#144 01 2023 EARNINGS May 9, 2023 PUBLIC WHARF Nº9 NIKOLA in NIM LIMIT 15 NIKOLA FIRIE GEANTANI MIN LAMBI#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 and milestones, including for Q2 2023 and fiscal year 2023, 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, delivery, and other milestones; expected benefits of our HYLA mobile fueler; expected orders and deliveries of the Company's trucks and the timing thereof; 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 and actual collaborations with strategic partners; truck productions plans; expectations regarding costs and expenses, including R&D run rate, stock-based compensation run rate and goal to reduce cash burn; 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, regulato 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 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 approval by stockholders of an increase in the Company's authorized common stock; the Company's ability to achieve cost reductions and decrease its cash usage; customer demand for our trucks, the grant and continued applicability 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 annual report on Form 10-K for the year ended December 31, 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. NIKOLA 2#3NIKOLA Michael Lohscheller СЕО 3#41. 2. 3. RECENT HIGHLIGHTS ● BUSINESS HIGHLIGHTS 12 customer orders for 140 Nikola hydrogen fuel cell trucks 31 Tre BEV wholesales to dealers; 33 Tre BEV retail sales (1) Building sales momentum with new dealers and additional financing partners Executed joint station development agreement with Voltera on May 2 Voltera to supply capital to build up to 50 HYLA open access stations HYLA to supply hydrogen for stations Completed commissioning of 4 HYLA hydrogen mobile fuelers Announced partnership with Chart Industries for mobile fuelers and modular refueling stations. Additional mobile fueler agreements with Taylor Wharton and other partners FINANCIAL HIGHLIGHTS Reported 01 total revenues of $11.1m and net loss of $169.1m Substantial gross margin loss improvements from Q4 2022 Raised $100m through follow-on offering (2) Expect to receive $35m cash consideration and 20.6m shares of common stock for European manufacturing JV stake Maintain access to capital of $796.4m as of April (3) Retail sales occur when customer warranty registers their vehicle with Nikola Completed in April 2023 Subject to increase in authorized common stock and market conditions RE NIKOLA FIRE NIKOLA#5OUR FOCUS North America Maintain leading position and capitalize on first mover advantage in commercial hydrogen fuel cell electric trucks Autonomous technologies, in-house software development, and vehicle controls Advance hydrogen refueling ecosystem development with strategic partners Continue building on battery electric and hydrogen fuel cell electric sales momentum uges Califeisia Hacke A Mo Calende NIKOLA New Masin North Bakate United States iwwa Teaser INFLATION REDUCTION ACT of 2022 0500 HYLA™M YLA TM NIKOLA 5#61. THE MOST ADVANCED CLASS 8 PRODUCTION TRUCKS ● Tre BEV Launch Information & Alerts On Guard Plus Now Lane Departure Warning Advanced Emergency Braking System (AEBS) Expected, subject to change ● Tre FCEV Launch Active Safety + Driver Assistance On Guard Max 04 2023 (1) Includes On Guard Plus features Adaptive Cruise Control (ACC) Blind Spot Information System (BLIS) Event Data Recorder (EDR) High Beam Assist (HBA) Lane Data Interface (LDI) Traffic Sign Information ● ● PLUS.ai Enabled Hands On - Advanced Driver Assistance MINTI J PLUS.ai BEV 04 2024 | FCEV 2025 (1) Includes On Guard Max features Traffic Jam Assist Merge Handling Driver Initiated Auto Lane Change & Overtake Lane Nudge Suggested Lane Change Scalable to Level 4 6 NIKOLAⓇ#7CONTINUED PROGRESS ON HYDROGEN REFEULING ECOSYSTEM JOINT STATION DEVELOPMENT AGREEMENT NIKOLA Voltera Voltera (backed by EQT) to supply capital to build up to 50 HYLA open access stations HYLA to supply hydrogen to stations for Nikola trucks and potential 3rd party trucks Strong alignment between partners on bringing critical infrastructure to market quickly Regulatory grants and incentives could reduce Voltera capital requirements & Nikola costs HYLA HYLA Station Rendering HYLA HYLA WELCOME TO HYLA COLTON! MOBILE FUELING SOLUTIONS Mobile fuelers provide a critical interim solution for hydrogen fueling 4 HYLA mobile fuelers have been commissioned During Q1 announced partnership with Chart Industries Includes collaboration for additional mobile fuelers and modular refueling stations Signed agreements for additional mobile fuelers with partners including Taylor Wharton Mobile fuelers can be deployed rapidly in new geographies or at customer depots with lower capex requirements than permanent stations COMPRESSED HYDROGEN HYLA Tube Storage Trailer HYDROGEN GAS COMPRESSED HYLA COMPRESSED HYDROGEN H2 Transport Trailer and Dispenser MOBILE HYDROGEN FUELER HYLA Mobile Fueler HYLA HYDROGEN GAS, COMPRESSED COMPRESSED HYDROGEN HYLA HYLA WOONDAS COM HYLA NIKOLA 7#81. LEADER IN CLASS 8 ZERO-EMISSIONS VEHICLES TREⓇ AMBI JURO BLASTSE Remain on track for SOP and customer deliveries in Q4 2023 Building sales momentum Orders received from 12 customers for 140 Tre FCEVS To date have completed build of first 2 of 10 gamma trucks All 10 gamma trucks are expected to be commissioned by the end of Q2 Gamma trucks will be used for pilot testing and further vehicle validation Pilot testing expected to begin in July, pilot fleets include Walmart, Biagi Bros, TTSI, Linde, and AJR, a leading carrier for the United States Postal Service FCEV NIKOLA Retail sales occur when customer warranty registers their vehicle with Nikola e Seeing re-energized sales and commercial strategy + product improvements lead to accelerated retail sales ● ● TRE HARBOR PRIDE LOGISTICS, INC. Delivered 31 trucks to dealers in 01 2023 Dealers completed 33 retail sales in Q1 2023 (1) Added Tom's Truck Center in Southern California to dealer network Announced upcoming sale of 14 Tre BEVS to Watt EV BEV Univar Solutions SELECT TRE BEV RETAIL SALES LAWA TTSI LOS ANGELES WORLD AIRPORTS AVANT GARDE AUTO LOGISTICS NISSAN Talon Logistics Inc. ARIZONA LITHIUM Key Takeaway: Revamped sales and commercial strategy is beginning to gain traction and build momentum on both products NIKOLA 8#91. MANUFACTURING FACILITY BUILD OUT NIKOLA = Phase 2 assembly expansion area Jan'23 Expected, subject to change MEM WHERMITY Mar 23 25 Module & Pack Build Start (1) Assembly Line Conversion (1) May'23 44444 Jul'23 Saleable FCEV Start (1) Plan to modify the existing production line to accommodate both BEV and FCEV at the end of May Production expected to resume in July as we begin FCEV production We have more than enough capacity in Coolidge to meet production and delivery targets in 2023 Installed capacity of 2,400 trucks on 3 shifts Ability to expand production capacity to 20,000 units per year on 2 shifts in existing space Battery module and pack line expected by July 2023 Bosch fuel cell power module assembly expected by December 2023 Sep'23 Fuel Cell Power Module Assembly Start (1) Nov'23 NIKOLA 9#10NIKOLA Stasy Pasterick CFO 10#111. 2. 3. 4. FINANCIAL OVERVIEW STATEMENT OF OPERATIONS Improved gross margin vs Q4 2022 Expect R&D run rate to reduce by ~30% in the 2nd half of the year Stock-based compensation will decline substantially with new executive compensation plan and elimination of market-based RSUS Target $150m cash burn per quarter, down from $200m per quarter in 2022 Cash burn in April 2023 was under $50m BALANCE SHEET Reduced accounts receivable ~$4m vs 04 Secured $20m in floorplan facilities resulting in AR collections of $15.4m 01 ending inventory was $123.6m including 152 Tre BEVS in Coolidge As retail sales gain momentum we expect inventory to reduce as dealers facilitate retail sales and replenish inventory ACCESS TO CAPITAL Received $96.5m net proceeds in April from follow-on offering Maintain access to capital of $796.4m as of April 2023 Expect to receive $35m cash consideration and 20.6m shares (4)of Nikola common stock back from Iveco in exchange for 50% stake in European manufacturing JV Includes restricted cash Includes $96.5m in net proceeds from follow-on offering completed in April 2023 Subject to increase in authorized common stock and market conditions Contingent upon successful due diligence $ in thousands Revenues Cost of revenues Gross loss R&D SG&A Other Net loss 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) 02 2022 $18,134 47,391 (29,257) 63,106 79,868 (766) ($172,997) 02 2022 $529,224 637,751 1,166,975 567,724 599,251 $1,166,975 02 2022 $529,224 312,537 $841,761 Q3 2022 $24,241 54,410 (30,169) 66,683 132,865 (6,517) ($236,234) 03 2022 $403,790 755,635 1,159,425 595,396 564,029 $1,159,425 03 2022 $403,790 612,037 $1,015,863 04 2022 $6,563 52,325 (45,762) 69,421 80,238 (26,645) ($222,066) Q4 2022 $322,964 913,694 1,236,658 701,179 526,479 $1,236,658 04 2022 $322,964 544,774 75,000 $942,738 01 2023 $11,117 44,027 (32,910) 64,426 53,709 (18,049) ($169,094) 01 2023 $206,322 952,038 1,158,360 612,489 545,871 $1,158,360 01 2023 $302,822 (2) 443,532 50,000 $796,354 11 NIKOLA#1202 & FY 2023 OUTLOOK In Thousands Except Deliveries, Gross Margin, and Share Data Total truck deliveries Revenue Gross margin Research and development (1) Selling, general, and administrative (2) Stock-based compensation (3) Capital expenditures Expected total shares outstanding as of 12/31/23 (4) Expected weighted average shares outstanding for the quarter ended 6/30/23 and full year ended 12/31/23 (4) 02 2023 Range Low 30 $10,500 -240% $75,000 $60,000 $42,500 $29,000 High $21,000 60 $80,000 698,500,000 -130% $65,000 687,000,000 $47,500 1. Includes stock-based compensation for 02'23 of $8m and FY'23 of $31.4m 2. Includes stock-based compensation for 02'23 of $20m and FY'23 of $51m 3. Total stock-based compensation for 02'23 of $29m including $800k for Cost of revenues; Total stock-based compensation for FY '23 of $85. 1m including $2.8m for Cost of revenues Shares outstanding as of 3/31/2023 plus estimated employee stock option exercises and restricted stock unit distributions 4. FY 2023 Range (Unchanged) Low 375 $140,000 -75% $245,000 $185,000 $140,000 $85,100 High $200,000 500 $255,000 703,100,000 -95% $195,000 659,800,000 $160,000 12 NIKOLAⓇ#13NIKOLA Michael Lohscheller СЕО 13#14STRATEGIC PRIORITIES FOCUS AND EXECUTION HYLATM voltera Announced additional station partner, de-risking our model and capital requirements Commissioned 4 HYLA mobile fuelers to date, working with partners to ensure mobile fueling is available to support FCEV sales HYLAT Building sales momentum for the FCEV with 12 customer orders for 140 hydrogen fuel cell trucks, including 50 from AJR WattEV IOM'S TM Continued progress on Phoenix Hydrogen Hub, ordering long lead HYLATM equipment, DOE LPO Phase 2 application, and received unanimous approval from the City of Buckeye on rezoning application Building the most advanced Class 8 truck on the market with enhanced driver assistance features CHART Ⓡ (W) Accelerating BEV retail sales with strengthened TRUCK CENTER dealer network and improved sales strategy Plus AJRTrucking NIKOLA 14 Sea NIKOLA#15NIKOLA V1OXIN#16NIKOLA APPENDIX 16#17FINANCIAL 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 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 Net loss per share, basic Net loss per share, diluted Weighted-average shares outstanding, basic Weighted-average shares outstanding, diluted 04 2021 $- 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 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) ($0.37) ($0.37) 415,152,656 415,152,656 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) ($0.41) ($0.41) 425,323,391 425,323,391 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) ($0.54) ($0.54) 438,416,393 438,416,393 04 2022 $4,695 1,868 6,563 49,343 2,982 52,325 (45,762) 69,421 80,238 149,659 (195,421) (6,986) 381 (5,446) (207,472) 3 (207,475) (14,591) ($222,066) ($0.46) ($0.46) 487,551,035 487,551,035 01 2023 $10,055 1,062 11,117 42,777 1,250 44,027 (32,910) 64,426 53,709 118,135 (151,045) (9,863) 306 (84) (160,686) (160,686) (8,408) ($169,094) ($0.31) ($0.31) 549,689,436 549,689,436 17 NIKOLA#18FINANCIAL OVERVIEW (CONTINUED); NON-GAAP RECONCILIATION In Thousands Except share and per share data Net Loss Stock-based compensation Revaluation of financial instruments Romeo acquisition transaction costs Advisory, 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 04 2021 ($159,416) 53,728 71 12,185 ($93,432) ($0.23) ($0.23) 407,448,311 407,448,311 01 2022 ($152,941) 53,528 (3) 14,122 ($85,294) ($0.21) ($0.21) 415,152,656 415,152,656 02 2022 ($172,997) 54,841 196 12,970 ($104,990) ($0.25) ($0.25) 425,323,391 425,323,391 03 2022 ($236,234) 102,845 (286) 2,097 11,227 ($120,351) ($0.27) ($0.27) 438,416,393 438,416,393 04 2022 ($222,066) 44,191 (52) 12,462 (15,145) ($180,610) ($0.37) ($0.37) 487,551,035 487,551,035 01 2023 ($169,094) 24,548 (231) 1,143 ($143,634) ($0.26) ($0.26) 549,689,436 549,689,436 18 NIKOLAⓇ#1919 LAMBI MAJURD NIKOLA APPAREAREPEK NIKOLA