Nikola Results Presentation Deck

1 7 // PAGE NIKOLA Q2 AND FY 2021 UPDATE FY 2021 Guidance Remains Unchanged Aside From Increased Stock Based Compensation Expense (SBC) In Thousands Except Deliveries, Share, and per Share Data Deliveries (units) Revenue Gross margin Research and development (1) Selling, general, and administrative (2) Stock based compensation (3,4) Capital expenditures Expected total shares outstanding as of 6/30/21 and 12/31/21 (5) Expected weighted average shares outstanding as of 6/30/21 and 12/31/21 (5) Q2 2021 Range High Low NM $87,500 $62,500 $60,000 1) FY 2021 R&D SBC guidance increased from $27M to $40M 2) FY 2021 SG&A SBC guidance increased from $152M to $169M 3) SBC for Q2 2021: R&D $10M, SG&A - $43M 4) SBC for FY 2021 R&D $40M, SG&A $169M 5) Shares outstanding as of 12/31/2020 plus estimated employee stock option exercises and restricted stock unit distributions TRUCK UPDATES ULM FACILITY UPDATE COOLIDGE FACILITY UPDATE RIG360 OGE $53,000 $92,500 NM $67,500 $65,000 396,000,000 395,000,000 FY 2021 Range Low High 50 $15,000 -190% $318,000 $252,000 $210,000 $209,000 $30,000 100 $328,000 $262,000 400,000,000 -150% $230,000 396,000,000 ΤΑ Q1 2021 RESULTS Q2 & FY 2021 OUTLOOK APPENDIX

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