#103 2023 EARNINGS November 2, 2023 NIKOLA NIKOLA. WADHA#2Forward-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, business plan, focus, strategy and milestones, including guidance for Q4 2023 and fiscal year 2024; expected timing of completion of production, delivery, and other milestones; expectations regarding production capacity of the Company's trucks; expected benefits of changes to the management team; expected orders and deliveries of the Company's trucks and the timing thereof; expectations related to sales momentum; the Company's belief that it has first-mover advantage; expectations regarding the Company's hydrogen supply and plans to secure adequate hydrogen supply; expected scope, costs and timing related to the battery-electric truck recall, including the nature of the repairs, expected costs to repair the vehicles and timing of such expenses, and any potential offsets, timing of battery replacement and truck deliveries; industry tailwinds; expected features of the hydrogen fuel cell electric truck; the Company's goal to have 12 months liquidity on hand; expectations regarding capital required to participate in hydrogen production and dispensing economics; potential benefits of planned and actual collaborations with strategic partners; and government incentives and expectations regarding customer demand related to such incentives. 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 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; the results of customer pilot testing; 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 future business; the availability of capital; 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; 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, 2023 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. 2 NIKOLA#3STEVE GIRSKY CHIEF EXECUTIVE OFFICER 3 NIKOLA#41. +33: 2. 3. 4. DRIVING FORWARD ● STRONG INDUSTRY TAILWINDS California has both regulations and incentives requiring and promoting the adoption of zero-emissions Class 8 trucks Beginning January 1, 2024, all new trucks registered with the California Air Resources Board for operation in California ports must be zero-emissions O 30,000+ trucks operating in California ports (1) Of the currently issued HVIP vouchers requested in 2023, Nikola trucks represent 96% of hydrogen fuel cell electric and 50% of battery electric truck-tractor vouchers (2) For the hydrogen fuel cell electric truck, HVIP provides up to $288,000 and ISEF provides up to $408,000 per truck BUSINESS & FINANCIAL HIGHLIGHTS 277 non-binding orders from 35 customers to Nikola and our dealers for the hydrogen fuel cell electric truck (3) Received purchase orders for 47 battery electric trucks while in recall Developed strategy to address battery electric truck recall Raised $250 million in Q3, ending the quarter with $362.9 million of unrestricted cash Cash use below $120 million target for Q3 Maintained access to capital of $705.8 million at the end of Q3 (4) Data from California Air Resources Board; Class 8 tractors in drayage operation As of October 27, 2023 Orders are subject to receipt of wholesale purchase orders from dealers to Nikola Includes restricted cash and ATM availability: Subject to stock price and market conditions NIKOLA 4 NIKOLA#51. 2. 3. LAUNCHING THE FIRST HYDROGEN FUEL CELL ELECTRIC TRUCK IN NORTH AMERICA RECENT DEVELOPMENTS O Customer demos started in Southern California To date trucks in demos accumulated 6,000 miles and achieved 98% uptime Demos utilizing mobile fueling solutions and third-party refueling stations Began delivering the first trucks for commercial operation in October (¹) 277 non-binding orders from 35 customers to Nikola and our dealers (2) 96% of issued HVIP vouchers for hydrogen fuel cell electric truck-tractors requested in 2023 were for Nikola hydrogen fuel cell electric trucks (3) O O 20 Biagi 1001 NIKOLA Trucks being used in captured fleet testing and customer validation Orders are subject to receipt of wholesale purchase orders from dealers to Nikola As of October 27, 2023 Biagi bros THE ZA PDS Pacific Drayage Services USDOT 3298441 P TRE CHARLE HYLA HEL HYLA Gelas BENTER THE 5 NIKOLA#61. 2. BATTERY ELECTRIC GO FORWARD STRATEGY AYLOR ● 40222 BATTERY ELECTRIC 2.0 Battery packs in existing customer trucks expected to be replaced with new packs from alternative supplier Improved trucks expected to have upgraded features including scheduled charging, and improved HMI and Bluetooth functionality (¹) Continue to see increased customer demand for the battery electric truck Received purchase orders for 47 trucks from one dealer while in recall and dealers continue to submit HVIP applications while the truck is in recall Battery electric truck represents 50% of issued HVIP vouchers requested for BEV truck-tractors in 2023 (2) Expect first trucks back in customer hands in late 01 2024 (¹) Estimated and subject to change As of October 27, 2023 Talon Logistics Inc. 9682724 6 NIKOLA#7CHRISTIAN APPEL HEAD OF VEHICLE PLATFORM 7 NIKOLA#81. HYDROGEN FUEL CELL ELECTRIC TRUCK TEACH IN ADVANCED FEATURES Up to 500-mile range and refueling time comparable to diesel Able to serve majority of day cab regional and medium haul fleet operations Higher payload capacity vs. battery electric truck Vertically integrated software and vehicle controls Truck software optimizes drivetrain Mountain mode optimizes battery energy usage allowing for maximum regenerative braking downhill and consistent performance uphill Advanced HMI and mobile app provide drivers and fleets with a seamless experience Truck safety features include lane departure warning, adaptive cruise control, advanced emergency braking, blind spot information system, and lane data interface Predictive energy management feature is planned and subject to change Mobile App Rendering 9:41 FLEET (5) filter .... 3-104164 75% 3-104164 19% 3-104164 100% 3-104164 100% D PARKING ATS 78 225 min ● Fapta A 424 Broadway Rd Phoenix, AZ 。 9:43AM START AC 10,000.0 mi A 1,000.3 mi 44 DD Mountain Mode Rendering Mobile App Rendering A Speed Control Segments on route 25% 100m Predictive Energy Management Rendering (¹) Uphill Mode Preparing system for uphill climb (Higher SCC-Longer sustained climbs) ARIZONA FUEL 400 mi 50% LIMIT 60 55 mph POWER 256 kW LVL 6 9:41 A: BEACON PRE TRIP TRUCK (2) 70°F 60 Unit Name DNR Interior 65° F 1:1 HVAC G PREPARE FUEL 12:42 PM £3 28.2 V 178 PS 200 178 PS 88% HORN P UNLOCK LOCATION 8 NIKOLA#9STASY PASTERICK CHIEF FINANCIAL OFFICER 9 NIKOLA#10123 FINANCIAL OVERVIEW STATEMENT OF OPERATIONS Cash use favorable vs. $120m 03 target Continuing to operate with financial discipline, aligning cost structures with strategic priorities Outsized cost of revenues include $61.8m warranty reserve for estimated CO to remedy battery electric truck recall Warranty reserve expected to be offset with collection of AR and positive cash contribution margin from sale of battery electric trucks in inventory BALANCE SHEET Raised $250m during 03, continued focus on strengthening the balance sheet Increased unrestricted cash position by $136.2m in Q2, nearly tripling unrestricted cash since 01 2023 Reduced total debt by $90.3m and total liabilities by $70.1m ACCESS TO CAPITAL Maintained access to capital of $705.8m (2) at end of Q3 Includes restricted cash Includes restricted cash and ATM availability; Subject to stock price and market conditions 3. 04 2022 and 01 2023 have been adjusted to remove Romeo $ in thousands Revenues Cost of revenues Gross loss R&D SG&A Other Net loss from continuing operations Cash and cash equivalents (¹) Other assets Total assets Liabilities Stockholder equity Total liabilities and stockholder equity Cash and cash equivalents (¹) ELOC and ATM capacity Convertible debt Total Access to Capital 04 2022 (3) $5,463 32,437 (26,974) 66,134 56,270 (26,266) ($175,644) 04 2022 (3) $313,909 922,749 1,236,658 710,179 526,479 $1,236,658 04 2022 (3) $313,909 544,774 75,000 $933,683 012023 (3) $10,677 33,374 (22,697) 61,806 42,697 (18,051) ($145,251) 012023 (3) $203,286 955,074 1,158,360 612,489 545,871 $1,158,360 012023 (3) $203,286 443,532 50,000 $696,818 02 2023 $15,362 42,993 (27,631) 64,514 58,764 10,899 (140,010) 02 2023 295,355 842,146 1,137,501 614,785 522,716 $1,137,501 02 2023 $295,355 403,929 22,925 $722,209 Q3 2023 ($1,732) 123,771 (125,503) 41,966 57,982 (200,313) (425,764) 03 2023 392,100 756,186 1,148,286 544,718 603,568 $1,148,286 Q3 2023 $392,100 313,678 $705,778 10 NIKOLA#1104 2023 OUTLOOK In Thousands Except Deliveries and Gross Margin Total truck deliveries Revenue Gross margin Research and development (1) Selling, general, and administrative (2) Stock-based compensation (3) Capital Expenditures 1. Includes estimated stock-based compensation for 04'23 of $7.0m 2. Includes estimated stock-based compensation for 04'23 of $7.8m 3. Total estimated stock-based compensation for 04'23 of $15.5m includes $700k for Cost of revenues Low 30 04 2023 Range $11,250 -215% $42,500 $40,000 $15,500 $35,000 High 50 $18,750 -135% $47,500 $45,000 11 NIKOLA#121. 2. NIKOLA BY THE NUMBERS Increased unrestricted cash position by $136.2m 03 cash usage below $120m target Continued sales momentum 35 non-binding customer orders to Nikola and dealers for 277 hydrogen fuel cell electric trucks (1) $250,000 $200,000 $150,000 $100,000 $50,000 HIGHLIGHTS $0 $50,517 $176,022 CASH USE (2) $37,202 $111,143 01 2023 02 2023 Net Cash Used in Operating Activities Orders are subject to receipt of wholesale purchase orders from dealers to Nikola Numbers in thousands $20,690 $91,259 03 2023 Purchases of PP&E CASH, CASH EQUIVALENTS, AND RESTRICED CASH (2) $500,000 $400,000 $300,000 $200,000 $100,000 300 240 180 120 60 $0 0 $83,682 $119,604 100 01 2023 - HYDROGEN FUEL CELL ELECTRIC SALES MOMENTUM (1) Unrestricted Cash 3/29/2023 200+ $68,682 $226,673 8/4/2023 02 2023 Restricted Cash 223 $29,250 9/28/2023 $362,850 03 2023 Hydrogen Fuel Cell Electric Truck Non-Binding Orders 277 11/2/2023 12 NIKOLA#13APPENDIX 13 NIKOLA#141. RECONCILIATION OF NON-GAAP MEASURES TO GAAP In Thousands Net loss from continuing operations Interest expense, net Income tax expense Depreciation and amortization EBITDA Stock-based compensation Loss on supplier deposits Gain on divestiture of affiliate Loss on debt extinguishment Revaluation of financial instruments Regulatory and legal matters (1) Adjusted EBITDA Three Months Ended 9/30, 2023 2022 ($425,764) 52,680 1 16,996 (356,087) 18,659 716 145,717 2,432 ($188,563) ($236,234) 7,735 1 6,796 (221,702) 102,845 (286) 11,227 ($107,916) Nine Months Ended 9/30, 2023 2022 ($711,025) 71,262 1 28,758 (611,004) 68,916 18,433 (70,849) 20,362 151,151 5,673 ($417,318) 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 ($562,172) 10,754 3 16,472 (534,943) 211,214 (94) 38,319 ($285,504) 14 NIKOLA#151. RECONCILIATION OF NON-GAAP MEASURES TO GAAP In Thousands Except share and per share data Net loss from continuing operations Stock-based compensation Loss on supplier deposits Gain on divestiture of affiliate Loss on debt extinguishment Revaluation of financial instruments Regulatory and legal matters (1) Non-GAAP net loss Non-GAAP net loss per share, basic and diluted Weighted average shares outstanding, basic and diluted Three Months Ended 9/30, 2023 ($425,764) 18,659 716 145,717 2,432 ($258,240) ($0.30) 857,213,992 2022 ($236,234) 102,845 (286) 11,227 ($122,448) ($0.28) 438,416,393 Nine Months Ended 9/30, 2023 ($711,025) 68,916 18,433 (70,849) 20,362 151,151 5,673 ($517,339) ($0.73) 706,325,212 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 2022 ($562,172) 211,214 (94) 38,319 ($312,733) ($0.73) 426,382,736 15 NIKOLA#16RECONCILIATION OF NON-GAAP MEASURES TO GAAP In Thousands Most comparable GAAP measure: Net cash used for operating activities Net cash used for investing activities Net cash provided by financing activities Non-GAAP measure: Net cash used for operating activities Purchase of property, plant and equipment Adjusted free cash flow Three Months Ended 9/30, 2023 2022 ($91,259) (115) 188,119 (91,259) (20,690) ($111,949) ($157,648) (79,600) 111,814 (157,648) (51,120) ($208,768) Nine Months Ended 9/30, 2023 2022 ($378,424) (55,642) 512,257 (378,424) (108,409) ($486,833) ($431,459) (169,943) 482,951 (431,459) (118,436) ($549,895) 16 NIKOLA#17NIKOLA Th LAMB NIKOLA.