#1N NIKOLA Q4 and FY 2020 Earnings Call February 25, 2021 N NIKOLA#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 capacity at such facilities; expectations regarding the Company's hydrogen fuel station rollout plan and its ability to deliver hydrogen at prices which will meet its business requirements; expected timing of completion of prototypes, validation testing, production and other milestones; the Company's beliefs regarding the refocus and realignment of its business; the potential benefits of the MOU with General Motors; and the effect of COVID-19 on the Company's business. 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: general economic, financial, legal, political and business conditions and changes in domestic and foreign markets; the potential effects of COVID-19; the outcome of legal, judicial and administrative proceedings to which the Company is, or may become a party; risks related to the Company's business and the timing of expected business milestones; construction or manufacturing delays; changes in the expectations underlying the Company's expectations regarding its future business or its business model; the availability of capital; the effects of competition on the Company's business; and the other risks set forth under the heading "Risk Factors" in the Company's filings with the SEC, including its Quarterly Report on Form 10-Q for the quarter ended September 30, 2020 and in other documents filed or to be filed with the SEC, including our Annual Report on Form 10-K for the fiscal year ended December 31, 2020 to be filed 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. The Company defines Adjusted EBITDA as net loss before interest income or expense, income tax expense or benefit, depreciation and amortization, stock-based compensation expense, and other items determined by the Company. Non-GAAP net loss is defined as net loss attributable to common stockholders, basic and diluted adjusted for stock-based compensation expense and other items determined by the Company. 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 a substitute 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. Because of these limitations, these non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the non-GAAP reconciliations to GAAP provided elsewhere in this presentation. Trademarks This presentation contains trademarks, service marks, trade names and copyrights of Nikola and other companies, and are the property of their respective owners. PRIVILEDGED // CONFIDENTIAL#3N Business Review & Update Mark Russell, CEO#404 PAGE // NIKOLA Tre BEV Commissioning Update Nikola Tre BEV Prototype Commissioning 01 Nikola Tre BEV Prototype Commissioning with Payload Nikola Tre BEV Key Updates The assembly of the first batch of five (5) Nikola Tre BEVs have been completed • All trucks are in the commissioning process o One truck sent to proving grounds for cold weather testing o One truck being prepared for Road Load Data Acquisition activity o One truck in Germany for controlled Brake Commissioning o One truck remains in Arizona for continued software and HMI development One truck will be shipped to Ohio for vehicle dynamics testing Assembly of the second batch of prototypes is underway TRUCK UPDATES ULM FACILITY UPDATE COOLIDGE FACILITY UPDATE Q4 & FY 2020 RESULTS FY 2021 OUTLOOK APPENDIX#505 // PAGE VOXIN Nikola Tre BEV Timeline (1) TRUCK MILESTONES 2021 CUSTOMER/ MARKET MILESTONES 1) MAR TRUCK UPDATES Anticipated Timeline. APR 4/8/21 Select customer and investor engagement (Beta Tre BEV) 4/22/21 ULM FACILITY UPDATE Tre BEV Trial Builds begin Batch 1 and 2 Safety Validation in progress MAY JUN JUL AUG Beta truck PR event (Beta Tre BEV) Launch customer engagement (Trial Builds) Saleable Truck Builds Begin ACT Expo (Trial Build Marketing) 8/28/21 9/2/21 COOLIDGE FACILITY UPDATE Q4 & FY 2020 RESULTS SEP OCT NACV Expo (Pre-Series) 9/28/21 9/30/21 FY 2021 OUTLOOK NOV Launch customer delivery APPENDIX DEC 2022#690 PAGE NIKOLA Nikola Tre FCEV Timeline (1) KEY POINTS The Nikola Tre FCEV will be developed for two distinct markets (US / EU) Three distinct build phases (alpha / beta / gamma) with customer deliverable trucks Each build to be done in both Germany (Ulm) and Arizona (Coolidge) in all phases US SOP timing planned for June 2023; EU SOP timing planned for Q1, 2024 Product Timeline STREFCEV Phoenix, Arizona Ulm, Germany 1) Anticipated Timeline. TRUCK UPDATES Q4 2020 Alpha Design Finalized Start Alpha Builds 2021 Start Alpha Vehicle testing Start Alpha Builds Anheuser-Busch Pilot w/ AB Road Trials Start Beta Builds 2022 Start Beta Builds Start Beta Fleet Trials Beta Fleet Customer ULM FACILITY UPDATE COOLIDGE FACILITY UPDATE Q4 & FY 2020 RESULTS H2HAUL Start Gamma Builds (PHX) Iveco Project Funding by EU FY 2021 OUTLOOK 2023 Start of Production Tre FCEV North America APPENDIX Q12024 Start of Production Tre FCEV EU#7LO PAGE NIKOLA Ulm, Germany Facility Update PRE-BUILDING DISMANTLING PROTOT ENAKE CURRENT STATUS ● Ulm Facility Key Updates Building dismantlement and refurbishment have been completed • Automatic Guided Vehicles have been assembled and installation to begin. March 2021 • Manufacturing equipment installation set to begin May 2021 ● Facility is on pace to begin the start of trial production in June 2021 TRUCK UPDATES ULM FACILITY UPDATE COOLIDGE FACILITY UPDATE Q4 & FY 2020 RESULTS FY 2021 OUTLOOK APPENDIX#800 PAGE // NIKOLA Coolidge, Arizona Facility Update Steel Erection Ceremony at Coolidge, AZ Greenfield Manufacturing Facility. Coolidge, AZ Manufacturing Facility Concrete Slab Progress as of February 2021. TRUCK UPDATES ULM FACILITY UPDATE Coolidge, AZ Manufacturing Facility Steel Erection Progress as of February 2021. Coolidge, AZ Manufacturing Facility Roofing Installation Progress as of February 2021. Coolidge Facility Key Updates Steel erection began in Coolidge on December 29, 2020 ● • Roof installation is ongoing o Siding and concrete to follow • Manufacturing equipment installation set to begin May 2021 • Trial production on pace to start in the summer of 2021 COOLIDGE FACILITY UPDATE Q4 & FY 2020 RESULTS FY 2021 OUTLOOK APPENDIX#9N Q4 / Full Year 2020 Financial Results & 2021 Outlook Kim Brady, CFO#1010 PAGE NIKOLA Financial Summary 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 Impairment expense Total operating expenses Loss from operations Other income (expense), net Income tax benefit (expense) Equity in net loss of affiliate Net loss Net loss attributed to common stockholders Net loss per share, basic and diluted Weighted-average shares outstanding, basic and diluted Shares outstanding, basic and diluted Adjustments to reconcile to non-GAAP net loss: Stock based compensation Other adjustments (2) Non-GAAP net loss (3) Q4 2020 $- $. 67,521 64,903 14,415 $146,839 ($146,839) (650) 1,030 (637) ($147,096) ($147,096) ($0.38) 385,983,645 391,041,347 46,255 33,925 ($66,916) ($0.17) Q4 2019 $49 44 $5 22,781 5,154 $27,935 ($27,930) 1,652 (1) ($26,279) ($43,095) ($0.16) 268,698,455 270,826,092 1,086 16,816 ($25,193) ($0.09) FY 2020 $95 72 $23 185,619 182,724 14,415 $382,758 ($382,735) (1,968) 1,026 (637) ($384,314) ($397,721) ($1.19) 335,325,271 391,041,347 137,991 52,505 ($207,225) ($0.62) FY 2019 $482 271 $211 APPENDIX 67,514 20,692 $88,206 ($87,995) (510) (151) ($88,656) ($105,472) ($0.40) 262,528,769 270,826,092 4,858 16,816 ($83,798) ($0.32) Non-GAAP net loss per share, basic and diluted 1) 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 2) Other adjustments is inclusive of the premium paid on repurchase of redeemable convertible preferred stock, regulatory and legal matters, and impairment expense 3) For reconciliation of GAAP to Non-GAAP financial measures please refer to slides 14 and 15 "Reconciliation to Non-GAAP Measures" TRUCK UPDATES ULM FACILITY UPDATE COOLIDGE FACILITY UPDATE Q4 & FY 2020 RESULTS FY 2021 OUTLOOK#111 1 // PAGE NIKOLA Other Key Financial and Non-Financial Metrics In Thousands Except Headcount Data Cash balance Property and equipment, net Total assets Capital expenditures Stock based compensation expense Depreciation & amortization Total headcount For the Fiscal Years Ended December 31, 2020 $840,913 $71,401 $1,053,753 $31,141 $137,991 $6,008 450 TRUCK UPDATES ULM FACILITY UPDATE COOLIDGE FACILITY UPDATE Q4 & FY 2020 RESULTS FY 2021 OUTLOOK APPENDIX 2019 $85,688 $53,378 $229,430 $39,302 $4,858 $2,323 223#12τι // PAGE NIKOLA 2021 Outlook In Thousands Except Deliveries, Share, and per Share Data Deliveries (units) Revenue Gross margin Research and development Selling, general, and administrative Stock based compensation (1,2) Capital expenditures Expected total shares outstanding as of 3/31/21 and 12/31/21 (3) Expected weighted average shares outstanding fiscal year 2021 Q1 2021 Range High TRUCK UPDATES Low NM $70,000 $60,000 1) Stock based compensation for Q1 2021 allocated as: $6M to R&D and $37M to SG&A 2) Stock based compensation for FY 2021 allocated as: $27M to R&D and $152M to SG&A 3) Shares outstanding as of 12/31/2020 plus estimated employee stock option exercises and restricted stock unit distributions $50,000 $43,000 $75,000 NM $65,000 $60,000 393,000,000 392,000,000 ULM FACILITY UPDATE COOLIDGE FACILITY UPDATE Q4 & FY 2020 RESULTS FY 2021 OUTLOOK FY 2021 Range Low High 50 $15,000 -190% $305,000 $235,000 $210,000 $179,000 $30,000 APPENDIX 100 $315,000 $245,000 400,000,000 -150% 395,000,000 $230,000#13N Appendix#1414 PAGE V1OXIN Reconciliation To Non- GAAP Measures In Thousands Except share and per share data Net Loss Interest (income) expense, net Income tax expense (benefit) Depreciation and amortization EBITDA Stock-based compensation Revaluation of Series A redeemable convertible preferred stock warrant liability Loss on forward contract liability Equity in net loss of affiliate Regulatory and legal matters Impairment expense Adjusted EBITDA Q4 2020 ($147,096) 53 (1,030) 1,753 ($146,320) 46,255 637 19,510 14,415 ($65,503) Q4 2019 ($26,279) (374) 1 1,219 ($25,433) 1,086 ($24,347) FY 2020 ($384,314) (202) (1,026) 6,008 ($379,534) 137,991 1,324 637 24,683 14,415 ($200,484) TRUCK UPDATES ULM FACILITY UPDATE COOLIDGE FACILITY UPDATE Q4 & FY 2020 RESULTS FY 2021 OUTLOOK APPENDIX FY 2019 ($88,656) (1,456) 151 2,323 ($87,638) 4,858 3,339 ($79,441)#151 5 = GAAP Measures PAGE Reconciliation To Non- NIKOLA In Thousands Except share and per share data Ne Loss Attributable to Common Stockholders Stock-based compensation Premium paid on repurchase of redeemable convertible preferred stock Regulatory and legal matters Impairment expense Non-GAAP net loss Non-GAAP net loss per share, basic and diluted Weighted average shares outstanding, basic and diluted TRUCK UPDATES ULM FACILITY UPDATE COOLIDGE FACILITY UPDATE Q4 2020 ($147,096) 46,255 19,510 14,415 ($66,916) ($0.17) 385,983,645 Q4 2019 ($43,095) 1,086 16,816 ($25,193) ($0.09) 268,698,455 FY 2020 ($397,721) 137,991 13,407 24,683 14,415 ($207,225) ($0.62) 335,325,271 Q4 & FY 2020 RESULTS FY 2021 OUTLOOK APPENDIX FY 2019 ($105,472) 4,858 16,816 ($83,798) ($0.32) 262,528,769