#1N NIKOLA™ Q2 2021 EARNINGS CALL August 3, 2021#202 PAGE NIKOLA Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the Company's future financial and business performance and ability to execute on its business plan; expected timing of manufacturing facility buildout in Coolidge, Arizona and Ulm, Germany; expected timing of completion of prototypes, validation testing, production and other milestones; expectations regarding the Company's sales and service network; and terms and potential benefits of the planned collaborations with WVR, Rig360 and IVECO. 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 potential 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; and the factors, risks and uncertainties regarding the Company's business described in the "Risk Factors" section of the Company's annual report on Form 10-K for the year ended December 31, 2020 filed with the Securities and Exchange Commission (the "SEC"), as amended, 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 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. 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 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.#3N BUSINESS REVIEW & UPDATE MARK RUSSELL, CEO#404 // PAGE NIKOLA TRE BEV UPDATE Second Batch Nikola Tre BEV Second Batch Nikola Tre BEV TRUCK UPDATES AI NIKOLA COOLIDGE FACILITY UPDATE ● ● KEY UPDATES (1) First batch of five (5) Alpha trucks: Deployed to proving grounds for the development and calibration of key electrification and chassis systems Achieved significant progress in bringing up / developing our electric propulsion system with vehicle controls, chassis calibration, controlled braking, and steering dynamics Vehicles continue to successfully progress through validation activities as we mature the calibration of key systems Second batch of nine (9) Beta trucks has been built and are in the U.S.: Include component level improvements and systems iterations from batch one learnings Three (3) trucks from the second batch have been commissioned and are undergoing validation at proving grounds Remaining six (6) trucks are undergoing commissioning and will transition to validation activities at proving grounds in August Testing will consist of running accelerated durability to represent seven (7) years of use, aggressive vehicle dynamics maneuvers with trailers and payload for stability testing, along with noise and vibration/harshness Significant progress in the validation with the second batch will lead to validation on public roadways later this year 1) All dates that are in the future are anticipated, planned, and subject to change ULM FACILITY UPDATE WVR DEALER NETWORK Q2 2021 RESULTS Q3 & FY 2021 OUTLOOK APPENDIX#505 // PAGE NIKOLA TRE FCEV ALPHA PROGRAM UPDATE (1) Alpha Timeline 2021 KEY MILESTONES 1 2 Q1 2021 3 Product Definition Product Development Prototype Build (Ulm) 4 Prototype Build (Coolidge) 5 Commissioning (Aug '21) First (2) Alpha (US spec) builds in Ulm, Germany Calibration & Testing (Oct '21) TRUCK UPDATES Alpha builds (5) in Coolidge, AZ Q2 2021 1) All dates that are in the future are anticipated, planned, and subject to change COOLIDGE FACILITY UPDATE Current Stage in Process 3 4 Alpha Commissioning Alpha Commissioning Q3 2021 Alpha Validation Alpha Validation Q4 2021 Road release (under limited conditions) & start of pilot with AB LA Dec. 2021 2022 ANHEUSER-BUSCH ULM FACILITY UPDATE WVR DEALER NETWORK Q2 2021 RESULTS Q3 & FY 2021 OUTLOOK APPENDIX#690 PAGE NIKOLA COOLIDGE, ARIZONA FACILITY UPDATE KEY UPDATES • We have completed Phase 0.5 of the facility Currently we are building seven trucks in Coolidge (two (2) Tre BEV Pre Builds and five (5) Tre FCEV Alphas) ● ● ● As we are building trucks, we are concurrently in the process of constructing the Phase 1 assembly expansion area We anticipate Phase 1 will be completed by the end of 2021 Coolidge Facility Phase 0.5 Interior TRUCK UPDATES COOLIDGE FACILITY UPDATE ULM FACILITY UPDATE WVR NIKOLA Coolidge Facility Phase 0.5 Exterior PIG PEN NAPSAMT3830x2 PN- wwwwww ***** CAUTION AUTOMATIC VEHICLE 01 M NIKOLA IDING & &8 1024 CAUTION AUTOMATIC VEHICLE NO RONG Nikola Tre BEV Frame on AGV in Phase 0.5 of Coolidge 01 DEALER NETWORK Q2 2021 RESULTS Q3 & FY 2021 OUTLOOK APPENDIX#707 PAGE NIKOLA ULM, GERMANY FACILITY UPDATE SININE 500 INDE VA REY FFFF TRUCK UPDATES 0000 0000 0000 Ulm Facility Manufacturing Equipment BRENT NIKOLA MADLAVED FROM Nikola Tre BEV Frame on AGV in Ulm QATIS COOLIDGE FACILITY UPDATE Nikola Tre BEV Chassis on AGV in Ulm ULM Facility Interior ULM FACILITY UPDATE SIF THE 3 ● ● ● KEY UPDATES Facility and building modifications have been completed All 32 AGVs have been installed Equipment tooling and construction completed, fine tuning is 90% completed (handling assistant and electric screwdrivers currently undergoing calibration) ERP system integration is nearly complete • Two (2) Nikola Tre BEV Pre Builds ● are on the line being assembled WVR DEALER NETWORK Q2 2021 RESULTS Q3 & FY 2021 OUTLOOK APPENDIX#808 // PAGE NIKOLA WVR | NIKOLA INVESTMENT Low-Cost, Low-Carbon Hydrogen Production NIKOLA ACQUIRES 20% INTEREST IN WVR PROJECT ● Acquired 20% equity interest at $250M valuation (50/50 split between cash and stock) (1) WVR is redeveloping an idle integrated gasification plant and installing a new Combined Cycle Hydrogen Turbine asset to produce low- carbon/zero-carbon hydrogen and electricity WVR is centrally located within a 250-mile radius of major cities and highly travelled trucking corridors • Utilize carbon capture & storage (CCS) in production of H₂ from petcoke and other byproducts o CO₂ emissions will be sequestered before entering the atmosphere Ability to offtake up to 20% of overall H₂ production (~50 metric tons per day) o WVR is projected to produce ~268 metric tons H₂ / day (net) ● < $1.00 Anticipated price to purchase 1 kg of H₂ via offtake agreement o Does not include the cost and capital investment for on-site storage, liquefication, distribution, and dispensing TRUCK UPDATES COOLIDGE FACILITY UPDATE (2) MINNEAPOLIS SERVICE AREA CHICAGO ~250 miles ST. LOUIS MILWAUKEE DETROIT WV RESOURCES TERRE HAUTE, INDIANA ULM FACILITY UPDATE WVR DEALER NETWORK Q2 2021 RESULTS COLUMBUS NASHVILLE 1) NKLA shares issued were calculated based on the 30-day average trailing price prior to deal execution / $25M. This resulted in 1,682,367 shares of common stock issued at $29.1M and a put right with a value of $3.2M as of the closing date 2) Management estimate based on spot forward rate of electricity (MISO Indiana Hub Average Day Ahead Power Price) and WVR debt service requirements for anticipated Department of Energy loan ATLANTA PITTSBURG CHARLOTTE Q3 & FY 2021 OUTLOOK APPENDIX#9N RECENT DEVELOPMENTS MARK RUSSELL, CEO#1010 // PAGE NIKOLA DEALER NETWORK: PHASES I & II PHASE I - ANNOUNCED APRIL 8, 2021 EAST, SE, MIDWEST Market leading sales and service at 65+ locations N RIG360 SERVICE NETWORK PHASE II - ANNOUNCED JULY 15, 2021 N HOLT. TX N EMPIRE WAGNER Ring Power N CARTER TRUCK UPDATES AZ, CA CO, NM FL VA, MD, DE COOLIDGE FACILITY UPDATE Phase I: RIG360 I ULM FACILITY UPDATE WVR I I I ● Nikola continues to build out a nationwide sales and service network to support our customers Phase II: HOLT, Empire, Wagner, Ring Power, Carter Map represents approximate dealer partner locations in phases I & II; Dealer locations subject to change DEALER NETWORK Q2 2021 RESULTS Q3 & FY 2021 OUTLOOK APPENDIX#11N Q2 2021 FINANCIAL RESULTS & Q3 / FY 2021 OUTLOOK KIM BRADY, CFO#122 PAGE NIKOLA FINANCIAL OVERVIEW In Thousands Except Share and per Share Data Solar revenues (1) TRUCK UPDATES Cost of solar revenues Gross profit Operating expenses: Research and development Selling, general, and administrative Total operating expenses Loss from operations Interest income (expense), net Loss on forward contract liability Revaluation of warrant liability Other income (expense), net Loss before income taxes and equity in net loss of affiliates Net loss Income tax expense Loss before equity in net loss of affiliates Equity in net loss of affiliates Premium paid on repurchase of redeemable convertible preferred stock Net loss attributable to common stockholders Net loss per share, basic Net loss per share, diluted (2) Weighted-average shares outstanding, basic Weighted-average shares outstanding, diluted (3) Q2 2021 $- $- 67,726 70,672 $138,398 ($138,398) (92) (2,511) (1,102) (142,103) 2 (142,105) (1,126) ($143,231) ($143,231) ($0.36) ($0.36) 394,577,711 394,577,711 Q2 2020 $36 30 $6 42,525 44,104 $86,629 ($86,623) 22 (29,157) (23) (115,781) 1 (115,782) ($115,782) (13,407) ($129,189) ($0.43) ($0.43) 303,785,616 303,785,616 Q2 2021 YTD $- $- 122,889 136,099 $258,988 ($258,988) (101) (1,560) (883) (261,532) 3 (261,535) (1,920) ($263,455) ($263,455) ($0.67) ($0.67) 393,390,377 393,390,377 Q2 2020 YTD $94 73 $21 66,602 52,039 $118,641 ($118,620) 84 (1,324) (29,157) 91 (148,926) 2 (148,928) ($148,928) (13,407) ($162,335) ($0.56) ($0.56) 287,822,558 287,822,558 In 2020 we primarily generated revenue from services related to solar installation projects that are completed in one year or less. Solar installation projects are not a part of our primary operations and were concluded in 2020 Calculated by dividing net loss, adjusted for the revaluation of warrant liability, by weighted average number of common shares outstanding, diluted Weighted average shares outstanding, diluted does not include private warrants, RSUS, or employee stock options since the company and the revaluation of warrant liability are in net loss positions COOLIDGE FACILITY UPDATE ULM FACILITY UPDATE WVR DEALER NETWORK Q2 2021 RESULTS Q3 & FY 2021 OUTLOOK APPENDIX#13ει PAGE NIKOLA FINANCIAL OVERVIEW (CONTINUED) In Thousands Except Share and per Share Data Net loss attributable to common stockholders Adjustments to reconcile to non-GAAP net loss: Stock based compensation Premium paid on repurchase of redeemable convertible preferred stock Revaluation of warrant liability Regulatory and legal matters (1) TRUCK UPDATES Non-GAAP net loss (2) Non-GAAP net loss per share, basic Non-GAAP net loss per share, diluted Q2 2021 ($143,231) COOLIDGE FACILITY UPDATE 52,670 2,511 11,019 ($77,031) ($0.20) ($0.20) Q2 2020 ($129,189) 38,227 13,407 29,157 ($48,398) ($0.16) ($0.16) Q2 2021 YTD ($263,455) 102,936 1,560 25,885 ($133,074) ($0.34) ($0.34) Q2 2020 YTD ($162,335) 39,540 13,407 29,157 Regulatory and legal matters include legal, advisory, and other professional service fees incurred in connection with the Hindenburg article from September 2020, and investigations and litigation related thereto 2) For reconciliation of GAAP to Non-GAAP financial measures please refer to slides 17 and 18 "Reconciliation to Non-GAAP Measures" ($80,231) ($0.28) ($0.28) ULM FACILITY UPDATE WVR DEALER NETWORK Q2 2021 RESULTS Q3 & FY 2021 OUTLOOK APPENDIX#14// PAGE NIKOLA Q2 2021 AND Q1 2021 COMPARISON In Thousands Except Headcount Data Cash balance Property, plant and equipment, net Total assets Capital expenditures Stock based compensation expense Depreciation & amortization Total headcount TRUCK UPDATES COOLIDGE FACILITY UPDATE As of and For the Three Months Ended 6/30/21 $632,694 $166,367 $965,199 $40,266 $52,670 $1,905 630 3/31/21 $763,750 $123,422 $1,003,318 $24,521 $50,266 $1,805 532 ULM FACILITY UPDATE WVR DEALER NETWORK Q2 2021 RESULTS Q3 & FY 2021 OUTLOOK APPENDIX#151 5 PAGE NIKOLA Q3 AND FY 2021 UPDATE In Thousands Except Deliveries, Share, and per Share Data Deliveries (units) (1) Revenue (2) Gross margin Research and development Selling, general, and administrative Stock based compensation (3, 4) Capital expenditures Expected total shares outstanding as of 9/30/21 and 12/31/21 (5) Expected weighted average shares outstanding as of 9/30/21 and 12/31/21 (5) Q3 2021 Range Low High TRUCK UPDATES NM COOLIDGE FACILITY UPDATE $90,000 $65,000 $75,000 $53,000 $95,000 $70,000 NM $85,000 408,500,000 402,500,000 FY 2021 Range Low High 25 NM $318,000 $252,000 $210,000 4) SBC for FY 2021 R&D - $40M, SG&A - $169M (5) Shares outstanding as of 12/31/2020 plus estimated employee stock option exercises, restricted stock unit distributions, and estimated purchase notices issued to Tumim Stone Capital LLC $209,000 50 $7,500 $328,000 418,000,000 -190% $262,000 413,500,000 $230,000 1) Represents trucks in customers' hands for freight delivery on public roads; May not represent saleable vehicles 2) Some portion of Tre BEV Pre-Series Builds in Q4 will not be saleable even if placed with dealers or launch customers for freight haul on public roads. Accordingly, the upper Revenue range assumes 25 saleable trucks with an ASP of $300k 3) SBC for Q3 2021: R&D - $10M, SG&A - $43M ULM FACILITY UPDATE WVR DEALER NETWORK Q2 2021 RESULTS Q3 & FY 2021 OUTLOOK APPENDIX#16N Appendix#171 7 // PAGE NIKOLA RECONCILIATION TO NON-GAAP MEASURES In Thousands Except share and per share data Net Loss Interest (income) expense, net Income tax expense Depreciation and amortization EBITDA TRUCK UPDATES Stock-based compensation Loss on forward contract liability Revaluation of warrant liability Equity in net loss of affiliates Regulatory and legal matters Adjusted EBITDA COOLIDGE FACILITY UPDATE Q2 2021 Q2 2020 ($143,231) ($115,782) 92 (22) 1 2 1,905 1,518 ($141,232) ($114,285) 52,670 38,227 2,511 1,126 11,019 ($73,906) 29,157 ($46,901) Q2 2021 Q2 2020 YTD YTD ($263,455) ($148,928) 101 (84) 3 2 3,710 2,926 ($259,641) ($146,084) 102,936 39,540 1,324 29,157 1,560 1,920 25,885 ($127,340) ($76,063) ULM FACILITY UPDATE WVR DEALER NETWORK Q2 2021 RESULTS Q3 & FY 2021 OUTLOOK APPENDIX#1818 PAGE NIKOLA RECONCILIATION TO NON-GAAP MEASURES TRUCK UPDATES In Thousands Except share and per share data Net Loss attributable to common stockholders Stock-based compensation Premium paid on repurchase of redeemable convertible preferred stock Revaluation of warrant liability Regulatory and legal matters 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 COOLIDGE FACILITY UPDATE ULM FACILITY UPDATE Q2 2021 Q2 2020 ($143,231) ($129,189) 38,227 52,670 2,511 13,407 29,157 Q2 2021 Q2 2020 YTD YTD ($263,455) ($162,335) 102,936 1,560 39,540 25,885 13,407 29,157 11,019 ($77,031) ($43,398) ($133,074) ($80,231) ($0.20) ($0.16) ($0.34) ($0.28) ($0.20) ($0.16) ($0.34) ($0.28) 394,577,711 303,785,616 393,390,377 287,822,558 394,577,711 303,785,616 393,390,377 287,822,558 WVR DEALER NETWORK Q2 2021 RESULTS Q3 & FY 2021 OUTLOOK APPENDIX