Nikola Corporation (NKLA): Business Model Canvas [Dec-2025 Updated]

You're looking at Nikola Corporation's business model right after their February 2025 Chapter 11 filing, and honestly, what you'll find isn't a growth plan; it's a survival map. After posting a gross loss of $112.3 million in the first half of 2024 and starting the restructuring with only about $47 million in cash, the old value proposition of integrated zero-emission trucking is now secondary to asset sales and creditor management. I've broken down the nine blocks of this radically altered canvas-from the critical manufacturing partnership with IVECO to the shrinking revenue streams, which still saw truck sales hit $62.21 million in 2024-so you can see exactly what assets the new Nikola Corporation is trying to salvage. Dive in below to see the blueprint for their restructuring.

Nikola Corporation (NKLA) - Canvas Business Model: Key Partnerships

You're looking at the core relationships keeping Nikola Corporation moving, especially now that the company is operating under Chapter 11 protection. These partnerships are critical for everything from manufacturing rights to keeping the few trucks on the road fueled. Honestly, the structure of these alliances has shifted significantly, particularly after the restructuring in 2023 and the bankruptcy filing in early 2025.

IVECO: Manufacturing and Technology Licensing

The relationship with IVECO Group moved into a new phase in May 2023, which really meant a shift in focus. Iveco Group took full ownership of the joint venture located in Ulm, Germany, which was responsible for developing the Nikola Tre BEV and FCEV for Europe. Nikola Corporation is now primarily focused on North America, but it retains key technology access.

Here's the quick math on that transaction from May 2023:

Transaction Component	Value/Amount
Cash paid by Iveco Group to Nikola	USD 35 million
Nikola Shares transferred to Iveco Group	20 million of shares
One-time negative impact on Iveco's Q1 2023 income statement	$48 million
Nikola retained license	IVECO S-Way technology for North America

So, Nikola got a cash infusion and retained shares, but gave up the JV. Still, Nikola gained joint ownership of the intellectual property for the Generation 1 eAxles, technology developed with Iveco Group's FPT Industrial powertrain brand. This means Nikola still has access to core component tech for its North American product line.

Voltera: HYLA Hydrogen Fueling Infrastructure

The partnership with Voltera is all about building out the necessary hydrogen fueling network under the HYLA brand. Voltera is taking on the capital-intensive work of site development, construction, ownership, and operation of the stations. Nikola's role is supplying the hydrogen fuel and providing technical expertise.

The initial targets set in May 2023 looked like this:

• Plan to develop up to 50 HYLA stations throughout North America over five years.
• This underpins Nikola's prior goal of developing 60 stations by 2026.
• Voltera plans to invest several billion dollars into EV charging and hydrogen fueling facilities.

We saw progress with the West Sacramento, California, modular station, which was set to be commercially operational in January 2025. Phase one of that specific location is designed to fuel up to 20 Nikola hydrogen fuel cell electric Class 8 trucks daily. If onboarding takes 14+ days, churn risk rises, so reliable station rollout is defintely key.

FirstElement Fuel: Strategic Refueling Access

Nikola signed a definitive 10-year agreement with FirstElement Fuel (FEF) to refuel its hydrogen fuel cell electric trucks at FEF's station near the Port of Oakland, California. FEF is an authorized Nikola Fueling Solutions Partner.

Key operational specs for the Oakland site include:

• Fueling capacity anticipated to serve approximately 200 trucks per day.
• Features the world's first heavy-duty truck H70 fast-fill lane.
• The station was slated to be operational by the end of 2023.

This agreement aligns with Nikola's initial strategy to concentrate zero-emissions truck deployment near Maritime Ports in California. Nikola President of Energy, Joe Cappello, noted that customers gained access to fuel at FEF's first heavy-duty site.

Creditors and the Bankruptcy Court

The most significant recent event impacting all partnerships is the Chapter 11 filing. Nikola Corporation and nine affiliates filed petitions in the United States Bankruptcy Court for the District of Delaware on February 19, 2025 (Case No. 25-10258).

At the time of filing, the company reported approximately $47 million in cash on hand. The company sought court authorization to pursue an auction and sale process under Section 363 of the U.S. Bankruptcy Code. Subject to court approval, Nikola intended to continue limited HYLA fueling operations through the end of March 2025.

The court oversees the process, which includes an Official Committee of Unsecured Creditors, listing parties such as Antara Capital LP. Furthermore, as of August 2025, Nikola was working on a liquidation plan and seeking to lower the priority of a $13 million claim tied to a securities class action. The court's approval is required for any asset sale or major operational continuation.

Finance: draft 13-week cash view by Friday.

Nikola Corporation (NKLA) - Canvas Business Model: Key Activities

You're looking at the Key Activities for Nikola Corporation as of late 2025, and honestly, the focus has completely shifted from scaling production to managing a court-supervised wind-down. The core activities now revolve around the Chapter 11 process initiated on February 19, 2025, in the U.S. Bankruptcy Court for the District of Delaware.

Manufacturing and delivering Class 8 hydrogen FCEV trucks

The activity of manufacturing and delivering the Nikola Tre Class 8 hydrogen FCEV trucks is now historical context for the asset sale process. The last reported operational metrics before the bankruptcy filing reflect this activity:

Metric	Value/Period	Context
Q3 2024 Wholesale FCEV Deliveries	88 units	Record sales quarter
Total FCEVs Sold (Through Q3 2024)	235 units	Since sales began in Q4 2023
2024 Year-End Guidance (Reiterated)	300-350 FCEVs	Guidance given prior to bankruptcy filing
2024 Total Revenue (Truck Sales)	$62.2 million	Driven by 200 Tre FCEVs shipped in 2024

The company's manufacturing facility is in Coolidge, Arizona, where all trucks are assembled.

Developing and operating the HYLA hydrogen fueling infrastructure

The HYLA brand, which encompasses Nikola's energy products for hydrogen production, distribution, and dispensing, saw its directly provided service curtailed as part of the bankruptcy filing. The activity now is managing the existing infrastructure assets for sale or transfer.

• HYLA limited service operations were set to continue through the end of March 2025, subject to court approval.
• The company had a strategic goal to have 14 operational HYLA sites by the end of 2024.
• One planned modular station in West Sacramento, California, aimed for an initial phase one capacity to fuel up to 20 Class 8 trucks daily.
• Lifetime hydrogen dispensed across the network was reported at over 210 metric tons, with an average of 36kg per fill.

Managing the Chapter 11 bankruptcy process and asset sales

This is the dominant Key Activity for Nikola Corporation in late 2025. The company filed for Chapter 11 protection on February 19, 2025, seeking authorization to pursue an auction and sale process under Section 363 of the U.S. Bankruptcy Code.

The goal is to consummate a sale of assets on a timeline that maximizes value for stakeholders, with the Effective Date of the Plan of Liquidation currently expected in December 2025. The company is being administered in the United States Bankruptcy Court for the District of Delaware, Case No. 25-10258.

The company entered the proceedings with approximately $47 million in cash on hand to fund the post-petition sale process. This contrasts sharply with the $1.4 billion in cash and cash equivalents reported at the end of 2024, illustrating the rapid cash burn in early 2025.

Securing new capital and strategic partners to fund limited operations

While the primary focus shifted to asset sales, pre-bankruptcy efforts to secure capital were significant, and post-petition funding was necessary to manage the wind-down. The company's market capitalization at the time of filing was just $64.38 million.

Pre-filing capital activities included:

• A completed convertible notes offering of $175 million aggregate principal amount of 8.25% senior notes due 2026.
• Disclosure of intent to raise up to $100 million via an at-the-market equity offering.
• The company had a negative free cash flow yield of -8.86% and a debt-to-equity ratio of 0.93 leading into the filing.

The company is now operating under the authority of the Court to fund limited operations, including employee obligations, using the initial $47 million cash on hand.

Finance: draft 13-week cash view by Friday.

Nikola Corporation (NKLA) - Canvas Business Model: Key Resources

You're looking at the core assets Nikola Corporation held leading up to and immediately following its February 2025 Chapter 11 filing. These resources represent the tangible and intangible foundation that was subsequently subject to liquidation or transfer.

The physical manufacturing footprint, while significant in scale, saw a change in ownership as the company entered bankruptcy proceedings.

• Coolidge, Arizona manufacturing facility for truck assembly.

Asset Detail	Metric/Value	Context/Date
Facility Size	691,000 square feet	Size of the retooled manufacturing plant sold to Lucid.
Sale Price to Lucid	$30 million	Price paid by Lucid in April 2025.
Original Phase 1 Capacity	2,500 trucks per year	Capacity at the start of commercial serial production.
Original Phase 2 Capacity Goal	Up to 20,000 trucks per year	Capacity goal upon completion of Phase 2 expansion.

The HYLA hydrogen ecosystem, critical for the fuel cell electric vehicle (FCEV) strategy, was scaled back significantly before the bankruptcy, with operations becoming uncertain post-March 2025.

• HYLA hydrogen production and dispensing infrastructure (planned network).

Here's the quick math on the network status as of late 2024, which informed the post-bankruptcy state:

• Network operations limited to supporting existing stations post-Q3 2024.
• Planned fueling solutions by year-end 2024: 10 (revised from an initial plan of 14).
• Total fueling events to date (as of Q3 2024): Over 5,900.
• Total hydrogen dispensed (as of Q3 2024): Over 210 metric tons.
• Capacity of West Sacramento station (Phase one): Fueling up to 20 trucks daily.

The intellectual property portfolio was a major intangible asset, with significant value placed on its patents and software stack, even as the company liquidated physical assets.

• Intellectual property and patents for fuel cell and battery systems.

IP Component	Quantity/Metric	Detail
Patents and Applications	Over 190	Covering battery systems, fuel cell tech, thermal management, and drivetrain.
Vehicle Control Software Code	3.5 million lines of code	Part of the full-stack vehicle-to-cloud architecture.
Digital Cockpit Software Code	750,000 lines of code	Part of the integrated software platform.
Real-World Driving Data	Five million miles	Data collected from both battery-electric and hydrogen trucks.

Financially, the most concrete resource figure tied directly to the Chapter 11 event is the liquidity position at that time.

• Limited cash on hand, approximately $47 million at the time of the Chapter 11 filing.

To be fair, this $47 million figure, cited at the February 2025 filing, represented the final accessible liquidity before the court-supervised asset liquidation process began.

Nikola Corporation (NKLA) - Canvas Business Model: Value Propositions

You're looking at the core reasons why a fleet operator would choose Nikola Corporation's offerings over traditional diesel or even battery-electric competitors as of late 2025. The value proposition hinges on a fully integrated approach, not just selling a truck.

Zero-emission Class 8 trucking solutions (BEV and FCEV)

Nikola Corporation offers both battery-electric (BEV) and hydrogen fuel cell electric (FCEV) Class 8 trucks, but the FCEV is clearly the focus for long-haul value. For instance, in the third quarter of 2024, Nikola wholesaled a record 88 FCEVs, which was up 22% quarter over quarter. Year-to-date in 2024, FCEV fleet adoption increased by 78%. The BEV "2.0" trucks are also validating their use case; as of the third quarter of 2024, 19 end fleets had accumulated more than 715K in-service road miles with the returned BEV 2.0s. The company reiterated its year-end 2024 volume guidance for FCEVs to be between 300-350 trucks.

Here's a snapshot of the delivery momentum leading into the target period:

Metric	Value	Reporting Period
Total FCEVs Wholesaled (YTD)	147	First three quarters of serial production (ending Q2 2024)
FCEV Wholesale (Q3)	88 units	Q3 2024
FCEV Fleet Adoption Growth (YTD)	78% increase	Year-to-date Q3 2024
BEV 2.0 End Fleets in Service	19	As of Q3 2024

Integrated energy ecosystem (HYLA) providing hydrogen fuel supply

The HYLA brand is central, solving the refueling challenge that often stalls FCEV adoption. Year-to-date through the third quarter of 2024, hydrogen fuel dispensed at commercial stations grew nearly 350%. Operationally, the HYLA network has recorded over 5900 fueling events, dispensing more than 210 metric tons of hydrogen, averaging about 36kg per fill. Nikola expected to deliver 10 HYLA fueling solutions by the end of fiscal year 2024. Looking ahead, the strategic plan includes establishing up to 60 fixed hydrogen stations by 2026. For example, the West Sacramento station, set to be commercially operational in January 2025, will support up to 20 Nikola FCEVs daily in its first phase.

Lower total cost of ownership through fuel efficiency and government incentives

The financial argument for the switch is built around operational savings and regulatory support. Nikola's management has stated a belief that if they can increase vehicle selling prices and reduce production costs, they can achieve a positive cash contribution margin on every truck as they transition into 2025. Furthermore, the company has expressed hope to become EBITDA positive by 2025. On the incentive side, Nikola maintained a dominant position in securing California vouchers, holding a 99% share of requested vouchers for hydrogen fuel cell tractor trucks as of the third quarter of 2024. They also held 23% of the battery-electric vehicle (BEV) HVIP vouchers in the same period.

The value proposition is supported by these key financial and regulatory anchors:

• 2025 Goal: Positive cash contribution margin per truck.
• 2025 Goal: EBITDA positive operations.
• 99% Share of California FCEV HVIP vouchers (Q3 2024).
• 23% Share of California BEV HVIP vouchers (Q3 2024).

First-to-market advantage in North American Class 8 hydrogen-fueled trucks

A significant value driver is the current lack of direct, commercially available competition in this specific segment. As of the third quarter of 2024 reporting, Nikola stated it is the only OEM with Class 8 FCEVs commercially available in North America today. This first-mover status allows them to secure early adopters and shape the initial infrastructure build-out through their HYLA network.

Nikola Corporation (NKLA) - Canvas Business Model: Customer Relationships

You're looking at how Nikola Corporation (NKLA) keeps its commercial fleet customers engaged and supported as they scale up zero-emissions adoption. The relationship model is clearly structured around the sales channel and post-sale digital support, which is critical for high-value, mission-critical assets like Class 8 trucks.

Direct sales and support flow through an established, though still growing, dealer network. This is how NKLA moves product and ensures initial service capability. For instance, by the end of Q3 2024, the dealer network had expanded, bringing the total number of sales and service locations up to nineteen across the U.S. This network handles the initial transaction and subsequent maintenance needs for both Battery-electric (BEV) and Hydrogen Fuel Cell Electric Vehicles (FCEV). We see evidence of this channel working with repeat customers like 4GEN and IMC purchasing through the network in Q2 2024. The expansion into new territories, like adding GTS Group in Southern California in Q3 2024, shows a deliberate effort to broaden geographic support coverage.

Key Customer & Channel Metrics (As of Early 2025)

Metric	Value	Context
Total Updated BEVs in Service (as of Jan 2025)	94 units	Units delivered to end fleets and dealers.
Total End Fleet Customers (BEV as of Jan 2025)	19 different fleet customers	Number of fleets utilizing the updated BEVs.
Total U.S. Sales & Service Locations (as of Q3 2024)	Nineteen locations	Dealer network size after Q3 2024 expansion.
Total In-Service Miles (Updated BEVs as of Jan 2025)	1,016,929 miles	Cumulative miles driven by end fleets and dealers.

Dedicated support hinges on digital monitoring. Nikola uses the Nikola Pulse app to maintain a daily pulse on the vehicles, which helps the service teams improve uptime. This digital oversight is paired with the physical deployment of trucks. By early January 2025, the updated BEVs had logged over 1 million in-service miles, validating the operational feedback loop. This digital layer is essential for managing a nascent technology fleet; it's how they catch issues before they become major service events.

Engagement is definitely high-touch, especially with larger, strategic accounts. You see this in the public acknowledgment of national partners like Kenan Advantage Group and DHL Supply Chain deploying FCEVs, often tied to their own sustainability mandates for their end customers, such as Nestlé and Diageo. This suggests the relationship goes beyond a simple transaction; it's a partnership focused on meeting specific route needs and sustainability targets. The company is actively seeing 'green shoots' with repeat and new fleets in markets beyond the initial focus of California and Canada, like New York, indicating a tailored approach to market penetration. Finance: draft 13-week cash view by Friday.

Nikola Corporation (NKLA) - Canvas Business Model: Channels

You're looking at the channels Nikola Corporation (NKLA) used to reach customers and deliver value, especially as the company navigated its Chapter 11 reorganization through late 2025. The reality is that the primary channels for vehicle sales and energy delivery were severely impacted by the February 2025 bankruptcy filing, shifting the focus for any remaining activity to the post-reorganization structure.

The sales and service footprint, which was once planned for broad coverage, has seen contraction. As of the last reported figures before the major financial restructuring, the US sales and service locations stood at 19 across the U.S. following an expansion in Q3 2024. This contrasts with earlier plans that targeted up to 116 locations across the United States by 2021. The network also included a Canadian dealer, ITD Industries Inc., added in September 2023.

For large commercial trucking fleets, the direct sales channel was tied to the wholesale delivery of the hydrogen fuel cell electric trucks (FCEVs). In the third quarter of 2024, Nikola wholesaled 88 Class 8 hydrogen fuel cell trucks. Year-to-date through Q3 2024, the company had wholesaled 200 hydrogen fuel cell trucks. By the end of Q3 2024, 16 end fleets were deploying Nikola FCEVs.

The energy delivery channel, branded as HYLA, was critical for supporting the FCEV fleet. Nikola had a strategic plan that included opening 14 operational HYLA sites by the end of 2024. Specific station capacities included the Ontario, California station, capable of fueling up to 40 trucks daily, and the West Sacramento station, with phase one capacity to fuel up to 20 trucks daily, which became commercially operational in January 2025. As of the Q3 2024 update, the company expected to deliver 10 HYLA fueling solutions by the end of 2024.

The final channel listed relates to the trading of the company's equity, which reflects the distressed financial status following the Chapter 11 filing in February 2025. The common stock trades on the OTC Pink Market under the ticker NKLAQ. As of early December 2025, the stock price was reported below $0.05 per share. The market capitalization as of November 28, 2025, was $477.70K.

Here's a quick look at some of the key operational and financial metrics related to these channels leading up to the bankruptcy filing:

Channel Metric	Value/Status (Latest Available Data)	Context/Date
US Sales & Service Dealer Locations	19	As of Q3 2024
Total North American Sales Locations (Historical Peak)	116	As of 2021
Q3 2024 FCEV Truck Wholesale Deliveries	88 units	Q3 2024
Total FCEV Trucks Wholesaled YTD (Q3 2024)	200 units	Q3 2024
End Fleets Deploying FCEVs	16	As of Q3 2024
Planned HYLA Stations by End of 2024	14	Planned
West Sacramento HYLA Station Capacity (Phase 1)	20 trucks daily	Operational Jan 2025
Stock Ticker Post-Delisting	NKLAQ	Late 2025
Market Capitalization	$477.70K	November 28, 2025

The direct sales focus on large fleets is also reflected in the FY 2024 Net Income of -$958.23 M against FY Revenue of $68.86 M, showing the high cost structure relative to the revenue generated through these sales channels.

The company's stock trading channel is now characterized by extreme illiquidity and price collapse, with the stock trading below $0.05.

• HYLA network development included modular fuelers and partner stations.
• The West Sacramento station targeted the I-5 freight corridor and coverage from the Port of Oakland.
• The company's strategy involved providing 24/7 support with on-site HYLA Ambassadors and Operation Technicians at fueling locations.
• The dealer network expansion in 2021 included partners covering Texas, Arizona, California, Colorado, New Mexico, Florida, Delaware, Virginia, and Maryland.

Nikola Corporation (NKLA) - Canvas Business Model: Customer Segments

You're looking at the core buyers for Nikola Corporation (NKLA) as they push toward their 2025 goals. Honestly, the customer base is clearly split based on the powertrain technology they choose, which makes sense given the different use cases for Battery Electric Vehicles (BEV) versus Hydrogen Fuel Cell Electric Vehicles (FCEV).

The primary market is Commercial Class 8 trucking fleets in North America. These are the outfits moving freight across the continent, and they are the ones driving the volume. We see this split clearly in the delivery numbers from the recent past. For instance, in the third quarter of 2024, Nikola wholesaled 88 Class 8 hydrogen fuel cell trucks to dealers, bringing the year-to-date total to 200 FCEVs sold through the first three quarters of 2024. That's part of a total of 235 units sold since the FCEV hit the market in the fourth quarter of 2023.

The segments break down like this:

• Regional-haul and metro-regional freight operators (BEV focus). These customers are using the updated BEV models for shorter, defined routes. As of early January 2025, Nikola had released 94 updated BEVs back to end fleets and dealers, supported by 19 different fleet customers who had driven those units over 1,016,929 in-service miles.
• Long-haul freight companies seeking zero-emission solutions (FCEV focus). These fleets are the target for the hydrogen trucks, which offer longer range for over-the-road hauling. The company reiterated its year-end 2024 guidance for FCEVs in the range of 300-350 units.

The customer base is definitely leaning toward those focused on environmental targets. Nikola noted that as of the third quarter of 2024, FCEV fleet adoption was up 78% year-to-date, with 16 end fleets deploying Nikola FCEVs and 32 distinct end fleets using both powertrains. This shows you where the immediate growth is coming from.

Here's a look at the customer penetration based on the latest available deployment data:

Customer Segment Focus	Powertrain Focus	Metric	Latest Reported Number
Metro-Regional Applications	BEV	Updated BEVs Released to Fleets (as of Jan 2025)	94
Long-Haul Freight	FCEV	FCEV Wholesale Deliveries (Q3 2024)	88
Zero-Emission Transitioning Fleets	FCEV	End Fleets Deploying FCEVs (YTD Q3 2024)	16
All Zero-Emission Fleets	BEV and FCEV	Total Distinct End Fleets Using Nikola Trucks (YTD Q3 2024)	32

You're seeing national fleet partners like Kenan Advantage Group and DHL Supply Chain actively deploying FCEVs, which helps them meet their own sustainability goals, and those of their end customers, which include major names like Nestlé and Diageo. The overall pipeline includes transportation and logistics firms, waste management services, and other commercial fleets looking to ditch diesel. The expansion of the dealer network to nineteen sales and service locations across the U.S. as of early 2025 is directly supporting this customer base by improving service density.

Customers focused on achieving corporate sustainability and zero-emission goals are definitely the main driver, especially for the FCEV line, which is where Nikola is placing significant emphasis. The company is working to provide a complete ecosystem via its HYLA brand to support these customers' transition.

Finance: draft 13-week cash view by Friday.

Nikola Corporation (NKLA) - Canvas Business Model: Cost Structure

You're looking at the cost side of Nikola Corporation's business model as it navigated a very difficult period leading into late 2025. The structure is heavily weighted toward production costs and the massive overhead required to build out a novel energy ecosystem, which became unsustainable pre-liquidation.

The cost of goods sold (COGS) has been a primary drain. Nikola Corporation reported a gross loss of $112.3 million in 1H 2024, as specified. To give you a clearer picture of the immediate pressure points leading up to this, the first quarter of 2024 alone saw a gross loss of $57.6M, translating to a deeply negative gross margin of -768%. This was driven by early-scale economics and significant warranty accruals, especially related to the voluntary recall of Tre BEV trucks.

Here's a quick look at the key expense categories based on the latest available full-year and quarterly reports before the Chapter 11 process concluded asset sales:

Cost Component	Period/Date	Amount
Gross Loss (Required Figure)	1H 2024	$112.3 million
Gross Loss (Reported Q1)	Q1 2024	$57.575 million
Research & Development (R&D) Expense	2024	$158.1 million
Selling, General & Administrative (SG&A) Expense	2024	$191.2 million
Total Operating Expenses	2023	$435.8 million
Capital Expenditures (CapEx)	2023	$120.5 million
Projected CapEx	FY 2024 Guidance	$60-$70M

Research and development (R&D) and selling, general, and administrative (SG&A) expenses represented substantial fixed costs. For the full year 2024, R&D expenses were $158.1 million, which was a 24% decrease, and SG&A was $191.2 million, a 4% decrease. So, while the company was actively cutting these overheads, the absolute dollar amounts remained high relative to revenue generation. The net loss from continuing operations for 2024 was $958.2 million.

Developing the HYLA hydrogen infrastructure required significant upfront capital expenditure (CapEx). In 2023, CapEx totaled $120.5 million, though the guidance for FY 2024 was lowered to a range of $60 million to $70 million. This spending was intended to build out the hydrogen fueling network to support the FCEV trucks. However, the Chapter 11 filing in February 2025 meant that limited HYLA fueling operations were only authorized to continue through the end of March 2025.

The financial strain culminated in the Chapter 11 filing in February 2025. At the time of filing, Nikola entered proceedings with only approximately $47 million in cash on hand to fund the post-petition sale process and anticipated legal expenses. The approved Second Amended Plan of Liquidation in September 2025 detailed the cost of winding down, noting that administrative claims, professional fee claims, tax claims, statutory fees, and other priority claims of $1,283 (as listed in the filing) would be paid in full in cash. General unsecured claims amounted to $242.86 million, which were slated to receive 20.7% of liquidating trust units.

You should note the following key cost drivers that necessitated the Chapter 11 filing:

• High cost of revenues, increasing 20% in 2024 to $299.3 million.
• Significant non-cash impairment expenses in 2024 totaling $336.8 million.
• The need to accrue $65.8 million for estimated recall campaign costs in 2024.
• The company's stated need to raise additional capital to continue as a going concern prior to the filing.

Finance: draft 13-week cash view by Friday.

Nikola Corporation (NKLA) - Canvas Business Model: Revenue Streams

The revenue streams for Nikola Corporation center on the sale of its zero-emissions commercial trucks and the supporting energy infrastructure, though the late 2025 context is dominated by a court-supervised asset sale.

Sales of Nikola Tre FCEV and BEV Class 8 trucks form the primary operational revenue driver. Nikola Corporation had annual revenue of $68.86M in the year 2024, representing a growth of +92.14% over the prior year, based on some reporting.

The specified breakdown for 2024 highlights the importance of vehicle sales:

Revenue Component	2024 Reported Amount
Truck Revenue (Specified)	$62.21 million
Total Annual Revenue (Reported)	$68.86M to $75.52M (TTM)

For the third quarter of 2024, Nikola posted gross revenue of $33 million, up from the record of $31 million reported the previous quarter, primarily due to higher wholesale deliveries. Net revenue for Q3 2024 was reported at $25.18 million.

The sales performance for the Hydrogen Fuel Cell Electric Trucks (FCEV) in 2024 was notable:

• Record wholesale deliveries of 88 FCEVs in Q3 2024, up 22% quarter over quarter.
• Year-to-date through Q3 2024, Nikola wholesaled 200 hydrogen fuel cell trucks.
• The Average Selling Price (ASP) for FCEVs was approximately $361K in Q3 2024.
• Nikola reiterated its full-year 2024 guidance for FCEV wholesale deliveries to be between 300 to 350 trucks.

Revenue from energy and service, channeled through the HYLA brand, supports the truck sales. This stream is built on the development of the hydrogen refueling ecosystem. Operationally, over the lifetime of the entire HYLA network, the company recorded more than 5900 fueling events, dispensing more than 210 metric tons of hydrogen. Nikola expected to deliver 10 HYLA fueling solutions by the end of fiscal year 2024. Additionally, Nikola created alternative revenue streams from the sale of regulatory credits, recognizing its first sale agreement for NOx and PM credits in Q2 2024.

The most significant financial event impacting late 2025 revenue streams is the Chapter 11 filing in February 2025, which initiated a comprehensive voluntary Chapter 11 sale process.

Potential revenue from the sale of company assets under this plan is the current focus. Nikola intended to market and sell all, substantially all, or a portion of its assets through a court-supervised auction under Section 363 of the U.S. Bankruptcy Code. This process is designed to maximize value for stakeholders by selling assets free and clear of indebtedness and certain liabilities. Nikola entered Chapter 11 with approximately $47 million in cash on hand to fund the postpetition sale process.

Key operational revenue activities planned to continue temporarily during the sale process included:

• Meeting obligations to employees.
• Continuing certain limited directly provided service and support operations for trucks in the field.
• Certain HYLA fueling operations through the end of March 2025.