#102 2023 EARNINGS August 4, 2023 B. HUNT NIKOLA NIKOLA J.B. HUNT Dedicated K ZERO EMISSIONS JB HUNT NIKOLA J.B. HUNT Dedicated ZERO EMISSIONS#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, strategy and milestones, including for Q2 2023 and fiscal year 2023; expectations regarding its manufacturing facility expansion and production capacity; expected timing of completion of testing, production, delivery, and other milestones; expectations relating to battery module, pack and fuel cell power module manufacturing; expected benefits of the Company's HYLA mobile fueler; 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 production and dispensing plan, buildout and timing; the terms and potential benefits of planned and actual collaborations with strategic partners; and the Company's goal to reduce cash use. 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 inflation and COVID-19; the outcome of legal, regulatory and judicial proceedings to which the Company or Romeo Power, Inc. 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 milestones 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; the execution and terms of definitive agreements; 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 March 31, 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. NIKOLA 2#3NIKOLA Michael Lohscheller CEO 3#4RECENT HIGHLIGHTS 234 BUSINESS HIGHLIGHTS Continued building sales momentum on both trucks 18 customer orders to Nikola and dealers for over 200 hydrogen fuel cell trucks (1) 45 Tre BEV wholesales to dealers; 66 Tre BEV retail sales in 02 (2) Started production of the hydrogen fuel cell truck in Coolidge on July 31 Fortescue Future Industries (FFI) acquired Phoenix Hydrogen Hub (PHH) Agreed with Voltera on the first 8 HYLA station locations in California Secured fueling assets and hydrogen offtake to support 2023 sales FINANCIAL HIGHLIGHTS Reported Q2 net revenues of $15.4m Substantial gross margin improvement from 01 2022 Increased unrestricted cash position by $107.1m (90% increase from 01) and met cash usage target of under $150m Ended 02 with $295.4 million of cash on the balance sheet (3) Received shareholder approval to increase authorized shares Maintain access to capital of $743.0m as of July (4 1. Orders are subject to receipt of purchase order from dealers to Nikola Retail sales occur when customer warranty registers their vehicle with Nikola Includes $68.7 million of restricted cash Subject to successful share registration, Nasdaq share cap limit, and market conditions; includes $20.7m from FFI received in July Talon Logistics Inc. 9682724 NIKOLA#51. EXECUTION OF STRATEGIC PRIORITIES ● North America First mover advantage in hydrogen fuel cell trucks O Began serial production July 31 Customer deliveries expected in September Autonomous technologies and in-house software development First battery electric test truck with PLUS.ai autonomous technology completed Sold stake in European JV to Iveco Advance hydrogen refueling ecosystem development with partners Voltera alignment on the first 8 HYLA stations in California FFI acquired PHH; project progressing; offtake being negotiated O Secured mobile fueling assets to support 2023 sales Awarded grants for California station development O Continue sales momentum for battery and hydrogen fuel cell electric trucks O O 45 wholesale and 66 retail deliveries in Q2 18 customer orders to Nikola and dealers for over 200 hydrogen fuel cell trucks (1) Orders are subject to receipt of purchase order from dealers to Nikola NIKOLA an souk Ar Mai ***** Colorada ses ka United States www. Liiviky HYLATM NIKOLA 5 LO#6HYDROGEN STATION DEVELOPMENT PROGRESS Station infrastructure development accelerating with capital partners and regulatory grants 8 station locations planned and beginning the development process with Voltera Grants lower capex and dispensing costs at stations First station location is expected to be fully operational by December 2023 (¹) FFI acquired PHH; Project progressing; Expect Phase 1 to be operational Q1 2025 (¹) PLANNED LOCATION Ontario Colton Carson Sacramento ECOSYSTEM DEVELOPMENT WITH PARTNERS Rialto Hesperia Otay Mesa West Sacramento PARTNER Other Voltera Other Voltera Other Voltera Voltera Voltera 1. Estimated and subject to change 2. TCEP Trade Corridor Enhancement Program 3. MSRC=Mobile Source Air Pollution Reduction Review Committee 4. AQMD=Air Quality Management District GRANTED BY TCEP (2), MSRC (3) TCEP TCEP AQMD (4) TCEP TCEP TCEP EnerglIZE ESTIMATED IN-SERVICE DATE (1) Dec 2023 2H 2024 2H 2024 1H 2025 2H 2025 1H 2026 1H 2026 2H 2026 West Sacramento Oakland Ontario Stockton Sacramento Voltera Hesperia Rialto Colton Carson Perris Otay Mesa Other Partners Blythe NIKOLA#71. 2. IMMEDIATE FUELING WITH SOLUTION MOBILE FUELERS Nikola is the only company offering a fully integrated mobility solution to customers (1) Energy and commercial teams working concurrently enables truck sales and ensures refueling is available for customers ENABLING ZERO-EMISSIONS TRUCKING Mobile fuelers provide an immediate solution allowing quicker entry to new markets Plan to deploy 9 mobile fuelers at several California locations by the end of 2023 (2) Securing adequate refueling capabilities to support truck sales for the next 12 months STEF As of July 2023 Planned and subject to change NIKOLA FLAMBAZ 200 Transcraft Compton Stockton / Lodi Fresno Ontario Carson Mobile Fueling Location NIKOLA#8123 1. LEADER IN CLASS 8 ZERO-EMISSIONS VEHICLES ● Completed first production FCEV builds on the line in Coolidge Customer deliveries expected in September (¹) 18 customer orders to Nikola and dealers for over 200 hydrogen fuel cell electric trucks (2) HYDROGEN FUEL CELL ELECTRIC TRUCK AM 10 gamma trucks completed and commissioned Gamma trucks used in pilot testing and final vehicle validation www CAUTION AUTOMATIC VEHICLE 03 Hydrogen fuel cell electric truck on the line in Coolidge July 31 Planned and subject to change Orders are subject to receipt of purchase order from dealers to Nikola 3. Retail sales occur when customer warranty registers their vehicle with Nikola com PAD AM New commercial strategy leading to accelerated retail sales Delivered 45 trucks to dealers in Q2 2023 Dealers completed 66 retail sales in Q2 2023, doubling 01 number (3) Trucks operating in variety of fleets and use cases Customers realizing the advantages and TCO benefits of zero-emissions trucks BATTERY ELECTRIC TRUCK J.B. HUNT SELECT BATTERY ELECTRIC RETAIL SALES Univar Solutions USA TRUCKⓇ WattEV LAWA LOS ANGELES WORLD AIRPORTS HARBOR PRIDE LOGISTICS, INC. Pet INC. TRUCKING TTSI AVANT GARDE AUTO LOGISTICS KENDVANTAGE Talon NISSAN Logistics Inc. LA GROUP, INC. JARIZONA LITHIUM NIKOLA 8#9NIKOLA Stasy Pasterick CFO 9#101234 FINANCIAL OVERVIEW STATEMENT OF OPERATIONS Continued gross margin improvement Closing of Romeo battery production operations and optimization of resources expected to continue driving down cash usage Executing cost reduction measures and expect further reductions through the end of 2023 BALANCE SHEET Increased unrestricted cash position by $107.1m in Q2 Executed Coolidge ground sale leaseback resulting in $49.6m net proceeds Reducing inventory on the balance sheet and optimizing working capital as we accelerate deliveries and move to build-to-order ACCESS TO CAPITAL Maintain access to capital of $743.0m as of July 2023 (2,3) Increased cash position while simultaneously reducing cash usage Includes restricted cash Includes proceeds from FFI acquisition of PHH received in July 2023 Subject to successful share registration, Nasdaq share cap limit, and market conditions 04 and 01 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 & cash equivalents (1) Other assets Total assets Liabilities Stockholder equity Total liabilities and stockholder equity Cash and cash equivalents (1) ELOC & ATM capacity Convertible debt Total Access to Capital (3) Q3 2022 $24,241 54,410 (30,169) 66,683 132,865 (6,517) ($236,234) Q3 2022 $403,790 755,635 1,159,425 595,396 564,029 $1,159,425 Q3 2022 $403,790 612,037 $1,015,827 04 2022 (4) $5,463 32,437 (26,974) 66,134 56,270 (26,266) ($175,644) 04 2022 (4) $313,909 922,749 1,236,658 710,179 526,479 $1,236,658 04 2022 (4) $313,909 544,774 75,000 $933,683 01 2023 (4) $10,677 33,374 (22,697) 61,806 42,697 (18,051) ($145,251) 01 2023 (4) $203,286 955,074 1,158,360 612,489 545,871 $1,158,360 012023 (4) $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 JULY 2023 $316,097(2) 403,929 22,925 $742,951 10 NIKOLA#11Q3 & FY 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) 03 2023 Range Low 60 $18,000 -165% $47,500 $42,500 $16,500 High 90 $28,000 -110% $52,500 $47,500 1. Includes stock-based compensation for 03'23 of $7.5m and FY'23 of $31.4m 2. Includes stock-based compensation for Q3'23 of $8.3m and FY'23 of $51m 3. Total stock-based compensation for Q3'23 of $16.5m including $700k for Cost of revenues; Total stock-based compensation for FY '23 of $85.1m including $2.7m for Cost of revenues FY 2023 Range Low 300 $100,000 -110% $210,000 $185,000 $85,100 High 400 $130,000 -85% $220,000 $195,000 11 NIKOLA#12NIKOLA Michael Lohscheller CEO 12#131. 2. NIKOLA BY THE NUMBERS ● ● Increased unrestricted cash position by $107m 02 cash usage below $150m target Continued sales momentum 18 customer orders to Nikola and dealers for over 200 hydrogen fuel cell electric trucks (1) $250,000 $200,000 $150,000 $100,000 $50,000 $- HIGHLIGHTS $56,411 $145,391 CASH USE (2) 2022 Quarterly Average Net cash used for operating activities Orders are subject to receipt of purchase order from dealers to Nikola Numbers in thousands $50,517 $176,022 $5,010 $111,143 01 2023 Net cash used for investing activities 02 2023 $400,000 $300,000 $200,000 $100,000 75 60 CASH, CASH EQUIVALENTS, AND RESTRICED CASH (2) 45 30 15 0 és $- 31 $83,682 $119,604 01 2023 Unrestircted Cash 01 2023 SALES MOMENTUM 33 Restricted Cash Wholesale Retail $68,682 $226,673 45 02 2023 02 2023 66 CO 13 NIKOLA#14STRE J P "СО Galaxy.rx NIKOLA#15NIKOLA APPENDIX 15#161. FINANCIAL OVERVIEW In Thousands Except Share and per Share Data Revenues: Truck sales Service and other Total revenues Cost of revenues: Truck sales Service and other Total cost of revenues Gross profit (loss) Operating expenses: Research and development Selling, general, and administrative Loss on supplier deposits Total operating expenses Loss from operations Interest expense, net Revaluation of warrant liability Gain on divestiture of affiliates Loss on debt extinguishment 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 from continuing operations 04 and 01 have been adjusted to remove Romeo 01 2022 $- 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) 02 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) 03 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) 04 2022 (1) $ 4,695 767 5,462 31,695 741 32,436 (26,974) 66,133 56,270 122,403 (149,377) (6,636) 411 (5,446) (161,048) 3 (161,051) (14,593) ($175,644) 01 2023 (1) $10,055 622 10,677 33,020 354 33,374 (22,697) 61,806 42,697 104,503 (127,200) (9,833) 274 (84) (136,843) (136,843) (8,408) ($145,251) 02 2023 $12,006 3,356 15,362 40,203 2,790 42,993 (27,631) 64,514 58,764 17,717 140,995 (168,626) (8,749) 41 70,849 (20,362) (5,546) (132,393) (132,393) (7,617) ($140,010) 16 NIKOLA#171. FINANCIAL OVERVIEW In Thousands Except Share and per Share Data Net loss from continuing operations Discontinued operations: Loss from discontinued operations Loss from deconsolidation of discontinued operations Net lost from discontinued operations Net loss Basic and diluted net loss per share: Net loss from continuing operations Net loss from discontinued operations Net loss. Weighted-average shares outstanding, basic and diluted 04 and 01 have been adjusted to remove Romeo 01 2022 ($152,941) ($152,941) ($0.37) ($0.37) 415,152,781 02 2022 ($172,997) ($172,997) ($0.41) ($0.41) 425,323,391 03 2022 ($236,234) ($236,234) ($0.54) ($0.54) 438,416,393 04 2022 (1) ($175,644) (46,422) (45,422) ($222,066) ($0.36) ($0.10) ($0.46) 487,551,035 01 2023 (1) ($145,251) (23,843) (23,843) ($169,094) ($0.26) ($0.04) ($0.31) 549,689,436 02 2023 ($140,010) (52,883) (24,935) (77,818) ($217,828) ($0.20) ($0.11) ($0.31) 708,692,817 17 NIKOLA#181. FINANCIAL OVERVIEW (CONTINUED); NON-GAAP RECONCILIATION In Thousands Except share and per share data Net Loss from continuing operations Stock-based compensation Loss on supplier deposits Gain on divestiture of affiliates Loss on debt extinguishment Revaluation of financial instruments Romeo acquisition transaction costs Advisory, regulatory, and legal matters Non-GAAP net loss from continuing operations Non-GAAP net loss per share, basic and diluted Weighted average shares outstanding, basic and diluted 04 and 01 have been adjusted to remove Romeo 01 2022 ($152,941) 53,528 (3) 14,122 ($85,294) ($0.21) 415,152,781 02 2022 ($172,997) 54,841 196 12,970 ($104,990) ($0.25) 425,323,391 03 2022 ($236,234) 102,845 (286) 2,097 11,227 ($120,351) ($0.27) 438,416,393 04 2022 (1) ($175,644) 41,232 (81) 12,462 (15,145) ($137,176) ($0.28) 487,551,035 01 2023 (1) ($145,251) 24,548 (200) 1,143 ($119,759) ($0.22) 549,689,436 02 2023 ($140,010) 25,709 17,717 (70,849) 20,362 5,633 2,097 ($139,341) ($0.20) 708,692,817 18 NIKOLA#19VIOXIN Th LAMB NIKOLA