Nikola SPAC Presentation Deck
DISCOUNTED FUTURE
VALUE OF NIKOLA NORTH
AMERICA TRUCKCO
2027E NIKOLA NORTH AMERICA TRUCKCO EBITDA WALK
BASED ON N.A. BUSINESS
BEV Trucks
Units Sold
Revenue per Unit ($)
2027E BEV Truck Revenue ($M)
FCEV Trucks
Units Sold
Revenue per Unit ($)(¹)
2027E FCEV Truck Revenue ($M)
2027E Total TruckCo Revenue ($M)
Illustrative EBITDA Margin(2)
2027E Illustrative EBITDA (SM)
14,000
250,000
3,500
30,000
235,000
7,050
10,550
12.8%
1,352
Illustrative EBITDA Margin conservatively assumes Whole Co
OpEx cost structure applies to TruckCo business
Valuation of North America TruckCo alone is highly
attractive; H² station network, Europe JV, autonomous
ready trucks, and grid storage components of business
offer substantial potential incremental value
DISCOUNTED FUTURE VALUE SENSITIVITY ANALYSES
2020E EV ASSUMING 2027E NIKOLA TRUCKCO EBITDA OF $1,352M (SB)
Discount
Rate
15.0%
20.0%
25.0%
%4:
2027E EBITDA:
15.0%
20.0%
25.0%
Discount
Rate
2027E TruckCo EBITDA Multiple
7.0x
3.6
2.6
2.0
2020E EV ASSUMING 2027E EBITDA MULTIPLE OF 8.0X (SB)
8.0x
4.1
3.0
2.3
(25%)
1,014
3.1
2.3
1.7
2027E TruckCo EBITDA
0%
1,352
4.1
3.0
2.3
9.0x
4.6
3.4
2.6
25%
1,690
5.1
3.8
2.8
SUMMARY OF ANALYSIS APPROACH
• Analysis applies an NTM EBITDA multiple based on incumbent truck OEM trading levels in order to imply a 2027E future enterprise value
that is discounted back to January 2020 using an illustrative discount rate
This future value is then sensitized across a range of EBITDA multiples, EBITDA variances, and discount rates
KEY TAKEAWAYS
TruckCo alone supports a "$3B valuation, even with a conservative assumption that TruckCo is valued similar to incumbent Truck OEMs
1 FCEV Revenue per Unit based on truck contribution from overall lifetime value of FCEV bundled lease
2. Illustrative TruckCO EBITDA margin calculated using 2027E TruckCo Gross Margin burdened by WholeCo OpEx allocated by relative revenue contribution and TruckCo D&A added backView entire presentation