and investments in our hydrogen infrastructure and $3.0 million other investing outflows, partially offset by proceeds of $35.0 million related to the divestiture of Nikola Iveco Europe GmbH and proceeds of $20.7 million related to the sale of assets.
Cash Flows from Financing Activities
Net cash provided by financing activities was $145.7 million for the nine months ended September 30, 2024, which was due to gross proceeds from the issuance of Senior Convertible Notes of $80.0 million, proceeds from the issuance of common stock under the Equity Distribution Agreement of $73.5 million, proceeds from the issuance of insurance premium financing of $4.6 million, partially offset by payments for coupon make whole premiums of $4.6 million, and other net finance outflows of $7.8 million.
Net cash provided by financing activities was $512.3 million for the nine months ended September 30, 2023, which was due to proceeds from the issuance of additional Senior Convertible Notes of $217.1 million, proceeds from the issuance of common stock under the Equity Distribution Agreement of $115.0 million, proceeds from the Tumim Purchase Agreements of approximately $67.6 million, net proceeds from the Direct Offering of $63.5 million, proceeds from the issuance of financing obligations of $53.5 million, proceeds from the Public Offering of $32.2 million, partially offset by other finance charges of $36.7 million.
Critical Accounting Estimates
Our discussion and analysis of our financial condition and results of operations are based upon our financial statements, which have been prepared in accordance with GAAP. These principles require us to make certain estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent
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assets and liabilities, as of the balance sheet date, as well as reported amounts of revenue and expenses during the reporting period. Our most significant estimates and judgments involve valuation of our stock-based compensation for the fair value of market-based restricted stock units, derivative liabilities, assessments of impairment for long-lived assets, estimates related to our lease assumptions and revenue recognition, contingent liabilities, including litigation reserves, warranty reserves, including inputs and assumptions related to recall campaigns, and inventory valuation. Management bases its estimates on historical experience and on various other assumptions believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from those estimates, and the results may be material.
There have been no substantial changes to these estimates, or the policies related to them during the three and nine months ended September 30, 2024. For a full discussion of these estimates and policies, see "Critical Accounting Policies and Estimates" in Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2023, as amended.
Recent Accounting Pronouncements
See Note 2 to our Unaudited Condensed Consolidated Financial Statements included elsewhere in this Quarterly Report on Form 10-Q for more information about recent accounting pronouncements, the timing of their adoption, and our assessment, to the extent we have made one, of their potential impact on our financial condition and our results of operations.
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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
We are exposed to a variety of market and other risks, including the effects of changes in interest rates, inflation, and foreign currency exchange rates, as well as risks regarding the availability of funding sources, hazardous events, and specific asset risks.
Interest Rate Risk
The market risk inherent in our financial instruments and our financial position represents the potential loss arising from adverse changes in interest rates. As of September 30, 2024 and December 31, 2023, we had cash and cash equivalents of $198.3 million and $464.7 million, respectively. As of September 30, 2024 and December 31, 2023, we had a cash and cash equivalents balance of $27.8 million and $29.8 million, respectively, which consisted of interest-bearing money market accounts for which the fair market value would be affected by changes in the general level of U.S. interest rates. However, due to the short-term maturities and the low-risk profile of our investments, an immediate 10% change in interest rates would not have a material effect on the fair market value of our cash and cash equivalents.
Foreign Currency Risk
For the three months ended September 30, 2024 and 2023, we recorded a loss of $1.7 million and a gain of $1.0 million, respectively, for foreign currency exchange adjustments. For the nine months ended September 30, 2024 and 2023, we recorded a loss of $0.6 million and a loss of $0.4 million, respectively, for foreign currency exchange adjustments.
ITEM 4. CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
We maintain a system of disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 (the "Exchange Act")) designed to ensure that the information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC, and is accumulated and communicated to our management, including our Chief Executive Officer (our principal executive officer) and Chief Financial Officer (our principal financial officer), as appropriate, to allow timely decisions regarding required disclosure.
Our management, with the participation of our Chief Executive Officer and our Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures under the Exchange Act as of September 30, 2024, the end of the period covered by this Quarterly Report on Form 10-Q. Based on such evaluation, our Chief Executive Officer and our Chief Financial Officer have concluded that, as of such date, our disclosure controls and procedures were not effective due to material weaknesses in internal control over financial reporting, including a material weakness related to our information technology general controls ("ITGC") that was disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as amended.
Ongoing Remediation of Previously Identified Material Weakness
The aforementioned material weakness for ITGCs was first identified in 2022. With the oversight of senior management and our Audit Committee, we have identified controls and implemented our remediation plan to address the material weakness related to our ITGCs mentioned above. During 2023, we completed the following remedial actions.
•Performed a risk assessment over the IT system that supports our financial reporting processes;
•Hired consultants and key personnel with internal control experience with our IT system to drive remediation efforts;
•Designed, developed, and deployed an enhanced ITGC framework, including the implementation of systems and tools to enable the effectiveness and consistent execution of these controls;
•Developed a training program to address ITGCs and policies, including (i) educating control owners concerning the principles and requirements of each control, with a focus on those related to user access and change
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management over IT systems impacting financial reporting; (ii) developing and maintaining documentation of underlying ITGCs to promote knowledge transfer upon personnel and function changes; and (iii) implementing an IT management review and testing plan to monitor ITGCs with a specific focus on systems supporting our financial reporting processes; and
•Implemented enhanced system capabilities and business processes to manage and monitor key elements of the control framework. This includes segregation of duties, elevated user access review, change management, user provisioning and deprovisioning, and user access reviews.
We believe the measures described above will remediate the material weakness and strengthen our internal control over financial reporting. However, this material weakness will not be considered remediated until the applicable controls operate for a sufficient period of time and management has concluded through testing that the controls are operating effectively. We anticipate that the applicable remediation will be completed during fiscal year 2024. We are committed to continuing to improve our internal control processes, and, as we continue to evaluate and work to improve our internal control over financial reporting, we may take additional measures to address control deficiencies, or we may modify or enhance certain of the remediation measures described above.
Changes in Internal Control over Financial Reporting
Other than the changes from our implementation of the remediation plans above, there were no changes in our internal control over financial reporting, as identified in connection with the evaluation required by Rule 13a-15(d) and Rule 15d-15(d) of the Exchange Act, that occurred during the three months ended September 30, 2024 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
For a description of our material pending legal proceedings, see Note 11, Commitments and Contingencies, to the condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q and to Note 14 to our audited consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2023, as amended, which are incorporated by reference herein.
ITEM 1A. RISK FACTORS
Risks Related to Our Business and Industry
We have a history of losses, expect to incur significant expenses and continuing losses for the foreseeable future, and there is substantial doubt about our ability to continue as a going concern.
We incurred net losses of $966.3 million, $812.7 million and $481.2 million for the year ended December 31, 2023 and for the nine months ended September 30, 2023 and 2024, respectively, and have an accumulated deficit of approximately $3.6 billion from the inception of Nikola Corporation, a Delaware corporation, prior to the merger with VectoIQ, or Legacy Nikola, through September 30, 2024. We believe that we will continue to incur operating and net losses each quarter until at least the time we begin to generate significant margin from our trucks, which may not happen. We have determined under our ASC 205-40 analysis, there is substantial doubt that we will have sufficient funds to satisfy our obligations through the next twelve months from the date of issuance of this Quarterly Report on Form 10-Q. We currently estimate that our existing financial resources are only adequate to fund our forecasted operating costs and meet our obligations into, but not beyond, the first quarter of 2025. We have taken steps to reduce our cash requirements in an effort to extend our cash runway and may need to do so again in the future. In addition, these activities may harm our business.
Our ability to continue as a going concern is dependent on our ability to obtain the necessary financing to meet our obligations and repay our liabilities arising from the ordinary course of business operations when they become due. The outcome of these matters cannot be predicted with any certainty at this time. If we are unable to raise sufficient capital when needed, our business, financial condition and results of operations will be materially and adversely affected, and we will need to significantly modify or terminate our operations and our planned business activities. See “We need to raise additional capital to continue as a going concern, which capital may not be available to us when we need it. If we cannot raise additional capital when needed, our operations and prospects will be negatively affected.”
We intend to employ various strategies to obtain the required funding for future operations, including continuing to access capital through the Equity Distribution Agreement. However, the ability to access the Equity Distribution Agreement is dependent on our common stock trading volumes, and the market price of our common stock which cannot be assured and as a result cannot be included as a source of liquidity for our ASC 205-40 analysis.
Our potential future profitability is dependent upon the successful development and successful commercial introduction and acceptance of our trucks and our hydrogen solution platform, which may not occur.
We expect the rate at which we will incur losses to be high in future periods as we:
•continue to validate and manufacture our trucks;
•manufacture an available inventory of our FCEV trucks;
•develop and deploy our hydrogen fueling solutions;
•continue to equip and tool our manufacturing plant in Arizona;
•build up inventories of materials and components for our trucks;
•service trucks subject to the recall campaign;
•expand our design, development, maintenance and repair capabilities;
•continue our sales and marketing activities;
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•develop our distribution infrastructure; and
•continue our general and administrative functions to support our operations.
Because we incur the costs and expenses from these efforts and other efforts before we receive any incremental revenue with respect thereto, if any, our losses in future periods will be significant. In addition, these efforts have and may continue to be more expensive than we currently anticipate and these efforts may not result in sufficient revenue if customers do not purchase or lease our trucks in sufficient volume, which would further increase our losses.
We need to raise additional capital to continue as a going concern, which capital may not be available to us when we need it. If we cannot raise additional capital when needed, our operations and prospects will be negatively affected.
Our business is capital-intensive. We currently estimate that our existing financial resources are only adequate to fund our forecasted operating costs and meet our obligations into, but not beyond, the first quarter of 2025. As a result, we need to raise additional capital in the short- and long-term to operate our business, scale or continue our manufacturing and continue to roll out our hydrogen fueling solutions, among other activities. We have and may continue to raise additional funds through the issuance of equity, equity-linked or debt securities, strategic partnerships, licensing arrangements, or through obtaining credit from government or financial institutions. This capital will be necessary to fund our ongoing operations, continue research, development and design efforts, improve infrastructure, introduce new vehicles, build hydrogen fueling solutions and undertake other business activities. Additional funds may not be available to us on a timely basis, in the amounts needed, on reasonable terms, or terms favorable to us, or at all. If we raise capital by issuing equity or equity-linked securities, significant dilution to our stockholders could result. Any equity or equity-linked securities issued also may provide for rights, preferences or privileges senior to those of holders of our common stock. The terms of debt securities issued or borrowings, if available, could impose significant restrictions on our operations and may require us to pledge certain assets. If we raise funds through collaborations and licensing arrangements, we might be required to relinquish significant rights to our technologies or products, or grant licenses on terms that are not favorable to us.
Further, the doubt regarding our ability to continue as a going concern may adversely affect our ability to obtain new financing on reasonable terms or at all. If we cannot raise additional capital when we need it, we may have to significantly reduce our spending, delay, scale back or cancel some or all of our planned business activities or operations, sell assets, or substantially change our corporate structure, and we may not have sufficient resources to conduct our business as planned. For example, in October 2024, we reduced our workforce in order to better align our staffing with our current needs. However, this reduction in force may result in unintended consequences and costs, such as loss of institutional knowledge, decreased morale, an adverse impact on our reputation and challenges in attracting new talent as well as retaining experienced employees in the future. It we cannot raise sufficient capital when needed, we may be forced to curtail or discontinue our operations, which could materially and adversely affect our financial condition, results of operations, business, and prospects. In addition, sales of a substantial number of shares of our common stock in the public market or the perception that these sales might occur, including pursuant to the Equity Distribution Agreement, could depress the market price of our common stock and could impair our ability to raise capital through the sale of additional equity securities.
We may be unable to adequately control the costs associated with our operations.
We require significant capital to develop and grow our business. We expect to continue to incur significant expenses which will impact our profitability, including research and development expenses, raw material procurement costs, leases, licenses, and sales and distribution expenses as we build our brand and market our trucks, and general and administrative expenses as we scale our operations. In addition, we expect to continue to incur significant costs in connection with our services, including building our hydrogen fueling solutions and honoring our maintenance commitments. We have and expect to continue to incur significant costs related to the recall of our battery electric trucks. Our ability to become profitable in the future will not only depend on our ability to successfully market our vehicles and other products and services, but also to control our costs. If we are unable to cost-efficiently design, manufacture, market, sell, distribute and service our trucks and cost-efficiently develop our hydrogen fueling solutions, our margins, profitability and prospects would be materially and adversely affected.
Our business model has yet to be tested and any failure to commercialize our strategic plans would have an adverse effect on our operating results and business, harm our reputation and could result in substantial liabilities that exceed our resources.
Investors should be aware of the difficulties normally encountered by a new enterprise, many of which are beyond our control, including substantial risks and expenses in the course of establishing or entering new markets, organizing operations
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and undertaking successful marketing activities. The likelihood of our success must be considered in light of these risks, expenses, complications, delays and the competitive environment in which we operate. Our business plan may not be successful, and we may not be able to generate significant revenue, raise sufficient capital or operate profitably. We will continue to encounter risks and difficulties frequently experienced by early commercial stage companies, including scaling up our infrastructure and headcount, and may encounter unforeseen expenses, difficulties or delays in connection with our growth. In addition, as a result of the capital-intensive nature of our business, we expect to continue to sustain substantial operating expenses without generating sufficient revenue to cover expenditures. Any investment in our company is therefore highly speculative and could result in the loss of your entire investment.
Our limited operating history makes evaluating our business and future prospects difficult and may increase the risk of your investment.
You must consider the risks and difficulties we face as an early stage company with a limited operating history and a novel business plan. If we do not successfully address these risks, our business, prospects, operating results and financial condition will be materially and adversely harmed. We have a very limited operating history on which investors can base an evaluation of our business, operating results and prospects. We intend to derive substantially all of our revenue from the sale and lease of our vehicle platforms, which are still in the early stages of commercialization. Our revenue will also depend on the sale of hydrogen fuel. There are no assurances that we will be able to secure future business with the major trucking companies or with independent truck drivers.
It is difficult to predict our future revenue and appropriately budget for our expenses, and we have limited insight into trends that may emerge and affect our business. In the event that actual results differ from our estimates or we adjust our estimates in future periods, our operating results and financial position could be materially affected.
Our success is dependent upon the trucking market's willingness to adopt FCEV and BEV trucks.
Our success is highly dependent upon the adoption by the trucking market of hydrogen fuel cell and electric trucks, which adoption continues to take longer than we expected. If the market for our FCEV and BEV trucks does not develop at the rate or to the extent that we expect, our business, prospects, financial condition and operating results will be harmed. The market for hydrogen fuel cell and electric trucks is new and untested and is characterized by rapidly changing technologies, price competition, numerous competitors or potential competitors, evolving government regulation and industry standards and uncertain customer demands and behaviors.
Factors that may influence the adoption of hydrogen fuel cell and electric vehicles include:
•perceptions about FCEV or BEV truck quality, safety, design, performance and cost, especially if adverse events or accidents occur that are linked to the quality or safety of hydrogen fuel cell or electric vehicles;
•perceptions about vehicle safety in general, including the use of advanced technology, such as vehicle electronics, hydrogen fueling and storage and regenerative braking systems;
•the decline of vehicle efficiency resulting from deterioration over time in the ability of the battery to hold a charge;
•the availability of refueling infrastructure and associated costs;
•concerns about the availability of hydrogen solutions, including those we have deployed and plan to develop and deploy, which could impede our ongoing efforts to promote FCEV trucks as a desirable alternative to diesel trucks;
•improvements in the fuel economy of internal combustion engines;
•the availability of service for hydrogen fuel cell or electric trucks;
•volatility in the cost of energy, oil, gasoline and hydrogen;
•government regulations and economic incentives promoting fuel efficiency and alternate forms of energy;
•the availability of tax and other governmental incentives to purchase and operate hydrogen fuel cell and electric trucks or future regulation requiring increased use of nonpolluting trucks;
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•our ability to sell or lease trucks directly to businesses or customers dependent on state by state unique regulations and dealership laws;
•the availability of tax and other governmental incentives to sell hydrogen;
•perceptions about and the cost of hydrogen fuel cell; and
•macroeconomic factors.
Additionally, we may become subject to regulations that may require us to alter the design of our trucks, which could negatively impact customer interest in our products.
Further, we sell our trucks to dealers in our network and rely on the dealers to sell them to end users. The end users of our trucks will need to continually assess their charging and fueling capacity and may need to build additional infrastructure prior to ordering or receiving trucks from dealers. In addition, dealers have and may continue to experience delays in receiving proceeds from the California Hybrid Zero Emission Truck and Voucher Incentive Program ("HVIP"), the New York Truck Voucher Incentive Program ("NYTVIP"), the New Jersey Zero-Emission Incentive Program ("NJZIP") or other government incentive programs, which many of our dealers are leveraging for the first time. To qualify for HVIP, NYTVIP or NJZIP, dealers are required to complete extensive training, initiate and complete applications for each sales order, and complete the voucher redemption process upon delivery to the end-user. There can be no assurances that our FCEV or BEV trucks will continue to qualify for these or other incentive programs, or that HVIP, NYTVIP and NJZIP incentives will remain in effect. Any reduction, termination or failure to qualify for incentives, or any repeal of, or modification to, HVIP, NYTVIP or NJZIP incentives, would result in increased prices for our trucks, which would harm our business.
The unavailability, reduction or elimination of government and economic incentives could have a material adverse effect on our business, prospects, financial condition and operating results.
We currently, and expect to continue to, benefit from certain government subsidies and economic incentives that support the development and adoption of our vehicles. Any reduction, elimination or discriminatory application of government subsidies and economic incentives because of policy changes, presidential administration changes, delays in promulgating regulations implementing new legislation, the reduced need for such subsidies and incentives due to the perceived success of electric vehicles or other reasons may result in the diminished competitiveness of the alternative fuel and electric vehicle industry generally or our FCEV and BEV trucks in particular. This could materially and adversely affect the growth of the alternative fuel vehicle markets and our business, prospects, financial condition and operating results.
These incentives include tax credits, rebates and other incentives for alternative energy production, alternative fuel and electric vehicles, including greenhouse gas ("GHG") emissions credits under the U.S. Environmental Protection Agency’s GHG Rule, the California Air Resources Board, California Transportation Commission ("CTC"), New York State Energy Research and Development Authority, and New Jersey Economic Development Authority, HVIP, NYTVIP, and NJZIP. There is no guarantee these programs will be available in the future. If these tax incentives and other benefits are not available or are reduced or otherwise limited in the future, our financial position could be harmed.
Additionally, while the Inflation Reduction Act of 2022 (the “IRA”) includes certain federal tax credits and other incentives for alternative energy production and alternative fuel, there is no guarantee these programs will be renewed or extended in the future or that we, our customers, our dealers, or their retail customers will qualify for the tax credits or incentives. If the IRA’s tax credits and incentives for our trucks are not available to us or truck purchasers in the future, our business, financial viability and prospects could be adversely affected. The IRA, when combined with other state-based incentives, such as HVIP or NYTVIP incentives, could reduce the overall cost of our truck and the fueling thereof, but the repeal or modification of such incentives could discourage potential purchasers from acquiring our trucks. These and other changes to tax laws and regulations, or interpretation thereof, in the United States or other tax jurisdictions in which we do business, could adversely impact our business, financial condition, and results of operations.
If we fail to manage our future growth effectively, we may not be able to market and sell our vehicles successfully.
Any failure to manage our growth effectively could materially and adversely affect our business, prospects, operating results and financial condition. Our future expansion is dependent on our ability to raise sufficient capital and may include:
•forecasting production and revenue;
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•controlling expenses and investments in anticipation of expanded operations;
•establishing or expanding validation, manufacturing, sales and service facilities;
•continuing to develop our hydrogen fueling capabilities;
•enhancing administrative infrastructure, systems and processes; and
•hiring and training personnel, as production scales.
We may hire additional personnel as production scales, including manufacturing personnel and service technicians for our trucks. Because our trucks are based on a different technology platform than traditional internal combustion engines, individuals with sufficient training in alternative fuel and electric vehicles may not be available to hire, and as a result, we will need to expend significant time and expense training the employees we do hire.
We may face legal challenges in one or more states attempting to sell directly to fleets or end users, which could materially and adversely affect our costs.
Our business plan includes the sale of vehicles to our authorized dealers, and potentially, directly to fleets or end users. Most, if not all, states require a license to sell vehicles within the state. Many states prohibit manufacturers from directly selling vehicles to end users. In other states, manufacturers must operate a physical dealership within the state to deliver vehicles to end users. As a result, we may not be able to sell directly to end users in each state in the United States.
In many states, it is unclear if, as a manufacturer, we will be able to obtain permission to sell and deliver vehicles directly to end users. For end users located in states in which we are not allowed to sell or deliver vehicles, we will have to arrange alternate methods of delivery of vehicles. This could include selling to our dealers, who may subsequently sell to the end user, or delivering vehicles to adjacent or nearby states in which we are allowed to directly sell and ship vehicles, and arranging for the end user to transport the vehicles to their home states. These workarounds could add significant complexity and as a result, costs to our business.
We depend on our network of independent dealers for the sale of vehicles, face competition for dealers, and have little control over their activities.
Our primary sales conduit is expected to be through our dealer network. For the year ended December 31, 2023, we sold FCEV and BEV trucks to 10 dealers, with four dealers individually representing sales in excess of 10% of total revenue. For the three months ended September 30, 2024, we sold FCEV and BEV trucks to six dealers, with three dealers individually representing sales in excess of 10% of total revenue. Although we continue to seek to broaden our user base in both quantity and type of truck end users, we may continue to be dependent on a small number of dealers for a significant portion of our sales. The loss of a significant dealer, or a significant reduction in sales to any such dealer, could have a material adverse effect on our financial condition and results of operations.
随著我们的发展，特别是在新司法管辖区，我们可能需要扩大我们的经销商网络。我们在招募和保留经销商方面面临竞争对手的竞争，未来我们可能无法招募新的或替代经销商。我们的大多数经销商与竞争对手合作的能力不受限制，也没有义务继续与我们合作。我们的大量经销商因任何原因离职、在发生此类离职时未能替换离职的经销商，或我们经销商网络的质量大幅恶化可能会减少我们的潜在销售机会，并可能对我们的业务、财务状况和运营结果产生重大不利影响。
我们经销商的员工、附属公司或其他代表的不当行为、不遵守适用法律法规、欺诈或其他不当活动可能会对我们的业务、投资和运营运绩产生重大负面影响。此类不当行为可能包括未能遵守联邦就业法律和法规，包括消费者保护法。尽管我们要求适用的经销商遵守我们行业的标准法律和法规，但我们不控制经销商，也无法保证他们遵守所有此类法律和法规。不遵守适用法律或法规或经销商的欺诈或不当行为可能会对我们处以罚款和处罚。
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我们面临与诉讼、监管行动以及政府调查和询问相关的风险和不确定性。
我们受到、现在以及未来可能成为各种诉讼、其他索赔、诉讼、监管行动以及政府调查和询问的当事人。例如，2020年，Nikola和我们的高管、董事和员工收到了SEC的传票，涉及我们业务的各个方面以及卖空者2020年9月发表的一篇文章（「卖空者文章」）中描述的某些事项。
由于与卖空者文章以及我们的创始人和前执行主席相关的监管和法律问题，我们已经并且未来可能会产生大量费用。与这些事项相关的总成本将取决于许多因素，包括这些事项的持续时间和任何相关调查结果。
此外，我们以及我们的某些现任和前任高管和董事提起了多起推定的集体诉讼，声称违反了《交易法》第10（b）条和第20（a）条的联邦证券法，并且在一起案件中违反了加州法律下的《不公平竞争法》，指控尼古拉和我们的某些官员和董事在有关我们的业务计划和前景的新闻稿和公开文件中发表了虚假和/或误导性声明。这些诉讼已被合并。另外，几起所谓的尼古拉股东衍生诉讼已向美国地方法院提起，针对我们的某些现任和前任董事，指控其违反受托责任、违反《交易法》第14（a）条以及严重管理不善等指控。我们无法估计与这些诉讼相关的潜在损失或损失范围（如果有的话）。
诉讼和其他法律程序的结果，包括附注11所述的其他索赔，承诺和意外情况表10-Q和附注14列于本季度报告其他部分的简明综合财务报表，承诺和意外情况，在我们截至2023年12月31日的年度报告Form 10-k(经修订)中，存在固有的不确定性，在部分或全部这些法律纠纷中做出不利的判决或和解可能会导致针对我们的实质性不利的金钱损害或禁令救济。任何索赔或诉讼，即使得到完全赔偿或投保，都可能损害我们的声誉，并使我们更难在未来有效竞争或获得足够的保险。附注11所述的诉讼和其他法律程序，承诺和意外情况表10-Q和附注14列于本季度报告其他部分的简明综合财务报表，承诺和意外情况，在我们截至2023年12月31日止年度的Form 10-k年度报告中，经修订的财务报表中的财务报表会受到未来发展的影响，管理层对该等事项的看法在未来可能会改变。
产品召回已经并可能在未来对我们的业务、前景、经营运绩和财务状况产生重大不利影响。
2022年，我们宣布召回与安全带肩部锚定组件安装相关的产品，2023年，我们宣布召回与供应商的牵引包制动模块相关的产品。
2023年8月，根据电池组热事件调查的初步结果，我们宣布自愿召回BEV卡车。我们于2023年8月15日向国家公路交通安全管理局提交了自愿召回，并暂时暂停了新BEV卡车的发货。
此次召回是在发生电池组过热事件后发起的，初步确定是由现有电池组的元件缺陷引起的。在调查正在进行的热事件的根本原因时，发现可能需要进行更多的工艺和设计更改，并且可能需要在最初确定的冷却剂歧管更换之外解决电池一级的问题。我们确定，召回时经销商和最终用户卡车上的电池组将改装为来自替代供应商的电池组。电池更换于2023年底开始，第一辆卡车于2024年3月退还给客户。召回的卡车预计将在2025年上半年退还给最终用户和经销商，等待供应链或其他问题，包括需要对召回的卡车进行额外的改变。我们不能保证何时能够维修之前出售给经销商的Bev卡车，他们将许多Bev卡车出售给他们的最终用户客户，或者我们现有的Bev卡车库存，以便它们可以出售或恢复我们的Bev卡车的生产。我们累积了召回活动c5,670美元的万，其中3,490美元的万已发生到2024年9月30日，用于即将退出的Bev卡车一旦召回工作完成，TED将被退还给经销商和最终用户。如果与这些事件相关的成本高于我们的预期，如果维修和退还受影响的卡车需要更长的时间，如果所需的维修范围比我们目前预期的更广泛，或者如果我们无法及时出售现有库存或恢复我们的Bev卡车的生产，我们的业务、运营结果和财务状况可能会受到不利影响。
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召回导致了巨额费用，并涉及诉讼和其他监管行动，以及管理层注意力和其他资源的转移，其中任何一种都对我们的品牌、业务和财务状况产生了不利影响。
未来，如果我们的任何车辆或电动动力总成部件（包括燃料电池或电池）被证明存在缺陷或不符合适用的联邦机动车辆安全标准，我们可能会自愿或非自愿发起召回。此类召回涉及巨额费用，可能涉及诉讼和其他监管行动以及管理层注意力和其他资源的转移，这可能会对我们的品牌形象和声誉以及我们的业务、前景、财务状况和运营运绩产生不利影响。
我们的成功将取决于我们是否有能力经济地大规模制造卡车，并建立氢燃料生态系统以满足客户的业务需求，以及我们是否有能力开发和制造足够质量的卡车，并按计划大规模吸引最终用户车队。
我们未来的业务在很大程度上取决于我们执行开发、制造、营销和销售FCEV和BEV卡车计划的能力，以及以足够的容量部署相关氢燃料解决方案以满足最终用户卡车的运输需求的能力。
我们卡车平台的持续开发现在并将面临风险，包括：
•我们获得必要资金的能力;
•我们在指定设计公差范围内制造车辆的能力;
•我们的氢燃料电池和电动传动系统技术相关组件在商业卡车运输环境日常磨损中的长期和短期耐久性;
•氢燃料能力的可用性和可靠性;
•遵守环境、工作场所安全和其他适用法规;
•以可接受的条款及时确保必要的零部件;
•延迟向我们的供应商交付最终零部件设计;
•我们吸引、招聘、雇用和培训熟练员工的能力;
•质量控制;
•我们召回BEV卡车的影响，包括与维修相关的费用、收入损失、声誉损害和法律诉讼;
•我们的供应链延迟或中断，包括持续的供应限制和短缺;以及
•其他延误和成本超支。
We have limited manufacturing experience and no experience to date in high volume manufacturing of our trucks. We do not know whether we will be able to develop efficient, automated, low-cost manufacturing capabilities and processes, and reliable and cost-effective sources of component supply, that will enable us to meet the quality, price, engineering, design and production standards, as well as the production volumes, required to successfully mass market our trucks. Even if we are successful in developing our high volume manufacturing capability and processes and reliably source our component supply, we do not know whether we will be able to do so in a manner that avoids significant delays and cost overruns, including as a result of factors beyond our control such as problems with suppliers and vendors, or in time to meet our vehicle commercialization schedules or to satisfy the requirements of end users. Any failure to develop and maintain such manufacturing processes and capabilities within our projected costs and timelines could have a material adverse effect on our business, prospects, operating results, and financial condition.
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We may experience significant delays in the design, validation, and manufacture of our trucks, which could harm our business and prospects.
Any delay in the design, validation, and manufacture of our trucks could materially damage our brand, business, prospects, financial condition, and operating results. Vehicle manufacturers often experience delays in the design, validation, manufacture and commercial release of new products. To the extent there are delays in the manufacturing of our FCEV trucks, our prospects could be adversely affected as we may fail to grow our market share. Furthermore, we rely on third party suppliers for the provision and development of many of the key components and materials used in our vehicles, such as battery products. To the extent our suppliers experience any delays in providing us with or developing necessary components, we could experience delays in delivering on our timelines.
Increases in costs, disruption of supply or shortage of components and raw materials could harm our business.
We have and may continue to experience increases in the cost or a sustained interruption in the supply or shortage of raw materials and components, including, but not limited to, battery cells and packs, semiconductors, integrated circuits, hydrogen tanks, traction motors, traction inverters and modular fuelers. Any such increase or supply interruption have and may in the future materially negatively impact our business, prospects, financial condition and operating results.
We use various raw materials including aluminum, steel, carbon fiber, non-ferrous metals (such as copper), and cobalt. Prices for these raw materials fluctuate depending on market conditions and global demand and could adversely affect our business and operating results. For instance, we are exposed to multiple risks relating to price fluctuations for lithium-ion cells. These risks include:
•disruption in the supply of cells due to quality issues or recalls by the battery cell manufacturers;
•an increase in the cost of raw materials, such as cobalt, used in lithium-ion cells; and
•the inability or unwillingness of current battery manufacturers to build or operate battery cell manufacturing plants to supply the numbers of lithium-ion cells required to support the growth of the electric vehicle industry as demand for such cells increases.
Any disruption in the supply of battery cells, semiconductors, or integrated circuits, has disrupted the production of our BEV trucks and may in the future, temporarily disrupt production of our BEV or FCEV trucks. For example, we have historically relied on a limited number of suppliers of battery products. The manufacturing process of battery products is complex, highly technical and can be affected by supply chain disruptions and component shortages. Separately, in 2023, one of our battery suppliers reorganized under Chapter 11 of the United States Bankruptcy Code, and has since been acquired. We expect to continue sourcing battery products from this supplier. However, we are looking to source from alternative suppliers as well. Battery products are critical to our ability to manufacture and service our BEV and FCEV trucks in the quantities and on the timeframes we expect. If we cannot manufacture sufficient quantities of battery packs or source sufficient quantities from alternative manufacturers, we may experience delays in the manufacturing or servicing of our BEV and FCEV trucks. Our commercial production of FCEV trucks in 2023 was also affected by supply chain shortages, including shortages of hydrogen tanks, and these or other shortages have occurred and may occur in the future.
We rely on complex machinery for our operations and production involves a significant degree of risk and uncertainty in terms of operational performance and costs.
We rely on complex machinery for our operations and our production involves a significant degree of uncertainty and risk in terms of operational performance and costs. Our truck manufacturing plant consists of large-scale machinery combining many components. The manufacturing plant components are likely to suffer unexpected malfunctions from time to time and will depend on repairs and spare parts to resume operations, which may not be available when needed. Unexpected malfunctions of the manufacturing plant components may significantly affect the intended operational efficiency. Operational performance and costs can be difficult to predict and are often influenced by factors outside of our control, such as, but not limited to, scarcity of natural resources, environmental hazards and remediation, costs associated with decommissioning of machines, labor disputes and strikes, difficulty or delays in obtaining governmental permits, damages or defects in electronic systems, industrial accidents, fires, seismic activity and natural disasters. Should operational risks occur, they may result in the personal injury to or death of workers, the loss of production equipment, damage to manufacturing facilities, monetary losses, delays and unanticipated fluctuations in production, environmental damage, administrative fines, increased insurance costs and potential
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legal liabilities, all of which could have a material adverse effect on our business, results of operations, cash flows, financial condition or prospects.
If our manufacturing plant becomes inoperable, we will be unable to produce our trucks and our business will be harmed.
We produce all of our trucks at our manufacturing plant in Arizona. Our manufacturing plant and the equipment we use to manufacture our trucks would be costly to replace and could require substantial lead time to replace and qualify for use. Our manufacturing plant may be harmed or rendered inoperable by natural or man-made disasters, including earthquakes, flooding, fires, extreme temperatures and power outages, or by health epidemics, such as the COVID-19 pandemic, which may render it difficult or impossible for us to manufacture our trucks for some period of time. The inability to produce our trucks or the backlog that could develop if our manufacturing plant is inoperable for even a short period of time may result in the loss of customers, loss of revenue or harm to our reputation. Although we maintain insurance for damage to our property and the disruption of our business, this insurance may not be sufficient to cover all of our potential losses and may not continue to be available to us on acceptable terms, if at all.
Our business may be subject to risks associated with construction, cost overruns and delays, and other contingencies that may arise while constructing or servicing a network of hydrogen fueling solutions, and such risks may increase in the future as we expand the scope of such services.
We and our strategic partners have and expect to continue to construct and service, or invest in the construction and servicing of, hydrogen fueling solutions. We expect to continue to undertake such construction or service with partners or contractors, which will require significant cash investments and has and may continue to require us and our partners to acquire or lease suitable land, obtain licenses or permits, that may require compliance with additional rules, working conditions, wage requirements and other union requirements, adding costs and complexity to a construction project. Additionally, we and our partners have limited experience in the engineering, procurement, construction and operation of hydrogen fueling solutions. If we and our partners are unable to provide timely, cost effective and quality construction-related services related to our hydrogen fueling solutions, there could be material adverse effects on our business, prospects, financial condition and operating results.
In addition, such construction and servicing is subject to oversight and regulation in accordance with state and local laws and ordinances relating to building codes, accessibility requirements, safety, environmental protection and related matters, and requires various local and other governmental approvals and permits that may vary by jurisdiction. All of the above has and may continue to cause delays or cost-overruns or may prevent construction or servicing of hydrogen fueling solutions. Meaningful delays or cost overruns, the ability to construct or operate fueling stations at desired locations, or the inability to construct or service hydrogen fueling solutions, could have a material adverse effect on our business, prospects, financial condition and operating results.
While we or our partners construct additional hydrogen fueling solutions, we are currently operating modular fueling solutions at strategic locations to provide fueling needs to FCEV purchasers and demonstrations. However, these modular fueling solutions are also subject to local laws and regulations, may not function as intended, may not produce sufficient quantity or be available at desired locations, in order to support the fueling needs of our customers.
We, our partners and other suppliers rely on complex technology to dispense hydrogen, which involves a significant degree of risk and uncertainty in terms of operational performance and costs.
We, our strategic partners and other suppliers rely on complex technology to dispense hydrogen. Hydrogen dispensing technology is in the early stages and involves a significant degree of uncertainty and risk in terms of operational performance and costs. The dispensing technology has and will continue to suffer non-performance or unexpected malfunctions given its maturity level and unproven uptime and will depend on repairs to resume operations, which will involve significant additional costs and may not be available or may not be available in a timely manner. Non-performance or malfunctions of the dispensing technology would significantly affect the intended operational efficiency of our or other suppliers' hydrogen fueling solutions. The inability of customers to procure hydrogen due to non-performance or malfunctions of the dispensing technology has and may continue to limit the use of their FCEV trucks and could have a material adverse effect on our business, prospects, financial condition or operating results.
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We may not be able to source the hydrogen needed to establish our planned hydrogen fueling solutions in sufficient volumes or at favorable prices, or at all, or sell hydrogen to customers at prices at or above our cost.
As a key component of our business model, we intend to establish a series of hydrogen fueling solutions. We expect that hydrogen fuel will be sourced by third-party providers and delivered to fueling solutions. We have established hydrogen supply strategic partnerships intended to provide us with low carbon hydrogen. To the extent we are unable to source hydrogen, unable to source hydrogen in sufficient volumes, or unable to obtain hydrogen at favorable prices, we may be unable to establish these fueling solutions and severely limit the usefulness of our trucks, or, if we are still able to establish these solutions, we may be forced to sell hydrogen at a loss in order to meet our commitments. Under our customer agreements that provide for the sale of hydrogen, we currently sell hydrogen at a price below our cost, which negatively impacts our profitability, and we expect this to continue into the foreseeable future as we endeavor to accelerate adoption of FCEV technologies. We believe that the provision of hydrogen fueling solutions will be a significant driver for purchases or leases of our trucks, and therefore, the failure to establish and roll out hydrogen fueling solutions in accordance with our expectations would materially and adversely affect our business.
We may offer leasing options or other alternative structures to customers which would expose us to credit risk.
While we may offer leasing options of our trucks or other alternative structures to potential customers through a third-party financing partner, we can provide no assurance that a third-party financing partner would be able or willing to provide the leasing services on terms that we have stated in our published materials, or provide financing at all. Furthermore, offering a leasing alternative directly to fleets will expose us to risks commonly associated with the extension of credit. Credit risk is the potential loss that may arise from any failure in the ability or willingness of the counterparty to fulfill their contractual obligations when they become due. Competitive pressure and challenging markets may increase credit risk through leases to financially weak customers, extended payment terms and leases into new and immature markets. This could have a material adverse effect on our business, prospects, financial results and results of operations.
We face significant barriers to produce our trucks, and if we cannot successfully overcome those barriers, our business will be negatively impacted.
The trucking industry has traditionally been characterized by significant barriers to entry, including large capital requirements, investment costs of designing and manufacturing vehicles, long lead times to bring vehicles to market from the concept and design stage, the need for specialized design and development expertise, compliance with regulatory requirements, establishing a brand name and image and the need to establish sales, leasing, fueling and service locations. In addition, our trucks are based on a different technology platform and powered with alternative fuel and electric sources. If we are not able to overcome these barriers, our business, prospects, operating results and financial condition will be negatively impacted and our ability to grow our business will be harmed.
If our trucks fail to perform as expected, our ability to develop, market and sell or lease our alternative fuel and electric trucks could be harmed.
Our trucks have and may in the future contain defects in design and manufacture that may cause them not to perform as expected or may require repair. We currently have a limited frame of reference by which to evaluate the performance of our trucks upon which our business prospects depend. For example, our trucks use a substantial amount of software to operate which require modification and updates over the life of the vehicle. Software products are inherently complex and often contain defects and errors when first introduced. Our trucks also include components made by third parties. Such components have and may in the future contain defects, and require that we replace affected parts.
There can be no assurance that we will be able to detect and fix any defects in the trucks’ hardware or software prior to commencing sales. We announced a recall of our BEV trucks in August 2023 and may in the future experience recalls, which had and may continue to adversely affect our brand in our target markets and could adversely affect our business, prospects and results of operations. Our trucks may not perform consistent with end users' expectations or consistent with other vehicles which may become available. Any additional product defects or any other failure of our trucks to perform as expected could harm our reputation and result in adverse publicity, lost revenue, delivery delays, product recalls, product liability claims and significant warranty and other expenses, and could have a material adverse impact on our business, financial condition, operating results and prospects.
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Insufficient warranty reserves to cover warranty claims could materially and adversely affect our business, prospects, financial condition and operating results.
We maintain warranty reserves to cover warranty-related claims. If our warranty reserves are inadequate to cover warranty claims on our vehicles, our business, prospects, financial condition and operating results could be materially and adversely affected. We may become subject to significant and unexpected warranty expenses. There can be no assurances that warranty reserves will be sufficient to cover all claims. Additionally, future warranty reserves for our FCEV trucks may be significant due to parts that utilize new technology and have limited operating history and suppliers that may not warranty these parts.
We face intense competition as a provider of FCEV and BEV Class 8 trucks, which competition could have an adverse effect on our business.
We face intense competition in FCEV and BEV Class 8 trucks, including from companies in our target markets with greater financial resources, more extensive development, manufacturing, marketing and service capabilities, greater brand recognition and a larger number of managerial and technical personnel. If competitors' trucks are brought to market before our trucks or are viewed as superior to or more reliable than our trucks, we may experience a reduction in potential market share.
Many of our current and potential competitors, particularly international competitors, have significantly greater financial, technical, manufacturing, marketing and other resources than we do and may be able to devote greater resources to the design, development, manufacturing, distribution, promotion, sale and support of their products.
We compete in a rapidly evolving and highly competitive industry, and a number of private and public companies have announced plans to offer or are offering FCEV and/or BEV trucks, including, but not limited to, companies such as Daimler, Volvo, Tesla, BYD, Peterbilt, XOS, Lion, Hyundai, Toyota, Hyzon, and others. Based on publicly available information, a number of these competitors have displayed prototype trucks and have announced target availability and production timelines, while others have launched products or pilot programs in some markets. In addition, we are aware that several potential competitors are currently manufacturing and selling Class 8 BEV trucks. While some competitors may choose to offer BEV trucks, others such as Hyundai, Toyota and Hyzon have announced that they offer or plan to offer FCEV trucks and invest in hydrogen stations for refueling. In addition, our principal competition for our trucks are manufacturers of trucks with internal combustion engines powered by diesel fuel.
We expect competition in our industry to intensify in the future in light of increased demand and regulatory push for alternative fuel and electric vehicles. We cannot provide assurances that our trucks will be among the first to market, or that competitors will not build hydrogen fueling stations that provide fueling at competitive locations and prices. Even if our trucks are among the first to market, we cannot ensure that fleets will choose our vehicles over those of our competitors, or over diesel powered trucks.
Developments in alternative technology or improvements in the internal combustion engine may adversely affect the demand for our trucks.
Significant developments in alternative technologies, such as advanced diesel, ethanol, or compressed natural gas or improvements in the fuel economy of the internal combustion engine, may materially and adversely affect our business and prospects in ways we do not currently anticipate. Other fuels or sources of energy may emerge as fleets’ preferred alternative to our truck platform. Any failure by us to develop new or enhanced technologies or processes, or to react to changes in existing technologies, could materially delay our development and introduction of new and enhanced alternative fuel and electric trucks, which could result in the loss of competitiveness of our trucks, decreased revenue and a loss of market share to competitors. Our research and development efforts may not be sufficient to adapt to changes in alternative fuel and electric vehicle technology. As technologies change, we plan to upgrade or adapt our trucks and introduce new models in order to continue to provide trucks with the latest technology, in particular battery cell technology.
We have limited experience servicing or repairing our vehicles. If we are unable to address the service requirements of end users, our business will be materially and adversely affected.
Because we recently started commercial production, we have limited experience servicing or repairing our vehicles. Servicing alternative fuel and electric vehicles is different than servicing vehicles with internal combustion engines and requires specialized skills, including high voltage training and servicing techniques. We utilize our dealer network and may decide to
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partner with a third party to perform some or all of the maintenance on our trucks, and there can be no assurance that we will be able to enter into an acceptable arrangement with any such third-party provider. If we are unable to successfully address the service requirements of end users, our business and prospects will be materially and adversely affected.
In addition, the motor vehicle industry laws in many states require that service facilities be available to service vehicles physically sold from locations in the state. While we anticipate developing a service program that would satisfy regulators in these circumstances, the specifics of our service program are still in development, and at some point may need to be restructured to comply with state law, which may impact our business, financial condition, operating results and prospects.
Collaboration with strategic partners is subject to risks.
We have entered into collaborations and have announced planned collaborations with various parties, including with respect to hydrogen production and sourcing, providing service and maintenance and deployment of hydrogen fueling solutions. Discussions with our strategic partners are ongoing, a number of collaborations are subject to the parties' entry into definitive documentation, and terms of the agreements are subject to change. Consequently, there can be no assurance that we will enter into agreements on the terms initially contemplated, if at all, or that our agreements with our strategic partners will remain in place.
Collaboration with third parties is subject to risks with respect to operations that are outside our control. We could experience delays if our partners do not meet agreed upon timelines or experience capacity constraints. There are risks of potential disputes, disagreements or fallouts with partners and failure to perform under contracts or enforce contracts against the other party, and/or the potential terminations, or non-renewals, of such contracts, and the supply of hydrogen could be disrupted as a result. We may not be able to realize business or financial benefits of our strategic collaborations. We could be affected by adverse publicity related to our partners, whether or not such publicity is related to their collaboration with us, or adverse publicity related to our relationships with our partners. Our ability to successfully build a premium brand could also be adversely affected by perceptions about the quality of our partners’ products or by termination of our agreements with our partners. In addition, in situations where we rely on our partners and third parties to meet our quality standards, there can be no assurance that we will successfully maintain quality standards. In addition, our share of the earnings or losses of a collaborator may adversely affect our financial results, depending on the nature of the collaboration, including the discontinuation thereof.
We may be unable to enter into new agreements or extend existing agreements with strategic partners on terms and conditions acceptable to us and therefore may need to contract with other third parties or significantly add to our own production capacity. There can be no assurance that in such event we would be able to engage other third parties or establish or expand our own production capacity to meet our needs on acceptable terms or at all. The expense and time required to complete any transition, and to assure that vehicles or components manufactured at third party facilities comply with our quality standards and regulatory requirements, may be greater than anticipated. Any of the foregoing could adversely affect our business, results of operations, financial condition and prospects.
We are or may be subject to risks associated with strategic alliances or acquisitions.
We have entered into, and may in the future enter into additional, strategic alliances, including joint ventures or equity investments with various third parties to further our business purpose. These alliances subject us to a number of risks, including risks associated with sharing proprietary information, non-performance by the third party and increased expenses in establishing new, or maintaining current, strategic alliances, any of which may materially and adversely affect our business. We may have limited ability to monitor or control the actions of these third parties and, to the extent any of these strategic third parties suffer negative publicity or harm to their reputation from events relating to their business, we may also suffer negative publicity or harm to our reputation by virtue of our association with any such third party.
When opportunities arise, we may seek to acquire additional assets, products, technologies or businesses that are complementary to our existing business.
If we make any acquisitions, we may not be able to integrate these acquisitions successfully into our existing business, and we could assume unknown or contingent liabilities. Any future acquisitions by us also could result in significant write-offs or the incurrence of debt and contingent liabilities, any of which could harm our operating results. Integration of an acquired company also may require management resources that otherwise would be available for ongoing development of our existing business. We may not identify or complete these transactions in a timely manner, on a cost-effective basis, or at all, and we may not realize the anticipated benefits of any acquisition.
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To finance any acquisitions, we have in the past and may in the future choose to issue shares of our common stock as consideration, which would dilute the ownership of our stockholders. In addition, it may be necessary for us to raise additional funds for acquisitions through public or private financings. Additional funds may not be available on terms that are favorable to us, or at all.
We acquired Romeo in October 2022. On June 30, 2023, pursuant to a general assignment (the “Assignment”), we transferred ownership of all of Romeo’s right, title and interest in and to all of its tangible and intangible assets, subject to certain agreed upon exclusions (collectively, the “Assets”) to SG Service Co., LLC, in its sole and limited capacity as Assignee for the Benefit of Creditors of Romeo (“Assignee”), and also designated Assignee to act as the assignee for the benefit of creditors of Romeo, such that, as of June 30, 2023, Assignee succeeded to all of Romeo’s right, title and interest in and to the Assets.
We have incurred losses as a result of the Assignment. For example, we recognized a loss of $24.9 million which is recorded in loss from deconsolidation of discontinued operations in the consolidated statements of operations for the year ended December 31, 2023. The carrying values of the assets and liabilities of Romeo were removed from the condensed consolidated balance sheets as of June 30, 2023. See Note 9, Deconsolidation of Subsidiary, to the condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q for additional information.
We are currently subject to ongoing litigation related to, among other things, our acquisition of Romeo, and may in the future be subject to additional litigation related to Romeo. The Assignment does not have the effect of staying such litigation. Litigation and the time, cost and expenses associated with it could negatively impact our financial condition and results of operations.
We may not be able to consume minimum commitments under our “take or pay” agreements, which may have a material adverse impact on our business and prospects.
We have entered into agreements with certain suppliers of hydrogen that include “take or pay” terms. Take or pay terms obligate us to purchase a minimum quantity of hydrogen within certain time periods or make specified payments in lieu of such purchase. If we fail to secure adequate demand for hydrogen, we have and may continue to not be able to consume minimum commitments under these take or pay contracts, requiring payments to suppliers, which may have a material adverse impact on our business, financial condition and results of operations. See Note 14, Commitments and Contingencies, in our Annual Report on Form 10-K for the year ended December 31, 2023, as amended, for additional information.
We are dependent on our suppliers, a significant number of which are single or limited source suppliers, and the inability of these suppliers to deliver necessary components of our vehicles at prices and volumes acceptable to us would have a material adverse effect on our business, prospects, and operating results.
While we seek to obtain components from multiple sources whenever possible, many of the components used in our vehicles are or will be purchased by us from a single source, especially with respect to hydrogen fuel cells and batteries. We refer to these component suppliers as our single source suppliers. For example, we entered into an agreement with Robert Bosch LLC (“Bosch”), whereby we committed to purchase certain component requirements for fuel cell power modules from Bosch beginning on June 1, 2023 until December 31, 2030. While we believe that we may be able to establish alternate supply relationships and can obtain or engineer replacement components for our single source components, we may be unable to do so in the short-term (or at all) at prices or quality levels that are favorable to us or that meet our requirements.
A significant benefit of our collaborations with manufacturing partners is the ability to leverage their respective existing assortment of parts, thereby decreasing our purchasing expenses. While these relationships give us access to use an existing supplier base with the hopes of accelerating procurement of components at favorable prices, there is no guarantee that this will be the case. In addition, we have and may in the future experience delays if our suppliers do not meet agreed upon timelines or experience capacity constraints.
Our vehicles' estimated range may not be achievable based on various external conditions, which may negatively influence potential end users' decisions whether to purchase our trucks.
We estimate the range of our Tre FCEV and Tre BEV vehicles to be up to 500 and 330 miles, respectively, before needing to recharge or refuel, depending on the type of vehicle. Actual range will vary depending on conditions such as external environment, average speed, number of stops, grade of routes, gross combined weight, trailer type, and driver behavior, among
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others. Range specifications are subject to change. The perceived lack of sufficient range may negatively affect potential end users' decisions to buy or lease our trucks.
The battery efficiency of electric trucks and fuel cell efficiency of FCEV trucks will decline over time, which may negatively influence potential end users’ decisions whether to purchase our trucks.
Our vehicles' range will decline over time as the battery or fuel cell, as applicable, deteriorates. Other factors such as usage, time and stress patterns may also impact the ability to hold a charge, which would decrease our trucks’ range. Such deterioration and the related decrease in range may negatively influence potential end user decisions to purchase our trucks.
Our trucks make use of lithium-ion battery cells, which have been observed to catch fire or vent smoke and flame.
The battery packs within our trucks make use of lithium-ion cells. Lithium-ion cells can rapidly release the energy they contain by venting smoke and flames in a manner that can ignite nearby materials as well as other lithium-ion cells. While the battery pack is designed to contain any single cell’s release of energy without spreading to neighboring cells, a field or testing failure of our vehicles or other battery packs that we produce could occur, which could subject us to lawsuits, product recalls, or redesign efforts, all of which would be time consuming and expensive. For example, we announced a recall of our BEV trucks in August 2023 as a result of preliminary results of our battery pack thermal event investigations. The investigation was in response to a thermal event caused by a battery pack defect. Subsequent thermal events have also occurred. Also, negative public perceptions regarding the suitability of lithium-ion cells for automotive applications or any future incident involving lithium-ion cells, such as a vehicle or other fire, even if such incident does not involve our trucks, could seriously harm our business, and prospects.
In addition, we store a significant number of lithium-ion cells at our facility. Any mishandling of battery cells may cause disruption to the operation of our facility. While we have implemented safety procedures related to the handling of the cells, a safety issue or fire related to the cells could disrupt our operations. Any related damage or injury could lead to adverse publicity and potentially a safety recall. Moreover, any failure of a competitor’s electric vehicle or energy storage product may cause indirect adverse publicity for us and our products. Such adverse publicity could negatively affect our brand and harm our business, prospects, financial condition, and operating results.
We may face challenges related to perceptions of safety for commercial electric vehicles, especially if adverse events or accidents occur that are linked to the quality or safety of commercial electric vehicles.
An accident or safety incident involving one of our trucks may expose us to significant liability and a public perception that our trucks are unsafe or unreliable. For example, in June 2023, a fire started in one of our BEV trucks at our headquarters, which spread to other trucks parked nearby. As a result of the fire, all of the trucks affected became inoperable, and subsequent fires have occurred. Any accident or safety incident involving one of our trucks, even if fully insured, could harm our reputation and result in a loss of future demand if it creates a public perception that our trucks are unsafe or unreliable as compared to those offered by other manufacturers or other means of transportation. As a result, any accident or safety incident involving our trucks, or commercial electric vehicles of our competitors could directly or indirectly materially and adversely affect our business, prospects, financial condition, and operating results.
Any unauthorized control or manipulation of our vehicles’ systems could result in loss of confidence in us and our vehicles and harm our business.
Our trucks contain complex vehicle control and management systems and built-in data connectivity to accept and install periodic remote updates to improve or update functionality. We have designed, implemented and tested security measures intended to prevent unauthorized access to our information technology networks, our trucks and related systems. However, bad actors may attempt to gain unauthorized access to modify, alter and use such networks, trucks and systems to gain control of or to change our trucks’ functionality, user interface and performance characteristics, or to gain access to data stored in or generated by the truck. Future vulnerabilities could be identified and our efforts to remediate such vulnerabilities may not be successful. Any unauthorized access to or control of our trucks or their systems, or any unauthorized access to or loss of end user data, could result in risks to end users or failure of our systems, any of which could result in interruptions in our business, legal claims or proceedings. In addition, regardless of their veracity, reports of unauthorized access to our trucks, systems or data, as well as other factors that may result in the perception that our trucks, systems or data are capable of being hacked could negatively affect our brand and harm our business, prospects, financial condition, and operating results.
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Interruption or failure of our information technology and communications systems could impact our ability to effectively provide our services.
We outfit our trucks with in-vehicle services and functionality that utilize data connectivity to monitor performance and timely capture opportunities for cost-saving preventative maintenance. The availability and effectiveness of our services depend on the continued operation of information technology and communications systems, many of which rely on services provided by third-party vendors. Our systems may be vulnerable to damage or interruption from, among others, fire, terrorist attacks, attacks by computer hackers or other cybersecurity risks, accidental software or hardware failures, natural disasters, power loss, telecommunications failures, computer viruses, computer denial-of-service attacks or other attempts to harm our systems. Our data centers or on-premises systems could also be subject to break-ins, sabotage and intentional acts of vandalism causing potential disruptions. Some of our systems are not fully redundant, and our disaster recovery and business continuity planning cannot account for all eventualities. Any problems with our cloud providers or colocation data centers could result in lengthy interruptions in our service. In addition, our trucks are highly technical and complex and may contain errors or vulnerabilities, which could result in interruptions in our business or the failure of our systems.
We are subject to substantial regulation and unfavorable changes to, or failure by us to comply with, these regulations could substantially harm our business and operating results.
Our alternative fuel and electric trucks, and the sale and servicing of motor vehicles in general, are subject to substantial regulation under international, federal, state, and local laws. We have and expect to continue to incur significant costs in complying with these regulations. Regulations related to the electric vehicle industry and alternative energy are currently evolving and we face risks associated with changes to these regulations, including but not limited to:
•increased subsidies for corn and ethanol production, which could reduce the operating cost of vehicles that use ethanol or a combination of ethanol and gasoline; and
•increased sensitivity by regulators to the needs of established motor vehicle manufacturers with large employment bases, high fixed costs and business models based on the internal combustion engine, which could lead them to pass regulations that could reduce the compliance costs of such established manufacturers or mitigate the effects of government efforts to promote alternative fuel vehicles.
To the extent laws change, our trucks may not comply with applicable international, federal, state or local laws, which would have an adverse effect on our business. Compliance with changing regulations could be burdensome, time consuming, and expensive. To the extent compliance with new regulations is cost prohibitive, our business, prospects, financial condition, and operating results would be adversely affected.
We are subject to various environmental laws and regulations that could impose substantial costs upon us and cause delays in operating our manufacturing facilities.
Our operations are subject to federal, state, and/or local environmental laws and regulations, including laws relating to the use, handling, storage, disposal and human exposure to hazardous materials. Environmental and health and safety laws and regulations can be complex, and we expect that we will be affected by future amendments to such laws or other new environmental and health and safety laws and regulations which may require us to change our operations, potentially resulting in a material adverse effect on our business, prospects, financial condition, and operating results. These laws can give rise to liability for administrative oversight costs, cleanup costs, property damage, bodily injury and fines and penalties. Capital and operating expenses needed to comply with environmental laws and regulations can be significant, and violations may result in substantial fines and penalties, third party damages, suspension of production or a cessation of our operations.
Contamination at properties we own and operate, we formerly owned or operated, or to which hazardous substances were sent by us, may result in liability for us under environmental laws and regulations, including, but not limited to the Comprehensive Environmental Response, Compensation and Liability Act, which can impose liability for the full amount of remediation-related costs without regard to fault, for the investigation and cleanup of contaminated soil and ground water, for building contamination and impacts to human health and for damages to natural resources. The costs of complying with environmental laws and regulations and any claims concerning noncompliance, or liability with respect to contamination in the future, could have a material adverse effect on our financial condition or operating results. We may face unexpected delays in obtaining the required permits and approvals in connection with our manufacturing facilities that could require significant time
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and financial resources and delay our ability to operate these facilities, which would adversely impact our business, prospects, and operating results.
We are subject to evolving laws, regulations, standards, policies, and contractual obligations related to data privacy and security, and any actual or perceived failure to comply with such obligations could harm our reputation and brand, subject us to significant fines and liabilities, or otherwise affect our business.
In the course of our operations, we collect, use, store, disclose, transfer and otherwise process personal information from our customers, truck end users, employees and third parties with whom we conduct business, including names, accounts, user IDs and passwords, and payment or transaction related information. Additionally, we use our trucks’ electronic systems to log information about each vehicle’s use in order to aid us in vehicle diagnostics, repair and maintenance. End users may object to the use of this data, which may increase our vehicle maintenance costs and harm our business and prospects. Possession and use of end users’ information in conducting our business may subject us to legislative and regulatory burdens that could require notification of data breaches, restrict our use of such information and hinder our ability to acquire new customers or market to existing customers. Non-compliance or a major breach of our network security and systems could have serious negative consequences for our business and future prospects, including possible fines, penalties and damages, reduced customer demand for our vehicles, and harm to our reputation and brand. We are subject to or affected by a number of federal, state, and local laws and regulations, as well as contractual obligations and industry standards, that impose certain obligations and restrictions with respect to data privacy and security and govern our collection, storage, retention, protection, use, processing, transmission, sharing and disclosure of personal information including that of our employees, customers and other third parties with whom we conduct business. These laws, regulations and standards may be interpreted and applied differently over time and from jurisdiction to jurisdiction, and it is possible that they will be interpreted and applied in ways that may have a material and adverse impact on our business, financial condition and results of operations.
The global data protection landscape is rapidly evolving, and implementation standards and enforcement practices are likely to remain uncertain for the foreseeable future. We may not be able to monitor and react to all developments in a timely manner. The European Union adopted the General Data Protection Regulation ("GDPR"), which became effective in May 2018, and California adopted the California Consumer Privacy Act of 2018 ("CCPA"), which became effective in January 2020. Both the GDPR and the CCPA impose additional obligations on companies regarding the handling of personal data and provide certain individual privacy rights to persons whose data is collected. Compliance with existing, proposed and recently enacted laws and regulations (including implementation of the privacy and process enhancements called for under the GDPR and CCPA) can be costly, and any failure to comply with these regulatory standards could subject us to legal and reputational risks.
Specifically, the CCPA establishes a privacy framework for covered businesses, including an expansive definition of personal information and data privacy rights for California consumers. The CCPA includes a framework with potentially severe statutory damages for violations and a private right of action for certain data breaches. The CCPA requires covered businesses to provide California consumers with new privacy-related disclosures and new ways to opt-out of certain uses and disclosures of personal information. As we expand our operations, particularly in California, the CCPA may increase our compliance costs and potential liability. Some observers have noted that the CCPA could mark the beginning of a trend toward more stringent privacy legislation in the United States. Additionally, effective starting on January 1, 2023, the California Privacy Rights Act ("CPRA") significantly modifies the CCPA, including by expanding California consumers’ rights with respect to certain sensitive personal information. The CPRA also created a new state agency that will be vested with authority to implement and enforce the CCPA and the CPRA.
Other states have begun to propose similar laws. Compliance with applicable privacy and data security laws and regulations is a rigorous and time-intensive process, and we may be required to put in place additional mechanisms to comply with such laws and regulations, which could cause us to incur substantial costs or require us to change our business practices, including our data management practices, in a manner adverse to our business. In particular, certain emerging privacy laws are still subject to a high degree of uncertainty as to their interpretation and application. Failure to comply with applicable laws or regulations or to secure personal information could result in investigations, enforcement actions and other proceedings against us, which could result in substantial fines, damages and other liability as well as damage to our reputation and credibility, which could have a negative impact on revenues and profits.
We post publicly privacy policies and other documentation regarding our collection, processing, use and disclosure of personal information. Although we endeavor to comply with our policies and other documentation, we may at times fail to do so or may be perceived to have failed to do so. Moreover, despite our efforts, we may not be successful in achieving compliance if
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our employees, contractors, service providers, vendors or other third parties fail to comply with our policies and documentation. Such failures could carry similar consequences or subject us to potential local, state and federal action if they are found to be deceptive, unfair or misrepresentative of our actual practices. Claims that we have violated individuals’ privacy rights or failed to comply with data protection laws or applicable privacy notices could, even if we are not found liable, be expensive and time-consuming to defend and could result in adverse publicity that could harm our business.
Most jurisdictions have enacted laws requiring companies to notify individuals, regulatory authorities and other third parties of security breaches involving certain types of data. Such laws may be inconsistent or may change or additional laws may be adopted. In addition, our agreements with certain customers or truck end users may require us to notify them in the event of a security breach. Such mandatory disclosures are costly, could lead to negative publicity, penalties or fines, litigation and our customers and truck end users losing confidence in the effectiveness of our security measures and require us to expend significant capital and other resources to respond to or alleviate problems caused by the actual or perceived security breach. Any of the foregoing could materially and adversely affect our business, prospects, operating results and financial condition.
We face risks associated with our international operations, including unfavorable regulatory, political, tax and labor conditions, which could harm our business.
We face risks associated with our international operations, including possible unfavorable regulatory, political, tax and labor conditions, which could harm our business. Although our operations are currently focused in the U.S., we have international operations and a subsidiary in Canada that is subject to the legal, political, regulatory and social requirements and economic conditions in this jurisdiction. Additionally, as part of our growth strategy, we intend to expand our truck sales, hydrogen supply, truck maintenance and repair services in North America. However, we have limited experience selling and servicing our vehicles in North America, and no experience to date selling and servicing our vehicles outside of the United States and Canada, and such expansion may require us to make significant expenditures, including the hiring of local employees and establishing facilities, in advance of generating any revenue. We are subject to a number of risks associated with international business activities that may increase our costs, impact our ability to sell our alternative fuel and electric trucks and require significant management attention. These risks include:
•conforming our trucks to various international law and regulatory requirements where our trucks are sold, or homologation;
•development and construction of our hydrogen fueling network;
•difficulty in staffing and managing foreign operations;
•difficulties attracting customers and fleets in new jurisdictions;
•foreign government taxes, regulations and permit requirements, including foreign taxes that we may not be able to offset against taxes imposed upon us in the United States, and foreign tax and other laws limiting our ability to repatriate funds to the United States;
•fluctuations in foreign currency exchange rates and interest rates, including risks related to any interest rate swap or other hedging activities we undertake;
•United States and foreign government trade restrictions, tariffs and price or exchange controls;
•foreign labor laws, regulations and restrictions;
•changes in diplomatic and trade relationships;
•political instability, natural disasters, war or events of terrorism, including the current conflicts involving Ukraine and Russia and in the Middle East; and
•the strength of international economies.
If we fail to successfully address these risks, our business, prospects, operating results and financial condition could be materially harmed.
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Our ability to use net operating losses to reduce future tax payments may be limited by provisions of the Internal Revenue Code and may be subject to further limitation as a result of future transactions.
Sections 382 and 383 of the Internal Revenue Code of 1986, as amended (the "Code"), contain rules that limit the ability of a company that undergoes an ownership change, which is generally any cumulative change in ownership of more than 50% of its stock over a three-year period, to utilize its net operating loss and tax credit carryforwards and certain built-in losses recognized in the years after the ownership change. These rules generally operate by focusing on ownership changes involving stockholders who directly or indirectly own 5% or more of the stock of a company and any change in ownership arising from a new issuance of stock by the company. Generally, if an ownership change occurs, the yearly taxable income limitation on the use of net operating loss and tax credit carryforwards is equal to the product of the applicable long-term tax exempt rate and the value of our stock immediately before the ownership change. As a result, we may be unable to offset our taxable income with net operating losses, or our tax liability with credits, before these losses and credits expire.
In addition, it is possible that future transactions (including issuances of new shares of our common stock and sales of shares of our common stock and equity-linked securities) will cause us to undergo one or more additional ownership changes. In that event, we may not be able to use our net operating losses from periods prior to this ownership change to offset future taxable income in excess of the annual limitations imposed by Sections 382 and 383 of the Code.
We face risks related to health epidemics, which could have a material adverse effect on our business and results of operations.
We face various risks related to public health issues, including epidemics, pandemics, and other outbreaks. For example, the impact of the COVID-19 pandemic included changes in consumer and business behavior, pandemic fears and market downturns, global supply chain constraints, and restrictions on business and individual activities, created significant volatility in the global economy and led to reduced economic activity. The spread of COVID-19 also created a disruption in the manufacturing, delivery and overall supply chain of vehicle manufacturers and suppliers, including us, and led to a global decrease in vehicle sales in markets around the world.
The pandemic resulted in government authorities implementing numerous measures to try to contain the virus, such as travel bans and restrictions, quarantines, stay-at-home or shelter-in-place orders, and business shutdowns. These measures adversely impacted our employees and operations and the operations of our customers, suppliers, vendors and business partners, and negatively impacted our sales and marketing activities, the construction schedule of our hydrogen fueling solutions and our manufacturing plant in Arizona, and the production schedule of our trucks. For example, the headquarters of our former joint venture partner located in Italy was shut down for two months in 2020 due to COVID-19, and as a result, pilot builds for the BEV truck were delayed. In addition, various aspects of our business, manufacturing plant and hydrogen fueling solutions building process, cannot be conducted remotely.
Difficult macroeconomic conditions, such as decreases in per capita income and level of disposable income, increased and prolonged unemployment or a decline in consumer confidence due to the acceleration of inflation in the U.S. and the COVID-19 pandemic, as well as reduced spending by businesses, adversely affected the demand for our trucks. Under difficult economic conditions, potential purchasers may seek to reduce spending by forgoing our trucks for other traditional options. In addition, in this inflationary environment, end users were less likely to invest time and resources in considering alternative charging infrastructure, which affected demand for our trucks. Decreased demand for our trucks negatively affects our business.
We may not be able to obtain or agree on acceptable terms and conditions for all or a significant portion of the government grants, loans and other incentives for which we may apply.
We have received and expect to continue applying for federal and state grants, loans and tax incentives under government programs designed to stimulate the economy and support the production of alternative fuel and electric vehicles and related technologies, as well as the sale of hydrogen. We are initially focusing our efforts in California in part because of the incentives that are available. For example, in 2023, the CTC awarded us a grant under the Trade Corridor Enhancement Program ("TCEP") to build up to four heavy-duty hydrogen refueling stations across Southern California, subject to compliance with follow on requirements, including timing and completion of certain milestones. We anticipate that in the future there will be new opportunities for us to apply for grants, loans and other incentives from the United States, state and foreign governments. Our ability to obtain funds or incentives from government sources is subject to the availability of funds under applicable government programs, approval of our applications to participate in such programs and, in certain instances,
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compliance with ongoing requirements. The application process for these funds and other incentives will likely be highly competitive. We cannot assure you that we will be successful in obtaining any additional grants, loans and other incentives or achieving the follow on requirements to receive funding of grants awarded. If we are not successful in obtaining any of these incentives and we are unable to find alternative sources of funding to meet our planned capital needs, our business and prospects could be materially and adversely affected.
Further, accepting funding from governmental entities or in-licensing patent rights from third parties that are co-owned with governmental entities may result in the U.S. government having certain rights, including so-called march-in rights, to such patent rights and any products or technology developed from such patent rights. When new technologies are developed with U.S. government funding, the U.S. government generally obtains certain rights in any resulting patents, including a nonexclusive license authorizing the U.S. government to use the invention for noncommercial purposes. These rights may permit the U.S. government to disclose our confidential information to third parties and to exercise march-in rights to use or to allow third parties to use our licensed technology. The U.S. government can exercise its march-in rights if it determines that action is necessary because we fail to achieve the practical application of government-funded technology, because action is necessary to alleviate health or safety needs, to meet requirements of federal regulations, or to give preference to U.S. industry. In addition, our rights in such inventions may be subject to certain requirements to manufacture products embodying such inventions in the United States. Any exercise by the U.S. government of such rights could harm our competitive position, business, financial condition, results of operations and prospects.
The evolution of the regulatory framework for autonomous vehicles is outside of our control and we cannot guarantee that our trucks will achieve the requisite level of autonomy to enable driverless systems.
There are currently no federal U.S. regulations pertaining to the safety of self-driving vehicles. However, the National Highway Traffic and Safety Administration has established recommended guidelines. Certain states have legal restrictions on self-driving vehicles, and many other states are considering them. This patchwork increases the difficulty in legal compliance for our vehicles should we deploy autonomous driving features. Self-driving laws and regulations are expected to continue to evolve and may restrict autonomous driving features that we may deploy.
We may be subject to risks associated with autonomous driving technology.
Our trucks can be designed with connectivity for future installation of an autonomous hardware suite and we plan to partner with a third-party software provider in the future to potentially implement Level 2 ("L2") autonomous capabilities. However, we cannot guarantee that we will be able to identify a third party to provide the necessary hardware and software to enable driverless Level 4 or Level 5 autonomy in an acceptable timeframe, on terms satisfactory to us, or at all. Autonomous driving technologies are subject to risks and there have been accidents and fatalities associated with such technologies. The safety of such technologies depends in part on user interaction and users, as well as other drivers on the roadways, may not be accustomed to using or adapting to such technologies. To the extent accidents associated with our L2 autonomous driving systems occur, we could be subject to liability, negative publicity, government scrutiny and further regulation. Any of the foregoing could materially and adversely affect our results of operations, financial condition and growth prospects.
Unfavorable publicity, or a failure to respond effectively to adverse publicity, could harm our reputation and adversely affect our business.
As an early stage company, maintaining and enhancing our brand and reputation is critical to our ability to attract and retain employees, partners, customers and investors, and to mitigate legislative or regulatory scrutiny, litigation and government investigations.
Significant negative publicity has adversely affected our brand and reputation and our stock price. Negative publicity has and may in the future give rise to litigation and/or governmental investigations. Unfavorable publicity relating to us or those affiliated with us, including our former executive chairman and our vehicle recall in August 2023, has and may in the future adversely affect public perception of the company. Adverse publicity and its effect on overall public perceptions of our brand, or our failure to respond effectively to adverse publicity, could have a material adverse effect on our business.
The negative publicity has made it more difficult for us to attract and retain employees, partners, customers, and end users, reduced confidence in our products and services, harmed investor confidence and the market price of our common stock, invited legislative and regulatory scrutiny and resulted in litigation and governmental investigations and penalties. As a result, customers, potential customers, end users, potential end users, partners and potential partners have failed to award us additional
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business, cancelled or sought to cancel existing contracts or otherwise, or direct future business to our competitors, and may in the future take similar actions, and investors may invest in our competitors instead of us. See Note 11, Commitments and Contingencies, to the condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q and to Note 14, Commitments and Contingencies, in our Annual Report on Form 10-K for the year ended December 31, 2023, as amended, for additional information.
The successful rehabilitation of our brand will depend largely on regaining a good reputation, meeting business milestones, satisfying the requirements of customers and end users, meeting our fueling commitments, maintaining a high quality of service, improving our compliance programs and continuing our marketing and public relations efforts. Expenses related to our brand promotion, reputation building, and media strategies have been significant and our efforts may not be successful. We anticipate that other competitors and potential competitors will expand their offerings, which will make maintaining and enhancing our reputation and brand increasingly more difficult and expensive. If we fail to successfully rehabilitate our brand in the current or future competitive environment or if events similar to the negative publicity occur in the future, our brand and reputation would be further damaged and our business may suffer.
Although we maintain insurance for the disruption of our business and director and officer liability insurance, these insurance policies will not be sufficient to cover all of our potential losses and may not continue to be available to us on acceptable terms, if at all.
Social media platforms present risks and challenges that could cause damage to our brand and reputation, and which could subject us to liability, penalties and other restrictive sanctions.
Social media platforms present risks and challenges that have resulted, and may in the future result in damage to our brand and reputation, and which could subject us to liability, penalties and other restrictive sanctions. Our internal policies and procedures regarding social media have not been, and may not in the future, be effective in preventing the inappropriate use of social media platforms, including blogs, social media websites and other forms of Internet-based communications. These platforms allow individuals access to a broad audience of consumers, investors and other interested persons. The considerable expansion in the use of social media over recent years has increased the volume and speed at which negative publicity arising from these events can be generated and spread, and we may be unable to timely respond to, correct any inaccuracies in, or adequately address negative perceptions arising from such coverage. The use of such platforms by our former officers and employees has adversely impacted, and could in the future adversely impact our costs, and our brand and reputation, and has resulted, and could in the future result in the disclosure of confidential information, litigation and regulatory inquiries. Any such litigation or regulatory inquiries may result in significant penalties and other restrictive sanctions and adverse consequences. In addition, negative or inaccurate posts or comments about us on social media platforms could damage our reputation, brand image and goodwill, and we could lose the confidence of our customers, end users, and partners, regardless of whether such information is true and regardless of any number of measures we may take to address them. We are currently party to litigation and regulatory proceedings related in part to social media statements. See Legal Proceedings in Note 11, Commitments and Contingencies, to the condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q and to Note 14, Commitments and Contingencies, in our Annual Report on Form 10-K for the year ended December 31, 2023, as amended, for additional information.
Risks Related to Our Intellectual Property
We may need to defend ourselves against patent or trademark infringement, or other intellectual property claims, which may be time-consuming and cause us to incur substantial costs.
Companies, organizations or individuals, including our competitors, may own or obtain patents, trademarks or other proprietary rights that would prevent or limit our ability to make, use, develop or sell our vehicles or components, which could make it more difficult for us to operate our business. We may receive inquiries from patent or trademark owners inquiring whether we infringe their proprietary rights. Companies owning patents or other intellectual property rights relating to battery packs, electric motors, fuel cells or electronic power management systems may allege infringement of such rights. In response to a determination that we have infringed upon a third party’s intellectual property rights, we may be required to do one or more of the following:
•cease development, sales, or use of vehicles that incorporate the asserted intellectual property;
•pay substantial damages;
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•obtain a license from the owner of the asserted intellectual property right, which license may not be available on reasonable terms or at all; or
•redesign one or more aspects or systems of our trucks.
A successful claim of infringement against us could materially and adversely affect our business, prospects, operating results and financial condition. Any litigation or claims, whether valid or invalid, could result in substantial costs and diversion of resources.
We also have licensed patents and other intellectual property from third parties, including suppliers and service providers, and we may face claims that our use of this in-licensed technology infringes the intellectual property rights of others. In such cases, we will seek indemnification from our licensors. However, our rights to indemnification may be unavailable or insufficient to cover our costs and losses.
We may also face claims challenging our use of open source software and our compliance with open source license terms. While we monitor our use of open source software and try to ensure that none is used in a manner that would require us to disclose or license our proprietary source code or that would otherwise breach the terms of an open source agreement, such use could inadvertently occur, or could be claimed to have occurred. Any breach of such open source license or requirement to disclose or license our proprietary source code could harm our business, financial condition, results of operations and prospects.
Our business may be adversely affected if we are unable to protect our intellectual property rights from unauthorized use by third parties.
Failure to adequately protect our intellectual property rights could result in our competitors offering similar products, potentially resulting in the loss of some of our competitive advantage, and a decrease in our revenue which would adversely affect our business, prospects, financial condition and operating results. Our success depends, at least in part, on our ability to protect our core technology and intellectual property. To accomplish this, we rely on a combination of patents, trade secrets (including know-how), employee and third-party nondisclosure agreements, copyright, trademarks, intellectual property licenses and other contractual rights to establish and protect our rights in our technology. We cannot guarantee that we have entered into such agreements with each party that may have or have had access to our trade secrets or proprietary information, including our technology and processes. In connection with our collaboration, partnership and license agreements, our rights to use licensed or jointly owned technology and intellectual property under such agreements may be subject to the continuation of and compliance with the terms of those agreements. In some cases, we may not control the prosecution, maintenance or filing of licensed or jointly owned patent rights, or the enforcement of such patents against third parties.
The protection of our intellectual property rights is important to our business and future opportunities. However, the measures we take to protect our intellectual property from unauthorized use by others may not be effective for various reasons, including the following:
•any patent applications we submit may not result in the issuance of patents;
•the scope of our issued patents may not be broad enough to protect our proprietary rights;
•our issued patents may be challenged and/or invalidated by our competitors;
•the costs associated with enforcing patents, confidentiality and invention agreements or other intellectual property rights may make aggressive enforcement impracticable;
•current and future competitors may circumvent our patents; and
•our in-licensed patents may be invalidated, or the owners of these patents may breach our license arrangements.
Patent, trademark, and trade secret laws vary significantly throughout the world. Some foreign countries do not protect intellectual property rights to the same extent as do the laws of the United States. Further, policing the unauthorized use of our intellectual property in foreign jurisdictions may be difficult. Therefore, our intellectual property rights may not be as strong or as easily enforced outside of the United States.
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Our patent applications may not issue as patents, which may have a material adverse effect on our ability to prevent others from commercially exploiting products similar to ours.
We cannot be certain that we are the first inventor of the subject matter to which we have filed a particular patent application, or if we are the first party to file such a patent application. If another party has filed a patent application to the same subject matter as we have, we may not be entitled to the protection sought by the patent application. Further, the scope of protection of issued patent claims is often difficult to determine. As a result, we cannot be certain that the patent applications that we file will issue, or that our issued patents will afford protection against competitors with similar technology. In addition, our competitors may design around our issued patents, which may adversely affect our business, prospects, financial condition or operating results.
Risks Related to Our Convertible Indebtedness
We may not have sufficient cash flow from our business to pay our substantial debt, and we may not be able to refinance or restructure our debt.
As of September 30, 2024, an aggregate of $201.1 million of convertible debt was outstanding, consisting of $130.3 million, $11.9 million, $57.1 million and $1.8 million in aggregate principal amount of our June 2022 Toggle Convertible Notes, June 2023 Toggle Convertible Notes, Third Purchase Agreement Notes and 8.25% Convertible Notes, respectively. As of December 31, 2023, $123.5 million, $11.5 million, and $21.6 million in aggregate principal amount of our June 2022 Toggle Convertible Notes, June 2023 Toggle Convertible Notes and 8.25% Convertible Notes, respectively, were outstanding. The terms of our June 2022 Toggle Convertible Notes and June 2023 Toggle Convertible Notes allow us to issue additional June 2022 Toggle Convertible Notes and June 2023 Toggle Convertible Notes, respectively, in lieu of paying cash interest thereon. In October 2024, we received conversion notices under the Third Purchase Agreement Notes for an aggregate of $33.7 million of aggregate principal amount, make-whole amount and accrued and unpaid interest, which we are obligated to settle in cash for $39.3 million (the "Exchange Cap Redemption Amounts") as we have already issued the maximum amount of shares that may be issued under the Third Purchase Agreement Notes without obtaining stockholder approval. The holder agreed to defer settlement of the Exchange Cap Redemption Amounts until the earlier of (x) the occurrence of any bankruptcy event of default, (y) if we and the holder mutually agree to exchange, in whole or in part, the Exchange Cap Redemption Amounts into securities of the Company, solely with respect to such applicable portion of the Exchange Cap Redemption Amount that is to be exchanged, the time immediately prior to such exchange and (z) December 31, 2024 (or such other date as we and the holder may mutually agree in writing from time to time). If the payment of the Exchange Cap Redemption Amounts is not paid, discharged, cured or waived as provided in the applicable indentures, the holders of our June 2022 Toggle Convertible Notes, June 2023 Toggle Convertible Notes and the 8.25% Convertible Notes may have the right to accelerate such notes.
Our ability to repay principal and interest at maturity, to pay interest on or to refinance our June 2022 Toggle Convertible Notes, June 2023 Toggle Convertible Notes, Third Purchase Agreement Notes, 8.25% Convertible Notes or any future indebtedness we may incur or to pay the Exchange Cap Redemption Amounts depends on our future performance, which is subject to economic, financial, competitive and other factors beyond our control. While, in lieu of paying cash interest on our June 2022 Toggle Convertible Notes and June 2023 Toggle Convertible Notes, we have and may continue to elect to pay interest in kind, that election will increase the aggregate principal amount of those notes and in the case of our June 2022 Toggle Convertible Notes, could result in a further dilutive issuance of shares of our common stock if such notes are converted. Our business has not and may not in the future generate cash flow from operations sufficient to service our debt and make necessary capital expenditures, or repay our outstanding indebtedness. If we are unable to generate sufficient cash flow, we may be required to adopt one or more alternatives, such as selling assets, restructuring debt or obtaining additional equity capital on terms that may be onerous or highly dilutive. Our ability to refinance our indebtedness will depend on the capital markets and our financial condition at such time. We may not be able to engage in any of these activities or engage in these activities on desirable terms, which could result in a default on our debt obligations.
We may incur a substantial amount of debt or take other actions which would intensify the risks discussed above, and significant indebtedness may prevent us from taking actions that we would otherwise consider to be in our best interests.
We and our subsidiaries may be able to incur substantial additional debt in the future, subject to the restrictions contained in our debt instruments, some of which may be secured debt. The indentures governing our June 2022 Toggle Convertible Notes, June 2023 Toggle Convertible Notes, Third Purchase Agreement Notes and 8.25% Convertible Notes do not
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restrict us from incurring any unsecured debt; however, the indentures governing our June 2022 Toggle Convertible Notes and June 2023 Toggle Convertible Notes allow us to incur secured debt of up to $500.0 million.
In addition, our indebtedness, combined with our other financial obligations and contractual commitments, could have other important consequences. For example, it could:
•make us more vulnerable to adverse changes in general U.S. and worldwide economic, industry and competitive conditions and adverse changes in government regulation;
•limit our flexibility in planning for, or reacting to, changes in our business and our industry;
•place us at a disadvantage compared to our competitors who have less debt; and
•limit our ability to borrow additional amounts for working capital and other general corporate purposes, including to fund possible acquisitions of, or investments in, complementary businesses, products, services and technologies.
Any of these factors could materially and adversely affect our business, financial condition and results of operations.
We may not have the ability to raise the funds necessary to settle conversions of our convertible notes in cash or to repurchase the notes upon a fundamental change or change in control transaction, and our future debt may contain limitations on our ability to pay cash upon conversion or repurchase of the notes.
In addition to the Exchange Cap Redemption Amount referred to in “We may not have sufficient cash flow from our business to pay our substantial debt, and we may not be able to refinance or restructure our debt” above, we will be required to make cash payments to holders of our Third Purchase Agreement Notes with respect to any future conversions of the remaining outstanding Third Purchase Agreement Notes unless we first obtain stockholder approval to issue additional shares of common stock upon conversion. Holders of our June 2022 Toggle Convertible Notes and June 2023 Toggle Convertible Notes have the right to require us to repurchase all or any portion of their notes upon the occurrence of a fundamental change or a change of control transaction as defined in those notes at a repurchase price equal to 100% of the capitalized principal amount of the notes to be repurchased, in the case of a fundamental change, or 130% of the capitalized principal amount of the notes to be repurchased, in the case of a change in control transaction, plus accrued and unpaid interest, if any. Holders of 8.25% Convertible Notes have the right to require us to repurchase all or any portion of their notes upon the occurrence of a fundamental change or a change of control transaction as defined in those notes at a repurchase price equal to 100% of the principal amount of the notes to be repurchased in the case of a fundamental change plus accrued and unpaid interest, if any. In addition, upon conversion of our June 2022 Toggle Convertible Notes and June 2023 Toggle Convertible Notes, unless we elect to deliver solely shares of our common stock to settle such conversion (other than paying cash in lieu of delivering any fractional share), we will be required to make cash payments in respect of the notes being converted. In addition, upon conversion of our 8.25% Convertible Notes, we will be required to deliver to the converting holder in cash a coupon make-whole premium in an amount equal to the present value of all regularly scheduled payments of interest due on each interest payment date of such notes until the maturity date thereof discounted based on United States treasuries plus 50 basis points. However, we may not have enough available cash or be able to obtain financing at the time we are required to make repurchases of notes surrendered therefor or notes being converted. In addition, our ability to repurchase our June 2022 Toggle Convertible Notes, June 2023 Toggle Convertible Notes and 8.25% Convertible Notes, or to pay cash upon conversions of such notes may be limited by law, by regulatory authority or by agreements governing our future indebtedness. Our failure to repurchase our June 2022 Toggle Convertible Notes, June 2023 Toggle Convertible Notes and 8.25% Convertible Notes at a time when the repurchase is required by the indenture that governs such notes or to pay any cash payable on future conversions of such notes as required by the indenture that governs such notes would constitute a default under such indenture. A default under any such indenture or the occurrence of the fundamental change itself could also lead to a default under agreements governing our existing or future indebtedness. If the repayment of the related indebtedness were to be accelerated after any applicable notice or grace periods, we may not have sufficient funds to repay the indebtedness, repurchase such notes or make cash payments upon conversions of such notes.
The conditional conversion feature of our June 2022 Toggle Convertible Notes and June 2023 Toggle Convertible Notes, if triggered, may adversely affect our financial condition and operating results.
In the event the conditional conversion feature of each of our June 2022 Toggle Convertible Notes and June 2023 Toggle Convertible Notes is triggered, holders of such notes will be entitled to convert such notes at any time during specified
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periods at their option. If one or more holders elect to convert such notes, unless we elect to satisfy our conversion obligation by delivering solely shares of our common stock (other than paying cash in lieu of delivering any fractional share), we would be required to settle a portion or all of our conversion obligation through the payment of cash, which could adversely affect our liquidity. In addition, even if holders do not elect to convert such notes, we could be required under applicable accounting rules to reclassify all or a portion of the outstanding principal of such notes as a current rather than long-term liability, which would result in a material reduction of our net working capital.
Risks Related to Operating as a Public Company
We incur significant expenses and administrative burdens as a public company, which could have an adverse effect on our business, financial condition and results of operations.
We incur significant legal, accounting, administrative and other costs and expenses as a public company. The Sarbanes-Oxley Act of 2002 (the "Sarbanes-Oxley Act"), including the requirements of Section 404, as well as rules and regulations subsequently implemented by the SEC, the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and the rules and regulations promulgated and to be promulgated thereunder, the Public Company Accounting Oversight Board and the securities exchanges, impose additional reporting and other obligations on public companies. Our management and other personnel need to devote a substantial amount of time to these compliance and disclosure obligations. If these requirements divert the attention of our management and personnel from other aspects of our business, they could have a material adverse effect on our business, financial condition and results of operations. Moreover, these rules and regulations applicable to public companies substantially increase our legal, accounting and financial compliance costs, require that we hire additional personnel and make some activities more time-consuming and costly. It may also be more expensive for us to obtain director and officer liability insurance.
We identified a material weakness in our internal control over financial reporting, and have identified other material weaknesses in the past. If we are unable to remediate these material weaknesses, or if we experience additional material weaknesses or other deficiencies in the future or otherwise fail to maintain an effective system of internal control over financial reporting, we may not be able to accurately or timely report our financial results.
Our management is responsible for establishing and maintaining adequate internal control over financial reporting and for evaluating and reporting on the effectiveness of our system of internal control. As a public company, we are required by Section 404 of the Sarbanes-Oxley Act to evaluate the effectiveness of our internal control over financial reporting. We must also include a report issued by our independent registered public accounting firm based on their audit of our internal controls over financial reporting.
In connection with our year-end assessment of internal control over financial reporting, we determined that, as of December 31, 2023, we did not maintain effective internal control over financial reporting because of a material weakness associated with ineffective ITGCs, in the areas of user access and change management for the IT systems that support our financial reporting processes. We believe that these control deficiencies were a result of insufficient training of personnel on the operation and importance of ITGCs and inadequate risk-assessment processes resulting in failure to identify and assess risks in IT environments that could impact internal control over financial reporting. Management also deemed ineffective certain automated and manual business process controls that are dependent on the affected ITGCs, because they could have been adversely impacted to the extent that they rely upon information and configurations from the affected IT system.
The material weakness for ITGCs was first identified in 2022. With the oversight of senior management and our audit committee, we have identified controls and implemented our remediation plan to address the material weakness related to our
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ITGCs mentioned above. During the year ended December 31, 2023, we have completed the following remedial actions related to this material weakness:
•Performed a risk assessment over the IT system that supports our financial reporting processes;
•Hired consultants and key personnel with internal control experience with our IT system to drive remediation efforts;
•Designed, developed, and deployed an enhanced ITGC framework, including the implementation of systems and tools to enable the effectiveness and consistent execution of these controls;
•Developed a training program to address ITGCs and policies, including (i) educating control owners concerning the principles and requirements of each control, with a focus on those related to user access and change management over IT systems impacting financial reporting; (ii) developing and maintaining documentation of underlying ITGCs to promote knowledge transfer upon personnel and function changes; and (iii) implementing an IT management review and testing plan to monitor ITGCs with a specific focus on systems supporting our financial reporting processes; and
•Implemented enhanced system capabilities and business processes to manage and monitor key elements of the control framework. This includes segregation of duties, elevated user access review, change management, user provisioning and deprovisioning, and user access reviews.
We believe the measures described above will remediate the material weakness and strengthen our internal control over financial reporting. However, this material weakness will not be considered remediated until the applicable controls operate for a sufficient period of time and management has concluded through testing that the controls are operating effectively. Our implementation of the measures described above occurred through the end of 2023, and as a result, there was not a sufficient period of time for the controls to be operating or tested to conclude a full assessment of their effectiveness. Although we have improved our controls intended to remediate this material weakness, we cannot be certain as to when or if remediation will be complete. Further, remediation efforts place a significant burden on management and add increased pressure to our financial and IT resources and processes. As a result, we may not be successful in making the improvements necessary to remediate the material weakness identified by management, be able to do so in a timely manner, or be able to identify and remediate additional control deficiencies, including material weaknesses, in the future. For further discussion of the material weaknesses identified and our remedial efforts, see Item 4. Controls and Procedures, included elsewhere in this Quarterly Report on Form 10-Q, and Item 9A. Controls and Procedures of our Annual Report on Form 10-K for the year ended December 31, 2023, as amended, for additional information.
We have also identified other material weaknesses in the past including, most recently in connection with the review of our unaudited condensed consolidated financial statements for the three months ended September 30, 2023. That material weakness was a result of certain control deficiencies related to the precision of our review for the valuation and remeasurement of the embedded derivative liability of our Toggle Convertible Notes as of June 30, 2023 and September 30, 2023, and was remediated in 2023.
Any failure to maintain internal control over financial reporting could severely inhibit our ability to accurately report our financial condition or results of operations. The effectiveness of our controls and procedures may be limited by a variety of factors, including:
•faulty human judgment and simple errors, omissions, or mistakes;
•fraudulent action of an individual or collusion of two or more people;
•inappropriate management override of procedures; and
•the possibility that any enhancements to controls and procedures may still not be adequate to assure timely and accurate financial control.
Our ability to comply with the annual internal control report requirements will depend on the effectiveness of our financial reporting and data systems and controls across our company. We expect these systems and controls to involve significant expenditures and to become increasingly complex as our business grows. To effectively manage this complexity, we
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will need to continue to improve our operational, financial, and management controls, and our reporting systems and procedures. Our inability to successfully remediate our existing or any future material weaknesses or other deficiencies in our internal control over financial reporting or any failure to implement required new or improved controls, or difficulties encountered in the implementation or operation of these controls, could harm our operating results and cause us to fail to meet our financial reporting obligations or result in material misstatements in our financial statements, which could adversely affect our liquidity and access to capital markets, our business and investor confidence in us, and our stock price.
Interest in our common stock from our significant base of retail and other individual investors could result in increased volatility in the market price of our common stock, which could have a material adverse impact on the market price of our common stock and your investment.
Retail and other individual investors, which make up a significant segment of our overall stockholder base, have played a significant role in recent market dynamics that have resulted in substantial increases and volatility in the market prices of “meme” stocks. The market prices and trading volumes of the common stock of certain “meme” stocks have experienced, and may continue to experience, extreme volatility. The rapid and substantial increases or decreases in the market prices of these “meme” stocks may be unrelated to operating performance, macroeconomic trends or industry fundamentals, and substantial increases in the value of such stocks may obscure the significant risks and uncertainties that the issuer faces. This volatility has been attributed, in part, to strong and atypical retail investor interest, including as may be expressed on financial trading and other social media sites and online forums.
We have in the past and may in the future experience significant interest in our common stock from such investors, and as a result the market price of our common stock has been and may continue to be volatile. There is no guarantee that we will benefit from such retail and individual investor interest, even if our business or financial performance is strong. If investor sentiment changes, this could have a material adverse impact on the market price of our common stock and your investment.
Retail and individual investor sentiment (including as may be expressed on financial trading and other social media sites and online forums) may also influence the amount and status of short interest in our common stock. This has and may in the future increase the likelihood of our common stock being the target of a “short squeeze,” particularly because a large proportion of our common stock has been in the past and may in the future be traded by short sellers. A short squeeze and/or focused investor trading in anticipation of a short squeeze has and may in the future lead to volatile price movements in shares of our common stock that may be unrelated or disproportionate to our operating performance or prospects. Or, if investors no longer believe a short squeeze is viable, the market price of our common stock may rapidly decline. Accordingly, investors that purchase shares of our common stock during a short squeeze may lose a significant portion of their investment.
Furthermore, short squeeze and/or other focused trading activity stemming from negative sentiment across our retail investor base could result in declines in the market price of our common stock such that our eligibility to remain listed on The Nasdaq Stock Market ("Nasdaq") may be adversely impacted, which could impair our ability to access the capital markets and otherwise raise capital in the future. See “General Risk Factors—If we fail to satisfy all applicable Nasdaq continued listing requirements, including the $1.00 minimum closing bid price requirement, our common stock may be delisted from Nasdaq, which could have an adverse impact on the liquidity and market price of our common stock.”
General Risk Factors
We have never paid dividends on our capital stock, and we do not anticipate paying dividends in the foreseeable future.
We have never paid dividends on any of our capital stock and currently intend to retain any future earnings to fund the growth of our business. Any determination to pay dividends in the future will be at the discretion of our board of directors, and will depend on our financial condition, operating results, capital requirements, general business conditions and other factors that our board of directors may deem relevant. As a result, capital appreciation, if any, of our common stock will be the sole source of gain for the foreseeable future.
Our stock price is volatile, and you may not be able to sell shares of our common stock at or above the price you paid.
The trading price of our common stock is volatile and has been and may in the future be subject to wide fluctuations in response to various factors, some of which are beyond our control. For example, the trading price of our common stock declined following the release of the short-seller article, which contains certain allegations against us. Other factors that have or may cause our stock price to fluctuate include, but are not limited to:
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•our progress on achievement of business milestones and objectives;
•actual or anticipated fluctuations in operating results;
•our need for additional capital;
•failure to meet or exceed financial estimates and projections of the investment community or that we provide to the public;
•issuance of new or updated research or reports by securities analysts or changed recommendations for our stock or the transportation industry in general;
•announcements by us or our competitors of significant acquisitions, capital commitments or the entrance into or discontinuation of strategic partnerships, joint ventures or collaborations;
•operating and share price performance of other companies that investors deem comparable to us;
•recalls, including our BEV truck recall;
•our focus on long-term goals over short-term results;
•the timing and magnitude of our investments in our business;
•actual or anticipated changes in laws and regulations affecting our business;
•additions or departures of key management or other personnel;
•disputes or other developments related to our intellectual property or other proprietary rights, including litigation;
•our ability to market new and enhanced products and technologies on a timely basis;
•sales of substantial amounts of our common stock, including sales by our directors, executive officers or significant stockholders or the perception that such sales could occur;
•changes in our capital structure, including future issuances of securities or the incurrence of debt; and
•general economic, political and market conditions.
In addition, the stock market in general, and Nasdaq in particular, has experienced extreme price and volume fluctuations that have often been unrelated or disproportionate to the operating performance of those companies.
In September 2020, an entity published an article containing certain allegations against us that we believe has negatively impacted the trading price of our common stock. The price of our common stock also decreased substantially following public announcements made by us. In addition, broad market and industry factors, including the COVID-19 pandemic and the war in Ukraine, may seriously affect the market price of our common stock, regardless of our actual operating performance.
Any investment in our common stock is subject to extreme volatility and could result in the loss of your entire investment. In addition, in the past, following periods of volatility in the overall market and the market price of a particular company’s securities, securities class action litigation has often been instituted against these companies. This litigation, which has and may in the future be instituted against us, could result in substantial costs and a diversion of our management’s attention and resources. See Legal Proceedings in Note 11, Commitments and Contingencies, to the condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q and Note 14, Commitments and Contingencies, in our Annual Report on Form 10-K for the year ended December 31, 2023, as amended, for additional information.
If we fail to satisfy all applicable Nasdaq continued listing requirements, including the $1.00 minimum closing bid price requirement, our common stock may be delisted from Nasdaq, which could have an adverse impact on the liquidity and market price of our common stock.
Our common stock is currently listed on Nasdaq, which has qualitative and quantitative continued listing requirements, including corporate governance requirements, public float requirements, and a $1.00 minimum closing bid price requirement.
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On May 24, 2023, we received written notice from Nasdaq notifying us that we are not in compliance with the minimum bid price requirements set forth in Nasdaq listing rule 5450(a)(1) for continued listing on Nasdaq (the “Minimum Bid Price Requirement”). Nasdaq listing rule 5450(a)(1) requires listed securities maintain a minimum closing bid price of $1.00 per share, and Nasdaq listing rule 5810(c)(3)(A) provides that a failure to meet the minimum closing bid price requirement exists if the deficiency continues for a period of 30 consecutive business days. Based on the closing bid price of our common stock for the 30 consecutive business days prior to the date of the written notice, we did not meet the Minimum Bid Price Requirement. To regain compliance, the closing bid price of our common stock needed to be at least $1.00 per share for a minimum of 10 consecutive business days at any time prior to November 20, 2023. On June 29, 2023, we received notification from Nasdaq that we had regained compliance with the Minimum Bid Price Requirement and, as a result, the matter of our noncompliance with the Minimum Bid Price Requirement had been closed.
On January 19, 2024, we received a subsequent notice from Nasdaq that we did not meet the Minimum Bid Price Requirement. To regain compliance, the closing bid price of our common stock must be at least $1.00 per share for a minimum of 10 consecutive business days within 180 days of the notice date, or by July 17, 2024, which may be extended if certain conditions are met. In connection with our failure to satisfy the Minimum Bid Price Requirement, we effected a one-for-thirty (1-for-30) reverse stock split (the "Reverse Stock Split") of our issued shares of common stock, and our common stock began trading on a reverse stock split-adjusted basis on June 25, 2024. On July 10, 2024, we received notification from Nasdaq that we had regained compliance with the Minimum Bid Price Requirement and, as a result, the matter of our noncompliance with the Minimum Bid Price Requirement had been closed.
Although the Reverse Stock Split increased the market price of our common stock to above $1.00, allowing us to regain compliance with the Minimum Bid Price Requirement, we cannot guarantee that the Reverse Stock Split will result in the trading price of our common stock remaining above the Minimum Bid Price Requirement, or that the Reverse Stock Split will result in a long-term increase in the market price of our common stock, which would be dependent on many factors, including general economic, market and industry conditions, our business and other factors.
If we are unable to maintain compliance with the Minimum Bid Price Requirement, or if we are unable to satisfy any of the other continued listing requirements, Nasdaq may take steps to delist our common stock. Delisting would have an adverse effect on the liquidity of our common stock, decrease the market price of our common stock, result in the potential loss of confidence by investors, suppliers, customers, end users, and employees, and fewer business development opportunities, and adversely affect our ability to obtain financing for our continuing operations. In addition, delisting would constitute a fundamental change under the indentures that govern our June 2022 Toggle Convertible Notes, June 2023 Toggle Convertible Notes and 8.25% Convertible Notes which could result in our being required to repurchase such notes. See "Risks Related to Our Convertible Indebtedness - We may not have the ability to raise the funds necessary to settle conversions of convertible notes in cash or to repurchase the notes upon a fundamental change or change in control transaction, and our future debt may contain limitations on our ability to pay cash upon conversion or repurchase of the notes."
Material impairment of indefinite or long-lived assets may adversely impact our results of operations.
During the three months ended September 30, 2024, we recorded impairment charges of $33.4 million related to our indefinite lived intangible assets and goodwill, resulting from a sustained decline in our stock price and market capitalization. If the future growth and operating results of our business are not in line with our expectations and/or our market capitalization continues to decline, this could further impact the assumptions and estimates used in calculating the recoverability and fair value of intangible and fixed assets. To the extent any additional future impairment occurs, the carrying value of the affected assets will be written down to an implied fair value and an impairment charge will be made on our condensed consolidated statements of operations. Such an impairment charge could materially and adversely affect our operating results.
If we are unable to attract and retain key employees and hire qualified management, technical and engineering personnel, our ability to compete could be harmed.
Our success depends, in part, on our ability to retain our key personnel. The unexpected loss of or failure to retain one or more of our key employees could adversely affect our business. For example, we have experienced a number of changes in management in the past few years.
Our success also depends, in part, on our continuing ability to identify, hire, attract, train and develop other highly qualified personnel, including management, technical and engineering personnel. Qualified individuals are in high demand,
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particularly in the vehicle technology industry. Competition for individuals with experience designing, manufacturing and servicing electric vehicles is intense, and we may not be able to attract, integrate, train, motivate or retain additional highly qualified personnel in the future. Furthermore, our ability to hire, attract and retain them may depend on our ability to provide competitive compensation. We use equity awards to attract talented employees, but if the value of our common stock declines significantly, as it has in the recent past, and remains depressed, it may prevent us from recruiting and retaining qualified employees. We may not be able to attract, integrate, train or retain qualified personnel in the future. Additionally, we may not be able to hire new employees quickly enough to meet our needs. Our failure to do so could adversely affect our business and prospects, including the execution of our global business strategy.
Our certificate of incorporation provides, subject to limited exceptions, that the Court of Chancery of the State of Delaware will be the sole and exclusive forum for certain stockholder litigation matters, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers, employees or stockholders.
Our certificate of incorporation requires, to the fullest extent permitted by law, that derivative actions brought in our name, actions against directors, officers and employees for breach of fiduciary duty and other similar actions may be brought in the Court of Chancery in the State of Delaware or, if that court lacks subject matter jurisdiction, another federal or state court situated in the State of Delaware. Any person or entity purchasing or otherwise acquiring any interest in shares of our capital stock shall be deemed to have notice of and consented to the forum provisions in our certificate of incorporation. In addition, our certificate of incorporation and our amended and restated bylaws will provide that the federal district courts of the United States shall be the exclusive forum for the resolution of any complaint asserting a cause of action under the Securities Act and the Exchange Act.
In March 2020, the Delaware Supreme Court issued a decision in Salzburg et al. v. Sciabacucchi, which found that an exclusive forum provision providing for claims under the Securities Act to be brought in federals court is facially valid under Delaware law. It is unclear whether this decision will be appealed, or what the final outcome of this case will be. We intend to enforce this provision, but we do not know whether courts in other jurisdictions will agree with this decision or enforce it.
This choice of forum provision may limit a stockholder’s ability to bring a claim in a judicial forum that it finds favorable for disputes with us or any of our directors, officers, other employees or stockholders, which may discourage lawsuits with respect to such claims. Alternatively, if a court were to find the choice of forum provision contained in our certificate of incorporation to be inapplicable or unenforceable in an action, we may incur additional costs associated with resolving such action in other jurisdictions, which could harm our business, operating results and financial condition.
If securities or industry analysts issue an adverse recommendation regarding our stock or do not publish research or reports about our company, our stock price and trading volume could decline.
The trading market for our common stock depends in part on the research and reports that equity research analysts publish about us and our business. We do not control these analysts or the content and opinions included in their reports. Securities analysts may elect not to provide research coverage of our company and such lack of research coverage may adversely affect the market price of our common stock. The price of our common stock could also decline if one or more equity research analysts downgrade our common stock, change their price targets, issue other unfavorable commentary or cease publishing reports about us or our business. For example, in September 2020, an entity published an article containing certain allegations against us that we believe has negatively impacted the trading price of our common stock. If one or more equity research analysts cease coverage of our company, we could lose visibility in the market, which in turn could cause our stock price to decline.
Certain of our warrants are accounted for as liabilities and the changes in value of our warrants could have a material effect on our financial results.
We are required to measure the fair value of certain of our warrants at the end of each reporting period and recognize changes in the fair value from the prior period in our operating results for the current period. As a result of the recurring fair value measurement, our financial statements and results of operations may fluctuate quarterly based on factors which are outside our control. We expect that we will recognize non-cash gains or losses due to the quarterly fair valuation of certain of our warrants and that such gains or losses could be material.
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ITEM 5. OTHER INFORMATION
(c) Trading Plans
During the quarter ended September 30, 2024, no director or officer adopted or terminated any contract, instruction or written plan for the purchase or sale of securities of the Company pursuant to Rule 10b5-1(c) or any non-Rule 10b5-1 trading arrangement (as defined in Regulation S-K Item 408(c)).

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ITEM 6. EXHIBITS
Exhibit No.Description
^
^
101.INSInline XBRL Instance.
101.SCHInline XBRL Extension Calculation Linkbase.
101.CAL
Inline XBRL Taxonomy Extension Calculation Linkbase.
101.DEFInline XBRL Taxonomy Extension Definition Linkbase.
101.LABInline XBRL Taxonomy Extension Label Linkbase.
101.PREInline XBRL Taxonomy Extension Presentation Linkbase.
104Cover Page Interactive Data File (formatted as Inline XBRL).
________________
# Indicates management contract or compensatory plan or arrangement.
^ In accordance with Item 601(b)(32)(ii) of Regulation S-K and SEC Release No. 34-47986, the certifications furnished in Exhibits 32.1 and 32.2 hereto are deemed to accompany this Quarterly Report on Form 10-Q and will not be deemed “filed” for purposes of Section 18 of the Exchange Act or deemed to be incorporated by reference into any filing under the Exchange Act or the Securities Act except to the extent that the registrant specifically incorporates it by reference.
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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

NIKOLA CORPORATION
By:/s/ Stephen J. Girsky
Stephen J. Girsky
President and Chief Executive Officer
(Principal Executive Officer)
By:
/s/ Thomas B. Okray
Thomas B. Okray
Chief Financial Officer
(Principal Financial and Accounting Officer)
Date: October 31, 2024
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