• Produced 75 Nikola Tre BEVs in Coolidge, AZ and delivered 63 to dealers
• Reported revenues of $24.2 million, GAAP net loss per share of $0.54, and non-GAAP net loss per share of $0.28
• Completed purchase of land in Buckeye, AZ for hydrogen production hub
• Signed term sheet for collaboration with E.ON in Europe for hydrogen supply and dispensing infrastructure
• Announced in November the execution of a Purchase Order for 100 Nikola Tre BEVs by Zeem Solutions
• Unveiled the European Tre BEV and Tre FCEV at IAA in Hanover, Germany in September
• Raised $100.5 million in gross proceeds through ATM
• Completed the acquisition of Romeo Power in October

PHOENIX, Nov. 3, 2022 /PRNewswire/ -- Nikola Corporation (Nasdaq: NKLA), a global leader in zero-emissions transportation and energy supply and infrastructure solutions, today reported financial results for the quarter ended September 30, 2022.

"During the third quarter we continued to produce and deliver Nikola Tre BEVs to dealers and customers," said Nikola President, Michael Lohscheller. "We also made significant advancements in developing our energy business, announcing our intent to develop access of up to 300 metric-tons per day of hydrogen and up to 60 stations by 2026, and our collaboration with E.ON in Europe."

On October 20, we announced our intent to develop access of up to 300 metric-tons per day (TPD) of hydrogen and up to 60 dispensing stations by 2026, and highlighted the potential benefits to our business model from the Inflation Reduction Act. This supply is expected to be supported by the previously announced projects referenced below, which are being developed with our partners.

• Buckeye, AZ Production Hub – phased development up to 150 metric-TPD
• Terre Haute, INWabash Valley Resources – 50 metric-TPD
• Crossfield, AlbertaTC Energy – 60 metric-TPD
• Clinton County, PAKeyState – 100 metric-TPD

We are negotiating a robust portfolio of hydrogen supply opportunities across North America. Further details will be provided following execution.

On September 29, we acquired a parcel of land in Buckeye, AZ with the intent to build a hydrogen production hub with our partners. We are undergoing zoning and permitting requirements and have ordered long lead-time equipment including electrolyzers and liquefaction equipment.

On August 4, we announced the locations of three hydrogen dispensing stations in California. The stations will be located in Colton, Ontario, and a location servicing the Port of Long Beach. California is a launch market for Nikola and these stations intend to support key customers to help advance the state's efforts to decarbonize the transport sector.

On September 16, we announced our collaboration with E.ON with the objective to establish hydrogen supply and related infrastructure to meet the demand of customers in Europe. E.ON is one of Europe's largest operators of energy networks and energy infrastructure. The strategic partnership is expected to offer customers an integrated mobility solution to promote the use of hydrogen. Both parties have signed a term sheet to underpin the collaboration and will be negotiating a definitive agreement to finalize the terms.

On September 19, as a part of our joint venture with IVECO, we revealed our European version of the Tre BEV and FCEV beta on the IAA main stage. There was a high level of interest in our FCEVs, which we believe further validates our business plan and the role we will play in the global transition to the hydrogen economy. We plan to begin production of EU version Tre BEVs in the second half of 2023, and EU version Tre FCEVs in the second half of 2024.

During the third quarter, we continued our FCEV pilot with TTSI and began pilot testing with Walmart. To date the trucks have logged over 9,700 and 5,500 miles respectively. In Q3 we completed six beta trucks. Development testing on the beta trucks has begun at various locations. We expect to complete 17 beta trucks for the full year by the end of Q4.

During the third quarter, we produced 75 Nikola Tre BEVs delivering 63 of those to dealers. We began pilot testing with both SAIA and Walmart logging over 1,600 miles and 2,700 miles to date, respectively. On November 2, we announced Zeem Solutions executed a Purchase Order for 100 Nikola Tre BEVs.

In Coolidge, we are currently producing three trucks on one shift and have the capability to produce five trucks per shift. We remain on track to complete the Phase 2 assembly expansion by the end of Q1 2023, at which time our production capacity will be up to 20,000 units per year. Upon completion of Phase 2, the facility will be capable of producing the BEV and FCEV on the same line, in addition to the Bosch Fuel Cell Power Module.

On October 14, we completed the acquisition of Romeo Power, further solidifying our commitment to transforming the transportation industry.

Nikola will host a webcast to discuss its third quarter results at 6:30 a.m. Pacific Time (9:30 a.m. Eastern Time) on November 3, 2022. To access the webcast, parties in the United States should follow this link: https://www.webcast-eqs.com/register/nikola20221103/en.

The live audio webcast, along with supplemental information, will be accessible on the Company's Investor Relations website at https://nikolamotor.com/investors/news?active=events. A recording of the webcast will also be available following the earnings call.

Nikola Corporation is globally transforming the transportation industry. As a designer and manufacturer of zero-emission battery-electric and hydrogen-electric vehicles, electric vehicle drivetrains, vehicle components, energy storage systems, and hydrogen station infrastructure, Nikola is driven to revolutionize the economic and environmental impact of commerce as we know it today. Founded in 2015, Nikola Corporation is headquartered in Phoenix, Arizona. For more information, visit our website or Twitter @nikolamotor.

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 performance and milestones; expected timing of manufacturing facility expansion and production capacity; expectations regarding hydrogen dispensing stations, hydrogen capacity, our joint ventures, and our pilot programs; timing of completion of testing, production, as well as other milestones; the Company's business outlook; and terms and potential benefits of  planned collaborations with  strategic partners. These forward-looking statements 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: design and manufacturing changes and delays, including global shortages in parts and materials; general economic, financial, legal, regulatory, political and business conditions and changes in domestic and foreign markets; the effects of inflation and COVID-19; the outcome of legal, regulatory and judicial proceedings to which the Company or Romeo is, or may become a party; demand for and customer acceptance of the Company's trucks; the results of customer pilot testing; the execution and terms of definitive agreements; risks associated with development and testing of fuel-cell power modules and hydrogen storage systems; risks related to the rollout of the Company's business and the timing of expected business milestones; the effects of competition on the Company's business; the availability of and need for capital; the impact of our recent- acquisition of Romeo; 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 June 30, 2022 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.

This press release references Adjusted EBITDA, non-GAAP net loss, 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.

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