#1NIKOLA. O AUGUST 4, 2022 Q2 2022 EARNINGS CALL T SUN#2NIKOLA. PAGE / 2 Forward-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 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 and other milestones; expectations regarding parts and supply chain; expectations regarding the Company's fueling and dealer networks, and terms and potential benefits of planned collaborations with strategic partners; 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, 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 March 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 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.#3NIKOLA. PAGE / 3 INVESTMENT THESIS Lead the Transition to Clean Commercial Transportation by Building and Managing the Zero-Emission Trucks and H₂ Fueling Ecosystem CLASS 8 TRUCKS + H₂ FUELING ECOSYSTEM 10: TREBEV AL PRODUCTION (3) TREFCEV Loca Nikola Energy Supply & Trading (ES&T) (3) 1) Based on proprietary research from ACT Research for BEV and FCEV 2) Company estimates; subject to change 3) Tre BEV in Production; Tre FCEV in beta NEXT GEN T DISPENSING 11 GLOBAL MARKET OPPORTUNITY (1) ~$600B TAM GLOBAL COMMERCIAL TRANSPORT ECOSYSTEM ~7M Trucks in Service $118B TAM (1) GLOBAL CLASS 8 TRUCKS ● BEV Sales directly to customers (2) FCEV Sales via bundled lease (2) ● NORTH AMERICA: $128B TAM TRUCK FUEL SERVICE O O TOOL $367B TAM (1) O ~$36B ☹ HYDROGEN FUEL Sales to FCEV bundled lease customers (2) Sales to 3rd party customers Other commercial vehicles Passenger vehicles ~$63B ویر ● ~$29B $112B TAM (1) GLOBAL CLASS 8 TRUCK SERVICE Nikola bundled lease customers (2) 3rd party BEV or FCEV customers#4BUSINESS UPDATE MARK RUSSELL, CEO NIKOLA. 14#5NIKOLA. PAGE / 5 1. 2. 3. 4. TRE BEV UPDATE (1) KEY UPDATES Produced 50 Units Delivered 48 Units Pilots completed / ongoing with: Covenant Logistics Road One Intermodal Logistics / IKEA Benore Logistics Systems 4 unannounced pilot partners Accumulated over 25,000 additional pilot miles since Q1 Average 94% Uptime SALA pilot expected to begin August 11 Walmart BEV pilot expected to begin in September Company TTSI Univar Covenant Road One / IKEA Benore Logistics Unannounced Pilots (2) Total Pilot data as of 8/1/2022 Includes cumulative statistics from 4 unannounced pilot program partners Weighted average of 4 pilots Weighted Average of 9 pilots Days In Demo 106 14 111 36 30 250 547 EVENGREEN EVERGREEN Demo Days Remaining 151 20 171 BROMMA container flooring 74 202 Mileage 11,752 858 3,423 3,285 2,296 16,667 38,281 ORIE ECHEOZ CMA CG CMA C Uptime 93% 100% 94% 91% 100% 94% (3) 94% (4)#6NIKOLA. PAGE 9 / TRE FCEV UPDATE (1) 1. Pilot data as of 8/1/2022 TRE FC-7 НЕТ US DOT RAD ACF: 964GE5 CAR 804117 WAL MART 53 WAL-MART 111269 HIT US DOT: 28787 MCK: 964665 TITIG 100% ELECTRIC AL17915 Key Updates TTSI Pilot Update Pilot Testing Began 6/16/2022 To date have logged over 3,800 miles Additional Updates Walmart FCEV pilot anticipated to begin August 22 Batch one beta builds started, expect to complete builds by the end of August Batch two beta builds expected to start late August and be complete by end of Q3 2022 Batch three beta builds expected to begin by the end of Q3 2022, builds to be complete by Q4 2022 Beta trucks incorporate learnings from alpha testing. and driver feedback related to product spec and design Working to improve range by increasing H2 storage capacity, fuel cell power module efficiency, and overall vehicle efficiency#7NIKOLA. PAGE / 7 HYDROGEN REFUELING ECOSYSTEM (1,2) KEY UPDATES 1. Illustrative 2. Approximate locations Port of Long Beach Ontario Announced progress made on 3 hydrogen dispensing stations in Southern California - TravelCenters of America Ontario, CA station Land lease in Colton, CA Nikola greenfield station - Identified parcel servicing the Port of Long Beach, CA Nikola greenfield station Stations expected to be complete by the end of Q4 2023 - Colton Phoenix 10 LEGEND H₂ Dispensing Station Dealer Location Anheuser-Busch TTSI Covenant#8NIKOLA. PAGE / 8 COOLIDGE MANUFACTURING FACILITY KEY UPDATES Phase 1 Currently capable of producing 2 trucks per shift. Expected to increase capacity to 5 trucks per shift by end of 2022 Phase 2 Expansion has commenced with anticipated completion in 2023, provides Nikola with up 20,000-unit annual production capacity KOLA ------------------- O NIKOLA#9NIKOLA. PAGE 6 / EUROPEAN JV UPDATE KEY UPDATES EU BEV (1) Began building first EU Spec BEV 4x2 SOP anticipated to begin 2H 2023 5 EU FCEV Began building Tre FCEV betas SOP anticipated 1H 2024 1. EU Spec Tre BEV is 4x2 axle; US Spec Tre BEV is 6x2 axle 04 TREOVER 04#10Q2 2022 UPDATE AND Q3 2022 OUTLOOK KIM BRADY, CFO 20120 T S by FCE V FIRE N NIKOLA.#11NIKOLA. PAGE / 11 FINANCIAL OVERVIEW In Thousands Except Share and per Share Data Revenues: Truck sales Service and other (1) Cost of revenues: Total revenues Truck sales Gross loss Service and other (1) Net loss. Total cost of revenues 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 per share, basic Net loss per share, diluted (2) Weighted-average shares outstanding, basic Weighted average shares outstanding, diluted (3) Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 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 $ 67,726 70,672 138,398 (138,398) (92) (2,511) (1,102) (142,103) 2 (142,105) (1,126) ($143,231) ($0.36) ($0.36) 394,577,711 394,577,711 1. Service and other revenues and cost of revenues represents the sale of Nikola MCTs 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 78,896 192,929 271,825 (271,825) (118) 4,467 1,057 (266,419) 1 (266,420) (1,147) ($267,567) ($0.67) ($0.68) 400,219,585 400,230,669 $ 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 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 Q2 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#12NIKOLA. PAGE / 12 FINANCIAL OVERVIEW (CONTINUED) 123 In Thousands Except Share and per Share Data Net loss Adjustments to reconcile to non-GAAP net loss: Stock based compensation Revaluation of financial instruments 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 Q1 2021 ($120,224) 50,266 (951) 14,866 ($56,043) ($0.14) ($0.14) Q2 2021 ($143,231) 52,670 2,511 11,019 ($77,031) ($0.20) ($0.20) Q3 2021 ($267,567) 49,047 (4,786) 9,771 125,000 (88,535) ($0.22) ($0.22) Q4 2021 ($159,416) 1. Regulatory and legal matters include legal, advisory, and other professional service fees incurred in connection with the short-seller article from September 2020, and investigations and litigation related thereto Reserved loss contingency related to the SEC Staff of the Division of Enforcement regarding the SEC investigation For reconciliation of GAAP to Non-GAAP financial measures please refer to slides 19 and 20 "Reconciliation to Non-GAAP Measures" 53,728 71 12,185 ($93,432) ($0.23) ($0.23) Q1 2022 ($152,941) 53,528 (3) 14,122 ($85,294) ($0.21) ($0.21) Q2 2022 ($172,997) 54,841 196 12,970 ($104,990) ($0.25) ($0.25)#13NIKOLA. PAGE/13 FINANCIAL RESULTS AT A GLANCE $200,000 $150,000 $100,000 $50,000 $0 Costs Before Interest & Taxes¹ Breakdown Q2 2022 vs Q1 2022 Q1 2022 Q2 2022 Inventory Write- downs Inbound Freight & Shipping Cost of Revenues 3 R&D + SG&A ² Summary Costs Before Interest and Tax, Q2 vs Q1 $190.4 million Costs Before Interest and Tax (Cost of Revenues + R&D + SG&A) in Q2 vs. $153.2 million in Q1 Inbound shipping & freight + inventory write-downs recognized as R&D expense in Q1, prior to commercial deliveries; recognized as Cost of Revenues beginning in Q2 Key Cost Drivers, Q2 Inbound Freight & Shipping of $13.7 million in Q2 vs. $6.8 million in Q1 (recorded as R&D expense through Q1, recognized as Cost of Revenues item in Q2) $7.5 million in inventory write-downs in Q2 (4), vs. $3.4 million in Q1 1. Cost of Revenues + R&D + SG&A 2. Inbound freight & shipping and inventory write-downs stripped from R&D in 1Q22 3. Inbound freight & shipping and inventory write-downs stripped from Cost of Revenues in 2Q22 4. 96% of Inventory Write-downs in Q2 came from "Net Realizable Value" adjustments made to inventory due to inflation causing the market value of our inventory to rise above ASP. Excess & Obsolete inventory write-down of components used for pre-series builds comprised just 4% of the write-downs.#14NIKOLA. PAGE . 14 FINANCIAL RESULTS AT A GLANCE (1) In Thousands Revenue Cost of Revenues EBITDA R&D SG&A Operating Loss Adjusted EBITDA Cash and Cash Equivalents (including restricted cash) Tumim Stone Capital ELOC Total Available Liquidity Q1 2021 Q2 2021 Q3 2021 Q4 2021 55,163 67,726 78,896 65,427 70,672 192,929 (120,590) (138,398) (271,825) (118,409) (141,232) (265,199) (53,434) (73,906) (85,020) 763,750 763,750 632,694 632,694 586,986 527,132 1,114,118 1. For reconciliation of GAAP to Non-GAAP financial measures please refer to slides 19 and 20 "Reconciliation to Non-GAAP Measures" 522,241 Q1 2022 436,210 958,451 1,887 91,166 71,547 (162,713) (151,309) (156,882) (149,619) (90,385) (79,152) 1,456 74,557 77,183 385,118 408,831 793,949 Q2 2022 18,134 47,391 63,106 79,868 (172,231) (163,622) (94,345) 529,224 312,537 841,761 Highlights Revenues Sold 48 units of Nikola Tre- BEV trucks and 4 Mobile Charging Trailers (MCTS) during Q2 First time in the company's history to recognize truck revenues Cash Balance & Liquidity Total available liquidity increased $47.8 million, helped by the $200 million convertible note placed privately with Antara Capital#15NIKOLA. PAGE 15 Q2 AND Q1 2022 COMPARISON In Thousands Except Headcount Data Cash balance Tumim Stone Capital LLC available ELOC Total liquidity 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, 6/30/22 $529,224 $312,537 $841,761 $311,732 $1,166,975 $37,210 $54,841 $6,565 1,141 3/31/22 $385,118 $408,834 $793,952 $264,121 $910,361 $30,106 $53,528 $3,111 1,040#16NIKOLA. PAGE / 16 1234 2. Q3 2022 OUTLOOK 4. In Thousands Except Deliveries, Gross Margin, Share, and per Share Data Tre BEV trucks produced (1) Tre BEV deliveries (units) (2) Revenue Gross margin Research and development Selling, general, and administrative Stock based compensation (3) Capital expenditures 1. FY 2022 Tre BEV trucks produced includes 10 pre-series trucks Saleable Tre BEV trucks commissioned and delivered during Q2 - Q4 2022 3. SBC for Q3 2022: R&D - $10M, SG&A - $48M Shares outstanding as of 12/31/2021 plus estimated employee stock option exercises, restricted stock unit distributions, and purchase notices issued to Tumim Stone Capital LLC Total shares outstanding as of 9/30/22 (4) Expected weighted average shares outstanding for the quarter ended 9/30/22 (4) Q3 2022 Range Low 70 65 $21,125 -240% $80,000 $80,000 $85,000 $58,000 High 80 $24,375 75 448,300,000 $85,000 440,500,000 -250% $85,000 $90,000 FY 2022 Range Low 310 300 High 510 500#17I APPENDIX AA RA KAT vo NIKOLAⓇ#18NIKOLA. PAGE/18 2022 MILESTONES Milestones Deliver 300 - 500 production Nikola Tre BEVs to customers Successful pilot testing of Tre FCEV alpha trucks with customers (Anheuser-Busch, TTSI, and others) Build, Test, and Validate FCEV beta trucks Announce location, break ground, and commence construction of the first hydrogen production hub in Arizona Announce two or more dispensing station partners in California#19NIKOLA. PAGE/19 RECONCILIATION TO NON-GAAP MEASURES In Thousands Net Loss Interest expense, net Income tax expense Depreciation and amortization EBITDA Stock-based compensation Revaluation of financial instruments Equity in net loss of affiliates Regulatory and legal matters Legal loss contingency Adjusted EBITDA Q2 2021 ($120,224) ($143,231) 9 1 1,805 ($118,409) 50,266 (951) 794 14,866 Q2 2021 ($53,434) 92 2 1,905 52,670 2,511 1,126 11,019 Q3 2021 4Q 2021 ($141,232) ($265,199) ($73,906) ($267,567) 118 1 2,249 49,047 (4,786) 1,147 9,771 125,000 ($85,020) ($159,416) 262 2,272 ($156,882) 53,728 71 513 12,185 ($90,385) Q1 2022 ($152,941) 211 3,111 ($149,619) 53,528 (3) 2,820 14,122 ($79,152) Q2 2022 ($172,997) 2,808 2 6,565 ($163,622) 54,841 196 1,270 12,970 ($94,345)#20NIKOLA. PAGE 1 20 RECONCILIATION TO NON-GAAP MEASURES In Thousands Except share and per share data Net Loss Stock-based compensation Revaluation of financial instruments Regulatory and legal matters Legal loss contingency 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 Q1 2021 ($120,224) 50,266 (951) 14,866 ($56,043) ($0.14) ($0.14) 392,189,851 Q2 2021 ($143,231) 52,670 2,511 11,019 ($77,031) ($0.20) ($0.20) 394,577,711 392,489,761 394,577,711 Q3 2021 ($267,567) 49,047 (4,786) 9,771 125,000 ($88,535) ($0.22) ($0.22) 400,219,585 Q4 2021 ($159,416) 53,728 71 12,185 ($93,432) ($0.23) ($0.23) Q1 2022 ($152,941) 53,528 (3) 14,122 ($85,294) ($0.21) ($0.21) Q2 2022 ($172,997) 54,841 196 12,970 ($104,990) ($0.25) ($0.25) 407,448,311 415,152,656 425,323,391 400,230,669 407,448,311 415,152,656 425,323,391#21NIKOLA. PAGE/21 GLOSSARY Acronym BEV FCEV HVIP TVIP LOI MOU MCT SOP Meaning Battery Electric Vehicle Fuel Cell Electric Vehicle Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project Truck Voucher Incentive Program Letter of Intent Memorandum of Understanding Mobile Charging Trailer Start of Production#22NIKOLA. SLL1Een 1111111111111111111111