If you were watching the markets back in 2020, you probably remember the frenzy. Nikola was the name on everyone’s lips. It was supposed to be the "Tesla of trucking." People were buying in at prices that seem like a fever dream now. Today? Honestly, the story is a lot more somber. If you’re checking the nkla stock price today, you aren't looking at a Nasdaq powerhouse anymore. You're looking at a company that has largely become a cautionary tale for the EV era.
It's tough.
The stock now trades under the ticker NKLAQ on the over-the-counter (OTC) markets, which is basically the "waiting room" for companies in deep financial distress. For those who didn't catch the news, Nikola Corporation filed for Chapter 11 bankruptcy protection back in February 2025. It wasn't just a restructuring move; by September 2025, the courts had approved a liquidation plan. When people ask about the price today, they’re usually met with a fraction of a cent—specifically around $0.007 to $0.01.
What Happened to the nkla stock price today?
The collapse didn't happen overnight, but the final slide was brutal. After years of struggling with high manufacturing costs and the fallout from the Trevor Milton legal saga, the company simply ran out of runway. In late 2024, they were reporting record deliveries of their hydrogen fuel cell trucks—88 in a single quarter—but the math just didn't work. They were losing hundreds of millions of dollars to generate just a few million in revenue.
💡 You might also like: Class A Berkshire Hathaway Stock Price: Why $740,000 Is Only Half the Story
You've got to look at the margins. According to financial data from late 2024, Nikola had a gross profit margin of about -334%. That is a staggering number. Essentially, for every dollar they brought in, they were spending more than three dollars just to build the thing. No business can survive that indefinitely.
The Liquidation Reality
Most of the assets have already been picked over. In August 2025, an Austin-based firm called Hyroad Energy reportedly bought a significant chunk of what was left at auction. We're talking 113 hydrogen fuel-cell trucks, spare parts, and the intellectual property.
- The Ticker Change: The "Q" added to the end of NKLA signifies bankruptcy.
- Shareholder Value: Usually, in these scenarios, common shareholders are the last in line.
- The Debt: The company's debt-to-equity ratio was nearly 2.0 before the filing, meaning they were buried in liabilities.
It's a weird situation because the trucks actually worked. By the time they went under, their updated battery-electric trucks had cleared over a million miles in the hands of real customers. But being a "leader in zero-emissions transportation" doesn't pay the bills if your cash burn is faster than your production line.
📖 Related: Getting a music business degree online: What most people get wrong about the industry
Why People Are Still Watching This
Kinda surprisingly, there's still a tiny bit of trading volume. Why? Some folks are betting on a "dead cat bounce" or some miracle where the remaining assets are worth more than the current market cap of roughly $836,000. But let's be real: that's a gamble, not an investment.
The nkla stock price today reflects a market that has almost entirely priced in a zero-dollar outcome for current holders. When a company moves to the OTC markets after a liquidation approval, the path back to a major exchange like the Nasdaq is nearly non-existent.
Lessons from the NKLA Saga
Looking back, the signs were there.
👉 See also: We Are Legal Revolution: Why the Status Quo is Finally Breaking
The company's P/E ratio was non-existent because earnings were deep in the red. The 52-week high of $1.79 (which feels high now) was already a massive drop from the split-adjusted highs of over $600 seen years prior. It’s a reminder that even if the technology is cool and the mission—decarbonizing freight—is noble, the balance sheet is what ultimately keeps the lights on.
The Actionable Reality for Investors
If you’re still holding or thinking about jumping in because it looks "cheap," you need to move with extreme caution. Generally, once a liquidation plan is approved, the existing shares are eventually canceled.
Next Steps for Your Portfolio:
- Check Your Brokerage: Many platforms like Robinhood or Public may restrict buying for "Q" tagged stocks. You might only be allowed to sell.
- Tax Loss Harvesting: If you're holding a loss, talk to a professional about using that loss to offset gains elsewhere before the tax year ends.
- Review the Filings: Look at the October 2025 SEC filings (like the 15-15D) which discuss the termination of registration of securities.
- Avoid the Hype: Ignore social media "pumps" claiming a secret buyout is coming; the court-approved liquidation is the legal reality.
The dream of Nikola was big, but the execution fell short of the massive capital requirements of the trucking industry. The nkla stock price today is the final punctuation mark on a very expensive lesson in market volatility.