The Nikola Motor Company (NKLA) receives a delisting notice from the Nasdaq stock exchange as its stock continues to trade under $1 per share. The Phoenix-based company started selling hydrogen fuel-cell semi trucks in the United States. This has not excited investors, as the company showed a non-GAAP net loss per share of $0.26 in Q1 2023. You can reference the Q1 2023 Nikola press release.
Nasdaq usually gives a company a grace period to recover its stock price and bring it above $1 per share. The company continues to focus on designing and producing large Class 8 semi-trucks that are powered by hydrogen fuel cells or batteries. The company has a hydrogen refueling business under a HYLA brand. This is critical to making hydrogen fuel-cell electric vehicles successful. Hydrogen refueling infrastructure must be expanded to make more routes viable. Nikola is also investing in driving automation technologies.
Nikola is competing against the Tesla semi-truck, and many legacy truck makers that are introducing electric trucks in addition to their traditional turbo-diesel big rigs.
We will be watching this space very closely.
