Nikola Results Presentation Deck

10 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

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