Thursday , September 24 2020
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A first in the history of capital markets?

Nikola, the bn born-of-SPAC electric truck manufacturer that, in absolutely no way, is riding on Tesla’s coat tails, reported earnings Tuesday evening after the bell.With no products to sell yet, FT Alphaville was expecting to see the Phoenix-based company post no revenues, and a loss of some sorts. Instead, the company made some revenues — ,000 (yes, 36 grand) — and a loss of m.Of course, those figures make for a ridiculous EV/ annualised sales multiple that we are not even going to bother calculating. (Five figures, we believe.)Yet we’re not sure we’ve ever seen this before: a company where its entire revenue base seems to come from services performed exclusively for a related party.From the 10-Q:Related Party Revenue and Accounts ReceivableDuring the three months ended June 30,

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