#11.0 EXA NIKOLA Q3 2021 EARNINGS CALL November 4, 2021#2το // 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 and production capacities at such facilities; expected timing of completion of validation testing, production and other milestones; expectations regarding the Company's sales and service network; any potential settlement with the Securities and Exchange Commission (the "SEC"), and terms and potential benefits of the planned collaborations, including with TC Energy, OPAL, 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 quarterly report on Form 10-Q for the quarter ended September 30, 2021 filed with 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.#320 BUSINESS UPDATE MARK RUSSELL, CEO#404 // PAGE NIKOLA TRE BEV NO KA INNKA HEM CHL INTE IN K KEY UPDATES PRE-SERIES Tre BEV Assembly in process of: 10 trucks in Ulm, Germany 30 trucks in Coolidge, AZ - GAMMA Tre BEV Undergoing testing and validation Commenced Tre BEV testing on public roads in Arizona#505 PAGE NIKOLA TRE FCEV FUEL CELL | HYDROGEN DRIVETRAIN (1,2) Nikola's Commercial Vehicle Platform 1) 2) Image via Robert Bosch FUEL CELL POWER UNITS BOSCH 2X 100KW NET Tre FCEV tro- WA MA 1321 FCEV ALPHA PROTOTYPE All specs are preliminary and subject to change Components shown are for prototypes and/or illustrative purposes only and may not represent production components E-AXLE Nikola / FPT H2 STORAGE Tre FCEV 70kg Storage (Backpack and Saddle Tanks)#690 // PAGE NIKOLA COOLIDGE, ARIZONA FACILITY = Phase 1 Assembly Expansion Area ROTARY LIFT KEY UPDATES PHASE 0.5 Completed July 2021 PHASE 1 Build out expected to be completed Q1 2022 PHASE 2 Build out expected to commence in Q1 2022 and be completed in early 2023 Completion of Phase 2 enables: Build Tre BEV and Tre FCEV on same line Assemble Bosch Fuel Cell Module ● Production Capacity of 20,000 trucks per year upon completion of Phase 2#707 PAGE NIKOLA ULM, GERMANY FACILITY NIKOLA WS01.04 WS01.05 _A N NIKOLA FRAMESTATION RAMMENSTATION 01 02 00.00 Q N NIKOLA FRAMESTATION RAMMENSTATION 01 D M KEY UPDATES INAUGURATION Facility event on September 15, 2021 CAPACITY Production capacity of 2,000 vehicles per year on two (2) shifts EXPANSION Ability to expand the line up to 10,000 vehicles per year#880 PAGE NIKOLA Q3 DEALER NETWORK ANNOUNCEMENTS 1) Last 12 Months Revenue as of 6/30/2021 ALTA GROUP INC. EQUIPMENT Announced August 10 QUINN Announced September 1 NYSE: ALTG Revenue: $1.1 Billion (1) 57 locations throughout Michigan, Illinois, Indiana, New England, Virginia, and Florida 700 Mobile Service Vans 10,000 Unit Rental Fleet • 900 Factory Trained Technicians ● ● ● ● Founded in 1919 22 locations throughout California and Arizona covering 17 counties and 75,000 square miles • 1,200 Employees ●#909 PAGE NIKOLA NORTH AMERICAN HYDROGEN REFUELING ECOSYSTEM UPDATE (1) L PRODUCTION TC Energy WV WABASH VALLEY RESOURCES nel. aps® 1) Subject to execution of definitive documentation, as applicable CO DISTRIBUTION TC Energy C DISPENSING OPAL FUELS TA nel.#1010 PAGE NIKOLA RECENT CUSTOMER ANNOUNCEMENTS (1) STRE BEV TTSI TRI-EAGLE SALES HP Hamburg Port Authority 30 (LOI) 10 (ORDER) 25 (MOU) 1) Subject to execution of definitive documentation, as applicable STRE FCEV TTSI The Proud Professionals et TRUCKING 70 (LOI) 100 (LOI)#11Q3 2021 FINANCIAL RESULTS & Q4 / FY 2021 OUTLOOK KIM BRADY, CFO NIKOLA MALA AN NIKOLA#121 2 PAGE NIKOLA FINANCIAL OVERVIEW In Thousands Except Share and per Share Data Solar revenues (¹) 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) Q3 2021 $- $- 78,896 192,929 $271,825 ($271,825) (118) 4,467 1,057 (266,419) 1 (266,420) (1,147) ($267,567) ($267,567) ($0.67) ($0.68) 400,219,585 400,230,669 Q3 2020 $- $ 51,496 65,782 $117,278 ($117,278) 171 37,745 (340) (79,702) 2 (79,704) ($79,704) ($79,704) ($0.21) ($0.31) 377,660,477 378,286,678 Q3 2021 YTD $- $- 201,785 329,028 $530,813 ($530,813) (219) 2,907 174 (527,951) 4 (527,955) (3,067) ($531,022) ($531,022) ($1.34) ($1.35) 395,691,795 395,860,876 Q3 2020 YTD $94 73 $21 118,098 117,821 $235,919 ($235,898) 255 (1,324) 8,588 (249) (228,628) 4 (228,632) ($228,632) (13,407) ($242,039) ($0.76) ($0.79) 318,315,891 318,976,447 1) 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 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#131 3 PAGE NIKOLA FINANCIAL OVERVIEW (CONTINUED) 1) 2) 123 3) 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 Revaluation of derivative liability Regulatory and legal matters (1) Legal loss contingency (2) Non-GAAP net loss (3) Non-GAAP net loss per share, basic Non-GAAP net loss per share, diluted Q3 2021 ($267,567) 49,047 (4,467) (319) 9,771 125,000 ($88,535) ($0.22) ($0.22) Q3 2020 ($79,704) 52,196 (37,745) 5,173 ($60,080) ($0.16) ($0.16) Q3 2021 YTD ($531,022) 151,983 (2,907) (319) 35,657 125,000 ($221,608) ($0.56) ($0.56) Q3 2020 YTD ($242,039) 91,736 13,407 (8,588) 5,173 ($140,311) ($0.44) ($0.44) 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 Reserved loss contingency from discussion with the SEC Staff of the Division of Enforcement regarding a potential resolution to the SEC investigation For reconciliation of GAAP to Non-GAAP financial measures please refer to slides 18 and 19 "Reconciliation to Non-GAAP Measures"#141 4 // PAGE NIKOLA Q3 2021 AND Q2 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 As of and for the Three Months Ended 9/30/21 $586,986 $200,655 $1,000,522 $48,893 $49,047 $2,249 788 6/30/21 $632,694 $166,367 $965,199 $40,266 $52,670 $1,905 630#1515 PAGE NIKOLA Q4 AND FY 2021 UPDATE In Thousands Except Deliveries, Share, and per Share Data Deliveries (units) Revenue Gross margin Research and development Selling, general, and administrative (1) Stock based compensation (2) Capital expenditures Expected total shares outstanding as of 12/31/21 (3) Expected weighted average shares outstanding as of the quarter and fiscal year 12/31/21 (3) Q4 2021 Range Low NM $100,000 $70,000 $75,000 Up to 25 $56,000 High $7,500 $105,000 418,000,000 -190% $75,000 408,900,000 $85,000 FY 2021 Range Low NM $300,000 $395,000 $210,000 1) FY 2021 SG&A range includes $125M reserved loss contingency for the potential SEC settlement booked in Q3 2) SBC for Q4 2021: R&D $11.5M, SG&A $44,5M; SBC for FY 2021 R&D $40M, SG&A $169M 3) 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 Up to 25 $209,000 418,000,000 399,100,000 High $7,500 -190% $310,000 $405,000 $230,000#161 6 PAGE NIKOLA FINANCE | FEDERAL INCENTIVES Potential H2 Production Tax Credit (1) ● WHAT Clean Hydrogen Production Tax Credits Part of the proposed $1.75T reconciliation bill Credit is based on the number of kg of qualified clean H₂ produced at a qualified clean H₂ production facility beginning in 2022 Applies for a 10-year period beginning on the date the hydrogen production facility is placed in service INCENTIVE Up to $3 per kg multiplied by applicable % Applicable % is determined by the lifecycle GHG emissions rate achieved in producing clean H₂(¹): O Lifecycle GHG emissions of < 6kg and > 4kg, applicable % is 8.4 Lifecycle GHG emissions of < 4kg and > 2.25kg, applicable % is 20 O Lifecycle GHG emissions of < 2.25kg and > 1.5kg, applicable % is 33.4 Lifecycle GHG emissions of < 1.5kg and > 0.45kg, applicable % is 50 Lifecycle GHG emissions of < 0.45kg, applicable % is 100 1. House and Senate to finalize provisions and budget for the reconciliation package 2. 3. 4. NEXT STEPS Final vote to be scheduled for bipartisan infrastructure bill in the House and sent to President Biden for signature Congress to schedule votes for reconciliation package and send to President Biden for signature Goal is for President to sign one or both bills into law by year-end 1) Applicable % subject to change; Applicable % as reflected in most recent text provided by the House Rules Committee and pending further discussion as of 10/28/2021#17KA INAM | APPENDIX#1818 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 Stock-based compensation Loss on forward contract liability Revaluation of warrant liability Revaluation of derivative liability Equity in net loss of affiliates Regulatory and legal matters Legal loss contingency Adjusted EBITDA Q3 2021 ($267,567) 118 1 2,249 ($265,199) 49,047 (4,467) (319) 1,147 9,771 125,000 ($85,020) Q3 2020 ($79,704) (171) 2 1,498 ($78,375) 52,196 (37,745) 5,173 ($58,751) Q3 2021 YTD ($531,022) 219 4 5,959 ($524,840) 151,983 (2,907) (319) 3,067 35,657 125,000 ($212,359) Q3 2020 YTD ($228,632) (255) 4,424 ($224,459) 91,736 1,324 (8,588) 5,173 ($134,814)#1919 PAGE NIKOLA RECONCILIATION TO NON-GAAP MEASURES 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 Revaluation of derivative liability Regulatory and legal matters Legal loss contingen 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 Q3 2021 ($267,567) 49,047 (4,467) (319) 9,771 125,000 ($88,535) ($0.22) ($0.22) 400,219,585 400,230,669 Q3 2020 ($79,704) 52,196 (37,745) 5,173 ($60,080) ($0.16) ($0.16) 377,660,477 378,286,678 Q3 2021 YTD ($531,022) 151,983 (2,907) (319) 35,657 125,000 ($221,608) ($0.56) ($0.56) 395,691,795 395,860,876 Q3 2020 YTD ($242,039) 91,736 13,407 (8,588) 5,173 ($140,311) ($0.44) ($0.44) 318,315,891 318,976,447