Loss-making hydrogen truck maker Nikola hires new chief financial officer
Thomas Okray, formerly of General Motors and Eaton, has been brought on board after months without a dedicated CFO
Zero-emission truck manufacturer Nikola has hired a new chief financial officer (CFO), Thomas Okray, nearly three months after its previous CFO left the company.
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Nikola’s CEO Steve Girsky had taken on acting CFO duties in November 2023 after Anastasiya Pasterick, following less than a year in the role, left the company to work for aviation start-up Universal Hydrogen.
This effectively left Nikola without a dedicated CFO for its Q4 — the first quarter to see revenue from its hydrogen fuel-cell electric trucks — and annual results for 2023, where it reported a net loss for the year of nearly $1bn.
The company, which also makes battery-electric trucks, has also accumulated $3.1bn of deficits since it was founded.
In a filing to the US Securities and Exchange Commission (SEC), the firm noted: “We believe that we will continue to incur operating and net losses each quarter until at least the time we begin to generate significant margin from our trucks, which may not happen.”
As such, Nikola adds that its analysis of its financial situation raises “substantial doubt” over whether the company will be able to operate as a going concern over the next 12 months unless it can raise additional capital.
General Motors had in 2020 — five years after Okray had already left — announced a strategic partnership with Nikola with plans to buy an 11% stake in the company.
However, this deal rapidly fell apart after a short-seller report by Hindenburg Research accused Nikola and founder Trevor Milton of fraud, sparking years of litigation which ended with Milton sentenced to four years in prison and Nikola fined $125m by the SEC.
The truckmaker was in October awarded $165m in its own lawsuit with Milton to cover the penalty.
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