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Nikola Corporation Reports Third Quarter 2024 Results

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2 years ago

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Record 88 wholesale deliveries of hydrogen fuel cell electric trucks in Q3, up 22% quarter over quarterFCEV Fleet adoption up 78% year-to-date, with 16 end fleets deploying Nikola FCEVs, 32 distinct end fleets across both powertrainsExpanded dealer network for the first time since launch of the FCEVReiterating our year-end volume guidance of 300-350 FCEVs

PHOENIX, Oct. 31, 2024 /PRNewswire/ — Nikola Corporation (Nasdaq: NKLA), a global leader in zero-emissions transportation and energy supply and infrastructure solutions, via the HYLA brand, today reported financial results and business updates for the quarter ended September 30, 2024.

“Year-to-date, we had record sales of hydrogen fuel cell electric trucks, a 78% increase in FCEV fleet adoption, and a nearly 350% increase in hydrogen fuel dispensed at our commercial stations,” said Steve Girsky, President and CEO of Nikola. “We also returned 78 BEV “2.0s” back to end fleets and dealers. With every truck delivered and fueled at our HYLA stations, we continue to deliver proof points to the market that zero-emission trucks are driving the future of Class 8 mobility.” 

Hydrogen Fuel Cell Electric Truck
We delivered record sales of 88 FCEVs to our dealer network, up 22% from last quarter. On the retail front, we continued to see strong organic growth from existing end fleets. National fleet partners such as Kenan Advantage Group and DHL Supply Chain recently announced deployment of Nikola FCEVs and noted the important role we play in not only helping them meet their sustainability goals, but those of their end customers, which includes Nestlé and Diageo.

We expanded our dealer network for the first time since the launch of our FCEV with the addition of GTS Group, in Southern California. GTS, a successful traditional truck dealership, recently introduced a new division, created for the sales and service of Nikola trucks called “Next Generation Truck” or NGT.  This additional dealer brings the number of Nikola sales and service locations up to nineteen across the U.S.  

We reiterate FCEV volume guidance of 300-350 trucks by year-end.

HYLA Energy
We expect to deliver 10 HYLA fueling solutions by year-end. We are focusing our strategy on providing more support at existing stations to better serve our customers as we scale. Operationally, over the lifetime of the entire HYLA network, we have recorded more than 5900 fueling events, dispensing more than 210 metric tons of hydrogen, for an average of 36kg per fill. The year-to-date ramp-up in mobile hydrogen refueling stations has been very strong. Since we began measuring commercial fueling operations in Q1, total hydrogen dispensing has grown nearly 350% year-to-date.  

Battery-Electric Truck
We are excited that the BEV “2.0” is back on the road, hauling freight, and validating its use case. Since putting the BEV 2.0 back into service, 19 end fleets have accumulated more than 715K in-service road miles. The BEV 2.0 has been the truck of choice for our end fleets not only for its performance but also to meet the sustainability goals of end fleet partners. Program-to-date, we’ve returned 78 BEVs back to the market to overwhelmingly positive feedback.

Third Quarter Operational and Financial Highlights 

 Three Months Ended
September 30,

 Nine Months Ended
September 30,

(In thousands, except share and per share data)

2024

2023

2024

2023

Trucks produced

83

N/A

203

96

Trucks shipped

90

3

203

79

Total revenues

$          25,181

$           (1,732)

$          63,997

$          24,307

Gross profit (loss)

$         (61,943)

$       (125,503)

$       (174,244)

$       (175,831)

Gross margin

(246) %

7246 %

(272) %

(723) %

Loss from operations

$       (178,791)

$       (226,167)

$       (455,278)

$       (521,993)

Net loss from continuing operations

$       (199,781)

$       (425,764)

$       (481,177)

$       (711,025)

Net loss on discontinued operations

$                  —

$                  —

$                  —

$       (101,661)

Net loss

$       (199,781)

$       (425,764)

$       (481,177)

$       (812,686)

Adjusted EBITDA (1)

$       (123,610)

$       (188,563)

$       (337,037)

$       (417,318)

Net loss from continuing operations per share, basic and diluted

$             (3.89)

$            (14.90)

$           (10.12)

$            (30.20)

Net loss from discontinued operations

$                  —

$                  —

$                  —

$              (4.32)

Non-GAAP net loss per share, basic and diluted(1)

$              (2.75)

$              (9.04)

$              (8.05)

$            (21.97)

Weighted-average shares outstanding, basic and diluted

51,388,962

28,573,800

47,553,460

23,544,174

(1) A reconciliation of the non-GAAP versus GAAP information is provided below in the financial statement tables in this press release.

Webcast and Conference Call Information
Nikola will host a webcast to discuss its third quarter results and business progress at 7:30 a.m. Pacific Time (10:30 a.m. Eastern Time) on October 31, 2024. To access the webcast, parties in the United States should follow this link.

The live audio webcast, along with supplemental information, will be accessible on the Company’s Investor Relations website here. A recording of the webcast will also be available following the earnings call.

About Nikola Corporation
Nikola Corporation’s mission is clear: pioneering solutions for a zero-emissions world. As an integrated truck and energy company, Nikola is transforming commercial transportation, with our Class 8 vehicles, including battery-electric and hydrogen fuel cell electric trucks, and our energy brand, HYLA, driving the advancement of the complete hydrogen refueling ecosystem, covering supply, distribution and dispensing.

Nikola headquarters is based in Phoenix, Ariz. with a manufacturing facility in Coolidge, Ariz.

Experience our journey to achieve your sustainability goals at nikolamotor.com or engage with us on social media via Facebook @nikolamotorcompany, Instagram @nikolamotorcompany, YouTube @nikolamotorcompany, LinkedIn @nikolamotorcompany or X / Twitter @nikolamotor

Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of federal securities laws with respect to Nikola Corporation (the “Company”), including statements relating to: the Company’s belief that the third quarter is an example of how it is executing its strategic and operational objectives by strengthening its resolve to push forward, meet the demands of end fleets, and lay a path for a sustainable future; the Company’s belief that zero-emission trucks are driving the future of Class 8 mobility;  the Company’s beliefs regarding its role in helping to meet sustainability goals; the Company’s future financial and business performance, truck sale guidance, business plan, strategy, focus, opportunities and milestones; the benefits and momentum in the Company’s profitability flywheel; customer demand for trucks; the Company’s beliefs regarding its competition and competitive position; the Company’s business outlook; the Company’s expectations regarding hydrogen refueling solutions and timelines; expectations related to the battery-electric truck recall;  and the Company’s beliefs regarding the benefits and attributes of its trucks, and customer experience. These forward-looking statements other than statements of historical fact, and generally are identified by words such as “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” and similar expressions. Forward-looking statements are predictions, projections, and other statements about future events based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: the Company’s ability to continue as a going concern; the Company’s cash needs and obligations, and changes in its cash needs and obligations; the Company’s its ability to raise sufficient capital to continue to operate its business; the Company’s ability to achieve cost reductions and decrease its cash usage; the ability of the Company to successfully execute its business plan; design and manufacturing changes and delays, including shortages of parts and materials and other supply challenges; the continued availability of hydrogen refueling solutions; general economic, financial, legal, regulatory, political and business conditions and changes in domestic and foreign markets; demand for and customer acceptance of the Company’s trucks and hydrogen refueling solutions; the results of customer pilot testing; the execution and terms of definitive agreements with strategic partners and customers; the failure to convert LOIs or MOUs into binding orders; the cancellation of orders; risks associated with development and testing of fuel cell power modules and hydrogen storage systems; risks related to the recall, including higher than expected costs, the discovery of additional problems, delays retrofitting the trucks and delivering such trucks to customers, supply chain and other issues that may create additional delays, order cancellations as a result of the recall, litigation, complaints and/or product liability claims, and reputational harm; risks related to the rollout of the Company’s business and milestones and the timing of expected business milestones; the effects of competition on the Company’s business; the Company’s capital needs ability to raise capital; the Company’s ability to achieve cost reductions and decrease its cash usage; the grant, receipt and continued availability of federal and state incentives; and the factors, risks and uncertainties regarding the Company’s business described in the “Risk Factors” section of the Company’s Quarterly Report on Form 10-Q, for the quarter ended June 30, 2024 filed with the SEC, in addition to the Company’s subsequent filings with the SEC. These filings identify and address other important risks and uncertainties that could cause the Company’s actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, the Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

Use of Non-GAAP Financial Measures
This press release references Adjusted EBITDA and non-GAAP net loss per share, basic and diluted, all of which are non-GAAP financial measures and are presented as supplemental measures of the Company’s performance. The Company defines Adjusted EBITDA as earnings before interest expense, taxes, depreciation and amortization, stock-based compensation expense, and certain other items determined by the Company. Non-GAAP net loss is defined as net loss adjusted for stock-based compensation expense and certain other items determined by the Company. Non-GAAP net loss per share, basic and diluted is defined as non-GAAP net loss divided by weighted average basic and diluted shares outstanding. These non-GAAP measures are not substitutes for or superior to measures of financial performance prepared in accordance with generally accepted accounting principles in the United States (GAAP) and should not be considered as an alternative to any other performance measures derived in accordance with GAAP.

The Company believes that presenting these non-GAAP measures provides useful supplemental information to investors about the Company in understanding and evaluating its operating results, enhancing the overall understanding of its past performance and future prospects, and allowing for greater transparency with respect to key financial metrics used by its management in financial and operational-decision making. However, there are a number of limitations related to the use of non-GAAP measures and their nearest GAAP equivalents. For example, other companies may calculate non-GAAP measures differently or may use other measures to calculate their financial performance, and therefore any non-GAAP measures the Company uses may not be directly comparable to similarly titled measures of other companies.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except share and per share data)

(Unaudited)

Three Months Ended
September 30,

 Nine Months Ended
September 30,

2024

2023

2024

2023

Revenues:

Truck sales

$                24,847

$                 (2,368)

$                61,008

$                19,693

Service and other

334

636

2,989

4,614

Total revenues

25,181

(1,732)

63,997

24,307

Cost of revenues:

Truck sales

82,205

122,679

222,946

195,902

Service and other

4,919

1,092

15,295

4,236

Total cost of revenues

87,124

123,771

238,241

200,138

Gross loss

(61,943)

(125,503)

(174,244)

(175,831)

Operating expenses:

Research and development (1)

41,800

41,966

121,458

168,286

Selling, general, and administrative (1)

41,629

57,982

126,157

159,443

Impairment expense

33,419

—

33,419

—

Loss on supplier deposits

—

716

—

18,433

Total operating expenses

116,848

100,664

281,034

346,162

Loss from operations

(178,791)

(226,167)

(455,278)

(521,993)

Other income (expense):

Interest expense, net

(10,875)

(52,680)

(17,094)

(71,262)

Gain on divestiture of affiliate

—

—

—

70,849

Loss on debt extinguishment

(871)

—

(3,184)

(20,362)

Other income (expense), net

(9,417)

(146,654)

(4,664)

(151,969)

Loss before income taxes and equity in net profit (loss) of affiliates

(199,954)

(425,501)

(480,220)

(694,737)

Income tax expense

—

1

92

1

Loss before equity in net profit (loss) of affiliates

(199,954)

(425,502)

(480,312)

(694,738)

Equity in net profit (loss) of affiliates

173

(262)

(865)

(16,287)

Net loss from continuing operations

(199,781)

(425,764)

(481,177)

(711,025)

Discontinued operations:

Loss from discontinued operations

—

—

—

(76,726)

Loss from deconsolidation of discontinued operations

—

—

—

(24,935)

Net loss from discontinued operations

—

—

—

(101,661)

Net loss

$             (199,781)

$             (425,764)

$             (481,177)

$             (812,686)

Basic and diluted net loss per share (2):

Net loss from continuing operations

$                   (3.89)

$                 (14.90)

$                 (10.12)

$                 (30.20)

Net loss from discontinued operations

$                        —

$                        —

$                        —

$                   (4.32)

Net loss

$                   (3.89)

$                 (14.90)

$                 (10.12)

$                 (34.52)

Weighted-average shares outstanding, basic and diluted (2)

51,388,962

28,573,800

47,553,460

23,544,174

 

(1) Includes stock-based compensation as follows:

Three Months Ended September 30,

Nine Months Ended September 30,

2024

2023

2024

2023

Cost of revenues

$                    434

$                    414

$                 1,114

$                 1,813

Research and development

2,473

3,383

7,825

19,043

Selling, general, and administrative

5,694

14,862

16,398

48,060

Total stock-based compensation expense

$                 8,601

$              18,659

$              25,337

$              68,916

(2) Shares issued and outstanding have been adjusted to reflect the one-for-thirty (1-for-30) reverse stock split that became effective on June 24, 2024.

 

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share data)

(Unaudited)

September 30,

December 31,

2024

2023

Assets

Current assets

Cash and cash equivalents

$                   198,301

$                   464,715

Restricted cash and cash equivalents

3,374

1,224

Accounts receivable, net

51,773

17,974

Inventory

76,076

62,588

Prepaid expenses and other current assets

61,996

25,911

Total current assets

391,520

572,412

Restricted cash and cash equivalents

16,086

28,026

Long-term deposits

17,256

14,954

Property, plant and equipment, net

490,244

503,416

Intangible assets, net

52,130

85,860

Investment in affiliate

56,197

57,062

Goodwill

—

5,238

Other assets

12,610

7,889

Total assets

$                1,036,043

$                1,274,857

Liabilities and stockholders’ equity

Current liabilities

Accounts payable

$                      57,161

$                      44,133

Accrued expenses and other current liabilities

205,508

207,022

Debt and finance lease liabilities, current

73,111

8,950

Total current liabilities

335,780

260,105

Long-term debt and finance lease liabilities, net of current portion

270,018

269,279

Operating lease liabilities

6,806

4,765

Other long-term liabilities

44,193

21,534

Total liabilities

656,797

555,683

Commitments and contingencies

Stockholders’ equity

Preferred stock

—

—

Common stock

6

4

Additional paid-in capital

3,931,702

3,790,401

Accumulated deficit

(3,552,246)

(3,071,069)

Accumulated other comprehensive loss

(216)

(162)

Total stockholders’ equity

379,246

719,174

Total liabilities and stockholders’ equity

$                1,036,043

$                1,274,857

 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

Nine Months Ended September 30,

2024

2023

Cash flows from operating activities

Net loss

$                 (481,177)

$                 (812,686)

Less: Loss from discontinued operations

—

(101,661)

Loss from continuing operations

(481,177)

(711,025)

Adjustments to reconcile net loss from continuing operations to net cash used in operating activities:

Depreciation and amortization

33,408

28,758

Stock-based compensation

25,337

68,916

Equity in net loss of affiliates

865

16,287

Revaluation of financial instruments

6,284

195,132

Revaluation of contingent stock consideration

—

(43,981)

Inventory write-downs

56,587

64,500

Non-cash interest expense

11,906

72,846

Loss on supplier deposits

—

18,433

Gain on divestiture of affiliate

—

(70,849)

Loss on debt extinguishment

3,184

20,362

Loss on disposal of assets

2,921

—

Impairment expense

33,419

—

Other non-cash activity

5,674

3,888

Changes in operating assets and liabilities:

Accounts receivable, net

(33,799)

20,932

Inventory

(71,085)

(9,983)

Prepaid expenses and other current assets

(14,017)

(48,332)

Other assets

(1,595)

(2,384)

Accounts payable, accrued expenses and other current liabilities

(3,478)

(1,672)

Long-term deposits

(262)

(1,377)

Operating lease liabilities

(2,769)

(1,191)

Other long-term liabilities

29,064

2,316

Net cash used in operating activities

(399,533)

(378,424)

Cash flows from investing activities

Purchases and deposits of property, plant and equipment

(43,740)

(108,409)

Proceeds from the sale of assets

21,398

20,742

Divestiture of affiliate

—

35,000

Payments to Assignee

—

(2,725)

Investments in affiliate

—

(250)

Net cash used in investing activities

(22,342)

(55,642)

Cash flows from financing activities

Proceeds from the exercise of stock options

—

7,393

Proceeds from issuance of shares under the Tumim Purchase Agreements

—

67,587

Proceeds from registered direct offering, net of underwriter’s discount

—

63,456

Proceeds from public offering, net of underwriter’s discount

—

32,244

Proceeds from issuance of common stock under Equity Distribution Agreement, net of commissions and other fees paid

73,464

115,027

Proceeds from issuance of convertible notes

80,000

217,075

Proceeds from issuance of financing obligation, net of issuance costs

—

53,548

Proceeds from insurance premium financing

4,598

5,223

Repayment of debt and promissory notes

(522)

(45,287)

Payment for Coupon Make-Whole Premium

(4,579)

—

Payments on insurance premium financing

(3,661)

(3,550)

Payments on finance lease liabilities and financing obligation

(3,549)

(459)

Payments for issuance costs

(80)

—

Net cash provided by financing activities

145,671

512,257

Net increase (decrease) in cash and cash equivalents, including restricted cash and cash equivalents

(276,204)

78,191

Cash and cash equivalents, including restricted cash and cash equivalents, beginning of period

493,965

313,909

Cash and cash equivalents, including restricted cash and cash equivalents, end of period

$                   217,761

$                   392,100

Cash flows from discontinued operations:

Operating activities

$                            —

$                     (4,964)

Investing activities

—

(1,804)

Financing activities

—

(572)

Net cash used in discontinued operations

$                            —

$                     (7,340)

   

Reconciliation of GAAP Financial Metrics to Non-GAAP

(In thousands, except share and per share data)

(Unaudited)

Reconciliation of Net Loss from continuing operations to EBITDA and Adjusted EBITDA

Three Months Ended September 30,

Nine Months Ended September 30,

2024

2023

2024

2023

(in thousands)

Net loss from continuing operations

$          (199,781)

$          (425,764)

$          (481,177)

$          (711,025)

Interest expense, net

10,875

52,680

17,094

71,262

Income tax expense

—

1

92

1

Depreciation and amortization

11,720

16,996

33,408

28,758

EBITDA

(177,186)

(356,087)

(430,583)

(611,004)

Impairment expense

33,419

—

33,419

—

Stock-based compensation

8,601

18,659

25,337

68,916

Loss on supplier deposits

—

716

—

18,433

Gain on divestiture of affiliate

—

—

—

(70,849)

Loss on debt extinguishment

871

—

3,184

20,362

Loss / (gain) on disposal of assets

(237)

—

2,921

—

Equipment purchase cancellation

—

—

15,613

—

Revaluation of financial instruments

8,431

145,717

6,284

151,151

Regulatory and legal matters (1)

2,491

2,432

6,788

5,673

Adjusted EBITDA

$          (123,610)

$          (188,563)

$          (337,037)

$          (417,318)

(1) Regulatory and legal matters include legal, advisory, and other professional service fees incurred in connection with a short-seller article from September 2020, and investigations and litigation related thereto.

 

Reconciliation of GAAP to Non-GAAP Net Loss, and GAAP to Non-GAAP Net Loss per Share, basic and diluted

Three Months Ended September 30,

Nine Months Ended September 30,

2024

2023

2024

2023

(in thousands, except share and per share data)

Net loss from continuing operations

$          (199,781)

$          (425,764)

$          (481,177)

$          (711,025)

Impairment expense

33,419

—

33,419

—

Stock-based compensation

8,601

18,659

25,337

68,916

Debt issuance costs for Senior Convertible Notes

4,890

—

4,890

—

Loss on supplier deposits

—

716

—

18,433

Gain on divestiture of affiliate

—

—

—

(70,849)

Loss on debt extinguishment

871

—

3,184

20,362

Revaluation of financial instruments

8,431

145,717

6,284

151,151

Loss / (gain) on disposal of assets

(237)

—

2,921

—

Equipment purchase cancellation

—

—

15,613

—

Regulatory and legal matters (1)

2,491

2,432

6,788

5,673

Non-GAAP net loss

$          (141,315)

$          (258,240)

$          (382,741)

$          (517,339)

Net loss from continuing operations per share, basic and diluted (2)

$                 (3.89)

$               (14.90)

$               (10.12)

$               (30.20)

Non-GAAP net loss per share, basic and diluted

$                 (2.75)

$                 (9.04)

$                 (8.05)

$               (21.97)

Weighted average shares outstanding, basic and diluted (2)

51,388,962

28,573,800

47,553,460

23,544,174

(1) Regulatory and legal matters include legal, advisory, and other professional service fees incurred in connection with a short-seller article from September 2020, and investigations and litigation related thereto.

(2) Shares issued and outstanding have been adjusted to reflect the one-for-thirty (1-for-30) reverse stock split that became effective on June 24, 2024.

 

Reconciliation of Cash flows to Adjusted Free Cash Flow

Three Months Ended September 30,

Nine Months Ended September 30,

2024

2023

2024

2023

(in thousands)

Most comparable GAAP measure:

Net cash used in operating activities

$          (149,377)

$             (91,259)

$          (399,533)

$          (378,424)

Net cash used in investing activities

(13,558)

(115)

(22,342)

(55,642)

Net cash provided by financing activities

98,080

188,119

145,671

512,257

Non-GAAP measure:

Net cash used in operating activities

(149,377)

(91,259)

(399,533)

(378,424)

Purchases of property, plant and equipment

(13,558)

(20,690)

(43,740)

(108,409)

Adjusted free cash flow

$          (162,935)

$          (111,949)

$          (443,273)

$          (486,833)

 

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SOURCE Nikola Corporation

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Goodwill Houston and CompuCycle Launch Tech Recycle Workforce Training Program for Students with Disabilities

Published

23 minutes ago

on

October 20, 2026

By

HOUSTON, Oct. 20, 2026 /PRNewswire/ — Goodwill Houston and CompuCycle today announced Tech Recycle, a workforce training program that turns school districts’ retired electronics into paid vocational training for transition-age students with disabilities. Goodwill Houston operates the program and pays every student. CompuCycle, a Houston-based electronics recycler, provides certified data destruction and recycling for the districts’ devices.

Tech Recycle is a 12-week paid work-based learning program that helps students on the autism spectrum build skills and prepare for future employment, at no cost to them.

How Does Tech Recycle Work?

Districts send retired electronics to CompuCycle for certified data destruction and receive audit-ready documentation before sending the wiped devices to Goodwill Houston to be used in instruction.Students join a 12-week paid work-based learning program run by Goodwill Houston, gaining hands-on experience and skills that can support future employment.Goodwill Houston funds student paychecks in full, separate from the value returned to districts.CompuCycle recycles the scrap materials in-house at its 130,000 sq ft Houston facility and returns recovered material value to the districts.

From One Classroom to a Regional Workforce Program

Tech Recycle grew out of TechCycle, a program CompuCycle launched with Pearland ISD, supported by seed funding from Texas A&M and covered by ABC13. Goodwill Houston now runs it as Tech Recycle.

“Goodwill Houston saw what it could be across the region and built the training around it. Our job is to keep the recycling secure, certified, and done right here in Houston,” said Kelly Adels Hess, CEO of CompuCycle.

Building a Pathway to Success for Students with Autism

“We have run into so many students who have a passion for telling you how things work and taking them apart. But we did not have a pathway set aside for them. The greatest part about this program is we’re paying these students. They now have certified training and a resume builder,” said Vernee Sampson, Senior Manager of Vocational Rehabilitation Programs at Goodwill Houston.

“Most arrive assuming that they can’t do this or this isn’t for them, but we want them to walk away believing that they can do it,” said Alicia Franklin, Career Coach and instructor for Tech Recycle.

How Can Districts and Organizations Get Involved?

School districts that want to train their students through Tech Recycle can contact Goodwill Houston. Organizations with retired electronics can send them through CompuCycle. Learn more about the CompuCycle and Goodwill Houston partnership.

“Community impact is the point of Tech Recycle. A district retires its devices, we recycle them securely, and Goodwill Houston turns that into paid training for students. When a recycler, a nonprofit, and a school district work together, the whole community benefits,” Hess said.

Join the Conversation at E-Scrap

Kelly Adels Hess will lead a workshop, “Community Partnerships, Real Impact,” at the E-Scrap Conference in New Orleans on October 27 from 8:30 to 9:30 a.m.

About Goodwill Houston

Goodwill Houston is a nonprofit organization dedicated to changing lives through the power of work. Serving individuals and families across the Greater Houston area, Goodwill Houston provides workforce development, job training, career services and other programs designed to help people build skills, overcome barriers to employment and achieve greater independence.

About CompuCycle

CompuCycle is a Houston-based IT asset disposition and electronics recycling company. It holds R2v3, e-Stewards, and ISO 27001 certifications, the only electronics recycler in Texas with all three.

Media Contacts

CompuCycle: Kelly Adels Hess, CEO, khess@compucycle.com, 713-869-6700Goodwill Houston: Mia Brooks, Events and Public Relations Coordinator, MBrooks@goodwillhouston.org, 713-805-7031

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SOURCE CompuCycle

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Technology

xTool Launches C1 Color Cutter : The Full-Color Cutting Machine Built to Scan, Print, and Cut with Precision

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23 minutes ago

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October 20, 2026

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PARIS, Oct. 20, 2026 /PRNewswire/ — xTool, a global pioneer in digital fabrication and smart desktop manufacturing, announces today its expansion into the craft cutter market with the launch of the xTool C1 Color Cutter.

Engineered under the slogan “Scan It. Print It. Cut It. Always in One Workflow,” the C1 solves long-standing industry challenges by integrating high-precision CIS scanning, CMYK full-color inkjet printing, and dynamic blade cutting into a single automated desktop workstation.

Starting October 20th, 2026, xTool is launching its official global pre-order campaign, offering an exclusive £10 deposit incentive that provides early buyers with substantial machine discounts, physical material bundles, and livestream giveaway entries.

Beyond Lasers and Printers : The Natural Evolution into Craft Cutting

The launch of the xTool C1 marks a milestone in xTool’s strategy to build a fully integrated hardware and software ecosystem for creators, DIY enthusiasts, and small-business owners. Building on its global leadership in desktop laser engravers and digital printers, xTool is bringing its expertise in precision mechanics and automation to traditional blade cutting.

By combining full-color printing and precision cutting in one compact machine, the C1 eliminates the need for separate printers, manual material transfers, and error-prone registration marks, simplifying workflows for paper crafts, vinyl graphics, HTV, apparel, and stickers.

Designed for Advanced Crafters and Small Businesses

For DIY enthusiasts, its integrated print-and-cut workflow helps reduce material waste, alignment errors, and the need to cut and weed multiple layers of vinyl. Complex projects involving heat transfer vinyl (HTV) for textile customisation, sticker making, and paper crafts become easier to complete.

For entrepreneurs and small businesses producing customised apparel, labels, packaging, or promotional items, the C1 is a valuable addition to their production workflow. It helps improve productivity, reduce manufacturing costs, and deliver professional-quality results.

Seamless Print-and-Cut Workflow

Combining CMYK inkjet printing with precision blade cutting, the C1 prints directly onto materials before cutting, eliminating registration marks, maximizing printable space, and minimizing alignment errors and waste. Its proprietary Duraproof ink produces vibrant, waterproof, fade-resistant graphics that can withstand up to 30 home washes on textiles.

Built-In CIS Scanner and Live Preview

An integrated Contact Image Sensor (CIS) provides a 1:1 live preview, allowing users to position designs accurately, including leftover materials. Additional features include automatic contour extraction, material nesting, and QR-code-based parameter setup.

AI-Powered Atomm Creation Suite

xTool’s Atomm software transforms text prompts and images into ready-to-cut vectors, with tools for background removal, artistic text, line-art conversion, and 3D papercraft templates, reducing design preparation from hours to minutes.

Versatile Materials and Tools

Compatible with Fine-Point, Deep-Point, Rotary, and 3mm Cutting blades, Foil-Transfer tips, and detail pens, the C1 supports paper, cardstock, vinyl, HTV, leather, balsa wood, and fabrics. Optional accessories include an Electrostatic Mat and Roll Holder with built-in trimmer.

Pre-Order Details

Global pre-orders open on October 20th, 2026, with prices starting at £399 and reservations available for a £10 deposit. Several bundles will be offered, including the first-ever C1 bundle with Atomm Membership.

Pre-order customers will receive exclusive £10 Pre-Order Bonus Perks, including a material kit with over 10 crafting materials, a 20% Material Card valid for 180 days across the xTool store, and entry into a livestream giveaway to win a free C1.

Final payments and global shipping begin November 5, 2026. Further details are available at xtool.com.

About xTool

xTool is a brand founded in 2020 that specialises in smart digital fabrication machines. The company’s mission is to foster creativity by developing intelligent, user-friendly tools that leverage advanced technologies to significantly lower the barriers to creation.

The brand primarily serves makers, DIY enthusiasts, and the education sector by combining powerful software with safe, easy-to-use hardware. xTool provides users with new opportunities to bring their creative ideas to life efficiently and professionally.

For more information: xtool.com

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Green Data Center Market worth $197.02 billion by 2031 – Report by MarketsandMarkets™

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October 20, 2026

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DELRAY BEACH, Fla., Oct. 20, 2026 /PRNewswire/ — According to MarketsandMarkets™, the global Green Data Center Market is expanding rapidly, with a projected market size anticipated to rise from about USD 60.77 billion in 2026 to USD 197.02 billion by 2031, featuring a CAGR of 26.5%.

Browse 303 market data Tables and 60 Figures spread through 240 Pages and in-depth TOC on “Green Data Center Market – Global Forecast to 2031”

Green Data Center Market Size & Forecast:

Market Size Available for Years: 2021–20312025 Market Size: USD 48.26 billion2026 Market Size: USD 60.77 billion2031 Projected Market Size: USD 197.02 billionCAGR (2026–2031): 26.5%

Green Data Center Market Trends & Insights:

The global market is gaining momentum as data center operators and enterprises respond to rising energy costs, increasingly stringent sustainability regulations, and growing commitments to reduce carbon emissions.The infrastructure segment is expected to hold the largest market value of USD 39.31 billion by 2026.The building management software is projected to grow at the highest CAGR of 32.1% during the forecast period.Cloud and hyperscale data centers are expected to dominate the market during the forecast period.Retail and e-commerce enterprises are projected to grow at the highest CAGR during the forecast period.North America is estimated to dominate the market with the highest value of USD 25.12 billion by 2026.

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Green data centers are transforming digital infrastructure by integrating technologies such as renewable energy systems, liquid and immersion cooling, and intelligent energy management solutions to enable sustainability at scale. These innovations improve power usage efficiency, reduce carbon emissions, and support compliance with increasingly stringent global sustainability regulations, accelerating adoption across hyperscale facilities, colocation providers, and enterprise data centers. By incorporating energy-efficient and environmentally optimized technologies into core operations, green data centers enhance long-term resilience, regulatory alignment, and cost efficiency for energy-intensive workloads. This infrastructure enables organizations to support AI-driven applications, cloud services, and high-density computing environments more efficiently, while reducing reliance on fossil fuel-based power systems and minimizing overall environmental impact.

By Cooling Infrastructure, Green Air Cooling will register the largest market share during the forecast period

Green air cooling is expected to remain a key thermal management solution in data centers, driven by the growing emphasis on energy efficiency, sustainability, and reduced environmental impact. Key components include Computer Room Air Handlers (CRAH) and Computer Room Air Conditioning (CRAC) units, which use chilled water and refrigerant-based systems, respectively, to maintain optimal temperature and humidity conditions. These systems are increasingly equipped with variable-speed fans, advanced controls, and high-efficiency motors to reduce energy consumption and improve overall cooling performance. Energy-efficient air-cooled chillers further complement these systems by using low Global Warming Potential (GWP) refrigerants and incorporating free-cooling modes that leverage ambient outdoor air to reduce cooling energy requirements. Additional approaches, including hot/cold aisle containment, variable airflow management, and intelligent monitoring systems, enable cooling capacity to be dynamically adjusted according to real-time demand, improving energy efficiency. Emerging vendors and solution providers can capitalize on this trend by developing advanced thermal management technologies. Carrier’s investment in ZutaCore, announced in February 2025, highlights the industry’s increasing focus on advanced cooling solutions. The collaboration aims to deliver scalable and energy-efficient thermal management systems capable of addressing the rising cooling requirements of modern data centers. To capture these opportunities, vendors can focus on developing innovative cooling technologies that improve efficiency and support sustainability objectives. Strategic collaborations, industry partnerships, and continuous technological innovation will remain important for strengthening capabilities in the evolving green data center cooling market.

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Software segment is poised for the fastest growth rate during the forecast period

The software segment is expected to register the highest CAGR in the Green Data Center Market, driven by growing demand for intelligent automation, energy optimization, operational visibility, and regulatory compliance. Data Center Infrastructure Management (DCIM) software provides real-time visibility into power consumption, cooling performance, server utilization, and environmental conditions, enabling operators to identify inefficiencies, optimize resource allocation, and maintain high availability. Building Management Systems (BMS) integrate electrical, mechanical, and HVAC systems to automate energy-efficient facility operations while regulating lighting, temperature, and airflow to minimize energy waste and improve cooling efficiency. Compliance software supports adherence to environmental standards, industry regulations, and sustainability certifications such as LEED and ISO 50001 by automating reporting, documentation, and audit processes, thereby improving transparency and accountability. Specialized software solutions, including AI-driven predictive workload management and energy analytics platforms, can dynamically optimize cooling, power distribution, and IT workloads based on real-time demand, reducing energy consumption, environmental impact, and operating costs. Emerging vendors and solution providers can capitalize on this growth through strategic partnerships, technology integration, and AI-enabled capabilities. For instance, in August 2025, Vertiv acquired Waylay NV, a Belgium-based AI-powered software provider, to strengthen monitoring, optimization, and operational efficiency across data center systems. By developing advanced software solutions, collaborating with established technology providers, and leveraging AI, automation, and analytics, vendors can support sustainable, efficient, and regulatory-compliant green data center operations while addressing the growing demand for intelligent infrastructure management.

North America accounts for the largest market during the forecast period

North America is witnessing measurable growth in green data center activity, driven by corporate decarbonization targets, rising onsite power costs, and the increasing need to deploy high-density computing infrastructure with lower water and energy intensity. According to the US Energy Information Administration, solar power generation in the United States increased by 25% in 2024, while wind power generation grew by 8%, improving the availability of low-carbon electricity for hyperscale and colocation data center campuses. Additionally, Schneider Electric announced collaborative AI data center reference designs with NVIDIA in December 2024 that support liquid cooling at densities of up to 132 kilowatts per rack, highlighting supplier responses to rising rack power densities and efficiency requirements. Federal and commercial developments during 2024 and 2025 are also influencing procurement timelines and technical specifications. The White House issued an executive order in July 2025 aimed at accelerating federal permitting for large data center projects and supporting infrastructure. By streamlining approvals for facilities exceeding 100 megawatts or involving capital expenditures of at least USD 500 million, the order supports faster deployment of next-generation data centers, enabling integration of renewable power, liquid cooling systems, and energy-efficient designs. Schneider Electric also introduced and validated new electrical and liquid cooling reference designs through 2024 and 2025, creating standardized deployment pathways for integrators and data center owners. Vendors and solution providers are increasingly focusing on liquid cooling systems, modular electrical skids, facility-level heat recovery, and advanced DCIM capabilities to address evolving procurement requirements amid faster permitting processes and increasing renewable power availability.

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Top Companies in Green Data Center Market:

The Top Companies in Green Data Center Market are Schneider Electric (France), Vertiv (US), Eaton (US), Daikin (Japan), ABB (Switzerland), Delta Electronics (Taiwan), Siemens (Germany), Carrier (US), and GE Vernova (US).

Green Data Center Market – Investment & funding +Merger & Acquisition

Investment and Funding Context

The global Green Data Center Market is attracting strong investment from hyperscalers, cloud providers, colocation operators, and enterprises seeking sustainable ways to expand capacity for AI, high-performance computing, and edge workloads. Investment is increasingly directed toward energy-efficient power and cooling systems, eco-friendly IT modules, high-density green AI pods, and sustainable manufacturing capacity.

Capital is also flowing toward companies developing technologies that address the power, cooling, and energy-efficiency requirements of sustainable AI infrastructure. For example, Eaton completed its USD 9.5 billion acquisition of Boyd Thermal in March 2026, adding liquid cooling and thermal management capabilities for high-density, energy-efficient data centers. Similarly, Vertiv agreed in September 2026 to acquire UtilityInnovation Group for approximately USD 1.45 billion to add microgrid controls, on-site generation orchestration, and behind-the-meter power architecture that shorten time to power. Schneider Electric completed the acquisition of a 75% controlling interest in Motivair for USD 850 million in February 2025 to strengthen its liquid cooling portfolio for AI data centers. These investments and strategic transactions demonstrate the increasing emphasis on energy-efficient, low-carbon, and rapidly deployable power and cooling infrastructure across the green data center ecosystem.

Revenue Shift Context

The market is shifting from conventional, energy-intensive data center infrastructure toward energy-efficient, low-carbon, and sustainability-oriented architectures as operators seek to reduce power consumption, operating costs, and carbon emissions. The rapid growth of AI and high-performance computing is accelerating this transition by increasing power density and cooling requirements, creating greater demand for efficient power distribution, advanced thermal management, renewable energy integration, and intelligent energy management. Technologies such as liquid cooling, high-efficiency UPS systems, renewable-powered generation, energy storage, and intelligent monitoring platforms are increasingly being integrated into data center infrastructure to improve energy utilization and support sustainability targets. Operators are also adopting modular and prefabricated solutions that improve deployment efficiency while incorporating energy-efficient power and cooling systems.

Revenue opportunities are consequently expanding beyond conventional energy-efficiency equipment toward integrated green infrastructure solutions, including renewable energy systems, liquid and immersion cooling, energy storage, high-efficiency power systems, AI-enabled energy management, DCIM platforms, carbon monitoring, and heat recovery technologies. The growing deployment of high-density AI infrastructure is particularly increasing demand for liquid cooling, optimized power architectures, and real-time energy monitoring capable of maintaining performance while controlling energy consumption.

Mergers and Acquisitions

Mergers, acquisitions, and strategic investments are increasingly shaping the Green Data Center Market as infrastructure providers seek to strengthen capabilities across energy-efficient power systems, advanced cooling, renewable energy integration, and intelligent energy management. Recent activity is focused on expanding sustainable technology portfolios, enhancing vertical integration across critical infrastructure components, and accelerating the development and deployment of energy-efficient solutions for AI-ready and high-density data center environments.

GREEN DATA CENTER MARKET: MERGERS AND ACQUISITIONS, AUGUST 2025–SEPTEMBER 2026

Month and Year

Deal Type

Company 1

Company 2

Description

September 2026

Acquisition

Eaton (Ireland)

COL Group (Italy) (from Oaktree)

Eaton signed a deal to buy COL Group at an enterprise value of about EUR 810 million. COL makes medium-voltage distribution equipment, including SF6-free switchgear, grid automation, and modular power systems. The deal expands Eaton’s European manufacturing for data center and utility customers.

September 2026

Acquisition

Vertiv (US)

King Environmental Services (KES) (Ireland)

Vertiv agreed to buy this Europe-based provider of fluid management, commissioning, and load-testing services for liquid-cooled data centers. It extends Vertiv’s thermal services into EMEA, building on PurgeRite in North America.

April 2026

Acquisition

Vertiv (US)

BMarko Structures (US)

Vertiv acquired BMarko to bring structural fabrication in-house and expand capacity for manufactured, prefabricated, and converged infrastructure solutions.

November 2025

Acquisition

Eaton (Ireland)

Boyd Thermal (US)

Eaton announced the USD 9.5 billion purchase of Boyd’s thermal business, which closed on March 12, 2026. It adds liquid cooling and thermal components for data centers, and about 80% of Boyd’s business serves that market.

Company Revenue Share Details

The global Green Data Center Market is led by established power, cooling, and electrical infrastructure providers competing across energy-efficient power distribution, power backup and energy storage, green air and liquid cooling, and DCIM and energy management software. Major participants include Schneider Electric, Vertiv, Eaton, ABB, and Hitachi Energy, alongside other global and regional players such as Daikin, Delta Electronics, Siemens, Carrier, and STULZ. Competition is increasingly shaped by the ability to offer integrated power and cooling portfolios that lower PUE, support renewable and low-carbon power integration, and handle the higher rack densities of AI workloads.

Competition is also shifting toward vertical integration and end-to-end offerings that span grid interconnect to chip. Recent transactions demonstrate this focus on liquid cooling, thermal management, and sustainable power distribution. For example, Eaton’s USD 9.5 billion acquisition of Boyd Thermal added liquid cooling capabilities. Its agreement to acquire COL Group (EUR 810 million enterprise value) adds SF6-free medium-voltage switchgear.

Browse Adjacent Markets Data Center and Networking Market Research Reports & Consulting

Related Market Reports:

Data Center Rack Market by Rack Type (Open Frame, Enclosed), Type (Server Racks, Network Racks), Rack Height (42U & Below, 43U up to 52U), Rack Width (19 Inch, 23 Inch), Data Center Type (Enterprise, Colocation, Hyperscale) – Global Forecast to 2030

Data Center Solutions Market by Infrastructure [Power (Critical Power, Backup, Distribution), Mechanical & Cooling (Air Cooled, Liquid Cooling, Heat Pumps), IT (Server, Storage, Networking), Physical (Racks, Cables)], Software – Forecast to 2031

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