Nikola Corporation Announces Q2 2024 Financial Results

• Reported strongest topline in the history of the company, Q2 2024 revenue was $31.3M, up 318% from Q1
• Wholesaled 72 hydrogen fuel cell electric vehicles in Q2, exceeding the high-end of guidance, up 80% from Q1
• Created alternative revenue streams with our initial sale of regulatory credits
• BEV “2.0” recall program on track for completion by year-end 2024

PHOENIX – August 9, 2024 — — Nikola Corporation (Nasdaq: NKLA), a global leader in zero-emissions transportation and energy supply and infrastructure solutions, via the HYLA brand, today reported financial results and business updates for the quarter ended June 30, 2024.

“In the last three quarters of serial production, we have demonstrated that Nikola is the offtake. We are the catalyst to disrupt Class 8 trucking to make zero-emission a reality,” said Steve Girsky, President and CEO of Nikola. “We are the only OEM with Class 8 FCEVs commercially available in North America today. Our trucks are put to the test every day by end fleet users, hauling freight and delivering to their customers. Q2 is an example of how we’re approaching the intersection of mission and reality and how Nikola is out front, charting the course.”

Hydrogen Fuel Cell Electric Truck

In Q2, we exceeded the high-end of the guidance range by delivering 72 hydrogen fuel cell electric vehicles (FCEVs) to our dealer network. That makes 147 wholesaled FCEVs in the first three quarters of serial production. Last quarter, we talked about the importance of expanding our reach to meet the demands of end fleet users virtually anywhere in North America. Walmart Canada is the first major retailer in Canada to introduce a hydrogen fuel cell electric semi-truck to its fleet. We also received repeat orders from two national accounts. Nikola’s Profitability Flywheel is beginning to gain momentum with these national accounts, as each of these end fleets grows its zero-emission presence to achieve decarbonization goals.

We continue to delight fleet users with data-driven quality and performance. To date, our FCEV end fleets have traveled more than 550K miles with an average fuel economy of 7.2 mi/kg, validating our performance benchmark. We collect field data every day and the numbers bear out. On a converted basis, our FCEVs outperformed the average Class 8 truck on fuel economy and avoidance of tailpipe emissions. We estimate the average miles per gallon (mpg) diesel equivalent of our FCEV is 8.0, or 23% better, than the Class 8 fuel economy average of 6.5/diesel gallon equivalent (DGE) per the Department of Energy. Moreover, in-service FCEVs have consumed more than 77 metric tons of hydrogen dispensed at various Nikola fueling solutions. In total, we estimate our FCEV end fleet operations have avoided approximately 867 metric tons of CO₂ tailpipe emissions.*

HYLA Energy

We’re delivering HYLA fueling solutions to support volume ramp up. As a strategy, we are launching stations and deploying assets where we anticipate demand. It is our objective to stay ahead of FCEV deployment so that fueling solutions are ready and available for end fleets. To that end, since the Q1 earnings call, we opened a HYLA branded station in Toronto, Ontario, Canada and completed commissioning a modular station in Santa Fe Springs in Southern Calif. We also added another modular refueler at our Ontario, Calif. station, doubling capacity. We recently had a record day in Ontario, with 28 FCEVs refueled and more than 850kg of hydrogen dispensed in one day. Likewise, through our work with Shell, our fleet customers have been able to fuel at Shell’s heavy-duty station in Ontario, CA, where density has been growing. Our stations run 24/7 to support the around-the-clock operations of our fleet users.

Constructive Green Policies

We continued to maintain our dominant share of HVIP vouchers in Calif. At quarter-end, we had 99% of FCEV and 23% of battery-electric vehicle (BEV) HVIP vouchers. We also created alternative revenue streams from the sale of regulatory credits. We recognized our first sale agreement of NOx and PM credits in the quarter. We expect this revenue stream to grow as volume increases each model year.

Battery-Electric Truck

We continued to make progress returning BEVs to our dealer network and end fleet users. We remain on track to complete the recall program by year-end 2024. Feedback on returned units has been overwhelmingly positive and over-the-air updates continue to reach customers.

Webcast and Conference Call Information

Nikola will host a webcast to discuss its second quarter results and business progress at 7:30 a.m. Pacific Time (10:30 a.m. Eastern Time) on August 9, 2024. To access the webcast, parties in the United States should follow this link.

The live audio webcast, along with supplemental information, will be accessible on the Company’s Investor Relations website here. A recording of the webcast will also be available following the earnings call.

*Average emissions avoidance estimate based on total end fleet odometer mileage, avg. 6.5 mi/diesel gallon equivalent fuel economy of Class 8 trucks (per DOE), and the mobile combustion emission factor of 10.21 kg CO2 per gallon of diesel fuel (per EPA).

About Nikola Corporation

Nikola Corporation’s mission is clear: pioneering solutions for a zero-emissions world. As an integrated truck and energy company, Nikola is transforming commercial transportation, with our Class 8 vehicles, including battery-electric and hydrogen fuel cell electric trucks, and our energy brand, HYLA, driving the advancement of the complete hydrogen refueling ecosystem, covering supply, distribution and dispensing.

Nikola headquarters is based in Phoenix, Ariz. with a manufacturing facility in Coolidge, Ariz.

Experience our journey to achieve your sustainability goals at nikolamotor.com or engage with us on social media via Facebook @nikolamotorcompany, Instagram @nikolamotorcompany, YouTube @nikolamotorcompany, LinkedIn @nikolamotorcompany or X / Twitter @nikolamotor

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of federal securities laws with respect to Nikola Corporation (the “Company”), including statements relating to: the Company’s future financial and business performance, business plan, strategy, focus, opportunities and milestones; the benefits and momentum in the Company’s profitability flywheel; customer demand for trucks; the Company’s beliefs regarding its competition and competitive position; the Company’s business outlook; the Company’s expectations regarding hydrogen refueling solutions and timelines; expectations related to the battery-electric truck recall, including timing of battery replacement and truck deliveries and sales; the Company’s beliefs regarding the benefits and attributes of its trucks, and customer experience; estimated average mileage per gallon diesel equivalent; estimated avoidance of tailpipe emissions; and government incentives including CARB credits and expectations regarding related revenue.

These forward-looking statements other than statements of historical fact, and generally are identified by words such as “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” and similar expressions. Forward-looking statements are predictions, projections, and other statements about future events based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: successful execution of the Company’s business plan; design and manufacturing changes and delays, including shortages of parts and materials and other supply challenges; general economic, financial, legal, regulatory,

political and business conditions and changes in domestic and foreign markets; demand for and customer acceptance of the Company’s trucks and hydrogen refueling solutions; the results of customer pilot testing; the execution and terms of definitive agreements with strategic partners and customers; the failure to convert LOIs or MOUs into binding orders; the cancellation of orders; risks associated with development and testing of fuel cell power modules and hydrogen storage systems; risks related to the recall, including higher than expected costs, the discovery of additional problems, delays retrofitting the trucks and delivering such trucks to customers, supply chain and other issues that may create additional delays, order cancellations as a result of the recall, litigation, complaints and/or product liability claims, and reputational harm; risks related to the rollout of the Company’s business and milestones and the timing of expected business milestones;

actual driving conditions and other factors that affect vehicle range; changes in methodology, inputs, assumptions or other factors used to estimate average mileage per gallon diesel equivalent or avoidance of tailpipe emissions; the effects of competition on the Company’s business; the Company’s capital needs ability to raise capital; the Company’s ability to achieve cost reductions and decrease its cash usage; the grant, receipt and continued availability of federal and state incentives; and the factors, risks and uncertainties regarding the Company’s business described in the “Risk Factors” section of the Company’s Quarterly Report on Form 10-Q, for the quarter ended March 31, 2024 filed with the SEC, in addition to the Company’s subsequent filings with the SEC.

These filings identify and address other important risks and uncertainties that could cause the Company’s actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, the Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

Use of Non-GAAP Financial Measures

This press release references Adjusted EBITDA and non-GAAP net loss per share, basic and diluted, all of which are non-GAAP financial measures and are presented as supplemental measures of the Company’s performance. The Company defines Adjusted EBITDA as earnings before interest expense, taxes, depreciation and amortization, stock-based compensation expense, and certain other items determined by the Company. Non-GAAP net loss is defined as net loss adjusted for stock-based compensation expense and certain other items determined by the Company.

Non-GAAP net loss per share, basic and diluted is defined as non-GAAP net loss divided by weighted average basic and diluted shares outstanding. These non-GAAP measures are not substitutes for or superior to measures of financial performance prepared in accordance with generally accepted accounting principles in the United States (GAAP) and should not be considered as an alternative to any other performance measures derived in accordance with GAAP.

The Company believes that presenting these non-GAAP measures provides useful supplemental information to investors about the Company in understanding and evaluating its operating results, enhancing the overall understanding of its past performance and future prospects, and allowing for greater transparency with respect to key financial metrics used by its management in financial and operational-decision making.

However, there are a number of limitations related to the use of non-GAAP measures and their nearest GAAP equivalents. For example, other companies may calculate non-GAAP measures differently or may use other measures to calculate their financial performance, and therefore any non-GAAP measures the Company uses may not be directly comparable to similarly titled measures of other companies.