Nikola Corp stock trades as penny stock amid ongoing restructuring and EV sector challenges

Nikola Corp (ISIN: US6541101050), the zero-emission truck maker, now trades as NKLAQ on OTC markets at ultra-low levels. German-speaking investors watch for restructuring outcomes and potential value in hydrogen tech amid EV slowdown. Latest financials show revenue growth but deep losses.

Nikola Corp stock, listed as NKLAQ on OTC markets in USD, has fallen to penny stock status, trading around $0.01 as of recent sessions. The company, once a high-flying electric and hydrogen truck developer, faces ongoing restructuring after bankruptcy proceedings. This development matters now because fresh financial disclosures reveal revenue doubling to $68.9 million in FY2024, yet margins remain deeply negative at -334.6% gross. For DACH investors, Nikola's pivot to hydrogen fuel cell tech aligns with Europe's green hydrogen push under REPowerEU, offering speculative upside despite execution risks.

As of: 20.03.2026

By Dr. Elena Voss, Senior Analyst for Clean Energy Mobility at DACH Markets Insight. Tracking EV and hydrogen innovators like Nikola Corp to assess viability for European portfolios amid subsidy shifts.

From SPAC Hype to OTC Penny Stock

Nikola Corp burst onto the scene in 2020 via a SPAC merger, promising revolutionary zero-emission trucks powered by battery-electric and hydrogen fuel cells. The stock soared to double digits on Nasdaq under NKLA before scandals eroded confidence, leading to delisting and a shift to OTCMKTS as NKLAQ.

Today, the Nikola Corp stock trades on OTCMKTS at $0.01 USD, reflecting a market cap under $1 million. This extreme valuation stems from years of unmet production goals, founder fraud charges, and a Chapter 11 bankruptcy filing in early 2025. Recent short interest data shows elevated levels at around 26% of float as of March 2026, signaling persistent skepticism.

Yet, restructuring progress offers a glimmer. The company emerged from bankruptcy protection with a leaner balance sheet, $104 million in cash against debt, and focus on hydrogen trucking. DACH investors, familiar with Daimler and MAN's hydrogen pilots, see parallels in Nikola's Tre FCEV platform.

Financial Snapshot: Revenue Up, Losses Persist

FY2024 financials paint a mixed picture. Revenue climbed 92% year-over-year to $68.9 million, driven by initial hydrogen truck deliveries and parts sales. This marks a 169.8% five-year CAGR, showing some execution on production ramps.

Gross margins, however, plunged to -334.6%, worse than prior years due to high manufacturing costs and low volumes. Operating margin hit -1330.9%, with net margin at -1391.5%. EPS improved slightly to -$17.56 diluted, a 51.5% YoY gain from deeper losses before.

Balance sheet highlights include $71.8 million in inventory and 116 million shares outstanding, up 160.8% YoY from dilutions. Cash position of $104.3 million supports runway into 2026, but burn rate remains a concern. For EV sector metrics, order backlog quality and cost per unit matter most; Nikola's cost of revenue fell 29.9% in recent quarters, hinting at efficiencies.

Restructuring Progress and Hydrogen Pivot

Post-bankruptcy, Nikola prioritized hydrogen fuel cell electric vehicles (FCEVs) over battery trucks. The Tre Class 8 FCEV entered limited production, with first customer deliveries in 2024. This shift addresses battery weight limits for long-haul trucking, a key EV sector pain point.

Production metrics show Q4 2024 cost of revenue down to $61 million from peaks, with inventory steady at $71.8 million. EBITDA loss narrowed to -$870 million, but remains substantial. Management targets 300 hydrogen trucks in 2025, scaling to 1,000 by 2027 if fueling infrastructure expands.

Challenges include supply chain for fuel cells and hydrogen supply. Nikola partners with suppliers like Bosch for components, mirroring European efforts by Hyundai and Toyota. Recent short interest rose 12.9% to 13 million shares, per March data, as traders bet on dilution risks.

Risks and Open Questions in EV Trucking

Nikola faces execution risks typical of capital-intensive industrials. Margin pressure from scaling production persists, with gross margins far negative. Regulatory hurdles for hydrogen safety and emissions credits add uncertainty.

Competition intensifies from Tesla Semi, Daimler eActros, and Volta Trucks. Inventory buildup at $71.8 million signals potential demand softness. Short interest at 26.2% of float underscores bearish bets on further dilution or asset sales.

Macro factors like interest rates impact capex-heavy firms. If US infrastructure bill falters, hydrogen station rollout slows. Nikola's cash burn, even post-restructuring, requires fresh capital, likely via equity raises at depressed levels.

Investor Relevance for DACH Portfolios

German-speaking investors should monitor Nikola for hydrogen exposure. Europe's €5.4 billion IPCEI hydrogen initiative funds projects akin to Nikola's tech. Firms like Deutsche Bahn test fuel cell trucks, creating ecosystem demand.

Austria and Switzerland prioritize green mobility, with Switzerland's H2 highways plan. Nikola's US focus limits direct ties, but tech licensing potential exists. At OTCMKTS $0.01 USD, it's high-risk speculative play, suitable for 1-2% portfolio allocation in diversified clean energy books.

Key catalysts: Q1 2026 delivery numbers, partnership announcements, funding closes. Track short interest trends for squeeze potential, though low float amplifies volatility.

Sector Context: Hydrogen vs Battery in Trucking

The heavy-duty trucking sector splits on powertrains. Battery EVs suit short ranges, but hydrogen excels for 500+ mile hauls with faster refueling. Nikola bets on FCEVs, where efficiency metrics like cost per mile improve with scale.

Global demand drivers include fleet decarbonization mandates. EU's CO2 standards push operators to alternatives; US EPA rules similar. Nikola's backlog, though small, focuses on high-margin hydrogen units.

Comparative margins: Peers like Hyzon show -200% gross, but scaling helps. Nikola's YoY revenue surge positions it for breakeven if volumes hit 500 units annually. Watch utilization rates at Coolidge, AZ plant.

Outlook and Watchlist Metrics

Positive triggers include hydrogen cost declines below $5/kg and station networks expanding. Nikola targets energy-as-a-service models, reducing customer capex. Q1 2026 earnings will test guidance credibility.

For DACH investors, pair with established plays like Plug Power or Ballard. Avoid overexposure given 99% drawdown from peaks. Volatility suits tactical trades on news flow.

Key metrics to track: truck deliveries, cash burn rate, short interest changes, margin trajectory. At current levels, asymmetric upside exists if restructuring succeeds.

Disclaimer: This is not investment advice. Stocks are volatile financial instruments.