#1EMBARK NASDAQ: EMBK Q1 2022 Earnings May 10, 2022 W MC # 000056 US DOT # 2952363 CA # 497651 80 Embark Trucks Inc. 303#2DISCLAIMER This presentation (the "presentation") is being delivered to you by Embark Technology, Inc. ("Embark"). This presentation and any oral statements made in connection with this presentation shall neither constitute an offer to sell nor the solicitation of an offer to buy any securities. No Representations and Warranties This presentation is for informational purposes only and does not purport to contain all of the information that may be required to evaluate a possible investment decision with respect to Embark. The recipient agrees and acknowledges that this presentation is not intended to form the basis of any investment decision by the recipient and does not constitute financial investment, tax or legal advice. No representation or warranty, express or implied, is or will be given by Embark or any of their respective affiliates, directors, officers, employees or advisers or any other person as to the accuracy or completeness of the information (including as to the accuracy, completeness or reasonableness of statements, estimates, targets, projections, assumptions or judgments) in this presentation or in any other written, oral or other communications transmitted or otherwise made available to any party in the course of its evaluation of a possible transaction and no responsibility or liability whatsoever is accepted for the accuracy or sufficiency thereof or for any errors, omissions or misstatements, negligent or otherwise, relating thereto. The recipient also acknowledges and agrees that the information contained in this presentation is preliminary in nature and is subject to change, and any such changes may be material. Embark disclaims any duty to update the information contained in this presentation. Forward-Looking Statements This presentation contains forward-looking statements under Section 27A of the Securities Act of 1934 and within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are all statements the Company makes other than those dealing specifically with historical matters. Please refer to the Company's filings with the Securities and Exchange Commission, including our annual report on Form 10-K files on March 21, 2022 for additional factors that could cause actual results to materially differ from current expectations. The forward-looking statements included in this presentation are valid only as of today's date except where otherwise noted. Embark Trucks, Inc. undertakes no obligation to update these statements. Industry, Market Data and Partnerships In this presentation, Embark relies on and refers to certain information and statistics regarding the markets and industries in which Embark competes. Such information and statistics are based on management's estimates and/or obtained from third-party sources, including reports by market research firms and company filings. While Embark believes such third-party information is reliable, there can be no assurance as to the accuracy or completeness of the indicated information. Embark has not independently verified the accuracy or completeness of the information provided by the third-party sources. This Presentation contains descriptions of certain key business partnerships with Embark. These descriptions are based on the Embark management team's discussion with such counterparties, certain non-binding written agreements and the latest available information and estimates as of the date of this Presentation. These descriptions are subject to negotiation and execution of definitive agreements with certain of such counterparties which have not been completed as of the date of this Presentation, unless specified otherwise. Trademarks This presentation may contain trademarks, service marks, trade names and copyrights of other companies, which are the property of their respective owners, and Embark's use thereof does not imply an affiliation with, or endorsement by, the owners of such trademarks, service marks, trade names and copyrights. Solely for convenience, some of the trademarks, service marks, trade names and copyrights referred to in this presentation may be listed without the TM, O or Ⓡ symbols, but Embark and its affiliates will assert, to the fullest extent under applicable law, the rights of the applicable owners, if any, to these trademarks, service marks, trade names and copyrights. Use of Non-GAAP Financial Metrics This presentation includes certain non-GAAP financial measures (including on a forward-looking basis) such as Adjusted EBITDA and Free Cash Flow Spend. Embark defines Adjusted EBITDA as net loss, adjusted for interest income/expense, depreciation and amortization, stock-based compensation expense, change in fair value of warrant liabilities. Em bark defines Free Cash Flow as net cash used in operating activities, adjusted for capital expenditures. These non-GAAP measures are an addition, and not a substitute for or superior to measures of financial performance prepared in accordance with GAAP and should not be considered as an alternative to net income, operating income, net cash used in operating activities or any other performance measures derived in accordance with GAAP. Reconciliations of non-GAAP measures to their most directly comparable GAAP counterparts are included in the Appendix to this presentation. Embark believes that these non-GAAP measures of financial results (including on a forward-looking basis) provide useful supplemental information to investors about Embark. Embark's management uses forward looking non-GAAP measures to evaluate Embark's projected financial and operating performance. However, there are a number of limitations related to the use of these 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 Embark's non-GAAP measures may not be directly comparable to similarly titled measures of other companies. EMBARK • 2#3EMBARK AT A GLANCE EMBARK Embark Company Website Technology - Learn more about Vision Map Fusion (VMF) and Embark Universal Interface (EUI) Press - Stay up to date on Embark's announcements and media coverage ESG - Embark's inaugural ESG report Investor Relations Website News & Events - Press releases, investor presentations and webcasts for key events Quarterly Results - Earnings webcast, presentation, press release and transcripts SEC Filings - All EMBK SEC filings Online Presence Embark Trucks Medium Blog – Selected blog posts from Embark employees Embark Trucks YouTube Channel - Selected videos highlighting trucks in action Instagram: @embarktrucks / LinkedIn: Embark Trucks / Twitter: @embarktrucks Note: Click hyperlinks throughout page to access Embark information. . 3#4KEY BUSINESS UPDATES EMBARK Commercial and Operations Received first TTP Trucks purchased by KNIGHT SWIFT TRANSPORTATION TRANSPORTATION Began 24 hours per day testing in Announced New PDP Partner U.S. XPRESS Launched new customer analytics environment to support PDP partners Leadership Sarah Quick, Head of Ops Safety Bill Ong, Head of Investor Relations Emily Warren, Head of Public Policy (Blog) Jean-Baptiste Passot, Head of Software (Blog) Sam Loesche, Federal Policy (Blog) 4421 Embark Coverage Map Continued advancement with partners Ryder and Alterra on building the backbone of the sunbelt coverage map Ryder Alterralos INDUSTRIAL OUTDOOR STORAGE Technology Roadmap 2022 milestone on delivering 2 of our remaining 5 capabilities on track: Emergency Vehicle Interaction: Q2 2022 Evasive Maneuvers: 2H 2022 Community Embark attended the FIRST Robotics Championship in Houston and sponsored four leading Canadian high-school robotics teams (Blog) ● 4#5LEADERSHIP IN AV TRUCKING IN 2022 Deliver the First Trucks into the Fleets of Carrier Customers Accomplish Two of the Remaining Five Capabilities in our Technological Roadmap Launch the Backbone of the Embark Coverage Map Across the Sunbelt Region LO 5#6Peterbilt XP20294 UTILITY VISION MAP FUSION EXCELS IN SNOW TESTING San Francisco Phass 05 Sunbel Yer 2004 On-road Testing 60-Mile Round Trip Route SanDieg Phase 02 Lower 40 Saft Lake City Ferm Dailes Boghan Cleveland Chalohe Savannah New York Philadelphia Baltimore Charleston Proprietary Weather Model(1) 8 Billion Data Points Over 10 Years Jacke Van duw hinato Oregos Adding Northern Lanes More Than Triples Total Servicable Market (2) 2026 Market Size: ~236 Billion+ Miles Embark Coverage Map Neved 2022 Mapbox OpenStreetMap On-road testing and weather analysis indicated that VMF worked within tolerance thresholds for safe operation in snowfall rates up to one-sixth inch per hour and with snow accumulation of 1 inch on the road over 3 hours Wyomi North Raketa South naknta at Monterrey Mexico Guadalajara nnesota Guit of Mesice Ontario Ottawa aos bancs Phase 1 -62B+ Miles Phase 2 ~174 Billion+ Miles (1) Embark developed a comprehensive weather model using over 8 billion historical weather data points dating back 10 years on all major US routes. (2) Analysis based on the Freight Analysis Framework, produced in partnership with the Bureau of Transportation Statistics and the Federal Highway Administration and additional data from the Bureau of Transportation Statistics Link: https://ops.fhwa.dot.gov/freight/freight_analysis/faf/ . 6#7EMBARK ESG HIGHLIGHTS Inaugural ESG report released on Earth Day Environmental Social Governance Working with fleet partners to help them comply with emissions standards like those announced in the EPA's Clean Trucks Plan Shippers EMBARK Mission to spearhead increased safety on public roads Embark-powered trucks have driven over one million real world miles without a Department of Transportation (DoT) reportable safety incident Prioritizing ESG to Better Serve All Embark Constituents Re-emphasized commitment to diversity, equity, and inclusion (DEI), establishing a Company-level Objective & Key Result to prioritize DEI and promote diversity throughout the organization Carriers 1 4 Community = Investors Truck Drivers Employees Regulators EMBARK W ESG Report 2021 Embark Environmental, Social, and Governance Report IARAN . 7#8EMBARK COVERAGE MAP PROGRESS The Embark Coverage Map will be anchored by a set of Alterra-owned and Ryder-operated transfer points with high volume carrier and shipper facilities complementing these anchor sites in key markets to provide additional density and efficiency. Anchor Transfer Points Inspection Carrier and Shipper Facilities Dispatch Check SOP Pre & Post Documentation Option Terminal Launch Process Flow EMBARK AV Launch Area Carrier Step Gate Access SOP Site Control Notan Embark Step AV Monitoring SOP Development Alterralos Ryder INDUSTRIAL OUTDOOR STORAGE Active search in multiple markets First Alterra acquisition underway Preliminary playbook developed First Ryder-operated site launching this week U.S. XPRESS™ I Preparing U.S. Xpress for efficient operation through use of terminals Terminal network analyzed and select set of markets prioritized eginning SOP development process Portland San Francisco Seattle Los Angeles SanDiego Phase 01: Sunbelt Year 2024+ ● Phase 02: Lower 48 Year 2026+ Tucson Embark Coverage Map Salt Lake City Phoenix Denver Albuquerque El Paso Minneapolis Kansas City Oklahoma City Austin, Laredo Tulsa Dallas San Antonio Houston Milwaukee Chicago Saint Louis Indianapolis Nashville Memphis Birmingham Columbus New Orleans Detroit Mobile Cincinnati Greenville Cleveland Greensboro Atlanta New York Pittsburgh Philadelphia Tampa Charlotte Savannah Baltimore Charleston Jacksonville Orlando Norfolk Miami Boston .8#9EMBARK BY THE NUMBERS 2022E Guidance 1) 2) Cash $244.5M Q1 Cash Balance $19.9M Q1 Free Cash Flow Spend (1) EMBARK $125-140M 2022E Free Cash Flow Spend (1) As defined in non-GAAP reconciliations on slide 15. Employee count includes 8 contractors, 4 in R&D and 4 in G&A. $70 - $75M 2022E Stock-Based Compensation Expense Employees 312 Employees (2) 246 R&D Employees (2) Q1 '22 $18.4M Q1 Net Operating Loss $23.1M Q1 Adjusted EBITDA Loss 9#10EMBARK HAS GROWN WHILE CONTINUING TO MANAGE FREE CASH FLOW SPEND Free Cash Flow Spend Growth $34.2M Reported Free Cash Flow Spend in Q4 2021 $21.7M EMBARK ($12.5) M Q4 2021 FCF Spend (Ex NWC) $24.8M $4.9M $19.9M Q1 2022 Change in Net Working Capital $19.9M Reported Free Cash Flow Spend in Q1 2022 Headcount Growth 236 64 172 Total: +32% R&D: +43% 12/31/21 Headcount R&D G&A 312 66 246 3/31/22 Headcount • 10#11ANNOUNCING EMBARK DAY 2022 SEPTEMBER 20-21, 2022 LOCATION: SAN FRANCISCO, CA AT OUR NEW, 50,000+ SQ FOOT STATE-OF-THE-ART HEADQUARTERS EMBARK XP 20294 203 Enbart Trucks L MC00005 US DOT #2942363 CA #497655 003 EMBARK • 11#12CONCLUDING REMARKS EMBARK Next Gen Mobility Technology Autonomous Autonomous Trucking W 11 EMBARK Clear and Present Market Opportunity Today Limited Players Focused on Trucking Attractive Financial Profile EMBARK is an industry leader and the longest running self-driving truck program • 12#13EMBARK Appendix 1² XP20294 203 Embark Trucks in KI MARADENT CHAN W17870 MILT#14NON-GAAP RECONCILIATION: ADJUSTED EBITDA Embark Technology, Inc. Reconciliation of Adjusted EBITDA (in thousands) (unaudited) Net loss Interest income and expense, net Depreciation and amortization EBITDA Stock-based compensation expense Change in fair value of warrant liabilities Adjusted EBITDA EMBARK Three Months Ended March 31, 2021 $ $ 2022 (18,447) (8) 871 (17,584) 16,602 (22,156) (23,138) $ (8,482) 30 222 (8,230) 562 $ (7,668) • 14#15NON-GAAP RECONCILIATION: FREE CASH FLOW SPEND Embark Technology, Inc. Free Cash Flow (in thousands) (unaudited) Net cash used in operating activities (GAAP) Capital expenditures Free cash flow (Non GAAP) EMBARK Three Months Ended 12/31/2021 3/31/2022 $ (18,225) (1,717) $ (19,942) $ (33,191) (973) $ (34,164) • 15#16NON-GAAP RECONCILIATION: STOCK-BASED COMPENSATION Embark Technology, Inc. Stock-Based Compensation (in thousands) (unaudited) Reported stock-based compensation expense (GAAP) Accrued bonus to be settled in stock EMBARK Transaction related stock-based expense Adjusted stock-based compensation expense $ Three Months Ended 3/31/2022 (16,602) (1,186) $ (17,788) 12/31/2021 $ (44,171) 27,692 $ (16,479) • 16#17EMBARK SHARE DETAIL Share Type Class A (1) Class B Basic Shares Outstanding Other Securities Exercised / Vested, Not Issued Class A Private Warrants (2) Public Warrants (3) Options Outstanding (4) RSU Outstanding Performance Stock Units Outstanding Common Stock Units Outstanding Total Shares (1) (2) (3 (4) (5 Amount EMBARK 362,832,724 87,078,981 449,911,705 4,060,340 8,686,667 14,466,599 21,479,632 9,317,225 44,715,756 1,347,848 553,985,772 Description Common stock - 1 vote per share Common stock - 10 votes per share Note: All data as of 3/31/22 unless otherwise noted. As of May 4, 2022. Includes 2,000,000 Issuance of warrants upon conversion of convertible note. Includes 666,663 forward purchase agreements warrants. Of this amount, 15.3 million are vested and exercisable at $0.13 as of 3/31/22. PSUs do not begin to vest until Embark's share price is at least $20.00, with a vesting schedule comprised of six price-based increments up to $100 per share. Class A shares exercised or vested, but not yet issued as of 3/31/22 Exercisable at $11.50 per share for Class A shares Exercisable at $11.50 per share for Class A shares Weighted average exercise price of $0.21 Vests over four years Performance based RSUS which begin to vest with EMBK trading at greater than $20 per share (5) Related to exercised warrants • 17#18EMBARK Thank You 1² XP20294 203 Embark Trucks in KI MARADENT CHAN W17870 MILT