Nikola Results Presentation Deck

1. 2. 3. 4. FINANCIAL OVERVIEW STATEMENT OF OPERATIONS Improved gross margin vs Q4 2022 Expect R&D run rate to reduce by ~30% in the 2nd half of the year Stock-based compensation will decline substantially with new executive compensation plan and elimination of market-based RSUS Target $150m cash burn per quarter, down from $200m per quarter in 2022 Cash burn in April 2023 was under $50m BALANCE SHEET Reduced accounts receivable ~$4m vs 04 Secured $20m in floorplan facilities resulting in AR collections of $15.4m 01 ending inventory was $123.6m including 152 Tre BEVS in Coolidge As retail sales gain momentum we expect inventory to reduce as dealers facilitate retail sales and replenish inventory ACCESS TO CAPITAL Received $96.5m net proceeds in April from follow-on offering Maintain access to capital of $796.4m as of April 2023 Expect to receive $35m cash consideration and 20.6m shares (4)of Nikola common stock back from Iveco in exchange for 50% stake in European manufacturing JV Includes restricted cash Includes $96.5m in net proceeds from follow-on offering completed in April 2023 Subject to increase in authorized common stock and market conditions Contingent upon successful due diligence $ in thousands Revenues Cost of revenues Gross loss R&D SG&A Other Net loss Cash & cash equivalents (1) Other assets Total assets Liabilities Stockholder equity Total liabilities and stockholder equity Cash and cash equivalents (1) ELOC & ATM capacity Convertible debt Total Access to Capital (3) 02 2022 $18,134 47,391 (29,257) 63,106 79,868 (766) ($172,997) 02 2022 $529,224 637,751 1,166,975 567,724 599,251 $1,166,975 02 2022 $529,224 312,537 $841,761 Q3 2022 $24,241 54,410 (30,169) 66,683 132,865 (6,517) ($236,234) 03 2022 $403,790 755,635 1,159,425 595,396 564,029 $1,159,425 03 2022 $403,790 612,037 $1,015,863 04 2022 $6,563 52,325 (45,762) 69,421 80,238 (26,645) ($222,066) Q4 2022 $322,964 913,694 1,236,658 701,179 526,479 $1,236,658 04 2022 $322,964 544,774 75,000 $942,738 01 2023 $11,117 44,027 (32,910) 64,426 53,709 (18,049) ($169,094) 01 2023 $206,322 952,038 1,158,360 612,489 545,871 $1,158,360 01 2023 $302,822 (2) 443,532 50,000 $796,354 11 NIKOLA

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