#1101 FLI dragonfly ENERGY Ⓡ Revolutionizing Smart Energy Storage to Enable a Clean, Renewable Future April 2023#2Disclaimer (1/2) dragonfly Legal Disclaimer This investor presentation (this "Presentation") has been prepared for use by Dragonfly Energy Holdings Corp. ("Dragonfly" or the "Company"). This Presentation is for information purposes only and may not be reproduced or redistributed, in whole or in part, without the prior written consent of Dragonfly. Dragonfly does not make any representation or warranty as to the accuracy or completeness of the information contained in this Presentation. This Presentation does not and, if hereafter supplemented, will not be all inclusive or contain all of the information that may be required to evaluate any investment in Dragonfly. You should not definitively rely upon it or use it to form the definitive basis for any decision, contract, commitment or action whatsoever. 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All forward-looking statements are subject to risks, uncertainties, and other factors (some of which are beyond the control of Dragonfly) which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. 2#3Disclaimer (2/2) dragonfly Forward-Looking Statements (cont'd) All forward-looking statements are based upon estimates, forecasts and assumptions that, while considered reasonable by Dragonfly and its management are inherently uncertain and many factors may cause the actual results to differ materially from current expectations which include, but are not limited to: 1) the ability of Dragonfly to successfully increase market penetration into its target markets; 2) the possibility that the addressable markets that Dragonfly intends to target do not grow as expected; 3) the loss of any key executives; 4) the loss of any relationships with key suppliers including suppliers in China; 5) the loss of any relationships with key customers; 6) the inability to protect Dragonfly's patents and other intellectual property; 7) the failure to successfully optimize solid state cells or to produce commercially viable solid state cells in a timely manner or at all, or to scale to mass production; 8) changes in applicable laws or regulations; 9) the possibility that Dragonfly may be adversely affected by other economic, business and/or competitive factors; 10) the impact of the novel coronavirus disease pandemic, including any mutations or variants thereof, and/or the Russian/Ukrainian conflict, and their effects on business and financial conditions; 11) the potential for events or circumstances that result in our failure to timely achieve the anticipated benefits of our customer arrangements with THOR; and 12) other risks and uncertainties set forth in the sections entitled "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" in Dragonfly's Registration Statement on Form S-4 relating to the business combination declared effective by the SEC on September 16, 2022, in Dragonfly's Current Report on Form 8-K filed with the SEC on October 7, 2022, and in Dragonfly's subsequent filings with the SEC. 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You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. 3#4Investment Thesis * ESG Investment Large Addressable Market dragonfly ENERGY Integrated lithium-ion technology company delivering environmentally impactful solutions for energy storage Strong Leadership Profitable Growth Solid State Upside Current and identified adjacent market represent a total addressable market opportunity of ~$85BN) by 2025E Strategic Investment Existing profitable business with revenues of $78MM in 2021 $15MM strategic investment from THOR Industries, the world's largest manufacturer of recreational vehicles Disruptive proprietary solid state technology will enable renewables to be cost competitive with fossil fuels Visionary management team with early mover advantage Source: Management Estimates, Frost & Sullivan, NMMA, RVIA, Grandview Research, Statista, Research Nester, Associated Press, Generac, CTIA, International Construction, U.S. Energy Information Administration, U.S. Census Bureau. (7) Annual, cumulative addressable markets by 2025E. dragonfly 4#5OUR TEAM DENIS PHARES CHIEF EXECUTIVE OFFICER dragonfly ENERGY Ⓡ JOHN MARCHETTI CHIEF FINANCIAL OFFICER WADE SEABURG CHIEF REVENUE OFFICER TYLER BOURNS CHIEF MARKETING OFFICER LO 5#6Dragonfly's Industry Leading Business 4 dragonfly ENERGY Ⓡ ■ ■ Incorporated in 2012 Headquartered in Reno, Nevada >150 employees Source: Dragonfly Energy. As of Q2 2022 (7) (2) (3) (4) $78 Million 2021 Revenue >175K Batteries Sold Since 2018 (1) dragonfly >20x DTC (2) Customer Growth since 2017 (¹) ~160% OEM (3) Revenue CAGR since 2018(¹) >30 Granted and Pending Patents(1) >$500 Million Manufacturing Sales Capacity(4) DTC denotes Direct to Consumer. OEM denotes Original Equipment Manufacturer. Based on Company's estimated manufacturing capacity after planned expansion. 6#7The Dragonfly Energy Advantage Environmentally safe Efficient and reliable ✓ Innovative technology ✓Unmatched brand recognition ✓ Exceptional customer experience Designs & assembles batteries in the U.S. Dragonfly is a full system integrator offering batteries, cables, and accessories Our Batteries 244 diaganily THE GC3H Lithium Ion Battery stack *o dragonfly y KASA GAMECHANGER 3.0 BATTLE BORN www.laferi bat: dragonfly Limitless green energy 270Ah 12V LiFePO Buttons 10 Amp Hor UFeP Batery far Them Suyut there. 75 Amp Hour 12 Volt LiFePO4 Battery S AR01 do cokolnak bele M BATTLE BORN NETTE Jes L S dragonfly 8D Sim Fire Suragonfly HEAL Ar real Canaliqui Panga | TA82.262 | 567 pod cegues Get out boy, 10ay NO BATTLE BURN Whe 100 Amp Hour 12 Volt LiFePO4 Battery of LING. Battery C WE www.butlebucubulleries cou Sói M188 | intottenteis.com 2 Get out the stay out for 270Ah 12V LPD. Battery note kate 100 HOU dragonfly BAL Boumerota dragonfly Lisa ga onero way Pan *** wor Get Out There. Stay Out There. grond 7#8Dragonfly is Positioned to Sit at the Nexus of Energy Technology Solid State Li-ion Cells QuantumScape Source: Dragonfly Energy. T TESLA Solid Power BYD Li-Cycle Vertically Integrated Energy A dragonfly ENERGY Conventional Li-ion Battery Manufacturers SAMSUNG microvast SAMSUNG SDI CATL ENOVIX (5) LG Energy Solution eos stem dragonfly ESSINC Technology-Focused Energy Storage 8#9Rapidly Entering into New Addressable Markets (7) Dragonfly's lithium-ion deep cycle batteries are ideally suited for applications where stability, longevity, and safety are a priority and for powering and charging devices and appliances, low-density mobility, and on-grid energy storage Source: Management Estimates, Frost & Sullivan, NMMA, RVIA, Grandview Research, Statista, Research Nester, Associated Press, Generac, CTIA, International Construction, U.S. Energy Information Administration, U.S. Census Bureau. Annual, cumulative addressable markets by 2025E. 0+ Specialty Vehicle / Work Truck Solar Integration Annual U.S. Market Size Emergency and Standby Power $85BN Addressable Markets Industrial / Material Handling $12BN Current Markets Off-Grid (1) RV Marine (1) ETT Telecom = 0 0 Data Center On-Grid Storage dragonfly 9#10Displacing Lead Acid Today, Replacing Coal Tomorrow Technology Products Operations Sales Channels TODAY Leader in non-toxic lithium- ion batteries Industry leading batteries and accessories 99k sq. ft. battery assembly facility DTC + OEMs >>>> » >>>> TOMORROW Proprietary non-flammable, non- toxic solid state cells Vertically integrated energy storage system integrator Fully automated battery assembly and solid state cell manufacturing DTC + OEMs + Fleets + Utilities dragonfly 10#11Company Overview Secure GC3H L tary dragonfly === GAMECHANGER 30 dragonfly Down GE 270AZY LIFIPO TTRICHER 11/20 COUGAR JO Donate to Veterans areers in The Culir Visit LetsChow#12Lead-Acid: A Toxic Problem 85% Of the total global consumption of lead is for the production of lead-acid batteries(¹) 900K Annual deaths attributed to lead exposure globally(¹) 33% Of children suffer from lead poisoning worldwide(2) $1 Trillion Estimated annual cost of lost productivity due to lead exposure globally(2) Source: (1) World Health Organization. (2) Stanford University. "Lead poisoning of children: Researchers and others reveal pervasive health threats of unregulated battery recycling." POISON Sims Stora POISON P Eftersmai poate SHACKING dragonfly LOWER LEVEL 12#13Leading the "Lead is Dead" Revolution (1) (2) (3) Dragonfly's cutting-edge technology is enabling the widespread conversion to green, renewable energy Battle Born Lithium-Ion vs. Lead-Acid Battery Battery Lifecycle Costs 4 Environmentally Safe and Non-Toxic [] >10x Longer Life 2x - 3x More Power HI 1/5th the Weight 5x Faster Charging BATTLE BORN BATTERIES Zero Maintenance Ⓡ $900 Lifecycle Cost Savings Expensive AGM(2) $7,920 ľ Source: Management estimates and analysis, Lead is Dead White Paper, Morton's on the Move. Note: Analysis using comparable 100AH, 12V batteries. Based on 1 Battle Born battery needed to achieve 100AH. Initial cost of $900 per battery. Assumes 7,000 lifecycles at 80% depth of discharge (DOD) with no replacement needed. Based on 2 AGM batteries needed to achieve 100AH. Initial cost of $360 per battery. Each battery achieves 700 lifecycles at 80% DOD; 10 replacements needed to achieve 7,000 lifecycles. Based on 2 AGM batteries needed to achieve 100AH. Initial cost of $245 per battery. Each battery achieves 500 lifecycles at 80% DOD; 14 replacements needed to achieve 7,000 lifecycles. 8.8x Cheaper AGM (3) $7,350 8.2x dragonfly 13#14Proprietary Capabilities vs. Li-Ion Competitors Internally Heated Battery (7) (2) Battery Management System Ensures battery longevity through regulating currents and protecting the system and cells ✓ Multiple Tiered Current ✓ Short Circuit Protection ✓ Temperature Protection ✓ 100% Depth of Discharge ✓ Automatic Cell Balancing Source: Dragonfly Energy. Expected to launch H1 2023. Controller Area Network. Low draw technology keeps battery within optimal internal conditions ✓ Optimal Performance in Winter ✓ Verified Outperformance vs. AGM Self-Regulating ✓ Minimal Energy Drain No External Energy Required Battery Communication System(¹) RV Dragonfly Hub 1 RV 1 Actively monitors the health and status of the entire battery system 7495% BATTERY DETAILS ✓ Real-Time Data Monitoring 85 ✓ Aggregated for Entire Battery Bank Voltage dragonfly 13.31V ✓ Active Alerts and Messages REMOVE ✓ Facilitates OEM Diagnostics Estimated time remaining ✓ CANbus(2) Communication Capabilities 14#15■ (7) (2) EA State-Of-The-Art Manufacturing Process I Proprietary automated systems designed to improve production efficiency Thoroughly test each component, system, and final product ensuring unmatched commitment to quality ▪ Designed and assembled in the U.S. ▪ Mass production is a key focus when developing technology and designing products 201 Individual Cell Cycling and Sorting Assembly of the Battery Module Battery Module Cycling and Sorting Source: Dragonfly Energy. Based on Company's estimated manufacturing capacity after planned expansion. In process of completing automated functionality. Get out there, stay out ther Manufacturing Breakthroughs: Current Capacity Allows for >$500MM in Sales(¹) Continuously focused on improving and innovating the manufacturing process to increase capacity, while lowering costs without sacrificing quality B₂ 80 =8:::::8 Integrate Battery Management System Battery Pack Assembly and Testing Automated Process 137 5 100 dragonfly Glue, Seal, and Cure Battery Packs Leading with Automation Automated Adhesive Application System (2) Label and Package In Process of Being Automated 15#16Proven Go-To-Market Strategy Customer demand and brand recognition from aftermarket sales driving significant adoption from OEMs BATTLE BORN EXTERIES JE 100 Amp Hour 12 Volt LiFePO. Battery 10 S S P www..com/2007/hac DTC/AFTERMARKET EDUCATING THE CONSUMER UPTAKE dragonfly CONSUMER FEEDBACK PENETRATES DEALERS AND OEMs EXCLUSIVE MANUFACTURING FOR OEMS OEM COLLABORATION THE GAMECHANGER 3.0 GC3H Lahemlon Battery dragonfly Limitless green energy" 270Ah 12V LiFePO. Battery T dragonfly dragonfly LINIE 1989 16#17(1) (2) (3) (4) (5) Deepening with THOR Industries THOR Industries has invested $15MM of strategic capital in Dragonfly, deepening its long-lasting relationship THOR Industries at a Glance ■ ■ THOR Industries (NYSE: THO) is the largest manufacturer of recreational vehicles in the world The THOR family consists of 140+ brands from 15+ major RV manufacturers in North America, including Airstream and Keystone ~$4.5BN Market Cap(¹) ~3,500 Dealerships (3) THOR Family AIRSTREAM KEYSTONE RV COMPANY CROSSROADS Recreational Vehicles Relationship RECREATIONAL CHY) CRUISERRV Green American Talers REDWOOD $16.1BN TTM Revenue(2) 397 Global Facilities (3) RV Lunery Suites Source: Dragonfly Energy, Public Company Filings, Company Websites, FactSet. As of 07/08/2022. TTM as of 04/30/2022. As of 07/31/2021. In which the Company participates in North America. U.S. and Canada wholesale unit shipments for calendar year 2021. Dutchmen STARCRAFT ENTEGRA COACH' THOR $1.8BN TTM EBITDA (²) TIFFIN NO OKOV >30,000 Employees (3) HEARTLAND Highland RIDGE RV Jayco * THOR Industries #1 Industry Leader in All Segments (4) ●●● dragonfly ~266K 2021 North American Wholesale RV Shipments (5) Keystone currently enjoys an exclusive relationship with Dragonfly for certain battery brands that, in time, will expand to an exclusive relationship across the entire family of THOR brands ... Todd Woelfer, THOR Chief Operating Officer II 17#18Purpose Engineered for Deep Cycle Applications Dragonfly's LFP chemistry is ideally suited for applications where stability, longevity, and safety are key criterial Lithium Iron Phosphate (LFP) Nickel Manganese Cobalt (NMC) Displacing: Lead acid batteries (all types) Competing Clean Technologies: None Ideal LFP Markets 0 On-Grid Storage 貿 Telecom Data Center Source: Dragonfly Energy. Solar Integration Specialty Vehicle / Work Truck Key Characteristics: Long life, affordable price, safe, stable DO Key Considerations: Ideal for powering / charging devices and appliances and low speed vehicles Industrial/ Material Handing Emergency and Standby Power Marine RV Off-Grid Scooters Bikes Displacing: Gasoline and diesel fuel Competing Clean Technologies: Hydrogen fuel cells, LNG, biofuel Ideal NMC Markets +4 Starter Batteries aro ATV X Drones Consumer Electronics Key Characteristics: High energy density, fast charging dragonfly Key Considerations: Expensive, raw material shortages, requires fast charging infrastructure Commercial EV Powertrain X Aerospace Passenger EV Powertrain 18#19Solid State Development dragonfly dragonfly Limitless green energy 19#20Solid State: Why Does it Matter? (7) (2) For the Environment ▪ Drives Shift from Fossil Fuels: Low levelized cost(¹) competes with burning coal and natural gas ▪ Safety: Non-flammable, which enables smart distributed energy storage For Dragonfly ▪ Enhanced Gross Margins: Reduces material costs by >50% (2) ▪ Vertical Integration: Designed and manufactured in the U.S. Source: Dragonfly Energy. Defined as lifetime costs divided by energy production. As compared to traditional lithium-ion cells. dragonfly dragonfly LI.B 88 Dragonfly's envisioned smart storage solution will allow for a more stable power grid and encourage the widespread incorporation of renewable energy sources 20#21Accelerating the Future with Solid State Development Dragonfly has validated its solid state technology and is currently optimizing the cells and preparing for production Develop Dry Spraying Technique Develop Electrodes and Electrolytes Cycle Against Lithium Metal Cycle Against Graphite Assemble Layered Pouch Optimize Chemistry Construct Pilot Production Line Extend Longevity Testing Integrate into Battery Packs Scale to Mass Production Research and Development Source: Dragonfly Energy. 2012 - 2019 2020 2021 2022 - 2024 dragonfly Production and Commercialization 21#22Innovative Technology Dragonfly's solid state technology is purpose-designed for cost-effective, highly scalable manufacturing Technological Innovations ✓ Proprietary Encapsulation Process ✓ Proprietary Spray Powder Application ✓ Non-Flammable and Non-Toxic ✓ Homogenized Interfaces SEM Image of Catholyte til- 5/13/2020 AUT det 0.0 1042AN AM 2.00 lev D.1D nA ETD SE Source: Dragonfly Energy. mode mag m Wo 5 000 x 3.6 mm 4.0095 mm 51m Scios 2 No Solid Separator No Liquids No Lithium Dendrites SEM Image of (+) Electrolyte tilr 0.0 10/8/2020 HV OUT ret mode mag m wo 802 AM 2.00 kv D.1D nA ETD SE 6 500 x 3.9 mm 3.9653 mm 5 pm Scios 2 Manufacturing Innovations ✓ Lower Capital Requirements ✓ Extremely Cost Effective ✓Scalable, Highly Automated Processes ✓ Chemistry Agnostic SEM Image of Layered Dry-Spray Deposition 8 tilt 48.0 dragonfly 12/5/2019 HV 11:51:58 AM 5.00 kV curr det mode magm WD 0.10 nA ETD SE 800 x 6.7 mm 7.1054 mm 50 μm- Scios 2 22#23Validated Results from Proprietary Process Electrolyte Catholyte & Anolyte Spray Dryer for Feedstock Encapsulation Powder Coating for Cell Assembly Non-Flammable, Non-Toxic Proven Process for Food and Pharma Proven Process for Automotive Painting Exceptional Layer Interfacing Dragonfly's proprietary encapsulation and dry spraying processes result in cells that don't actually have “layers,” but instead are fully integrated ■ Utilizing scanning electron microscopy (EMS) and energy dispersive x- ray spectroscopy (EDS), individual components of the cell are visible Images Show Cross-Section of Same Cell Layer SEM Image of Cell Layer EDS Map of Catholyte Highly interfaced with solid electrolyte Source: Dragonfly Energy. dragonfly EDS Map of Solid Electrolyte Highly interfaced with catholyte EDS Map of Lithium Salts Completely integrated throughout 23#24Investment Thesis * ESG Investment Large Addressable Market dragonfly ENERGY Integrated lithium-ion technology company delivering environmentally impactful solutions for energy storage Strong Leadership Profitable Growth Solid State Upside Current and identified adjacent market represent a total addressable market opportunity of ~$85BN) by 2025E Strategic Investment Existing profitable business with revenues of $78MM in 2021 $15MM strategic investment from THOR Industries, the world's largest manufacturer of recreational vehicles Disruptive proprietary solid state technology will enable renewables to be cost competitive with fossil fuels Visionary management team with early mover advantage Source: Management Estimates, Frost & Sullivan, NMMA, RVIA, Grandview Research, Statista, Research Nester, Associated Press, Generac, CTIA, International Construction, U.S. Energy Information Administration, U.S. Census Bureau. (7) Annual, cumulative addressable markets by 2025E. dragonfly 24