Nikola vs Tesla: Revenue, Profit and Business Model
Nikola reported $35.8M of revenue in FY2023 and a net loss of $966.3M. Tesla reported $94.8B of revenue in FY2025 and $3.8B of net income.
Latest financial snapshot
Financial summary
Nikola
Nikola never came close to profitability. Revenue peaked at $49.7 million in 2022 (continuing operations, as restated) and fell to $35.8 million in 2023, when it shipped 114 trucks and posted a $966.3 million net loss. In Q3 2024 revenue was $25.2 million and the net loss from continuing operations was $199.8 million. The company relied on equity raises, a 1-for-30 reverse stock split in June 2024 and other capital measures, but it could not find enough funding and filed for Chapter 11 in February 2025. Its stock was delisted from Nasdaq, and the confirmed liquidation plan left no value for common shareholders.
Tesla
Tesla's revenue peaked at $97.69 billion in 2024 and slipped 2.9% to $94.83 billion in FY2025, while net income fell from $7.09 billion to $3.79 billion as vehicle prices and regulatory-credit income declined. The second quarter of 2026 reversed the top-line trend: revenue rose 26% to a record $28.24 billion, with automotive up 23% to $20.52 billion, services and other up 50% to $4.58 billion, and energy up 13% to $3.14 billion. Profit did not follow. GAAP net income fell 5% to $1.11 billion and adjusted EPS of $0.33 missed estimates because of higher R&D and AI infrastructure spending.
Revenue and profit by year
Nikola
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2023 | $35.8M | -$966.3M | -2696.2% | -29.5% | Source |
| FY2022 | $50.8M | -$784.2M | -1543.0% | — | Source |
| FY2020 | $95,000 | -$370.9M | -390385.3% | -80.3% | Source |
| FY2019 | $482,000 | -$88.7M | -18393.4% | +178.6% | Source |
| FY2018 | $173,000 | -$64.3M | -37163.6% | — | Source |
Tesla
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $94.8B | $3.8B | 4.0% | -2.9% | Source |
| FY2024 | $97.7B | $7.1B | 7.3% | +0.9% | Source |
| FY2023 | $96.8B | $15B | 15.5% | +18.8% | Source |
| FY2022 | $81.5B | $12.6B | 15.4% | +51.4% | Source |
| FY2021 | $53.8B | $5.5B | 10.3% | +70.7% | Source |
| FY2020 | $31.5B | $721M | 2.3% | +28.3% | Source |
| FY2019 | $24.6B | -$862M | -3.5% | +14.5% | Source |
| FY2018 | $21.5B | -$976M | -4.5% | +82.5% | Source |
| FY2017 | $11.8B | -$2B | -16.7% | +68.0% | Source |
| FY2016 | $7B | -$674.9M | -9.6% | — | Source |
Where the revenue comes from
Nikola
- Truck sales
~84% (2023)
Sales of Tre BEV and Tre FCEV trucks to dealers and fleets: $30.1 million in 2023.
- Service and other
~16% (2023)
Service, parts, hydrogen fuel and other revenue: $5.8 million in 2023.
Tesla
- Automotive sales and leasing~73%
Model 3, Model Y, Cybertruck and remaining other models, plus regulatory credits. $20.52B in Q2 2026.
- Services and other~16%
Supercharging, FSD and connectivity software, service, used cars, insurance and parts. $4.58B in Q2 2026, up 50%.
- Energy generation and storage~11%
Megapack, Powerwall and solar. $3.14B in Q2 2026, up 13%.
Business model and strategy
Nikola
How it 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. In 2023 truck sales brought in $30.1 million and service and other revenue $5.8 million.
Growth 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 win fleet orders. It also looked for a strategic partner or buyer. When none committed enough capital, the company turned to a court-supervised sale and liquidation in 2025.
Competitive advantage
During its operating life, Nikola's main edge was its head start in hydrogen. It was one of the first companies to build Class 8 fuel cell trucks in series in North America, starting in 2023, and it paired them with its own HYLA fueling. That lead did not last: low volumes, negative gross margins and limited hydrogen supply meant it never became a lasting moat.
Tesla
How it makes money
Tesla operates a vertically integrated electric vehicle, clean energy generation, and software ecosystem model. The company generates revenue across four primary pillars: First, Automotive Sales and Leasing, selling mass-market electric vehicles (Model Y, Model 3) and premium models (Model S, Model X, Cybertruck) directly to consumers without franchised dealers.
Growth strategy
Tesla's growth plan rests on four bets. First, regain vehicle volume: deliveries fell 8.6% to 1.64 million in 2025, then rebounded to a record 480,126 in Q2 2026, up 25% year over year. Second, autonomy: Tesla runs a paid robotaxi service in several U.S. cities and is building the steering-wheel-free Cybercab, though the Q2 2026 shareholder letter dropped the target of volume production in 2026.
Competitive advantage
Tesla's advantage comes from brand strength, direct sales, software updates, charging infrastructure, battery and powertrain know-how, manufacturing scale, data, and energy-storage growth.
Questions about Nikola vs Tesla
Which company has higher revenue — Nikola Corporation or Tesla, Inc.?
Nikola Corporation reported $35.8M (FY2023), while Tesla, Inc. reported $94.8B (FY2025). By last reported revenue, Tesla, Inc. is the larger business, with Nikola Corporation reporting a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of Nikola Corporation vs Tesla, Inc.?
Tesla, Inc. has a market capitalisation of $1.49T. A public market cap figure for Nikola Corporation was not available (it may be privately held).
Which is more financially efficient — Nikola Corporation or Tesla, Inc.?
Tesla, Inc. generates $704k / employee in revenue per employee. A comparable figure for Nikola Corporation requires matching employee and revenue data from the same reporting period.
How do Nikola Corporation and Tesla, Inc. make money?
Nikola Corporation and Tesla, Inc. generate revenue in fundamentally different ways. Nikola Corporation: 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. Tesla, Inc.: Tesla operates a vertically integrated electric vehicle, clean energy generation, and software ecosystem model.
Is Nikola Corporation bigger than Tesla, Inc.?
By last reported revenue, Tesla, Inc. ($94.8B (FY2025)) is the larger company compared to Nikola Corporation ($35.8M (FY2023)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Nikola vs Tesla overview