Time-traveling visitors even from the year 2000 would point and laugh if they saw the “market” we are in today. Honestly. Just look at this:
The first thing we can celebrate is that the Slope of Hope has revenues dwarfing that of a $14 billion (market cap) public company.
Allow me to offer this carefully-crafted reaction: Un. Fucking. Believable.
As you’ve divined from the cornball name of the organization, Nikola is a firm trying to ape the success of Tesla. Their product – – well, their concept, since the product doesn’t exist – – is an electric truck. Yet they have no truck. And no customers. And no revenue. But they have really pretty concept drawings. Looks like someone knows their way around Microsoft Paint.
Well, no, that’s wrong. They do have revenue. Because their CEO gave his own company $36,000 so some of his boys could hop into a truck, head over to his mansion (bankrolled by the nice people who bought all that NKLA stock) and slap some solar panels on his roof. After all, it’s a business, right?
Here it is, straight from the SEC website:
During the three months ended June 30, 2020 and 2019 the Company recorded solar revenues of $0.03 million and $0.04 million, respectively, for the provision of solar installation services to the Executive Chairman, which are billed on time and materials basis. During the six months ended June 30, 2020 and 2019 the Company recorded solar revenues of $0.08 million and $0.06 million, respectively, for the provision of solar installation services to the Executive Chairman. As of June 30, 2020 and December 31, 2019, the Company had $3 thousand and $51 thousand, respectively, outstanding in accounts receivable related to solar installation services.
Zero point zero three million. Look out, Elon!
Sweet. Baby. Jesus. A $14 billion market cap for this tragi-comedy.
Honestly, people. I really should head to my home planet. You are insane.