Nikola SPAC Presentation Deck

FCEV LEASE REVENUE MODEL PRELIMINARY TOTAL REVENUE PER FCEV LEASE¹ TOTAL LEASE REVENUE Revenue per mile per lease ~$0.95 x Miles included per lease 700K Total lease revenue ~$665K O TRUCK PRICE -$235K (-35%) Ⓡ FUEL REVENUE -$350K (-53%) Ha STATIONS FOR ILLUSTRATIVE PURPOSES ONLY² 1 Allocation of total lease revenue not final/under consideration 2. Actual pricing will vary dependent on customer Revenue from FCEV leases is allocated between truck, fuel and service REVENUE ALLOCATED TO FUEL Miles included per lease 700K e Miles driven per kg H₂ fuel -7.5 x Revenue per kg H₂ fuel $3.75 SERVICE -$80K (-12%) LIFETIME OF LEASE 7 YEARS REVENUE FIRST YEAR OF LEASE ~$235,000 Full truck price recognized on P&L year lease commences (i.e. $235K) REVENUE P.A. ~$50,000 Revenue recognized on P&L per annum REVENUE P.A. ~$11,500 Revenue recognized on P&L per annum LEASE PAYMENT MADE BY CUSTOMER EACH MONTH Lease revenue is allocated between the three components: truck, fuel and service. Full value of truck revenue is recognized on P&L in the year the lease commences, while fuel and service revenues are spread out across the lease lifetime ILLUSTRATIVE PURPOSES ONLY; ACTUALS MAY VARY

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