#1NIKOLA N MAY 5, 2022 Q1 2022 EARNINGS CALL#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; expected timing of manufacturing facility expansion and production capacity; expected timing of completion of testing, production and other milestones; expectations regarding customer orders, MOUs and LOIs; expectations regarding parts and supply chain; expectations regarding the Company's fueling and dealer networks, and terms and potential benefits of the 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 annual report on Form 10-K, as amended, for the year ended December 31, 2021 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 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 weighte 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 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.#3BUSINESS UPDATE MARK RUSSELL, CEO Voo W MICHEL NIKOLA#4NIKOLA. PAGE / 4 1. TREBEV PILOT UPDATES (1) Data as of 5/2/2022 CATETER Company TTSI Univar Solutions Covenant in Days In Demo 106 14 21 Univar Solutions Er Together Univar Solu Demo Days Remaining 69 Mileage 11,707 858 628 Uptime 93% 100.0% 100.0%#5NIKOLA. PAGE / 5 CUSTOMER UPDATE AS OF APRIL 30, 2022 (1) TREBEV Wegmans (50) (LOI) Covenant (10) (LOI) EXE USA TRUCK (100) (LOI) TRI-EAGLE SALES (10) (Order) 510 (2) TOTAL HPA Hamburg Port Authority (25) (MOU) JARIZONA LITHIUM (1) (LOI) SALA TTSI (30) (LOI) (78) (2) (100) (LOI) Univar Solutions (6) (PO) Additional HVIP Dealer PO's HENIFF TRANSPORTATION SYSTEMS. LLC (100) (LOI) NIKOLA TREFCEV Covenant 40 (LOI) The Proud Professionals PET TRUCKING 100 (LOI) 1. Subject to execution of definitive agreements or POS 2. 510 BEV trucks includes POs for 134 trucks issued to dealers utilizing California HVIP Program; 50 of the 134 trucks are included in previously announced LOI's (10-TTSI, 10-Heniff, 30-SAIA); POs for 6 trucks issued to dealers from Univar Solutions A-B order for up to 800 FCEVs 3. 00 1,010 TOTAL TTSI 70 (LOI) Anheuser-Busch 800 (3) (Contract)#6NIKOLA. PAGE 9 / TREFCEV ANHEUSER-BUSCH PILOT UPDATE B A Biagi KAESE Bi BUD LIGHT Anheuser-Busch RUSU BU OSE Hal-Back Biagi HETETTHE NIKOLA PFD TREMO dian Biagi NAFA.CA hos. FTTH Biagi Key Updates A-B Pilot Update Anheuser-Busch Pilot Testing Successfully Completed 4/29/2022 ● ● ● Logged over 12,000 miles Hauled over 2 million pounds of freight Additional Updates Tre FCEV alphas expected to begin TTSI pilot by the end of May 2022 ● Learnings will be incorporated into beta builds On track to begin Tre FCEV beta builds in Q2 2022 o Anticipated completion of first batch of six (6) and second batch of five (5) beta builds in Q3 2022 o Anticipated completion of third batch of eight (8) Tre FCEV betas in Q4 2022#7NIKOLA. PAGE /7 NIKOLA'S NORTH AMERICAN HYDROGEN FUELING NETWORK (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.#8NIKOLA. PAGE / 8 COOLIDGE, ARIZONA MANUFACTURING FACILITY Facility Updates Phase 1 Completed in Q1 2022, provides Nikola 2,500-unit annual production capacity Tre BEV serial production began 3/21/22 Phase 2 Expansion has commenced with anticipated completion in 2023, provides Nikola 20,000-unit annual production capacity NIKOLA WHE NIKOLA NIKOLA VIN 005 VIN 004 Covenant#9NIKOLA. PAGE /9 DEALER NETWORK COVERAGE HOLT TEXAS WAGNER COLORADO NEW MEXICO QUINN SOUTHERN CALIFORNIA Existing Dealer Coverage Near Term Expansion Opportunity RIG360 SERVICE NETWORK EAST SOUTHEAS MIDWEST EQUIPMENT ALTA COMPANY NORTHEAST ARIZONA Ring Power FLORIDA Carter VIRGINIA MARYLAND DELAWARE#10Q1 2022 UPDATE AND Q2 / FULL YEAR 2022 OUTLOOK KIM BRADY, CFO S Toma FCE V TRE N NIKOLA.#11NIKOLA. PAGE/1 1 FINANCIAL OVERVIEW In Thousands Except Share and per Share Data Revenues: Truck sales Service and other (1) Cost of revenues: Gross profit Total revenues Truck sales Service and other (1) Total cost of revenues Operating expenses: Net loss Research and development Selling, general, and administrative Total operating expenses Loss from operations Interest expense, net Revaluation of warrant liability. Other income, 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) 1. Service and other revenues and cost of revenues for Q1 2022 represents the sale of 10 Nikola Mobile Charging Trailers (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 Q1 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 Q1 2021 $- 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#12NIKOLA. PAGE 12 FINANCIAL OVERVIEW (CONTINUED) 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 Revaluation of derivative 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 2022 ($152,941) 53,528 434 (437) 14,122 ($85,294) ($0.21) ($0.21) 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 2. For reconciliation of GAAP to Non-GAAP financial measures please refer to slides 17 and 18 "Reconciliation to Non-GAAP Measures" Q1 2021 ($120,224) 50,266 (951) 14,866 ($56,043) ($0.14) ($0.14)#13NIKOLA. PAGE/13 Q1 2022 AND Q4 2021 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, 3/31/22 $385,118 $408,834 $793,952 $264,121 $910,361 $30,106 $53,528 $3,111 1,040 12/31/21 $522,241 $436,210 $958,451 $244,377 $989,819 $65,589 $53,728 $2,272 891#14NIKOLA. PAGE / 14 Q2 AND FY 2022 OUTLOOK 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 Total shares outstanding as of 6/30/22 and 12/31/22 (4) Expected weighted average shares outstanding as of the quarter 6/30/22 and fiscal year 12/31/22 (4) Q2 2022 Range Low 50 50 $15,000 -105% $72,500 $72,500 $85,000 1. FY 2022 Tre BEV trucks produced includes 10 pre-series trucks 2. Saleable Tre BEV trucks commissioned and delivered during Q2 - Q4 2022 3. SBC for Q2 2022: R&D - $11M SG&A - $48.M; SBC for FY 2022: R&D - $47M, SG&A - $194M 4. 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 $59,000 High 60 $18,000 60 433,500,000 $77,500 426,500,000 -90% $77,500 $90,000 FY 2022 Range Low 310 300 $90,000 -75% $295,000 $305,000 $295,000 $241,000 469,300,000 437,500,000 High 510 500 $150,000 -60% $305,000 $315,000 $305,000#15NIKOLA. PAGE / 15 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#16I APPENDIX KA INAT NIKOLA#17NIKOLA. PAGE / 17 RECONCILIATION TO NON-GAAP MEASURES In Thousands Net Loss Interest expense, net Income tax expense Depreciation and amortization EBITDA Stock-based compensation Revaluation of warrant liability Revaluation of derivative liability Equity in net loss of affiliates Regulatory and legal matters Adjusted EBITDA Q1 2022 ($152,941) 211 3,111 ($149,619) 53,528 434 (437) 2,820 14,122 ($79,152) Q1 2021 ($120,224) 9 1 1,805 ($118,409) 50,266 (951) 794 14,866 ($53,434)#18NIKOLA. PAGE/18 RECONCILIATION TO NON-GAAP MEASURES In Thousands Except share and per share data Net Loss Stock-based compensation Revaluation of warrant liability Revaluation of derivative 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 Q1 2022 ($152,941) 53,528 434 (437) 14,122 ($85,294) ($0.21) ($0.21) 415,152,656 415,152,656 Q1 2021 ($120,224) 50,266 (951) 14,866 ($56,043) ($0.14) ($0.14) 392,189,851 392,489,761#19NIKOLA. PAGE/19 GLOSSARY Acronym BEV FCEV HVIP ΡΟ LOI MOU MCT SOP Meaning Battery Electric Vehicle Fuel Cell Electric Vehicle Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project Purchase Order Letter of Intent Memorandum of Understanding Mobile Charging Trailer Start of Production#20NIKOLA. 53371s 11111111111111111111 H --