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Nikola is working quickly to scale production and pilots as it expects to generate ~$120 million in revenue in FY22.
However, Nikola's liquidity picture is a bit worse than it looks, with Tumim's remaining ELOC worth less than $250 million.
Nikola's high cash burn rate and fragile liquidity picture raise the stakes of shareholder dilution, as Nikola is urging shareholders to approve a 33% increase in authorized shares.