Phoenix, Arizona – March 24, 2025 – Nikola Corporation today announced its intention to file a Form 25 Notification of Delisting with the Securities and Exchange Commission (the “SEC”) on or about April 3, 2025, which will remove its securities from listing and registration on Nasdaq. Nasdaq previously suspended the trading of Nikola’s common stock at the opening of business on February 26, 2025 and notified Nikola that a Form 25 would be filed. However, as Nasdaq has not yet made the filing, Nikola is doing so voluntarily to permit it to file a Form 15 to deregister with the SEC.

Nikola previously announced on February 19, 2025 that Nikola and certain of its domestic subsidiaries filed voluntary petitions for relief under chapter 11 of Title 11 of the United States Code in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Filing”).

Once the Nasdaq delisting on Form 25 becomes effective, Nikola intends to file a Form 15 to deregister with the SEC.

ABOUT NIKOLA CORPORATION
Nikola Corporation is an integrated truck and energy company, including battery-electric and hydrogen fuel cell electric trucks and hydrogen refueling ecosystems. Nikola headquarters is based in Phoenix, Arizona with a manufacturing facility in Coolidge, Arizona.

FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of the federal securities laws including, but not limited to, statements about: Nikola’s intent to file a Form 25 and Form 15 with the SEC, and the expected timing thereof. Forward-looking statements involve risks and uncertainties that may cause actual results or performance to differ materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to: risks involved with the timing and outcome of the Bankruptcy Filing; the length of time that Nikola will operate under Chapter 11 of the Bankruptcy Code and the continued availability of operating capital during such pendency; the impact of the Bankruptcy Filing and expected filings of Form 25 and 15 on the trading price and volatility of Nikola’s common stock; the timing or amount of any distributions, if any, to Nikola’s stakeholders; and the other factors discussed in Nikola’s reports, including its Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, and subsequent reports filed with the SEC. All forward-looking statements are based on information available to Nikola as of the date of this press release. Nikola undertakes no duty or obligation to update these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

MEDIA CONTACTS

Media Inquiries:
[email protected]

Corporate Communications for Nikola:
Gladstone Place Partners
Lauren Odell / Michael Landau
Phone: 212-230-5930
Email: [email protected]

Nikola has filed a number of customary “first day” motions with the Court to ensure its limited operations are able to continue, including authorization to meet its obligations to employees, during the sale process. Subject to Court approval, the Company intends to continue certain limited directly provided (non-dealer) service and support operations for trucks currently in the field, including certain HYLA fueling operations through the end of March 2025. Thereafter, the Company will need one or more partners to support such activities.

Nikola enters Chapter 11 with approximately $47 million in cash on hand to fund the foregoing activities, implement the postpetition sale process, and exit Chapter 11 through a plan process. Given the Company’s liquidity profile and the anticipated expense of the cases and limited operations in Chapter 11, the Company intends to request authority from the Court to consummate a sale of its assets on a timeline that balances its liquidity needs with its significant prepetition marketing efforts to best position the Company to maximize value for its stakeholders.

“With the dedication of our employees and support from our partners, Nikola has taken significant steps to move zero-emissions transportation forward, including bringing the first commercially available Class 8 hydrogen fuel cell electric trucks to market in North America and developing the HYLA hydrogen refueling highway, connecting Northern California to Southern California,” said Steve Girsky, President and CEO of Nikola. “Our customers have accumulated approximately 3.3 million fleet miles across both our FCEV and BEV truck platforms and our HYLA fueling network has dispensed well over 330 metric tons of hydrogen. Like other companies in the electric vehicle industry, we have faced various market and macroeconomic factors that have impacted our ability to operate. In recent months, we have taken numerous actions to raise capital, reduce our liabilities, clean up our balance sheet and preserve cash to sustain our operations. Unfortunately, our very best efforts have not been enough to overcome these significant challenges, and the Board has determined that Chapter 11 represents the best possible path forward under the circumstances for the Company and its stakeholders.”

Nikola, together with its financial and legal advisors, engaged in an extensive analysis of all available and credible alternatives to identify a solution that would allow the business to sustain operations. Following months of actively pursuing these alternatives, the Company determined that a structured sale process represents the best possible solution to maximize the value of its assets. Nikola intends to market and sell all, substantially all, or a portion of its assets and effectuate an orderly wind down of its businesses.

The proposed bidding procedures, if approved by the Court, would allow interested parties to submit binding offers to acquire Nikola’s assets, purchased free and clear of Nikola’s indebtedness and certain liabilities. Interested parties could include both strategic and financial buyers, for whom substantial due diligence materials are available.

Additional information about this process and proposed asset sale, as well as other documents related to the Chapter 11 proceedings, is available on the website maintained by Epiq Corporate Restructuring, LLC, the Debtors’ claims and noticing agent, located at https://dm.epiq11.com/Nikola. Nikola’s legal counsel is Pillsbury Winthrop Shaw Pittman LLP and Potter Anderson & Corroon LLP, its investment banker is Houlihan Lokey Capital, Inc., and its financial advisor is M3 Partners. Interested parties should contact Drew M. Talarico and Marcus Bellows at Houlihan Lokey ([email protected]) for additional information related to the auction and sale process and for access to due diligence materials.

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, Arizona with a manufacturing facility in Coolidge, Arizona.

FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of the federal securities laws including, but not limited to, statements about: Nikola’s intent to continue service and support certain operations, including certain HYLA fueling operations, during the sale process and its beliefs regarding the length of time it expects to able to do so without partners; the board of director’s belief that chapter 11 represents the best possible path forward for Nikola and its stakeholders; Nikola’s belief that a structured sale process represents the best possible solution to maximize the value of its assets; Nikola’s intent to market and sell its assets on a timeline that balances its liquidity needs with its prepetition marketing efforts to best position the Company to maximize stakeholder value; the Company’s beliefs regarding an orderly wind down of its business; and expectations relating to the auction and sale process, and related bidding procedures. Forward-looking statements involve risks and uncertainties that may cause actual results or performance to differ materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to: the approval by the court of our first day motions; risks and uncertainties regarding our ability to successfully consummate and complete a plan of reorganization under chapter 11; risks associated with the potential adverse impact of the bankruptcy proceedings on our business, financial condition, liquidity and results of operations; our ability to continue operating on a limited basis, maintain contracts that are critical to expected limited operations and meet financial obligations during the bankruptcy proceedings; the outcome and timing of the bankruptcy process and any potential sale of all or some of our  assets; the effect of the filing of bankruptcy and any potential sale of all or some of our assets on our relationships with customers, suppliers, creditors, employees and other third parties; our expectations regarding liquidity and obligations, including our use of, and need for, cash and any other underlying assumptions; the length of time that Nikola will operate under chapter 11 and the continued availability of operating capital during such pendency; the ability of Nikola to obtain partners to continue limited operations; the impact of the chapter 11 case on the trading price and volatility of our common stock and the possible delisting of our common stock; any potential proceedings that may be brought by third parties in connection with the bankruptcy petitions or the potential sale of all or some of our assets; uncertainty regarding obtaining the bankruptcy court’s approval of the potential sale of all or some of our assets or other terms and conditions to any such potential sale; our ability to negotiate and obtain any financing, including debtor in possession funding, with lenders or creditors during the chapter 11 case and to comply with the restrictions imposed by the terms and conditions of the potential financing arrangements, if any; the timing or amount of any distributions, if any, to our stakeholders; our ability to retain senior management and other key personnel during the pendency of the chapter 11 case; and the other factors discussed in our reports, including our Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, and subsequent reports filed with the Securities and Exchange Commission. All forward-looking statements are based on information available to Nikola as of the date of this press release. Nikola undertakes no duty or obligation to update these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

MEDIA CONTACTS
Media Inquiries:
[email protected]

Corporate Communications for Nikola:
Gladstone Place Partners
Lauren Odell / Michael Landau
Phone: 212-230-5930
Email: [email protected]

PHOENIX – January 9, 2025 – Nikola Corporation (Nasdaq: NKLA), a global leader in zero-emissions transportation and energy supply and infrastructure solutions, via the HYLA brand, proudly announces that updated Nikola battery-electric trucks have surpassed one million end fleets and dealer in-service miles. Nikola BEVs are class 8, zero-emissions trucks meant for metro-regional applications. Nikola previously announced in September 2024 that all previous Nikola BEVs had reached 1.5 million in-service miles driven. These BEV trucks have been recently updated with software and HMI updates, new batteries, charging and vehicle enhancements to include scheduled departure charging, and Nikola app updates.

Mary Chan, Chief Operating Officer for Nikola, stated, “Nikola is thrilled to see our end fleets and dealers making deliveries in our battery-electric trucks. One million end fleets and dealer miles in our updated BEVs are one million zero-emission miles. Nikola BEVs, on the road and in our customers’ hands, continue to help us reach our zero-emission goals.”

Nikola has released a total of 94 updated BEVs back to end fleets and dealers to-date through 19 different fleet customers, who have driven these units 1,016,929 in-service miles. Nikola trucks come equipped with digital services and products. The Nikola Pulse app lets Nikola customer service teams take a daily pulse on Nikola vehicles to help improve uptime.

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, Arizona with a manufacturing facility in Coolidge, Arizona.

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 @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”). 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: the ability of the Company to access sufficient capital to meet its requirements and fund its business; manufacturing delays and difficulties; risks related to the rollout of the Company’s hydrogen fueling infrastructure and the timing thereof; construction risks and delays; the availability of access to hydrogen refueling facilities; the level of and cancellation of customer orders; risks associated with manufacturing batteries and fuel cell power modules; variations in and characteristics of the hydrogen fueling location, including but not limited to fueling hardware and software protocol, fuel amount, and fueling conditions, any of which may affect refueling times; variations in terrain, temperature, speed, road conditions, truck configuration, payloads and other variables which may affect range; the Company’s ability to remain listed on Nasdaq; and the factors, risks and uncertainties  described in the “Risk Factors” section of the Company’s quarterly report on Form 10-Q for the quarter ended September 30, 2023 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 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.

MEDIA INQUIRIES
[email protected]

• West Sacramento station marks HYLA’s first modular refueling station in Northern California
• A significant step in HYLA’s plan to connect current HYLA stations to northern central California
• This new HYLA station will be commercially operational in January 2025

PHOENIX – December 18, 2024 – Nikola Corporation (Nasdaq: NKLA), a global leader in zero-emissions transportation and energy supply and infrastructure solutions, via the HYLA brand, proudly announces the securing of a new HYLA station located in West Sacramento, CA. Featuring an advanced modular fueler, the station at 917 Stillwater Rd in West Sacramento, California, represents the latest phase in Nikola’s commitment to provide hydrogen refueling solutions for Class 8 trucks. This new station will increase Nikola’s hydrogen presence in Northern California.

Phase one of the West Sacramento station will be capable of fueling up to 20 Nikola hydrogen fuel cell electric Class 8 trucks daily. HYLA will provide continuous site support, ensuring a seamless and efficient fueling experience for its customers.

“We are thrilled to open our first HYLA hydrogen refueling station in Northern California. West Sacramento marks a significant milestone for Nikola and offers convenient access for our fleet customers based in West Sacramento and its surrounding areas,” said President of Energy Ole Hoefelmann. “Reaching a zero-emission future just became one step closer as we continue our planned rollout to strengthen the north-south I-5 freight corridor and expand coverage areas from the Port of Oakland.”

Working alongside state and local jurisdictions, HYLA is securing a robust hydrogen supply chain and refueling infrastructure to support its growing fleet customer base. Nikola’s expansion of its HYLA fueling network into West Sacramento will further accelerate the adoption of hydrogen fuel electric trucks across California, helping to further zero-emissions transportation efforts across the United States.

California State Senator Christopher Cabaldon stated, “California’s hydrogen future first launched in West Sacramento with the global Fuel Cell Partnership, so it is exciting to welcome Nikola’s new HYLA station to the city at the core of the region and national logistics network. Hydrogen offers rapid refueling and long working range at load, which is ideal for trucking. This new hydrogen fueling station will help accelerate adoption of zero-emission trucks in California, right here in the state capital region.”

The HYLA refueling solutions network will offer Nikola hydrogen fuel cell electric vehicles and other Class 8 customers flexible refueling options, including modular and permanent HYLA stations, customer-owned facilities, and partnerships with public truck stops.

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, Arizona with a manufacturing facility in Coolidge, Arizona.

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 benefits and capabilities of the Guasti station or the planned HYLA fueling stations and related hydrogen infrastructure;  transitioning to zero emission trucking; providing customers access to hydrogen; working with partners to establish a fueling ecosystem; and the Company’s beliefs regarding its competitive position and the benefits thereof. 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: the ability of the Company to access sufficient capital to meet its requirements and fund its business; manufacturing delays and difficulties; risks related to the rollout of the Company’s hydrogen fueling infrastructure and the timing thereof; construction risks and delays; the availability of access to hydrogen refueling facilities; the level of and cancellation of customer orders; risks associated with manufacturing batteries and fuel cell power modules; variations in and characteristics of the hydrogen fueling location, including but not limited to fueling hardware and software protocol, fuel amount, and fueling conditions, any of which may affect refueling times; variations in terrain, temperature, speed, road conditions, truck configuration, payloads and other variables which may affect range; the Company’s ability to remain listed on Nasdaq; and the factors, risks and uncertainties  described in the “Risk Factors” section of the Company’s quarterly report on Form 10-Q for the quarter ended September 30, 2023 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 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.

MEDIA INQUIRIES
[email protected]

• Record 88 wholesale deliveries of hydrogen fuel cell electric trucks in Q3, up 22% quarter over quarter
• FCEV Fleet adoption up 78% year-to-date, with 16 end fleets deploying Nikola FCEVs, 32 distinct end fleets across both powertrains
• Expanded dealer network for the first time since launch of the FCEV
• Reiterating our year-end volume guidance of 300-350 FCEVs

PHOENIX – October 31, 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 September 30, 2024.

“Year-to-date, we had record sales of hydrogen fuel cell electric trucks, a 78% increase in FCEV fleet adoption, and a nearly 350% increase in hydrogen fuel dispensed at our commercial stations,” said Steve Girsky, President and CEO of Nikola. “We also returned 78 BEV “2.0s” back to end fleets and dealers. With every truck delivered and fueled at our HYLA stations, we continue to deliver proof points to the market that zero-emission trucks are driving the future of Class 8 mobility.” 

Hydrogen Fuel Cell Electric Truck
We delivered record sales of 88 FCEVs to our dealer network, up 22% from last quarter. On the retail front, we continued to see strong organic growth from existing end fleets. National fleet partners such as Kenan Advantage Group and DHL Supply Chain recently announced deployment of Nikola FCEVs and noted the important role we play in not only helping them meet their sustainability goals, but those of their end customers, which includes Nestlé and Diageo.

We expanded our dealer network for the first time since the launch of our FCEV with the addition of GTS Group, in Southern California. GTS, a successful traditional truck dealership, recently introduced a new division, created for the sales and service of Nikola trucks called “Next Generation Truck” or NGT.  This additional dealer brings the number of Nikola sales and service locations up to nineteen across the U.S.  

We reiterate FCEV volume guidance of 300-350 trucks by year-end.

HYLA Energy
We expect to deliver 10 HYLA fueling solutions by year-end. We are focusing our strategy on providing more support at existing stations to better serve our customers as we scale. Operationally, over the lifetime of the entire HYLA network, we have recorded more than 5900 fueling events, dispensing more than 210 metric tons of hydrogen, for an average of 36kg per fill. The year-to-date ramp-up in mobile hydrogen refueling stations has been very strong. Since we began measuring commercial fueling operations in Q1, total hydrogen dispensing has grown nearly 350% year-to-date.

Battery-Electric Truck
We are excited that the BEV “2.0” is back on the road, hauling freight, and validating its use case. Since putting the BEV 2.0 back into service, 19 end fleets have accumulated more than 715K in-service road miles. The BEV 2.0 has been the truck of choice for our end fleets not only for its performance but also to meet the sustainability goals of end fleet partners. Program-to-date, we’ve returned 78 BEVs back to the market to overwhelmingly positive feedback.

Third Quarter Operational and Financial Highlights

Webcast and Conference Call Information
Nikola will host a webcast to discuss its third quarter results and business progress at 7:30 a.m. Pacific Time (10:30 a.m. Eastern Time) on October 31, 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.

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 belief that the third quarter is an example of how it is executing its strategic and operational objectives by strengthening its resolve to push forward, meet the demands of end fleets, and lay a path for a sustainable future; the Company’s belief that zero-emission trucks are driving the future of Class 8 mobility;  the Company’s beliefs regarding its role in helping to meet sustainability goals; the Company’s future financial and business performance, truck sale guidance, 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;  and the Company’s beliefs regarding the benefits and attributes of its trucks, and customer experience. 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: the Company’s ability to continue as a going concern; the Company’s cash needs and obligations, and changes in its cash needs and obligations; the Company’s its ability to raise sufficient capital to continue to operate its business; the Company’s ability to achieve cost reductions and decrease its cash usage; the ability of the Company to successfully execute its business plan; design and manufacturing changes and delays, including shortages of parts and materials and other supply challenges; the continued availability of hydrogen refueling solutions; 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; 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 June 30, 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.

INVESTOR INQUIRIES:
[email protected]

Diageo Press Releases

Westerville, OH, October 23, 2024 – DHL Supply Chain, the Americas leader in contract logistics, and Diageo North America, a premium drinks company, have announced plans to incorporate two fuel cell electric trucks, powered with hydrogen, to their U.S. fleet. The Class 8 trucks, manufactured by Nikola Corporation, will be deployed and fueled with a HYLA modular refueler at the Diageo campus in Plainfield, Ill., marking a milestone for the state.

DHL Supply Chain, Diageo North America’s trusted contract logistics partner for over 20 years, has been actively working to develop innovative solutions that help to decarbonize its customers’ logistics operations. The hydrogen fuel cell electric trucks are part of a broader sustainable supply chain strategy that has included use of battery electric vehicles, optimizing vehicle usage and routes, shifting to a multimodal approach, and increased use of US EPA SmartWay partner carriers. These efforts have resulted in year-over-year reductions in carbon dioxide emissions for both Diageo and DHL.

“We are thrilled to integrate Nikola’s hydrogen fuel cell electric trucks into our U.S. fleet,” said Jim Monkmeyer, President of Transportation, DHL Supply Chain. “As a global logistics company with the goal of decarbonizing its business, we’ve integrated sustainability as a fourth strategic bottom line named “Green Logistics of Choice” in our newly announced Strategy 2030. The deployment of these fuel cell electric vehicles is one of many initiatives that demonstrates how we are putting action behind our words.”

Nikola’s hydrogen fuel cell electric trucks offer a sustainable, and efficient alternative to traditional diesel-powered vehicles.

• The trucks utilize fuel cell technology to convert hydrogen into electricity, powering the vehicle’s electric motors providing up to 500 miles in range on a single fill.
• Replacing two diesel trucks with fuel cell electric vehicles is expected to reduce 80% carbon emissions over the course of a year.
• The trucks produce no tailpipe emissions, contributing to cleaner air and reduced greenhouse gas emissions.
• The switch from diesel to fuel cell electric vehicles will significantly reduce local emissions including particulate matter and nitrogen oxide emissions.
• The trucks also offer significant improvements in driver comfort and safety by reducing noise and vibrations, leading to less driver fatigue. It also enhances visibility with advanced camera support.

“We are extremely excited to be a part of this partnership delivering the first set of heavy-duty hydrogen trucks to Illinois, home to our largest manufacturing hub in North America. This initiative is part of our continued work to decarbonize our footprint in Plainfield, Illinois making our operations more efficient and sustainable,” said Marsha McIntosh, President of North America Supply at Diageo.

Diageo’s presence in Plainfield, Illinois has expanded significantly over the years, playing a strategic role in its regional operations. This hub is home to manufacturing, bottling, and warehousing facilities, and it is instrumental in producing some of the company’s most iconic brands, like Captain Morgan and Smirnoff. Incorporating hydrogen fuel cell trucks into its fleet will contribute to Diageo’s broader efforts to reach net zero carbon emissions across direct operations by 2030 and its value chain by 2050 or sooner, as outlined in its Spirit of Progress action plan.

“We’ve prioritized sustainability and green initiatives in Plainfield and are thrilled to see DHL Supply Chain and Diageo North America introducing hydrogen fuel cell electric trucks and battery electric vehicles as part of their fleet – great companies at the forefront of innovation,” said Plainfield Mayor John F. Argoudelis.

“Will County is known for its strong manufacturing industry,” said State Senator Meg Loughran Cappel (D-Shorewood). “Companies like Diageo are taking essential steps toward a sustainable environment that will help Illinois meet its clean energy goals.”

“We’re proud to work alongside visionary partners like DHL and Diageo in driving the transition to zero-emissions transportation,” said Nikola President and CEO Steve Girsky. “Their commitment to sustainability aligns perfectly with our mission, and we are honored to provide the HYLA hydrogen as well as the hydrogen fuel cell electric trucks that power this shared goal.”

With the trucks being the first of its kind to operate in Ill., DHL Supply Chain, Diageo North America, and Nikola collaborated for more than 18 months to ensure a successful deployment. The groundbreaking initiative involved extensive coordination with state and local stakeholders to enable a smooth and safe rollout. The collaboration entailed reviewing critical operational parameters, conducting trial runs under real-world operating conditions, and securing permissions to operate hydrogen fueling assets. Additionally, the companies provided education about the new technology, demonstrating the commitment of all parties involved to pioneering safe sustainable transportation solutions.

DHL and Diageo North America have a longstanding partnership focused on sustainability, beginning in 2015 with the deployment of the first ever Class 8 Orange electric vehicle yard trucks in the U.S. Since then, the EV fleet has grown significantly, with over 10 EV Yard trucks now operating at Diageo’s Plainfield, Ill. campus and close to 100 across DHL Supply Chain facilities in North America. By transferring the learnings from their initial EV Yard truck deployment to on-road applications, DHL and Diageo North America aim to continue leading the way in sustainable logistics and transportation.

MEDIA CONTACTS

DHL Supply Chain
Glennah Ivey-Walker
Phone: 516.547.1684
E-mail: [email protected]

Diageo North America
Luis Carlos Rabago
Phone: 203.690.0860
E-mail: [email protected]

DHL – The logistics company for the world
DHL is the leading global brand in the logistics industry. Our DHL divisions offer an unrivalled portfolio of logistics services ranging from national and international parcel delivery, e-commerce shipping and fulfillment solutions, international express, road, air and ocean transport to industrial supply chain management. With about 395,000 employees in more than 220 countries and territories worldwide, DHL connects people and businesses securely and reliably, enabling global sustainable trade flows. With specialized solutions for growth markets and industries including technology, life sciences and healthcare, engineering, manufacturing & energy, auto-mobility and retail, DHL is decisively positioned as “The logistics company for the world”.

DHL is part of DHL Group. The Group generated revenues of more than 81.8 billion euros in 2023.

With sustainable business practices and a commitment to society and the environment, the Group makes a positive contribution to the world. DHL Group aims to achieve net-zero emissions logistics by 2050.

ABOUT DIAGEO NORTH AMERICA
Diageo is a global leader in beverage alcohol with an outstanding collection of brands including Johnnie Walker, Crown Royal, Bulleit and Buchanan’s whiskies, Smirnoff, Cîroc and Ketel One vodkas, Casamigos, DeLeon and Don Julio tequilas, Captain Morgan, Baileys, Tanqueray and Guinness. Diageo is listed on both the New York Stock Exchange (NYSE: DEO) and the London Stock Exchange (LSE: DGE) and their products are sold in more than 180 countries around the world. For more information about Diageo, their people, brands, and performance, visit www.diageo.com. Visit Diageo’s global responsible drinking resource, www.DRINKiQ.com, for information, initiatives, and ways to share best practice. Follow on Instagram for news and information about Diageo North America: @Diageo_NA.

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, Arizona with a manufacturing facility in Coolidge, Arizona.

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.

PHOENIX – October 21, 2024 — Nikola Corporation (Nasdaq: NKLA), a global leader in zero-emissions transportation and energy supply and infrastructure solutions, via the HYLA brand, released their first-ever sustainability impact report today. Nikola’s 2023 Sustainability Impact Report covers environmental and social impacts, reporting, and progress towards Nikola’s sustainability priorities.

According to the Environmental Protection Agency (EPA), the transportation industry causes an estimated 28% of direct U.S. greenhouse gas (GHG) emissions. Medium and heavy-duty trucking represents approximately 23% of transportation industry GHG emissions.

“Nikola’s commitment to sustainability is not just trendy or a nice-to-have, it’s who we are, and the marketplace is realizing that it’s time to shed the old standards of the transportation industry for new solutions,” said Alexia Bednarz, Nikola’s Head of Sustainability. “And today, hundreds of Nikola zero-emissions trucks are on the road, delivering goods.”

In 2023, more than 10% of Nikola’s Coolidge manufacturing facility’s energy output was covered by solar power, and in 2023, Nikola outperformed internal manufacturing targets to reduce waste. Data highlights from the report include:

• Scope 1 and 2 greenhouse gas accounting (2023)
• 114 total vehicles sold (in 2023)
• 45% diversion rate of manufacturing waste (in 2023)
• 100% of scrapped lithium-ion batteries recycled or reused (in 2023)
• 192 metric tons of batteries reused and recycled (in 2023)
• 182 metric tons of hydrogen dispensed (from 12/27/23 to 9/30/24)
• 5,091 hydrogen fueling events (from 12/27/23 to 9/30/24)

“We believe there is both an opportunity and responsibility to participate in mitigating climate change,” said Bednarz. “The future is important to us at Nikola, so is the health and safety of drivers and communities surrounding ports, where Class 8 trucks are often found. We are seeing this momentum throughout calendar year 2024 with increased truck sales, more HYLA-authorized stations opened and a larger sustainability impact as zero tailpipe emissions trucking becomes more widespread in North America.”

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, Arizona with a manufacturing facility in Coolidge, Arizona.

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 momentum throughout calendar year 2024 with more Nikola trucks sold, more HYLA-authorized stations opened and a larger sustainability impact as zero tailpipe emissions trucking becomes more widespread in North America.  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: completion of the Company’s review of its third quarter results; changes to assumptions underlying vehicle sales; the ability of the Company to access sufficient capital to meet its requirements and fund its business; manufacturing delays and difficulties; risks related to the rollout of the Company’s hydrogen fueling infrastructure and the timing thereof; construction risks and delays; the availability of access to hydrogen refueling facilities; the level of and cancellation of customer orders; risks associated with manufacturing batteries and fuel cell power modules; variations in and characteristics of the hydrogen fueling location, including but not limited to fueling hardware and software protocol, fuel amount, and fueling conditions, any of which may affect refueling times; and the factors, risks and uncertainties described in the “Risk Factors” section of the Company’s annual report on Form 10-K for the year ended December 31, 2023 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 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.

NIKOLA MEDIA CONTACT
[email protected]