Summary by Futu AI
Nikola Corporation reported Q3 2024 financial results with total revenue of $25.2 million, up from negative $1.7 million in Q3 2023, driven by 88 FCEV and 2 BEV truck deliveries. Cost of revenues decreased 30% to $87.1 million. Net loss narrowed to $199.8 million from $425.8 million year-over-year, with operating loss improving to $178.8 million.The company continues to face liquidity challenges, with cash and cash equivalents of $198.3 million as of September 30, 2024. Management estimates current financial resources will only fund operations into Q1 2025. During Q3, Nikola recorded $33.4 million in impairment charges related to indefinite-lived intangible assets and goodwill due to sustained stock price decline.Strategic initiatives include the ongoing BEV truck recall retrofit program expected to complete in H1 2025, FCEV production ramp-up, and hydrogen infrastructure development. The company raised $80 million through convertible notes and $20.8 million through equity distribution in Q3. Management continues to focus on cost control and capital preservation while seeking additional funding sources.
