#1NIKOLA. NIKOLA NOVEMBER 3, 2022 Q3 2022 EARNINGS CALL#2NIKOLA. PAGE / 2 Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the federal securities laws with respect to Nikola Corporation (the "Company"), including statements relating to the Company's future financial outlook and future business performance and milestones and its ability achieve the future results and execute on its business plan; expectations regarding its manufacturing facility expansion and production capacity; expected timing of completion of testing, production and other milestones; expectations regarding parts and supply chain; expectations regarding the Company's hydrogen production and dispensing plan, buildout and timing; the Company's fueling and dealer networks; the terms and potential benefits of planned collaborations with strategic partners; and the Company's anticipated capital requirements. Forward-looking statements generally are identified by words such as "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," and similar expressions that predict or indicate future events or trends or that are not historical fact. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially and reported results should not be considered as an indication of future performance. These risks and uncertainties include, but are not limited to: design and manufacturing changes and delays, including global shortages in parts and materials; general economic, financial, legal, regulatory, political and business conditions and changes in domestic and foreign markets; the impact of inflation and other factors on demand for our trucks; the effects of COVID-19; the outcome of legal, regulatory and judicial proceedings to which the Company is, or may become a party; demand for and customer acceptance of the Company's trucks; risks associated with development and testing of fuel- cell power modules and hydrogen storage systems; risks related to the rollout of the Company's business and the timing of expected business milestones; the effects of competition on the Company's future business; the availability of capital; risks related to the Company's acquisition of Romeo Power, Inc., including known and unknown liabilities, expenses, litigation and regulatory proceedings; 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, 2022 filed with the SEC, in addition to the Company's subsequent filings with the SEC. If these or other risks materialize, or assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. Forward-looking statements speak only as of the date hereof, and the Company disclaims any obligation to update these forward-looking statements. Use of Non-GAAP Financial Measures To supplement our financial statements prepared in accordance generally accepted accounting principles in the United States (GAAP), we are providing certain non-GAAP measures, including EBITDA, Adjusted EBITDA, non-GAAP net loss 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. Non-GAAP net loss is defined as net loss adjusted for stock-based compensation expense and certain other items the Company believes are not indicative of its core operating performance. 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. The Company defines adjusted EBITDA as earnings before interest expense, taxes, depreciation and amortization and certain other expense items the Company believes are not indicative of its core operating performance. These non-GAAP measures are not substitutes for or superior to measures of financial performance prepared in accordance with GAAP and should not be considered as an alternative to any other performance measures derived in accordance with GAAP. The Company also references total liquidity, which is cash, cash equivalents and restricted cash, plus availability under its equity line of credit. 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 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. Trademarks This presentation contains trademarks, service marks, trade names and copyrights of Nikola and other companies, and are the property of their respective owners.#3BUSINESS UPDATE MICHAEL LOHSCHELLER, PRESIDENT NIKOLA NIKOLA.#4NIKOLA. PAGE / 4 WE ARE NIKOLA Helping to Transition Commercial Transportation to a Hydrogen Future Produced 75 and delivered 63 Tre BEVs to dealers Continued FCEV pilot with TTSI and began pilot testing with Walmart Appointed Carey Mendes as President, Energy and Andrew Vesey appointed to Board of Directors Completed land purchase in Buckeye, AZ for hydrogen production hub Announced collaboration with E.ON in Europe for hydrogen supply and dispensing infrastructure (1) Unveiled the European Tre BEV and Tre FCEV (2) at IAA in Hanover, Germany in September Completed the acquisition of Romeo Power in October Announced execution of purchase order for 100 Nikola Tre BEVs by Zeem Solutions TRE BEV 00 Class 8 Trucks AJONIN TRE FCEV 3Q Business Highlights 1) Term sheet signed; Subject to execution of definitive agreement 2) Tre FCEVS are pre-production APARA TWO FCEV + H₂ Fueling Ecosystem AL PRODUCTION H₂ SUPPLY CO. π DISPENSING CONFIDENTIAL#5NIKOLA. PAGE / 5 AIM TO DEVELOP UP TO 300 METRIC-TPD PRODUCTION / SUPPLY AND 60 STATIONS BY 2026 H₂ Ecosystem Buildout 2 AL PRODUCTION (1,2) Target of 300 metric-tons per day (TPD) by 2026 Four announced hydrogen production / supply projects to date ● ● ● Buckeye, AZ Production Hub - phased development (3) up to 150 TPD Terre Haute, IN Wabash Valley Resources - 50 TPD Crossfield, Alberta TC Energy - 60 TPD Clinton County, PA KeyState - 100 TPD 1) Hydrogen supply will be comprised of Nikola or partner hydrogen production and hydrogen offtake / supply agreements Subject to change; Currently undergoing discussions with multiple hydrogen supply partners 2) 3) Arizona Hub will be built in 5 phases consisting of 30 tons each; Phase completions dates are subject to change + DISPENSING Target 60 dispensing stations by 2026 To date have announced three hydrogen dispensing stations in California Ontario, CA on existing TravelCenters of America location Colton, CA Nikola Greenfield Station Station location supporting the Port of Long Beach#6NIKOLA. PAGE 9 / EUROPEAN ENERGY JV & IAA UPDATE E.ON Joint Venture (1) ● e.on E.ON is one of Europe's largest operators of energy networks and infrastructure JV intended to combine next generation Class-8 truck technology with service and maintenance support solutions and sustainable green H₂ infrastructure Collaboration plans to establish hydrogen supply and related infrastructure to meet the demands of customers in Europe Expect to offer customers an integrated mobility solution promoting the use of hydrogen Goal is to make hydrogen fuel available at stationary and mobile fueling refueling points 1) Term sheet signed; Subject to execution of definitive agreement IAA Update ● Europe's largest commercial truck trade show Formally announced the launch of our European Tre BEV and FCEV ATER Overwhelmingly positive feedback and strong interest for zero- emissions trucks in Europe VANE/VAVAWATAZ >>) Check-In Test Drives + TRANSPORTATION IAA TRANSPOR "} SPORTATION IVECO NIKOLA NIKO IAA" SCANIA SALAMA WA MIXCRI#7NIKOLA. PAGE /7 IRA & INCENTIVES (1,2) Relevant Incentives Available to Nikola ● ● AL PRODUCTION Clean Hydrogen Production Tax Credit (45V): Up to $3.00 / kg Carbon Sequestration Credit (45Q): Up to $1.00/ kg Investment Tax Credits (48): promotes the development of renewable electricity projects that provide zero- carbon electricity used in the production of hydrogen via electrolysis Investment Tax Credit (48D): benefit various critical parts of the hydrogen manufacturing process, including hydrogen storage, by up to 30% of the eligible investment ● C 1) Subject to change; Subject to successful application and approval 2) Credit utilization and stacking is subject to limitations 3) Subject to LCFS credit trading price 4) 5) Currently there is a 100% multiplier for FCEV allowing up to $240,000 voucher / FCEV truck Subject to change DISPENSING Alternative Fuel Refueling Property Credit (30C): Up to $100,000 per dispensing equipment item California LCFS Credits: $1.00 - $2.00 / kg dispensed (3) ● ● ● TRUCK Advanced Energy Project Credit (48C): The expansion of our Coolidge, AZ Manufacturing may benefit for up to a 30% credit through a $10 billion grant Advanced Manufacturing Production Credit (45X): $10/kWh for producing battery modules Commercial Clean Vehicle Credit (45W): $40,000/ truck California HVIP: Up to $150,000/ truck (4,5) New York TVIP: Up to $185,000 / truck#8NIKOLA. PAGE / 8 1. 2. TRUCK UPDATES (1,2) FCEV Updates Walmart To date have logged over 5,500 miles TTSI Pilot Update (began 6/16/22) To date have logged over 9,700 miles Beta Builds Gamma Builds Complete Complete Q4 22 Pilot Update (began 8/22/22) Q1 23 Walmart Gamma Builds Pilot Start Q2 23 Walma Save money. Livi 1271 TRECORD Walmart US DOT 063585 Pre-Series Builds Start Q3 23 Pilot data as of 10/28/2022 Select pilot data; Nikola currently has 9 ongoing pilot programs including Walmart, SAIA, and TTSI TE FC-7 Start of Serial Production Q4 23 AMS BEV Updates Produced 75 units Delivered 63 units to dealers Announced execution of PO with Zeem Solutions for 100 Tre BEVS Walmart Pilot Update (began 9/13/22) To date have logged over 2,700 miles SAIA Pilot Update (began 8/11/22) To date have logged over 1,600 miles -Sil SAVA p PERITO SALA WA WIRE SALA 4399 TRUS 238000#9NIKOLA. PAGE 6 / COOLIDGE, ARIZONA MANUFACTURING FACILITY Key Updates Phase 1 Currently producing 3 trucks per shift, and are capable of producing 5 trucks per shift Phase 2 Expansion has commenced with anticipated completion in 2023, providing Nikola with up 20,000-unit annual production capacity 5 NIKOLA KEM 09 PENSION NIKOLA www///// m! www CHEY FAZ = Phase 2 Assembly Expansion Area#10Q3 2022 UPDATE AND Q4 2022 OUTLOOK KIM BRADY, CFO Voo W MICHEL NIKOLA#11NIKOLA. PAGE/1 1 Q3 2022 FINANCIAL RESULTS AT A GLANCE Financial Summary In Thousands Except Share and per Share Data Revenues Cost of revenues R&D SG&A Operating profit (loss) EBITDA Adjusted EBITDA Gross margin Operating margin EBITDA margin Adjusted EBITDA margin Cash (Incl. restricted cash) Tumim Stone Capital ELOC Remaining At The Market (ATM) Remaining Total Access to Liquidity Capex Headcount Q2 2021 Q3 2021 Q4 2021 $- 67,726 70,672 ($138,398) ($141,232) ($73,906) (NM) (NM) (NM) (NM) $632,694 $ 632,694 $ 40,266 630 $- 78,896 192,929 ($271,825) ($265,199) ($85,020) (NM) (NM) (NM) (NM) $ 586,986 527,132 $1,114,118 $ 48,893 788 $- 91,166 71,547 ($162,713) ($156,882) ($90,385) (NM) (NM) (NM) (NM) $ 522,241 436,210 $ 958,451 $ 65,589 891 Q1 2022 Q2 2022 $ 18,134 47,391 $ 1,887 1,456 74,557 77,183 ($151,309) 63,106 79,868 ($172,231) ($149,619) ($79,152) 22.8% -8,018.5% -7,928.9% -4,194.6% $385,118 408,831 $ 793,949 $ 30,106 1,040 ($163,622) ($94,345) -161.3% -949.8% -902.3% -520.3% $529,224 312,537 $ 841,761 $ 37,210 1,141 Q3 2022 $ 24,241 54,410 66,683 132,865 ($229,717) ($221,702) ($105,932) -124.5% -947.6% -914.6% -437.0% $403,790 312,537 299,500 $ 1,015,827 $ 51,120 1,211 Q3 Highlights QoQ Gross margin improvement driven largely by: ● Favorable shift in freight mix with 33% air freight as percentage of total freight in Q3 from 84% in Q2 Total Access to Liquidity at the end of 3Q came to $1.0 billion with ATM#12NIKOLA. PAGE 12 FINANCIAL OVERVIEW In Thousands Except Share and per Share Data Revenues: Truck sales Service and other (1) Cost of revenues: Total revenues Truck sales Gross loss Service and other (1) Net loss Total cost of revenues Operating expenses: Research and development Selling, general, and administrative Total operating expenses Loss from operations Interest expense, net Revaluation of warrant liability Other income (expense), net Loss before income taxes and equity in net loss of affiliates Income tax expense Loss before equity in net loss of affiliates Equity in net loss of affiliates Net loss per share, basic Net loss per share, diluted (2) Weighted-average shares outstanding, basic Weighted-average shares outstanding, diluted (3) Q2 2021 Q3 2021 Q4 2021 Q1 2022 67,726 70,672 138,398 (138,398) (92) (2,511) (1,102) (142,103) 2 (142,105) (1,126) ($143,231) ($0.36) ($0.36) 394,577,711 394,577,711 $ 78,896 192,929 271,825 (271,825) (118) 4,467 1,057 (266,419) 1 (266,420) (1,147) ($267,567) ($0.67) ($0.68) 400,219,585 400,230,669 1. Service and other revenues and cost of revenues represents the sale of MCTs 2. Calculated by dividing net loss, adjusted for the revaluation of warrant liability, by weighted average number of common shares outstanding, diluted 3. Weighted-average shares outstanding, diluted does not include RSUS or employee stock options since the company is in a net loss position 91,166 71,547 162,713 (162,713) (262) 144 3,928 (158,903) (158,903) (513) ($159,416) ($0.39) ($0.39) 407,448,311 407,448,311 $ 1,887 1,887 1,456 1,456 431 74,557 77,183 151,740 (151,309) (211) (434) 1,833 (150,121) (150,121) (2,820) ($152,941) ($0.37) ($0.37) 415,152,656 415,152,656 Q2 2022 $ 17,383 751 18,134 46,781 610 47,391 (29,257) 63,106 79,868 142,974 (172,231) (2,808) 3,341 (27) (171,725) 2 (171,727) (1,270) ($172,997) ($0.41) ($0.41) 425,323,391 425,323,391 Q3 2022 $ 23,853 388 24,241 54,080 330 54,410 (30,169) 66,683 132,865 199,548 (229,717) (7,735) 586 2,617 (234,249) 1 (234,250) (1,984) ($236,234) ($0.54) ($0.54) 438,416,393 438,416,393#13NIKOLA. PAGE/13 FINANCIAL OVERVIEW (CONTINUED) 123 In Thousands Except Share and per Share Data Net loss Adjustments to reconcile to non-GAAP net loss: Stock based compensation Revaluation of financial instruments Regulatory and legal matters (1) SEC settlement(2) Non-GAAP net loss (3) Non-GAAP net loss per share, basic Non-GAAP net loss per share, diluted Q2 2021 ($143,231) 52,670 2,511 11,019 ($77,031) ($0.20) ($0.20) Q3 2021 ($267,567) 49,047 (4,786) 9,771 125,000 (88,535) ($0.22) ($0.22) Q4 2021 ($159,416) 53,728 71 12,185 ($93,432) ($0.23) ($0.23) Q1 2022 1. Regulatory and legal matters include legal, advisory, and other professional service fees incurred in connection with the short-seller article from September 2020, and investigations and litigation related thereto Settlement related to the SEC enforcement action For reconciliation of GAAP to Non-GAAP financial measures please refer to slides 17 and 18 "Reconciliation to Non-GAAP Measures" ($152,941) 53,528 (3) 14,122 ($85,294) ($0.21) ($0.21) Q2 2022 ($172,997) 54,841 196 12,970 ($104,990) ($0.25) ($0.25) Q3 2022 ($236,234) 102,845 (286) 11,227 ($122,448) ($0.28) ($0.28)#14NIKOLA. PAGE/14 FINANCIAL OVERVIEW (CONTINUED) (in thousands) Assets Current assets Cash and cash equivalents Restricted cash and cash equivalents Accounts receivable, net Inventory Prepaid in-kind services Prepaid expenses and other current assets Total current assets Restricted cash and cash equivalents Long-term deposits Property, plant and equipment, net Intangible assets, net Investment in affiliates Goodwill Other assets Total assets Liabilities and stockholders' equity Current liabilities Accounts payable Accrued expenses and other current liabilities Debt and finance lease liabilities, current Total current liabilities Long-term debt and finance lease liabilities, net of current portion Operating lease liabilities Warrant liability Other long-term liabilities Deferred tax liabilities, net Total liabilities Common stock with embedded put right Stockholders' equity Common stock, par value Additional paid-in capital Accumulated deficit Accumulated other comprehensive income (loss) Total stockholders' equity Total liabilities and stockholders' equity Q2 2021 $ 632,694 2,267 18,548 9,776 663,285 16,670 166,367 50,000 63,639 5,238 $ 965,199 $58,064 26,725 84,789 13,491 8,895 10 107,185 13,237 40 1,668,362 (823,629) 4 844,777 $ 965,199 Q3 2021 $ 586,986 3,644 6,041 13,329 610,000 25,078 200,655 97,181 62,370 5,238 $1,000,522 $57,251 170,884 24,963 253,098 428 4,428 34,732 10 292,696 40 1,799,101 (1,091,196) (119) 707,826 $1,000,522 Q4 2021 As of $497,241 11,597 15,891 524,729 25,000 27,620 244,377 97,181 61,778 5,238 3,896 $989,819 $ 86,982 93,487 140 180,609 25,047 2,263 4,284 84,033 11 296,247 41 1,944,341 (1,250,612) (198) 693,572 $989,819 Q1 2022 $360,118 1,339 25,847 31,730 419,034 25,000 33,800 264,121 97,181 62,634 5,238 3,353 $ 910,361 $77,478 105,657 507 183,642 25,045 2,542 4,718 72,231 11 288,189 42 2,025,552 (1,403,553) 131 622,172 $910,361 Q2 2022 $441,765 16,726 52,105 34,802 545,398 87,459 37,740 311,732 95,395 79,726 5,238 4,287 $ 1,166,975 $87,479 156,610 9,518 253,607 273,309 2,349 1,377 37,070 12 567,724 43 2,176,945 (1,576,550) (1,187) 599,251 $ 1,166,975 Q3 2022 $315,731 600 37,662 81,069 51,858 486,920 87,459 37,161 365,049 93,609 76,505 5,238 7,484 $ 1,159,425 $92,511 170,707 14,357 277,575 283,258 5,410 791 28,349 13 595,396 46 2,379,191 (1,812,784) (2,424) 564,029 $ 1,159,425#15NIKOLA. PAGE/15 Q4 & FY 2022 OUTLOOK In Thousands Except Production, Deliveries, Gross Margin, Share, and per Share Data Tre BEV trucks produced (2) Tre BEV deliveries (units) Revenue Gross margin Research and development (3) Selling, general, and administrative (4) Stock based compensation (5) Capital expenditures Expected total shares outstanding as of 12/31/22 (6) Expected weighted average shares outstanding for the quarter and full year ended 12/31/22 (6) 1. FY 2022 Range equals YTD 9/30/22 actual plus Q4 2022 low/high range 2. FY 2022 Tre BEV trucks produced includes 10 pre-series trucks 3. Includes $5M for Romeo related R&D 4. Includes $25.5 M for Romeo related SG&A 5. SBC for Q4 2022: Nikola R&D $7M; Nikola SG&A $35M; Romeo SG&A $16M 6. Shares outstanding as of 9/30/2022 plus estimated employee stock option exercises, restricted stock unit distributions, and Romeo merger consideration Q4 2022 Range Low 120 -280% $82,500 $85,000 High $30,000 170 $58,000 -240% $87,500 $90,000 $40,000 490,500,000 479,400,000 FY 2022 Range (1) Low 255 $286,846 $374,916 High $148,432 305 $291,846 $269,214 $379,916 $158,436 490,500,000 439,700,000#16I APPENDIX KA INAT NIKOLA Ⓡ#17NIKOLA. PAGE / 17 RECONCILIATION OF NON-GAAP MEASURES TO GAAP In Thousands Net Loss Interest expense, net Income tax expense Depreciation and amortization EBITDA Stock-based compensation Revaluation of financial instruments Equity in net loss of affiliates Regulatory and legal matters SEC settlement Adjusted EBITDA Q2 2021 Q3 2021 Q4 2021 ($143,231) 92 2 1,905 ($141,232) 52,670 2,511 1,126 11,019 ($73,906) ($267,567) 118 1 2,249 ($265,199) 49,047 (4,786) 1,147 9,771 125,000 ($85,020) ($159,416) 262 2,272 ($156,882) 53,728 71 513 12,185 ($90,385) Q1 2022 ($152,941) 211 3,111 ($149,619) 53,528 (3) 2,820 14,122 ($79,152) Q2 2022 ($172,997) 2,808 2 6,565 ($163,622) 54,841 196 1,270 12,970 Q3 2022 ($236,234) 7,735 1 6,796 ($221,702) 102,845 (286) 1,984 11,227 ($94,345) ($105,932)#18NIKOLA. PAGE/18 RECONCILIATION OF NON-GAAP MEASURES TO GAAP In Thousands Except share and per share data Net Loss Stock-based compensation Revaluation of financial instruments Regulatory and legal matters SEC settlement Non-GAAP net loss Non-GAAP net loss per share, basic Non-GAAP net loss per share, diluted Weighted average shares outstanding, basic Weighted average shares outstanding, diluted Q2 2021 ($143,231) 52,670 2,511 11,019 ($77,031) ($0.20) ($0.20) Q3 2021 ($267,567) 49,047 (4,786) 9,771 125,000 ($88,535) ($0.22) ($0.22) 394,577,711 400,219,585 394,577,711 400,230,669 Q4 2021 ($159,416) 53,728 71 12,185 ($93,432) ($0.23) ($0.23) Q1 2022 ($152,941) 53,528 (3) 14,122 ($85,294) ($0.21) ($0.21) Q2 2022 ($172,997) 54,841 196 12,970 ($104,990) ($0.25) ($0.25) 407,448,311 415,152,656 425,323,391 Q3 2022 ($236,234) 102,845 (286) 11,227 ($122,448) ($0.28) ($0.28) 438,416,393 407,448,311 415,152,656 425,323,391 438,416,393#19NIKOLA. PAGE / 19 GLOSSARY Acronym BEV FCEV HVIP TVIP ATM PO MCT SOP Meaning Battery Electric Vehicle Fuel Cell Electric Vehicle Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project Truck Voucher Incentive Program At the Market Purchase Order Mobile Charging Trailer Start of Production#20NIKOLA NIKOLA