Nikola Motor Company
Source: Nikola Motor Company
Nikola's total second quarter sales of $ 36,000 related to solar panels for CEO Trevor Milton, according to a filing with the Securities and Exchange Commission.
"In the three months ended June 30, 2020 and 2019, the company generated solar revenue of $ 0.03 million and $ 0.04 million, respectively, for providing solar installation services to the Executive Chairman, which is billed on a time and material basis be put, "the company said 10-Q. "In the six months ended June 30, 2020 and 2019, the Company generated $ 0.08 million and $ 0.06 million in solar revenue, respectively, from providing solar installation services to the Executive Chairman. As of June 30, 2020 and December 31, 2019 The company had outstanding claims of $ 3 thousand and $ 51 thousand, respectively, related to claims related to solar installation services. The balance was paid after the end of the reporting period. "
The detail was first reported by the Financial Times.
On Tuesday, Nikola published its first quarterly report as a public company after the merger with the special purpose vehicle VectoIQ in June. The company lost 16 cents a share in the quarter and its only sales came from solar panels. When the stock started trading in June, the company announced that it would not expect sales until 2021.
Nikola has aroused great interest among investors since his debut, although the company has not yet started selling vehicles and generating regular income. After opening at $ 37.55 on June 4, the stock rose to an all-time high of $ 93.99 on June 9. However, since then the stock has been falling steadily, closing 9.8% at $ 35.03 on Wednesday.
At some point, the company's market valuation was higher than Ford's, although Nikola did not yet have to offer a single vehicle for sale.
Still, some analysts say investors have to wait a bit to make future profits.
"Catalysts are just ahead of us, so we recommend accumulating shares in NKLA," JPMorgan said in a message to customers on Wednesday.
FactSet said the company was worth $ 13.28 billion at the close on Wednesday.
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