Nikola's Only Q2 Revenue Came From CEO Trevor Milton's Solar Installation
Nikola lost 16 cents per share in Q2, though it did report the $36,000 in revenue from solar installations for its CEO.
Nikola’s Executive Chairman Trevor Milton made sure the startup hydrogen and electric automaker would have some revenue to show for Q2 2020. In fact, the only second-quarter revenue came from solar installations for the CEO.
According to a recent report by CNBC expanding on the details first exposed by Financial Times, Nikola’s official filing with the Securities and Exchange Commission (SEC) reads:
“During the three months ended June 30, 2020 and 2019 the Company recorded solar revenues of $0.03 million and $0.04 million, respectively, for the provision of solar installation services to the Executive Chairman, which are billed on time and materials basis.”
Accordingly, Nikola’s 10-Q states:
“During the six months ended June 30, 2020 and 2019 the Company recorded solar revenues of $0.08 million and $0.06 million, respectively, for the provision of solar installation services to the Executive Chairman. As of June 30, 2020 and December 31, 2019, the Company had $3 thousand and $51 thousand, respectively, outstanding in accounts receivable related to solar installation services. The outstanding balance was paid subsequent to period end.”
The second quarter of 2020 marks Nikola’s first quarterly report since it went public. Overall, the automaker lost 16 cents per share, though it did report the revenue from the solar installations. It’s important to note this was the only revenue for the quarter.
Nikola stock opened at $37.55 on June 4. It climbed quickly to a high of about $94 on June 9. In fact, the company’s valuation briefly topped Ford’s even though Nikola hasn’t yet produced a vehicle. However, since then, the stock has been on the decline. At the time of writing, shares were trading around $38 and the market cap was at $14.26 billion.
In terms of details about the solar installation, check out the tweets below.
Milton didn’t engage in the conversation any further or answer the other questions publically. If we’re able to glean further details, we’ll update this article.
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