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Nikola Corporation

Zero-Emission Commercial Class 8 Semi-TrucksFounded 2014
Reviewed by Swet Parvadiya
Company data updated: October 2026
Independent Editorial Analysis
12 historical events · Editorial analysis

Nikola Company Profile: Revenue, Business Model & Strategy

Research depth: 12 milestones · 10 FAQs

Nikola Corporation was an American hydrogen and battery-electric semi-truck maker founded in 2014 by Trevor Milton. Its last full-year revenue was $35.8 million in 2023, with a $966.3 million net loss. It filed for Chapter 11 on February 19, 2025 and is being liquidated.

How Nikola makes money: Nikola sold and leased Class 8 trucks, mainly the Tre BEV and Tre FCEV, through heavy-duty dealers, and through its HYLA brand it sold hydrogen fuel at its own stations and mobile fuelers.

Revenue & employeesCEO historyFoundersBusiness model
Annual Revenue (FY2023)$35.8M
CEOStephen J. Girsky
Founded2014
IndustryZero-Emission Commercial Class 8 Semi-Trucks
By Swet ParvadiyaLast reviewed:
Data sources: annual reports, SEC filings, methodology
Industry:Zero-Emission Commercial Class 8 Semi-Trucks

Nikola Corporation key figures

Nikola Corporation had revenue of $35.8M for fiscal year 2023, down 29.5% from FY2022. Net loss was $966.3M, a net margin of -2696.2%.

Source: Nikola Corporation Q4 and full year 2023 results (February 22, 2024) · Last reviewed October 2026

Revenue growth, FY2018 to FY2023
+190.6% a year
Compound annual rate, $173,000 to $35.8M
Peak revenue year
FY2022
$50.8M; the latest reported year is 29.5% below the peak
Documented transactions
3
Between 2017 and 2022
Founded
2014
12 years ago
Where was Nikola founded?
Nikola was founded in Salt Lake City, United States in 2014. wikidata.org
When did Nikola start?
Nikola was founded in 2014.
Who founded Nikola?
Nikola was founded by Trevor Milton.
How old is Nikola?
Nikola is 12 years old as of 2026.
In-Depth Analysis
180 words · 1 min read

Nikola Corporation was a Phoenix, Arizona maker of hydrogen fuel cell and battery-electric Class 8 trucks, founded in 2014 by Trevor Milton. It filed for Chapter 11 on February 19, 2025 and is being liquidated.

From SPAC star to scandal

Nikola went public through a merger with VectoIQ in June 2020, and its market value briefly passed Ford's. In September 2020 a Hindenburg Research report led to Milton's resignation. Nikola paid a $125 million SEC penalty, and Milton was convicted of fraud in 2022 before receiving a presidential pardon in March 2025.

Trucks, HYLA and heavy losses

Under CEOs Mark Russell, Michael Lohscheller and Steve Girsky, Nikola built Tre BEV and Tre FCEV trucks in Coolidge, Arizona and launched HYLA hydrogen fueling. In 2023 it reported revenue of $35.8 million and a net loss of $966.3 million.

Bankruptcy and liquidation

Lucid Group bought the Coolidge plant and Phoenix headquarters lease for about $30 million in April 2025. Nikola's liquidation plan was confirmed on September 12, 2025, took effect on December 12, 2025, and was upheld on appeal in September 2026.

Table of Contents

Nikola Corporation Key Facts

CompanyNikola Corporation
Annual revenue change-29.5% (FY2022–FY2023)
Financials$35.8M (FY2023, last reviewed October 2026)
FY2023 net incomeloss $966.3M
Last reviewedBy Swet Parvadiya, Founder & Editor - October 2026
Founded2014
Founder(s)Trevor Milton
CEOStephen J. Girsky
HeadquartersPhoenix, Arizona, United States
IndustryZero-Emission Commercial Class 8 Semi-Trucks

Nikola Company Profile: Revenue, Business Model & Strategy

"Nikola Corporation went from a roughly $30 billion stock-market darling in June 2020 to Chapter 11 in February 2025, after losing $966.3 million in 2023 alone on just $35.8 million of revenue."

Nikola Corporation was an American hydrogen and battery-electric semi-truck maker founded in 2014 by Trevor Milton. Its last full-year revenue was $35.8 million in 2023, with a $966.3 million net loss. It filed for Chapter 11 on February 19, 2025 and is being liquidated.

Revenue

$35.8M

Founded

2014

Author: CorpDigest Research DeskCompany Research

Recorded annual revenue change

Nikola Corporation had $50.8M of annual revenue in FY2022 and $35.8M in FY2023. Revenue fell 29.5% between those fiscal years.

Source for FY2023

Explore Nikola In Depth

Detailed research across every dimension of Nikola — history, financials, leadership, and strategy.

Company History

Nikola Corporation was one of the best-known casualties of the 2020 EV SPAC boom. It promised to decarbonize long-haul trucking with hydrogen semis and fueling stations, and it did put Tre battery-electric and fuel cell…

Full Nikola history →

Revenue & Financials

Nikola had $35.8M in revenue for fiscal year 2023. Data covers 6 fiscal years.

Nikola financials →

Founders

Nikola was founded by Trevor Milton in 2014 in Salt Lake City, United States. Explore each founder's background, motivations, and their role in building the company.

Nikola founders →

CEO & Leadership

Nikola is currently led by Stephen J. Girsky. Explore the full CEO history — leadership transitions, tenures, and the strategic decisions of each chief executive.

Nikola CEO history →

Business Model

Nikola sold and leased Class 8 trucks, mainly the Tre BEV and Tre FCEV, through heavy-duty dealers, and through its HYLA brand it sold hydrogen fuel at its own stations and mobile fuelers.

How Nikola makes money →

Acquisitions

Nikola has completed 3 documented acquisitions. Explore the full acquisition history and strategic rationale behind each deal.

Nikola acquisitions →

Competitive Strategy

Under CEO Steve Girsky (2023-2025), Nikola dropped side projects, put hydrogen fuel cell trucks first, built modular HYLA fueling in California and leaned on state incentives such as California's HVIP voucher program to…

Nikola strategy →

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 Research Profile

Our analysts compile business strategy profiles from public financial filings, press releases, and analyst reports. Each profile is reviewed for accuracy before publication by our editorial desk and updated on a rolling basis.

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Sources & References

All data point citations [1], [2], etc. in the tables above refer to these primary sources.

Financial data on this page is sourced from SEC EDGAR filings, official earnings releases, and verified press statements. Revenue figures are reviewed and updated periodically. Read our full data methodology ->

Editorial Methodology

Company Research

We use company filings, annual reports, company statements and press reports, with primary sources preferred where available. Each financial row shows its recorded source. Full-year figures are separated from annualized run-rates, partial periods and forecasts; unaudited figures carry a label. Source detail varies by company, so check the linked material when the reporting basis matters.

1. Primary Sources

Public companies may provide filings and annual reports. Private-company figures may come from statements or press coverage. A missing figure stays missing, and a source link should identify where its number came from.

2. Expert Curation

We organize company records and review claims for strategic context, source quality and clarity. Pages show a review date where one is recorded.

3. Multi-Pass Audit

Technical checks flag inconsistent figures and missing links. Editorial review of the underlying source remains necessary for claims those checks cannot verify.

Swet Parvadiya
SEC filings & public records methodology
Sourced from public financial records

Frequently Asked Questions About Nikola

What happened to Nikola Corporation?

Nikola filed for Chapter 11 bankruptcy in Delaware on February 19, 2025, after running out of cash. It sold its Coolidge, Arizona factory to Lucid Group, was delisted from Nasdaq, and is being wound down under a plan of liquidation that took effect on December 12, 2025.

How did Nikola make money?

Nikola sold Class 8 Tre battery-electric and hydrogen fuel cell trucks through dealers and earned smaller amounts from service, parts and HYLA hydrogen fuel. In 2023 truck sales were $30.1 million and service and other revenue $5.8 million, against a $966.3 million net loss. The company no longer earns operating revenue.

Who owns Nikola now?

Nikola's common stock was cancelled under its Chapter 11 liquidation plan, so shareholders own nothing. The remaining estate is administered for creditors. Lucid Group owns the former Coolidge factory and took over the Phoenix headquarters lease.

Who was the CEO of Nikola?

Stephen J. Girsky, a former General Motors vice chairman, was Nikola's last CEO. He took over in August 2023 and led the company into bankruptcy in 2025. Earlier CEOs were founder Trevor Milton (to 2020), Mark Russell (2020-2022) and Michael Lohscheller (2023).

Who were Nikola's competitors?

Nikola competed with Daimler Truck (Freightliner), Volvo Trucks, PACCAR (Kenworth and Peterbilt), Tesla's Semi and Hyundai's XCIENT Fuel Cell truck in zero-emission heavy-duty trucking.

Who bought Nikola's factory?

Lucid Group bought Nikola's Coolidge, Arizona factory, Phoenix headquarters lease and manufacturing equipment in April 2025 for about $30 million in cash and non-cash consideration, and offered jobs to around 300 Nikola employees.

Was Trevor Milton pardoned?

Yes. President Trump granted Trevor Milton a full and unconditional pardon on March 27, 2025 for his 2022 securities and wire fraud conviction. Nikola's liquidation plan still subordinated his roughly $69.8 million indemnification claim, and that was upheld on appeal in September 2026.

What was Nikola's revenue?

Nikola reported $35.8 million of revenue and a $966.3 million net loss in 2023, down from $49.7 million (as restated) in 2022. Q3 2024 revenue was $25.2 million. It filed for bankruptcy before releasing full-year 2024 results.

Is Nikola stock still trading?

No. Nikola was delisted from Nasdaq in 2025 after its bankruptcy filing, and its common shares were extinguished under the liquidation plan with no recovery for shareholders.

What happened to the founder of Nikola?

Nikola founder Trevor Milton was convicted of federal wire and securities fraud in 2022 for brazenly lying to investors about the company's technology, including infamously rolling a non-functional truck down a hill for a promotional video.

Strategic Face-Off

Head-to-Head Comparisons

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Content is for informational purposes only. Not financial advice. Data sourced from SEC filings, annual reports, and public records. See our full disclaimer and methodology.