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2021-08-24
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Nikola: There Are Better Places To Park Your Capital
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It failed to show meaningful progress in the last 7 years since its inception and there’s a risk that it will continue to underperform in the foreseeable future. As a result, we believe that there are better places to park your capital rather than invest in Nikola, which has several red flags that are making it uninvestable at this stage.</p>\n<p><b>Red Flags Ahead</b></p>\n<p>Founded 7 years ago in 2014, Nikola went public by merging with the SPAC VectoIQ Acquisition Corporation last year right after the pandemic started. Currently, the company wants to specialize in developing long-haul hydrogen-fueled semi-trucks, as most of its trucks are expected to be powered by hydrogen fuel cells. However, Nikola hasn’t shown much progress in recent quarters and as a result, its stock has significantly underperformed the S&P 500 index in the last 12 months and it also has been tumbling since June of 2020.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b0351b61d06badcc08a10b1f17f7ddd5\" tg-width=\"1280\" tg-height=\"443\" width=\"100%\" height=\"auto\"><span>Chart: Seeking Alpha</span></p>\n<p>The problem with Nikola is that it’s still in the pre-revenue stage, as it hasn’t delivered a single truck to this day. For that reason, it wasn’t a surprise when the company released a disappointing Q2 earnings report in recent weeks in which it recorded an operating loss of $138.4 million and a net loss of $143.2 million.</p>\n<p>The biggest downside for Nikola is that hasn’t produced or delivered anything meaningful in the last 7 years that it has been in the business. The only thing that the company does is it announces a concept of the upcoming vehicle but later cancels it. That’s what happened to Nikola One, Badger, NZT, and a couple of other models that were presented to the public in the past. To this day, Nikola has developed only prototypes but hasn’t made a single working truck that’s ready to be sold. While currently, it expects to deliver up to 100 pre-series Nikola Tre BEVs in the second half of this year, there’s no guarantee that it will be able to reach that goal.</p>\n<p>However, even if Nikola manages to deliver those vehicles anytime soon, it’s still a long way from mass producing them and generating any meaningful revenues. Let’s not forget that its flagship hydrogen-fueled Nikola Two and Nikola Tre trucks are still in development and are expected to be delivered only in late 2023 – 2024. As a result, investors in Nikola shouldn’t expect the company to create additional shareholder value anytime soon.</p>\n<p>Another problem for Nikola is that last year it lost two crucial potential partners, BP (BP) and General Motors (GM), who could’ve helped it to build the necessary hydrogen infrastructure that could’ve powered its trucks. As a result, the company has no national hydrogen network to this day and it will be extremely costly for it to build it on its own due to technology constraints. On top of that, Nikola also doesn’t have the first-mover advantage since companies such as Hyundai and Hyzon already released hydrogen-fueled cars for commercial use and are expanding their facilities to expand their overall annual capacity.</p>\n<p>In addition, the rise of electric vehicles and the growth of the EV infrastructure could make hydrogen-fueled cars irrelevant, since at this stage batteries are more efficient. Also, the launch of Tesla Semi, which is likely going to be released next year, could make Nikola’s truck irrelevant due to the better cost, growing number of electric charging stations, and better credibility of Tesla (TSLA).</p>\n<p>Another major downside for Nikola is that the company has little credibility at this stage. Its founder Trevor Milton has been under investigation by the SEC and the DOJ since last year for lying about every aspect of the business to shareholders, while the regulators have also not concluded their investigations into the company yet. On top of that, there are already several class-action lawsuits filed against Nikola by its investors on behalf of law firms, which are likely going to prevent the company from receiving backing from major institutional investors anytime soon.</p>\n<p>Considering all of this, it’s safe to say that Nikola’s losses are going to continue in the following quarters and the cash burn is not going to be stopped anytime soon. At the end of Q2 Nikola already had only $632.7 million in cash reserves, down from $763.8 million at the end of Q1. It’s safe to say that if the production ramps up in the future, the company is likely going to execute another secondary offering to avoid cash shortage and a liquidity crisis since it still won’t be able to make any money in the foreseeable future.</p>\n<p>Therefore, while hydrogen-fueled trucks might be the future, it’s unlikely that Nikola will be the one to reach that future ahead of others. In addition, we find it extremely difficult to justify a long position in Nikola, since the company trades at a market cap of around $4 billion, but is expected to make less than $5 million in revenues this year and only $166 million in revenues next year if everything goes according to the plan. As a result, it’s safe to assume that its stock is likely going to continue to depreciate in the following months and it’s better to avoid it, especially since it has a bearish quant rating from Seeking Alpha.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Nikola: There Are Better Places To Park Your Capital</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNikola: There Are Better Places To Park Your Capital\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-24 18:42 GMT+8 <a href=https://seekingalpha.com/article/4451120-nikola-there-are-better-places-to-park-your-capital><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nThe problem with Nikola is that it’s still in the pre-revenue stage, as it hasn’t delivered a single truck to this day.\nOn top of that, the company has little credibility at this stage.\nWe ...</p>\n\n<a href=\"https://seekingalpha.com/article/4451120-nikola-there-are-better-places-to-park-your-capital\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NKLA":"Nikola Corporation"},"source_url":"https://seekingalpha.com/article/4451120-nikola-there-are-better-places-to-park-your-capital","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1169972539","content_text":"Summary\n\nThe problem with Nikola is that it’s still in the pre-revenue stage, as it hasn’t delivered a single truck to this day.\nOn top of that, the company has little credibility at this stage.\nWe find it extremely difficult to justify a long position in Nikola.\n\nsolarseven/iStock via Getty Images\nThe latest developments show that Nikola (NKLA) is still years away from generating any meaningful revenue and creating shareholder value. It failed to show meaningful progress in the last 7 years since its inception and there’s a risk that it will continue to underperform in the foreseeable future. As a result, we believe that there are better places to park your capital rather than invest in Nikola, which has several red flags that are making it uninvestable at this stage.\nRed Flags Ahead\nFounded 7 years ago in 2014, Nikola went public by merging with the SPAC VectoIQ Acquisition Corporation last year right after the pandemic started. Currently, the company wants to specialize in developing long-haul hydrogen-fueled semi-trucks, as most of its trucks are expected to be powered by hydrogen fuel cells. However, Nikola hasn’t shown much progress in recent quarters and as a result, its stock has significantly underperformed the S&P 500 index in the last 12 months and it also has been tumbling since June of 2020.\nChart: Seeking Alpha\nThe problem with Nikola is that it’s still in the pre-revenue stage, as it hasn’t delivered a single truck to this day. For that reason, it wasn’t a surprise when the company released a disappointing Q2 earnings report in recent weeks in which it recorded an operating loss of $138.4 million and a net loss of $143.2 million.\nThe biggest downside for Nikola is that hasn’t produced or delivered anything meaningful in the last 7 years that it has been in the business. The only thing that the company does is it announces a concept of the upcoming vehicle but later cancels it. That’s what happened to Nikola One, Badger, NZT, and a couple of other models that were presented to the public in the past. To this day, Nikola has developed only prototypes but hasn’t made a single working truck that’s ready to be sold. While currently, it expects to deliver up to 100 pre-series Nikola Tre BEVs in the second half of this year, there’s no guarantee that it will be able to reach that goal.\nHowever, even if Nikola manages to deliver those vehicles anytime soon, it’s still a long way from mass producing them and generating any meaningful revenues. Let’s not forget that its flagship hydrogen-fueled Nikola Two and Nikola Tre trucks are still in development and are expected to be delivered only in late 2023 – 2024. As a result, investors in Nikola shouldn’t expect the company to create additional shareholder value anytime soon.\nAnother problem for Nikola is that last year it lost two crucial potential partners, BP (BP) and General Motors (GM), who could’ve helped it to build the necessary hydrogen infrastructure that could’ve powered its trucks. As a result, the company has no national hydrogen network to this day and it will be extremely costly for it to build it on its own due to technology constraints. On top of that, Nikola also doesn’t have the first-mover advantage since companies such as Hyundai and Hyzon already released hydrogen-fueled cars for commercial use and are expanding their facilities to expand their overall annual capacity.\nIn addition, the rise of electric vehicles and the growth of the EV infrastructure could make hydrogen-fueled cars irrelevant, since at this stage batteries are more efficient. Also, the launch of Tesla Semi, which is likely going to be released next year, could make Nikola’s truck irrelevant due to the better cost, growing number of electric charging stations, and better credibility of Tesla (TSLA).\nAnother major downside for Nikola is that the company has little credibility at this stage. Its founder Trevor Milton has been under investigation by the SEC and the DOJ since last year for lying about every aspect of the business to shareholders, while the regulators have also not concluded their investigations into the company yet. On top of that, there are already several class-action lawsuits filed against Nikola by its investors on behalf of law firms, which are likely going to prevent the company from receiving backing from major institutional investors anytime soon.\nConsidering all of this, it’s safe to say that Nikola’s losses are going to continue in the following quarters and the cash burn is not going to be stopped anytime soon. At the end of Q2 Nikola already had only $632.7 million in cash reserves, down from $763.8 million at the end of Q1. It’s safe to say that if the production ramps up in the future, the company is likely going to execute another secondary offering to avoid cash shortage and a liquidity crisis since it still won’t be able to make any money in the foreseeable future.\nTherefore, while hydrogen-fueled trucks might be the future, it’s unlikely that Nikola will be the one to reach that future ahead of others. In addition, we find it extremely difficult to justify a long position in Nikola, since the company trades at a market cap of around $4 billion, but is expected to make less than $5 million in revenues this year and only $166 million in revenues next year if everything goes according to the plan. As a result, it’s safe to assume that its stock is likely going to continue to depreciate in the following months and it’s better to avoid it, especially since it has a bearish quant rating from Seeking Alpha.","news_type":1},"isVote":1,"tweetType":1,"viewCount":1060,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":39,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/834644365"}
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