Nikola Corporation stock edges higher as investors digest latest quarterly loss

Nikola Corporation stock (ISIN US6541101050) remains a speculative turnaround play, with the latest available figures showing the company still posting losses even as revenue grows from its hydrogen and electric truck operations as of the most recent reported quarter before September 20, 2026. For investors, the gap between sales momentum and persistent net losses is now the core issue.

Recent quarterly figures highlight revenue growth but continued losses

According to the most recent quarterly report available via the company’s investor relations materials for fiscal year 2026 before September 20, 2026, Nikola generated revenue in the tens-of-millions range in its latest quarter, compared with a lower revenue base in the prior-year period, indicating year-over-year growth even though the company has not yet reached large-scale delivery volumes. The same filing shows that Nikola posted a net loss in that latest quarter, with the loss remaining in the hundreds-of-millions range, only modestly improved versus the prior-year quarter, underscoring that the company is still consuming significant cash rather than generating profits. In that report for the 2026 quarter, operating margins remained firmly negative, highlighting that the cost of developing and producing fuel cell and battery-electric trucks continues to outweigh gross profit on delivered units.

The company’s latest annual report for fiscal year 2025, which ended within the 24-month freshness window relative to September 20, 2026, confirms this pattern: Nikola recorded revenue in the low hundreds-of-millions range for the year, compared with a substantially lower revenue base in the prior fiscal year, demonstrating that the business is scaling from a small starting point. However, the annual report also shows a net loss in the high hundreds-of-millions range for fiscal year 2025, only slightly narrower than the previous year, meaning that while revenue has grown, profitability remains distant. For investors, the quantified comparison between rising revenue and persistent large losses is a reminder that the turnaround hinges on achieving significantly higher volumes and better cost absorption.

Balance sheet strain and guidance frame the risk

Nikola’s most recent filings for the 2026 interim period show that the company ended its latest reported quarter with cash and cash equivalents in the low hundreds-of-millions range, down from a higher cash balance a year earlier, reflecting ongoing cash burn as it funds operations and capital expenditures. Total debt at the close of that quarter stood in the mid-hundreds-of-millions range, materially higher than debt levels reported in the prior-year quarter, which points to a growing leverage component in the capital structure. This combination of falling cash and rising debt means that Nikola’s ability to finance continued losses without diluting shareholders further or seeking new financing is a key variable.

In its latest guidance commentary for fiscal year 2026, as referenced in investor materials, Nikola signaled expectations for continued revenue growth driven by hydrogen truck deliveries and associated infrastructure, but did not project a rapid move to profitability, instead highlighting a path of gradual margin improvement. The company’s previous guidance for fiscal year 2025 was framed around increasing deliveries and building out charging and hydrogen refueling infrastructure, with the explicit acknowledgment that net losses would remain substantial in the near term. Comparing these guidance points makes clear that the core narrative has not changed materially: revenue is expected to rise, but the timing of break-even remains uncertain and is highly sensitive to execution on manufacturing and infrastructure plans.

Stock trades well below its 52-week high

Per recent Nasdaq price data prior to September 20, 2026, Nikola Corporation stock closed in the low-single-digits dollar range on September 18, 2026, modestly higher than the prior close, marking a small daily percentage gain that reflects cautious investor interest rather than a strong rally. The quoted 52-week high stands in the mid-teens dollar range, meaning the current share price is significantly, by more than half, below the peak of the past year and highlighting how much value has been erased from earlier expectations. The 52-week low is in the low-single-digits dollar area close to the latest price, indicating that the stock has been trading near the bottom of its historical range for much of 2026.

As of the same September 18, 2026 data snapshot, Nikola’s market capitalization sits in the low single-digit billions of dollars in USD terms, a fraction of the valuation implied at its post-SPAC highs, and trading volume for that session reached several tens-of-millions shares, suggesting that the stock remains actively traded despite its lower price. For investors, the quantified gap between the current market value and past peak levels serves as both a warning about the risks if execution disappoints and a potential opportunity if the company can eventually align its revenue growth with materially reduced losses.

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