#1E EMBARK NASDAQ: EMBK Q3 2022 Earnings November 8, 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 filed on March 21, 2022, Form S-1 filed on June 1, 2022, Form 10-Q filed on August 12, 2022, and other documents filed with the SEC from time to time 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 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 and other one-time items. Embark defines Free Cash Flow as net cash used in operating activities, adjusted for capital expenditures including truck deposits, net of returns. Embark also presents Adjusted EBITDA less capex per employee, which is also a non-GAAP metric. 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#3CELEBRATING TRUCK TEAM APPRECIATION WEEK ● ● ● ● Truck Team Appreciation Highlights At Embark, we celebrate Truck Team Appreciation Week recognizing the 24/7 contributions of our Safety Driver & AV Operator teams Our safety drivers are highly experienced, with an average of over 20 years of driving experience and an average of over a million safe miles driven Safety drivers play an integral role in Embark's industry-leading safety record, with zero NHTSA- or FMCSA-reportable crashes or safety incidents Follow us on LinkedIn, Twitter, and Instagram to meet some of our Safety Drivers and Operators and hear their tales from the road! Truck Driver Appreciation Week Medium Blog EMBARK Safety Drivers In Action Emb EMBARK NEM Indark Trucks Inc Driver Spotlights MC# 000056 US DOT #295236 CA#497651 Embark Trucks Inc. Richard Embark Trucks Inc. David Sean . 3#4LEADERSHIP IN AV TRUCKING IN 2022 Deliver the First Truck 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 4#5TTP ON TRACK FOR YEAR END DELIVERY Embark has completed key hardware, software, and operational pre-launch goals in advance of handing over the TTP trucks to Knight-Swift. With the remaining goals, Embark remains on track to meeting year end milestones. Completed Remaining Prior to Launch Hardware Software Operations Design Phase - Reliability, Serviceability, Manufacturability Single Operator, Frictionless System Launch KNX Driver-only Configuration (Remote Guardian Support) EMBARK Integration with KNX's Chosen OEM Platform Automatic Trailer Presence and Weight Configuration KNX Dispatch Integration Component & Subsystem V&V Tests Over the Air Data Strategy KNX Maintenance Program Training Pres. Proving Ground Benchmark results, Requirements traceability, and Release readiness review Final Performance Verification Testing Performance benchmarking and adjustments from track & on-road testing Pilot Runs Testing Truck Support & Monitoring KNX Driver Training Educate drivers on AV system Launch . 5#6TTP TRUCK BUILD DEEP DIVE Reliability, Serviceability, Manufacturability Improved Independent Sensor Pods Highly durable design to withstand a ● ● commercial duty cycle Designed to resist harsh environmental conditions at both the sensor & module level Side-Sensor Pods ● K TRA EMBARK Upgraded lidar sensors to enhance performance No compromises on original OEM functionality Easily installable single assembly module EMBARK Upgraded Autonomous Domain Controller ● ● Improved durability and reliability Military grade ruggedized assembly Secure system monitoring & control Dedicated cooling technology Front Bumper Sensor Integration Integrated design retains serviceability of OEM components while providing easy-access to Embark sensors Reliability Testing Component and Sub stem Level Hardware components and sub-assemblies are run through a rigorous series of tests including shaker testing, power thermal cycling, humidity testing, water and dust ingress, and thermal degradation. System Level Embark has put a TTP prototype through on-road durability testing at TRC Ohio to ensure system level reliability. Thermal Testing Track Testing .6#7EMBARK'S TECHNOLOGY ROADMAP PROVIDES VISIBILITY TO COMMERCIALIZATION WITH SAFETY AT THE FOREFRONT Past Technology Milestones and Accomplishments M Bought First Lane Keeping Truck 2016 Lane Changes O 2017 Embark has identified 16 core capabilities that are required to safely commercialize its technology Cut-Ins Merges Vehicle on Shoulder 2018 Night Driving Surface Streets 2019 M Stop and Go Remote Monitoring 2020 ■ Inclement Weather (excl. snow) Construction 2021 By the end of 2022, Embark will have developed 13 of the 16 capabilities, leaving 3 remaining capabilities required to safely commercialize its technology Emergency Vehicle Interactions Evasive Maneuvers ▬▬▬▬▬—— 2022 To Be Completed by End of 2022 Future Technology Milestones to Accomplish 1) Road Triangles (Stop on Shoulder) 2) Inspections 3) Blown Tires 2023+ 7#8TECHNOLOGY CAPABILITY ROADMAP: INSPECTIONS Truck Safety Today (¹) 6.2% Drivers had OOS violations such as driving over HoS (2) limits 23.8% Trucks had out-of- service (OOS) safety violations EMBARK VEHICLE EMBARK (2) COMMERCIAL 36.9% Trucks with OOS violations found to have unsafe brakes (1) CVSA 2022 International Roadcheck Results HoS Hours of Service SAFETY CVSA ALLIANCE Embark and the AV trucking industry collaborated with CVSA to develop an enhanced CMV inspection standard & training course: • CVSA enhanced commercial motor vehicle inspection standard Training course for motor carrier technicians to perform inspections S CVSA adopted a new enhanced CMV inspection standard for AVs; Embark is piloting the standard in Texas Percentage of trucks inspected Frequency of inspections Stop at weigh stations required? Traditional Roadside Inspections Small percentage of trucks Over 20% of CMVS inspected had safety violations during a 3-day CVSA roadcheck(¹) Occasional Level 1 inspection of truck and driver; at discretion of weigh station personnel Yes Unless granted bypass by law enforcement Enhanced CMV Inspection Standard for AVs 100% of AV trucks Ensures any safety critical risks are detected and mitigated before trucks hit the road Daily Enhanced pre-trip inspection of truck; mandatory at least once every 24 hours No Pre-inspected trucks will be granted 100% bypass .8#9THE EMBARK COVERAGE MAP - LAUNCH OF COAST-TO- COAST AUTONOMOUS TRUCKING NETWORK ● Coast-to-Coast Coverage Map Highlights Completion of 9-site network creating coast-to-coast backbone of Embark Coverage Map 41% of shipping miles, representing 3.3M loads annually (2), in the expanded network are on lanes that are impacted by Hours of Service regulations making AV adoption highly valuable Multiple pilots ongoing with PDP partners . Can expand rapidly within Coverage Map due to Vision Map Fusion ● Strategically expanded network opens crucial shipping lanes for our partners covering 9.5B miles (1) INDUSTRIAL OUTDOOR STORAGE Ryder® Partner in securing optimal real estate sites for AV trucking Partner in providing AV truck support services at transfer points Oakland Embark Coverage Map: Core Coast-to-Coast Network Los Angeles Phoenix El Paso San Antonio Dallas Houston Atlanta Jacksonville EMBARK (2) (1) Reflects annual freight across Embark Coverage Map locations based on 2020 lane level data. Source: Freight Analysis Framework Version 5, Bureau of Transportation Statistics (https://faf.ornl.gov/faf5/Default.aspx) Based on Embark analysis of Freight Analysis Framework (FAF) data, produced through partnership between Bureau of Transportation Statistics (BTS) and Federal Highway Administration (FHWA). 41% represents the percentage of shipment miles on lanes longer than 605 miles, which may exceed driver Hours of Service thresholds. . 9#10EMBARK BY THE NUMBERS 1) 2) $191.0M Q3 Cash Balance $100-115M (Reaffirming) EMBARK 2022E Free Cash Flow Spend (1) As defined in non-GAAP reconciliations on slide 15. As defined in non-GAAP reconciliations on slide 16. $29.4M Q3 Free Cash Flow Spend (1) $74.1 M YTD Free Cash Flow Spend (1) -$4.8M driven by timing of prepaid expenditures and new building expenses $35.4M Q3 Net Loss $24.7M Q3 Adj EBITDA Loss (2) • 10#11CONSISTENT, FOCUSED AND DISCIPLINED BALANCE SHEET MANAGEMENT Financial Highlights ● Asset-lite model enables Embark to flex and focus the spend without compromising commercialization plans . Efficient spend has been consistent, in both good and challenging market conditions ● Focusing resources towards an economically viable commercial product remains a key differentiator . Team in place today to execute the plan to commercialize in 2024 Adjusted Quarterly EBITDA(¹) less Capital Expenditures (²) per Employee (3) (Represented in $000s) EMBARK 2) 3) $91.2 $100.7 Q3'21 $92.9 ||| Q4'21 Q1'22 1) As defined in non-GAAP reconciliations on slide 16. As defined in non-GAAP reconciliations on slide 17. Employees reflects an average of the employee count on the first and last date of each period. See non-GAAP reconciliations on slide 17. Operational process improvements, focused hiring and efficiencies announced at Q2 earnings driving improvements in spend per employee $82.7 Q2'22 $85.6 Q3'22 • 11#12SIMPLIFYING THE PROBLEM IS PART OF OUR DNA In 2016, Embark focused on self-driving trucks due to the higher value and lower complexity while most of the AV industry was obsessed with passenger vehicles. US Sunbelt Transfer Hub Long-Haul EMBARK Focus on consistent weather Focus on highway driving OĎD Focus on driver shortage & utilization Technology Operational Progress Commercial Know-How Application Truck Transfer Program Building the Foundation to Commercialize Embark Driver EMBARK KKNIGHT SWIFT TRANSPORTATION • 12#13DOUBLING DOWN ON SIMPLIFYING THE PROBLEM Embark is evaluating all sub-segments of the trucking market to further simplify the problem and accelerate our path to the commercialization of the Embark Driver. EMBARK Trucking Industry Focused AV Sub-Segment Evaluating all sub-segments of the Trucking Market Identifying a specific trucking use-case that could be achieved by 2024 with i) regular commercial deliveries, ii) driver-out operations, and iii) compelling financial metrics. EMBARK Ports Quarries Agriculture Intermodal ODD Simplicity Economic Value Market Size Logging Commodity Hauling • 13#14EMBARK Appendix 1² XP20294 203 Embark Trucks in KI MARADENT CHAN W17870 MILT#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 including truck deposits, net of returns and proceeds from sale Free cash flow (Non GAAP) EMBARK 9/30/2022 $ (26,004) (3,399) $ (29,403) Three Months Ended 6/30/2022 $ (22,041) (2,686) $ (24,727) 3/31/2022 $ (18,225) (1,717) $ (19,942) 12/31/2021 $ (33,191) (973) $ (34,164) • 15#16NON-GAAP RECONCILIATION: ADJUSTED EBITDA Net Loss Interest income and expense, net Depreciation and amortization Amortization of righ-of-use assets - operating leases EBITDA Stock-based compensation expense (¹) Change in fair value of warrant liability (2) One time adjustment (³) Upfront CEF commitment fee (noncash) (4) Adjusted EBITDA Embark Technology, Inc. Reconciliation of Adjusted EBITDA (in thousands) (unaudited) EMBARK 9/30/2022 $ (35,412) (758) 604 837 (34,729) 10,919 (1,390) 480 $ (24,720) 6/30/2022 Three Months Ended 3/31/2022 $ (14,324) $ (18,447) $ (76,388) 151 4,413 318 451 516 (13,206) 12,421 (24,253) 434 666 $ (23,938) $ (23,138) $ (20,327) (8) 383 488 (17,584) 16,602 (22,156) 12/31/2021 3) Professional service fees and other expenses incurred in connection with business combination in 2021 and equity financing in 2022. 4) Upfront commitment fee incurred in connection with committed equity facility ("CEF") in 2022. This fee settled by issuing Embark class A common stock. (71,657) 44,171 8,206 (1,047) 9/30/2021 $ (19,117) 2,045 282 (16,790) 562 2,010 1) Reflects, for the periods presented, stock-based compensation expense related to the issuance of stock options, Restricted Stock Units (RSUS) including performance-based restricted stock units (PSUS) and Common Stock Units (CSUS) to Embark employees and non-employees. 2) Reflects the decrease in the fair values of Embark's warrants. $ (14,218) . 16#17NON-GAAP RECONCILIATION: ADJUSTED EBITDA LESS CAPITAL EXPENDITURES PER EMPLOYEE Adjusted EBITDA Capital expenditures including truck deposits, net of returns and proceeds from sale Adjusted EBITDA less Capital Expenditures Average Number of Employees (¹) Embark Technology, Inc. Reconciliation of Adjusted EBITDA less Capital Expenditures per Employee (in thousands) (unaudited) Quarterly Adjusted EBITDA less Capital Expenditures Per Employee ($K) Excludes contractors. EMBARK 9/30/2022 $ (24,720) (3,399) (28,119) 329 85.6 6/30/2022 (23,938) $ (23,138) (2,686) (26,624) 322 Three Months Ended 3/31/2022 82.7 (1,717) (24,855) 268 92.9 12/31/2021 $ (20,327) (973) (21,300) 212 100.7 9/30/2021 $ (14,218) (833) (15,051) 165 91.2 • 17#18EMBARK SHARE DETAIL Share Type Class A (¹1) Class B (1) 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 (5) Amount EMBARK 19,067,925 4,353,948 23,421,873 56,176 434,333 723,330 774,553 1,218,236 2,235,780 54,071 28,918,352 Description Common stock - 1 vote per share Common stock - 10 votes per share Note: All data as of 9/30/22 unless otherwise noted. (1) As of November 2, 2022. (2) Includes 2,000,000 Issuance of warrants upon conversion of convertible note. Following the Reverse Stock Split on August 16, 2022, warrants were impacted by the same ratio upon exercise. Each whole warrant is now exercisable for 1/20th share of Class A common stock at an exercise price of $11.50 per share. Figures shown in table above reflect 1/20th ratio upon exercise. (3) Includes 666,663 forward purchase agreements warrants. Following the Reverse Stock Split on August 16, 2022, warrants were im pacted by the same ratio upon exercise. Each whole warrant is now exercisable for 1/20th share of Class A common stock at an exercise price of $11.50 per share. Figures shown in table above reflect 1/20th ratio upon exercise. Of this amount, 587,942 are vested and exercisable at $3.20 as of 9/30/22. PSUS do not begin to vest until Embark's share price is at least $400.00, with a vesting schedule comprised of six price-based increments up to $2,000 per share. Class A shares exercised or vested, but not yet issued as of 9/30/22 Exercisable at $11.50 per share for 1/20th of a Class A common stock per warrant Exercisable at $11.50 per share for 1/20th of a Class A common stock per warrant Weighted average exercise price of $4.74 Vests over four years Performance based RSUS vesting with EMBK trading at greater than $400 per share (5) Related to exercised warrants • 18#19EMBARK Thank You 1² XP20294 203 Embark Trucks in KI MARADENT CHAN W17870 MILT