Nikola’s story of fraud, deception, and political intrigue is almost over – the bankrupt company that promised a revolution in hydrogen- and battery-powered heavy trucking has seen its workforce shrink from 874 to a single remaining employee.
According to a report from the US Bankruptcy Court for the District of Delaware dated December 22, Nikola reported no sales and zero revenue for the month of November, losing about $1.6 million. The report also showed that the company’s job roll has been reduced to a single employee following its February 2025 bankruptcy filing: liquidating trustee Thomas Pitta.
The November losses push the company’s total losses since entering bankruptcy back in February to more than $556 million.
“The balance sheet shows that Nikola is deeply insolvent, with a negative net worth of about $172 million,” writes Jay Traugott at Commercial Clean Trucking. “The company has roughly $124 million in assets but about $296 million in total debts. Most of that debt (about $272 million) comes from unsecured obligations incurred before the bankruptcy filing.”
Traugott also reports that what’s left of Nikola is selling off its remaining assets at a rapid pace, bringing in a total of about $38.8 million from a number sources that include:
Meanwhile, Nikola is still waiting to receive an arbitration award of around $100 million it holds against its controversial founder and former CEO, the recently pardoned Trevor Milton, though the chances of the company actually seeing any of that money seems pretty low.
Electrek’s Take
As for what Nikola’s failure means for the electric freight and trucking industries as-a-whole, I can’t imagine it matters much as the rest of the world continues their push to electrify and deployed fleets from the likes of Volvo Trucks, Renault, and even relatively tiny Motiv log millions of customer miles, and more and more high-powered DC charging stations roll out onto highways in the US and abroad.
In other words: the future looks bright for zero-emission trucking, even if Trevor’s old dream of raking in billions with his gravity-powered demo truck didn’t go anywhere.
SOURCE: Clean Trucking.
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