Nicola’s full quarterly revenue of $ 36,000 was from solar installation for the executive chairman.


Nicola Motor Company

Source: Nicola Motor Company

According to a filing with the Securities and Exchange Commission, Nicola’s second-quarter revenue of $ 36,000 was related to solar installations for Executive Chairman Trevor Milton.

“The company reported revenue of $ 0.03 million and $ 0.04 million, respectively, during the three months ended June 30, 2020 and 2019, for the provision of solar installation services to the executive chairman of the company, billed on company and time basis Goes, ”said company 10-Q. “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 during the months ended June 30, 2020 and 2019. As of June 30, 2020 and December 31, 2019. The company had $ 3 thousand and $ 51 thousand in accounts receivable related to solar installation services, respectively, after the outstanding period the dues were paid. ”

The details were first given by the Financial Times.

Following a merger with special purpose acquisition company VectoIQ in June, Nicola released its first quarterly report as a public company. The company lost 16 cents per share during the quarter, and its only revenue came from solar installations. When the stock started trading in June, the company said it did not expect to generate revenue until 2021.

Nicola has attracted significant interest from investors since its debut, although the company has yet to start selling vehicles and generating regular revenue. After opening at $ 37.55 on June 4, the stock climbed to an all-time high of $ 93.99 on June 9. But since then the stock has steadily declined and closed 9.8% lower at $ 35.03 on Wednesday.

Ford once topped the company’s market valuation, despite the fact that Nicola had not yet produced a vehicle for sale.

Nevertheless, some analysts say that investors will have to wait a bit to realize the gains later.

“There are catalysts immediately ahead, and that’s why we recommend depositing shares in NKLA,” JP Morgan said in a note to clients on Wednesday.

According to FactSet data, as of Wednesday, the company is valued at $ 13.28 billion.

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