Nikola Corporation has reported significant financial challenges in its latest 10-K filing, culminating in a Chapter 11 bankruptcy filing on February 19, 2025. The company’s total revenues for the fiscal year ending December 31, 2024, reached $68.9 million, a 92% increase from $35.8 million in 2023. This growth was primarily driven by a 107% increase in truck sales, which amounted to $62.2 million, compared to $30.1 million the previous year. However, the company also faced substantial losses, with a net loss from continuing operations of $958.2 million, reflecting an 11% increase from the previous year's loss of $864.6 million.
The filing highlights a drastic shift in Nikola's operational landscape, including the cessation of business operations and the sale of substantially all its assets as part of the bankruptcy proceedings. The company has also confirmed a Plan of Liquidation, which was approved by the Bankruptcy Court on September 12, 2025. This plan entails the liquidation of remaining assets and the establishment of a liquidation trust, with no expected distributions to holders of common stock or equity interests. As of January 2, 2025, Nikola had fewer than 300 shareholders of record, leading to its delisting from Nasdaq on April 14, 2025.
Operationally, Nikola's production and shipment of its Tre battery electric vehicles (BEVs) and fuel cell electric vehicles (FCEVs) have been severely impacted by a voluntary recall initiated in August 2023 due to battery defects. The company accrued $57.4 million for recall campaign costs, with $44.3 million incurred by the end of 2024. The total employee headcount as of December 31, 2024, was approximately 940, a reduction from previous years as the company scaled back operations.
Looking ahead, Nikola's outlook remains uncertain as it navigates the bankruptcy process. The company has indicated that it will focus on liquidating its assets and addressing outstanding claims, including a significant settlement with the SEC related to prior investigations. The filing also notes that the company is actively seeking to resolve various legal matters, including shareholder lawsuits and claims related to its former subsidiary, Romeo Power, which was deconsolidated in June 2023. The future of Nikola will largely depend on the successful execution of its liquidation plan and the resolution of its financial and legal obligations.
About Nikola Corp
Nikola Corporation designs and manufactures zero-emission Class 8 trucks, including battery electric and hydrogen fuel cell models, targeting the heavy-duty transportation market. The company develops integrated energy solutions, such as hydrogen fueling ecosystems and charging infrastructure, supported by strategic partnerships. Its business model emphasizes innovation, sustainability, and ecosystem creation to provide cost-effective, environmentally friendly transportation and fueling solutions for fleets and end users.
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