Nikola SPAC Presentation Deck

EXPECTED FUELING COSTS OF GOODS SOLD FCEV FUELING COSTS (COGS) PER KG H, FUEL PRODUCED Station personnel FULL HYDROGEN STATION UTILIZATION Electricity E Water -$2.50 PER KG HYDROGEN PRODUCED NIKOLAITWO Electrolyzers Maintenance Electrolyzers insurance KG H₂ FUEL INCLUDED PER FCEV LEASE: -93,000 EXPECTED CONTRIBUTION MARGIN $350K fuel revenue per FCEV lease Implies "$3.75 revenue per KG H₂ produced • At "$2.50 COGS per KG, implies a contribution margin of "33% before station capex amortization Projected FCEV fueling contribution margin of "33%; electricity comprises majority of fuel production COGS KEY CONSIDERATIONS • Electrolyzer maintenance cost estimated as % of total hydrogen station capex • Electrolyzer insurance cost estimated as % of total hydrogen station capex Electricity consumption cost estimated based on expected electricity price times quantity required to produce one kg of hydrogen Water cost estimated based on expected price of water multiplied by quantity required to produce one kg of H₂ Station personnel cost based on the expectation that 3 FTEs will be required to operate each hydrogen station FUEL COGS BOOKED IN P&L AS INCURRED FUEL COGS INCURRED AS HYDROGEN IS PRODUCED AT STATIONS P&L effect Cash flow effect 47

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