The 2025 outlook for Nikola stock centers on its ability to scale hydrogen fuel infrastructure. Analysts project that expanding partnerships could potentially double fleet orders, making a $3.80 price target realistic if gross margin improves beyond 12% by mid-year. Critics will be quick to point out that Nikola's financials pale in comparison to the company's projection of where it would be at this time. In a 2020 investor presentation, Nikola forecast 2023 revenue and EBITDA of $1.4 billion and negative $66 million, respectively. The stock continues to plummet below important support areas and shares haven’t been above the 50-day moving average since August 2023. Over 21% of the shares had been sold short as of the first week of December and the company continues to make headlines for the wrong reasons following another Nikola BEV truck recall . This is one of the only vehicles the company has actually put on the road since going public in 2020. Shareholder outlook for Nikola stock forecast 2025 hinges on execution risk mitigation. Eliminating production bottlenecks could significantly tighten earnings loss estimates, making the $4.00 upper bound feasible within optimistic frameworks.