Nikola Results Presentation Deck

123 FINANCIAL OVERVIEW STATEMENT OF OPERATIONS Cash use favorable vs. $120m 03 target Continuing to operate with financial discipline, aligning cost structures with strategic priorities Outsized cost of revenues include $61.8m warranty reserve for estimated CO to remedy battery electric truck recall Warranty reserve expected to be offset with collection of AR and positive cash contribution margin from sale of battery electric trucks in inventory BALANCE SHEET Raised $250m during 03, continued focus on strengthening the balance sheet Increased unrestricted cash position by $136.2m in Q2, nearly tripling unrestricted cash since 01 2023 Reduced total debt by $90.3m and total liabilities by $70.1m ACCESS TO CAPITAL Maintained access to capital of $705.8m (2) at end of Q3 Includes restricted cash Includes restricted cash and ATM availability; Subject to stock price and market conditions 3. 04 2022 and 01 2023 have been adjusted to remove Romeo $ in thousands Revenues Cost of revenues Gross loss R&D SG&A Other Net loss from continuing operations Cash and cash equivalents (¹) Other assets Total assets Liabilities Stockholder equity Total liabilities and stockholder equity Cash and cash equivalents (¹) ELOC and ATM capacity Convertible debt Total Access to Capital 04 2022 (3) $5,463 32,437 (26,974) 66,134 56,270 (26,266) ($175,644) 04 2022 (3) $313,909 922,749 1,236,658 710,179 526,479 $1,236,658 04 2022 (3) $313,909 544,774 75,000 $933,683 012023 (3) $10,677 33,374 (22,697) 61,806 42,697 (18,051) ($145,251) 012023 (3) $203,286 955,074 1,158,360 612,489 545,871 $1,158,360 012023 (3) $203,286 443,532 50,000 $696,818 02 2023 $15,362 42,993 (27,631) 64,514 58,764 10,899 (140,010) 02 2023 295,355 842,146 1,137,501 614,785 522,716 $1,137,501 02 2023 $295,355 403,929 22,925 $722,209 Q3 2023 ($1,732) 123,771 (125,503) 41,966 57,982 (200,313) (425,764) 03 2023 392,100 756,186 1,148,286 544,718 603,568 $1,148,286 Q3 2023 $392,100 313,678 $705,778 10 NIKOLA

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