#1NIKOLA FEBRUARY 24, 2022 Q4 & FULL-YEAR 2021 EARNINGS CALL & 2022 OUTLOOK N#202 // PAGE VTOMIN 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 and business performance and milestones and ability to execute on its business plan; expected timing of manufacturing facility buildout and production capacity; expected timing of completion of testing, production and other milestones; expectations regarding parts and supply chain; expectations regarding the Company's dealer network, and terms and potential benefits of the planned collaborations with strategic partners. 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 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 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.#3BUSINESS UPDATE MARK RUSSELL, CEO LILL Biagi NAMUTA TRECE MO287/22 CATIONS USDOT433123 IL HYDROGEN FREE CELL ELECTRIC VENCUE NIKOLA Anheuser 1721 17 3² "" 31 MICHELI 33 13 NIKOLA CAUTION WIDE TURN NIKOLA NIKOLA#404 PAGE V1OXIN TREBEV PROGRAM UPDATE FILTROMETY 4604-K EITU 1519904 45G1 GROSS 500 KO TARE 20 NET CUBE 1580 E 1230 18 784 CUM B NIKOLA + " KEY UPDATES TTSI Pre-Series Tre BEV Pilot Began trials in customer operations with TTSI on 12/17/21 ● . ● Driver Feedback Cab roominess is a major plus Great turning radius High visibility Ride is smooth and quiet ● ● Trucks have hauled multiple loads per day and logged over 4,500 combined miles ● Achieved 98% total uptime Completed a 204-mile trip on a single charge, the longest range recorded by any BEV that TTSI has tested in their fleet Vehicle has exceptional power and torque#50 5 PAGE NIKOLA TREBEV PROGRAM UPDATE 388 KEY UPDATES During Q4, built 30 Pre-Series Tre BEVS off the line in Coolidge ● ● 11 trucks have been completed and commissioned to date o Five (5) trucks were completed and commissioned in Q4 2021 ▪ Two (2) with TTSI, and three (3) in Nikola's test fleet o Six (6) trucks completed and commissioned from 1/1/22 - 2/23/22 Four (4) with dealers, two (2) in Nikola's test fleet 19 trucks are awaiting late part installs (battery packs, e-axles, or displays) or are completing final verification Tre BEV start of production (SOP) scheduled to begin 3/21/22#690 // PAGE VTOMIN TRE FCEV PROGRAM UPDATE Blogs STRED Fil Budweisen H₂₂ C NIKOLA Busch chane 4 BU LIGH SELTZE reisery NIKOLA (2 JH₂E1 TREE BELLS CLOT USDOT 43823 NAPA.CA TIRE AL17916 KEY UPDATES Anheuser-Busch Pilot Update Two (2) Tre FCEV alphas began pilot operations with Anheuser-Busch (A-B) on January 25 ● ● Drove from Nikola HQ in Phoenix, AZ to A- B distribution center in Ontario, CA, a 350- mile journey on one fueling ● Placed into daily service within A-B's Southern California distribution network Completing three (3) month pilot program Trucks have accumulated over 3,500 combined miles After successful completion of the A-B pilot, the trucks will continue operations with additional customers throughout 2022 (TTSI next) Additional Updates Tre FCEV beta builds to begin in Q2, validation expected to start in Q3 and continue through the first half of 2023 Tre FCEV SOP anticipated early Q3 of 2023#707 PAGE NIKOLA COOLIDGE, ARIZONA FACILITY = Phase 1 Assembly Expansion Area (October 2021) = Phase 1 Assembly Expansion Area (February 2022) KEY UPDATES PHASE 1 Anticipated completion by the end of Q1 2022 Phase 1 provides Nikola with a 2,500-unit production capacity for 2022 ● PHASE 2 Groundwork has started, anticipated completion of Phase 2 Q1 2023 ● Production capacity up to 20,000 trucks per year Build Tre BEV and Tre FCEV on same line Fuel Cell Power Module assembly#880 PAGE V1OXIN CUSTOMER ANNOUNCEMENTS UPDATE (1) TTSI TRI-EAGLE SALES HPA Hamburg Port Authority TREBEV 30 (LOI) Covenant 10 (ORDER) 25 (MOU) 375 TOTAL 10 (LOI) HENIFF TRANSPORTATION SYSTEMS, LLC SAIA EXE USA TRUCK 1) Subject to execution of definitive agreements or POS 2) AB order for up to 800 FCEVS 100 (LOI) 100 (LOI) 100 (LOI) TREFFCEV Covenant The Proud Professionals INC. TRUCKING 40 (LOI) 100 (LOI) 1010 TOTAL TTSI 70 (LOI) 800 (2) Anheuser-Busch (Contract)#960 // PAGE NIKOLA STATE GOVERNMENT POLICIES AND INCENTIVES (1) DEALER LOCATIONS 12345 6) H₂ H₂ C H₂ FR H₂ C H₂ H₂ 23 H₂ O IOM Incentives subject to change, based on information provided in the United States Department of Energy Alternative Fuels Data Center States which have signed an MOU committing to adopt California's Advanced Clean Truck Rule (ACT) Have passed legislation or have regulatory proceedings or directives in place to pass ACT Rule Low Carbon Fuel Standard (LCFS) Credit Program States which have various class 8 vehicle incentive programs in place to help reduce the upfront purchase / lease price of new zero-emissions heavy duty vehicles States which have various infrastructure incentive programs reducing the cost of building zero-emission charging or refueling infrastructure DEALER NETWORK LOCATIONS Alta Blanchard Carter Cleveland Bros. Empire Foley Holt MacAllister Quinn Ring Thompson Machinery Thompson Tractor Wagner Yancey LEGEND 2 H₂ New York, Connecticut, Massachusetts South Carolina Virginia, Maryland, Delaware Pennsylvania, West Virginia California, Arizona Kansas, Missouri Texas Michigan, Indiana Southern California Florida Mississippi, Tennessee, Arkansas, Kentucky Alabama, Northwest Florida Colorado, New Mexico Georgia ZEV MHD MOU Signatories (2) ACT Rule (3) LCFS Credit Program - Active (4) LCFS - Considering (4) Vehicle Incentives (5) Dealer Locations Infrastructure Incentives (6)#101 0 PAGE NIKOLA NIKOLA MOBILE CHARGING TRAILER (MCT) NIKOLA NIKOLA NIKOLA OLA. MCT KEY UPDATES Accelerating Transition to Zero-Emissions Mobile charger provides fleets with an immediate charging solution MCT Specs Up to two (2) chargers per unit Capability to charge up to four (4) trucks per day • 175kW CCS Type 1 charger Additional Updates Q1 2022 to date, sold and delivered six (6) MCTs to dealers ● Can be used fleet depot or remote environments Low capital cost ● Dealer orders for six (6) additional MCTs One (1) MCT placed with TTSI for demo#111 1 PAGE NIKOLA 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.#12BUD Q4 / FULL YEAR 2021 UPDATE AND Q1 / FULL YEAR 2022 OUTLOOK KIM BRADY, CFO SELTZER LIGHTSLAND STE ART 4TL5375 GOOSE Anheuser-Busch CAUTION TURNS BEER CO. WHITEH ANNO BUI LIGH Ko STRICE plads CAUTION WIDE TURNS NIKOLA A HYDROGEN ELECTRIC V CELL TREFCEV MC247822 CA 11098 USDOT 433123 NIKOLA 2 Biag Bros. NAPA, CA TRE NIKOLA#131 3 // PAGE NIKOLA FINANCIAL OVERVIEW 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 Net loss Interest income (expense), net Loss on forward contract liability Revaluation of warrant liability. Other income (expense), net Loss before income taxes and equity in net loss of affiliates Income tax expense (benefit) Loss before equity in net loss of affiliates Equity in net loss of affiliates Premium paid on repurchase of redeemable convertible preferred stock Net loss attributable to common stockholders Net loss per share, basic Net loss per share, diluted (2) Weighted-average shares outstanding, basic Weighted-average shares outstanding, diluted (3) Q4 2021 $- $- 91,166 71,547 $162,713 ($162,713) (262) 144 3,928 (158,903) (158,903) (513) ($159,416) ($159,416) ($0.39) ($0.39) 407,448,311 407,448,311 Q4 2020 $ - $ 67,521 64,903 14,415 $146,839 ($146,839) (53) 4,860 (597) (142,629) (1,030) (141,599) (637) ($142,236) ($142,236) ($0.37) ($0.38) 385,983,645 386,323,048 FY 2021 $ 292,951 400,575 $693,526 ($693,526) (481) 3,051 4,102 (686,854) 4 (686,858) (3,580) ($690,438) ($690,438) ($1.73) ($1.74) 398,655,081 398,784,392 FY 2020 $95 72 $23 185,619 182,724 14,415 $382,758 ($382,735) 202 (1,324) 13,448 (846) (371,255) (1,026) (370,229) (637) ($370,866) (13,407) ($384,273) ($1.15) ($1.18) 335,325,271 335,831,033 1) In 2020 we 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) 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#1414 // PAGE V1OXIN FINANCIAL OVERVIEW (CONTINUED) In Thousands Except Share and per Share Data Net loss attributable to common stockholders Adjustments to reconcile to non-GAAP net loss: Stock based compensation Premium paid on repurchase of redeemable convertible preferred stock Regulatory and legal matters (1) Impairment expense Revaluation of warrant liability Revaluation of derivative liability SEC settlement Non-GAAP net loss (2) Non-GAAP net loss per share, basic Non-GAAP net loss per share, diluted Q4 2021 ($159,416) 53,728 12,185 (144) 215 ($93,432) ($0.23) ($0.23) Q4 2020 ($142,236) 46,255 19,510 14,415 (4,860) ($66,916) ($0.17) ($0.17) FY 2021 ($690,438) 205,711 47,842 (3,051) (104) 125,000 ($315,040) ($0.79) ($0.79) FY 2020 ($384,273) 137,991 13,407 24,683 14,415 (13,448) ($207,225) ($0.62) ($0.62) 1) Regulatory and legal matters include legal, advisory, and other professional service fees incurred in connection with the Hindenburg article from September 2020, and investigations and litigation related thereto For reconciliation of GAAP to Non-GAAP financial measures please refer to slides 18 and 19 "Reconciliation to Non-GAAP Measures" 2)#151 5 PAGE NIKOLA Q4 2021 AND Q3 2021 COMPARISON In Thousands Except Headcount Data Cash balance Tumim Stone Capital, LLC equity lines 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 12/31/21 $522,241 $436,210 $958,451 $244,377 $989,819 $65,589 $53,728 $2,272 891 9/30/21 $586,986 $527,132 $1,114,118 $200,655 $1,000,522 $48,893 $49,047 $2,249 788#1616 // PAGE V1OXIN Q1 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 3/31/22 and 12/31/22 (4) Expected weighted average shares outstanding as of the quarter 3/31/22 and fiscal year 12/31/22 (4) Q1 2022 Range Low 8 NM $77,500 $72,500 $117,500 $58,000 High 10 $82,500 NM $77,500 419,000,000 $122,500 415,300,000 FY 2022 Range Low 308 300 $90,000 -75% $295,000 $305,000 $295,000 $241,000 461,600,000 435,600,000 High 510 500 $150,000 -60% $305,000 $315,000 $305,000 1) Pre-Series Tre Bev truck built for demos and pilot testing (NOT SALEABLE) will be capitalized 2) Saleable Tre Bev trucks commissioned and delivered during Q2 - Q4, 2022 3) SBC for Q1 2022: R&D - $10.25M, SG&A $47.75,5M; 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#171 7 PAGE NIKOLA 2022 MILESTONES Key 2022 Milestones for Nikola 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 Tre FCEV beta trucks Announce location, break ground, and commence construction of the first hydrogen production hub in AZ Announce two or more dispensing station partners in CA#18I APPENDIX MM KA INAT NIKOLA.#1919 PAGE NIKOLA RECONCILIATION TO NON-GAAP MEASURES In Thousands Net Loss Interest (income) expense, net Income tax expense (benefit) Depreciation and amortization EBITDA Stock-based compensation Loss on forward contract liability Revaluation of warrant liability Revaluation of derivative liability Equity in net loss of affiliates Regulatory and legal matters Impairment Expense SEC settlement Adjusted EBITDA Q4 2021 ($159,416) 262 2,272 ($156,882) 53,728 (144) 215 513 12,185 ($90,385) Q4 2020 ($142,236) 53 (1,030) 1,753 ($141,460) 46,255 (4,860) 637 19,510 14,415 ($65,503) FY 2021 ($690,438) 481 4 8,231 ($681,722) 205,711 (3,051) (104) 3,580 47,842 25,000 ($302,744) FY 2020 ($370,866) (202) (1,026) 6,008 ($366,086) 137,991 1,324 (13,448) 637 24,683 14,415 ($200,484)#2020 PAGE NIKOLA RECONCILIATION TO NON-GAAP MEASURES In Thousands Except share and per share data Net Loss attributable to common stockholders Stock-based compensation Premium paid on repurchase of redeemable convertible preferred stock Revaluation of warrant liability Revaluation of derivative liability Regulatory and legal matters Impairment expense SEC settlement 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 Q4 2021 ($159,416) 53,728 (144) 215 12,185 ($93,432) ($0.23) ($0.23) 407,448,311 407,448,311 Q4 2020 ($142,236) 46,255 (4,860) 19,510 14,415 ($66,916) ($0.17) ($0.17) 385,983,645 386,323,048 FY 2021 ($690,438) 205,711 (3,051) (104) 47,842 125,000 ($315,040) ($0.79) ($0.79) 398,655,081 398,784,392 FY 2020 ($384,273) 137,991 13,407 (13,448) 24,683 14,415 ($207,225) ($0.62) ($0.62) 335,325,271 335,831,033#2121 // PAGE NIKOLA ILLUSTRATIVE TOP-LINE REPORTING STRUCTURE FINANCE CFO LEGAL CLO HR = - Functions within Nikola Corporation CHRO = Divisions / Business Units of Nikola Corporation NIKOLA CORP MARK RUSSELL IT CEO GLOBAL HEAD MARKETING & COMMS GLOBAL HEAD ESG GLOBAL HEAD NIKOLA MOTOR PRESIDENT MICHAEL LOHSCHELLER NIKOLA ENERGY & COMMERCIAL PRESIDENT PABLO KOZINER#22NIKOLA Ⓡ 53371s 11111111111111111111111111111 --