#1N NIKOLA™ Q1 2021 EARNINGS CALL May 7, 2021#20 2 // 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; expectations regarding the Company's hydrogen fuel station rollout plan; and expected timing of completion of prototypes, validation testing, production and other milestones. 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: the ability of the parties to enter into definitive documentation for the collaborations and the terms of any such agreements; the failure to realize the anticipated benefits of the planned collaborations letter of intent or any definitive agreements related thereto; design and manufacturing changes and delays; 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 TRE First Batch Nikola Tre BEV Winter Testing NIKI 01 NIKOLA First Batch Nikola Tre BEV Winter Testing N XTRA A Second Batch Nikola Tre BEV at Nikola HQ NIKOLA TRE BEV KEY UPDATES Nikola continues validation activities on the first five trucks O Tre #1 has been sent to proving grounds for powertrain validation Tre #2 is in the process of road load data acquisition and n-poster correlation Tre #3 remains in Arizona for continued software, HMI, and controls development O Tre #4 remains in Arizona for commissioning and is in preparation for customer demos and other events O Tre #5 remains in Germany for continued braking validation • Assembly of the second batch of nine beta trucks is underway O Eight trucks of the second batch have been completed Three trucks are in Arizona at Nikola's HQ One truck is in Indiana for crash testing Four trucks are in transit to Nikola HQ in Arizona ■ ■ The ninth truck will be is expected to be completed by May 10 The four trucks in transit and the ninth truck are all expected to arrive at Nikola's HQ by May 31 ■ TRUCK UPDATES ULM FACILITY UPDATE COOLIDGE FACILITY UPDATE RIG360 OGE ΤΑ Q1 2021 RESULTS Q2 & FY 2021 OUTLOOK APPENDIX#55 PAGE NIKOLA ULM, GERMANY FACILITY UPDATE AUGUST 2020 FEBRUARY 2021 TRUCK UPDATES ULM FACILITY UPDATE www.brotheck-bau.de OCTOBER 2020 APRIL 2021 COOLIDGE FACILITY UPDATE RIG360 OGE ΤΑ Q1 2021 RESULTS Q2 & FY 2021 OUTLOOK APPENDIX#690 PAGE NIKOLA ULM, GERMANY FACILITY UPDATE APRIL 2021 AGVS & LOGISTICS SHELVING APRIL 2021 CRANES & SUBGROUPS TRUCK UPDATES APRIL 2021 - INSTALLED AGVS APRIL 2021 LOGISTICS SHELVING ULM FACILITY UPDATE COOLIDGE FACILITY UPDATE RIG360 OGE ULM FACILITY KEY UPDATES All building modifications have been nearly completed Automatic Guided Vehicle (AGV) system is nearly complete ● ● O 4 AGV systems have been installed to validate the track, hardware, and software o Remaining 28 AGV systems are being assembled offsite and are expected to be installed onsite over the next few weeks Logistics area and shelving completed Tool and equipment installation of the 14 separate workstations is underway and is expected to be completed by the end of May Facility is on pace to begin the start of trial production in June 2021 ΤΑ Q1 2021 RESULTS Q2 & FY 2021 OUTLOOK APPENDIX#707 PAGE NIKOLA COOLIDGE, ARIZONA FACILITY UPDATE SELURUMSA JANUARY 2021 MARCH 2021 HA #4 FEBRUARY 2021 APRIL 2021 TRUCK UPDATES ULM FACILITY UPDATE COOLIDGE FACILITY UPDATE RIG 360 OGE 11000 HIP ATTE ΤΑ Q1 2021 RESULTS Q2 & FY 2021 OUTLOOK APPENDIX#880 PAGE NIKOLA COOLIDGE, ARIZONA FACILITY UPDATE KEY UPDATES ● ● ● ● ● Floor slabs, steel, underground utilities complete Roofing and siding nearing completion Mechanical and electrical ongoing Road and test track nearing completion Power on June 15 TRUCK UPDATES ULM FACILITY UPDATE COOLIDGE FACILITY UPDATE RIG360 Mer OGE ΤΑ Q1 2021 RESULTS Q2 & FY 2021 OUTLOOK APPENDIX#9N RECENT DEVELOPMENTS MARK RUSSELL, CEO#1010 // PAGE NIKOLA RIG360 PARTNERSHIP (1) ● N RIG360 SERVICE NETWORK SERVICE, MAINTENANCE AND SALES NETWORK RIG360 is a network of heavy-duty truck service and maintenance centers Network of 65 locations will provide sales and service to customer across the Southeast, Midwest, and Northeast ● In addition to sales and service, the network provides a well-known sales network and distribution channel for Nikola products Nikola and RIG360 expect to finalize distribution plans and agreements in the coming months in order to fully support customers in the sale and service of the Nikola Tre BEV which will be launched later this year Partnership is an essential step toward building out a robust service and maintenance network for Nikola's heavy-duty vehicles 1) Subject to entry into definitive agreement TRUCK UPDATES RIG360 Service Centers ULM FACILITY UPDATE COOLIDGE FACILITY UPDATE RIG360 OGE ΤΑ Q1 2021 RESULTS Q2 & FY 2021 OUTLOOK APPENDIX#111 1 PAGE NIKOLA OGE COLLABORATION (1) 1) 2) ● ● N ¤ OGE BUILDING A H₂ STATION NETWORK IN EUROPE 2 OGE is one of Europe's leading pipeline operators and a leading member of the "European Hydrogen Backbone" initiative Owner and operator 12,000 km of pipeline Collaboration to establish heavy-duty hydrogen fueling stations in Germany Maximizes opportunities for OGE existing and future hydrogen pipeline network Partnership is a key milestone toward building out a H₂ fueling network in Europe for Nikola's future FCEV customers TRUCK UPDATES ULM FACILITY UPDATE COOLIDGE FACILITY UPDATE RIG360 OGE OGE H₂ PIPELINE NETWORK - GERMANY Subject to entry into definitive agreement Adopted in 2019, the EU established increased CO2 emission standards for semi-truck fleets setting reduction targets of 15% and 30% for 2025 and 2030, respectively Frankfurt ΤΑ Munich Berlin Existing H₂ infrastructure and increased CO₂ regulations are expected to further drive the adoption of FCEVs across the EU (2) Select OGE H₂ Pipelines Q1 2021 RESULTS Q2 & FY 2021 OUTLOOK APPENDIX#121 2 // PAGE V1OXIN TA COLLABORATION (1) ● ● ● TravelCenters of America (TA) is a leading truck stop operator, with 300 full-service locations across the US N NIKOLA AND TA ANNOUNCE COLLABORATION FOR H₂ FUELING INFRASTRUCTURE Collaboration includes implementation of two initial launch stations at existing TA locations in California TA TravelCenters of America Each station provides the opportunity to expand to 8 tons of H₂ dispensing per day ● POTENTIAL COLLABORATION ON AB NETWORK OPTIONAL PHASE II: ANHEUSER-BUSCH LOCATIONS AB InBev has 12 breweries and 6 distribution centers located across the US ● Nikola anticipates developing a hydrogen station near each brewery location to provide access to each distribution center Additional stations may be developed at certain distribution centers depending on the roundtrip length of the lane 1) Subject to entry into definitive agreement TRUCK UPDATES ULM FACILITY UPDATE COOLIDGE FACILITY UPDATE RIG360 OGE Nikola's collaboration with TA is a first step in building out the nation's first hydrogen fueling network 1-10 Freeway PHOENIX, AZ (NIKOLA HQ) Illustrative Station Coverage Area ΤΑ Q1 2021 RESULTS Q2 & FY 2021 OUTLOOK APPENDIX I#13N Q1 2021 FINANCIAL RESULTS & Q2 2021 OUTLOOK KIM BRADY, CFO#14PAGE NIKOLA FINANCIAL OVERVIEW In Thousands Except Share and per Share Data Solar revenues (1) 123 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, net Loss before income taxes and equity in net loss of affiliate Income tax expense Loss before equity in net loss of affiliate Equity in net loss of affiliate Net loss. Net loss per share, basic Net loss per share, diluted (2) Weighted-average shares outstanding, basic Weighted-average shares outstanding, diluted (3) SOGE Q1 2021 ΤΑ $- $ 55,163 65,427 $120,590 ($120,590) (9) 951 219 (119,429) 1 (119,430) (794) ($120,224) ($0.31) ($0.31) 392,189,851 392,489,761 Q1 2020 $58 43 $15 24,077 7,935 $32,012 ($31,997) 62 (1,324) 114 (33,145) 1 (33,146) To date, we have 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 is adjusted for dilutive effect of assumed exercises of private warrants TRUCK UPDATES ULM FACILITY UPDATE COOLIDGE FACILITY UPDATE RIG360 ($33,146) ($0.12) ($0.12) 271,896,258 271,896,258 Q1 2021 RESULTS Q2 & FY 2021 OUTLOOK APPENDIX#155 PAGE NIKOLA FINANCIAL OVERVIEW In Thousands Except Share and per Share Data Net loss Adjustments to reconcile to non-GAAP net loss: Stock based compensation Revaluation of warrant liability Regulatory and legal matters (1) Non-GAAP net loss (2) Non-GAAP net loss per share, basic Non-GAAP net loss per share, diluted Q1 2021 TRUCK UPDATES ULM FACILITY UPDATE COOLIDGE FACILITY UPDATE RIG360 SOGE ($120,224) 50,266 (951) 14,866 ($56,043) ($0.14) ($0.14) Q1 2020 ($33,146) 1,313 ($31,833) ($0.12) ($0.12) 1) Regulatory and legal matters include legal, advisory and other professional service fees incurred in connection with the short-seller analyst article from September 2020, and investigations and litigation related thereto 2) For reconciliation of GAAP to Non-GAAP financial measures please refer to slides 19 and 20 "Reconciliation to Non-GAAP Measures" ΤΑ Q1 2021 RESULTS Q2 & FY 2021 OUTLOOK APPENDIX#16// PAGE NIKOLA Q1 2021 AND Q4 2020 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 ULM FACILITY UPDATE COOLIDGE FACILITY UPDATE RIG360 OGE ΤΑ For the Three Months Ended 3/31/21 $763,750 $123,422 $1,003,318 $24,521 $50,266 $1,805 532 12/31/20 $840,913 $71,401 $1,053,713 $7,144 $46,255 $1,584 450 Q1 2021 RESULTS Q2 & FY 2021 OUTLOOK APPENDIX#171 7 // PAGE NIKOLA Q2 AND FY 2021 UPDATE FY 2021 Guidance Remains Unchanged Aside From Increased Stock Based Compensation Expense (SBC) In Thousands Except Deliveries, Share, and per Share Data Deliveries (units) Revenue Gross margin Research and development (1) Selling, general, and administrative (2) Stock based compensation (3,4) Capital expenditures Expected total shares outstanding as of 6/30/21 and 12/31/21 (5) Expected weighted average shares outstanding as of 6/30/21 and 12/31/21 (5) Q2 2021 Range High Low NM $87,500 $62,500 $60,000 1) FY 2021 R&D SBC guidance increased from $27M to $40M 2) FY 2021 SG&A SBC guidance increased from $152M to $169M 3) SBC for Q2 2021: R&D $10M, SG&A - $43M 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 and restricted stock unit distributions TRUCK UPDATES ULM FACILITY UPDATE COOLIDGE FACILITY UPDATE RIG360 OGE $53,000 $92,500 NM $67,500 $65,000 396,000,000 395,000,000 FY 2021 Range Low High 50 $15,000 -190% $318,000 $252,000 $210,000 $209,000 $30,000 100 $328,000 $262,000 400,000,000 -150% $230,000 396,000,000 ΤΑ Q1 2021 RESULTS Q2 & FY 2021 OUTLOOK APPENDIX#18N Appendix#1919 PAGE NIKOLA RECONCILIATION TO NON-GAAP MEASURES TRUCK UPDATES 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 Equity in net loss of affiliate Regulatory and legal matters Adjusted EBITDA ULM FACILITY UPDATE COOLIDGE FACILITY UPDATE RIG360 OGE Q1 2021 Q1 2020 ($120,224) ($33,146) 9 (62) 1 1 1,408 ($31,799) 1,313 1,324 1,805 ($118,409) 50,266 (951) 794 14,866 ($53,434) ($29,162) ΤΑ Q1 2021 RESULTS Q2 & FY 2021 OUTLOOK APPENDIX#2020 PAGE NIKOLA RECONCILIATION TO NON-GAAP MEASURES TRUCK UPDATES In Thousands Except share and per share data Net Loss Stock-based compensation 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 ULM FACILITY UPDATE COOLIDGE FACILITY UPDATE RIG 360 OGE Q1 2021 Q1 2020 ($120,224) ($33,146) 50,266 ΤΑ (951) 14,866 ($56,043) ($0.14) ($0.14) 392,189,851 392,489,761 1,313 ($31,833) ($0.12) ($0.12) 271,896,258 271,896,258 Q1 2021 RESULTS Q2 & FY 2021 OUTLOOK APPENDIX