Xos SPAC Presentation Deck

Fleet-as-a-Service Expected to More-Than-Double Lifetime Revenue per Vehicle 59% of the total revenue generated per vehicle delivery is projected to be driven by products and services outside the vehicle itself. $300,000 $200,000 $100,000 $0 0 Average Lifetime Revenue $303,000 5 Years of Ownership 10 15 Fleet-as-a-Service Revenue (59%) Lifetime Revenue $179,000 Est. Gross Margin 34.0% Vehicle Sale Revenue (41%) Lifetime Revenue $123,000 Est. Gross Margin 27.0% Note: Lifetime revenue assumes sales of 240kWh stepvan in 2025 and includes the projected average revenue generated from fleet-as-a-service products over a 15-year ownership period. The figures represent projections based on internal management estimates and take into account rate of customer conversion and/or enrollment. $11,500 Average Annual Recurring Revenue per Vehicle Intelligence Platform Products $16,000 (5.2%) Maintenance & Parts $61,000 (20.3%) Energy Services $95,000 (31.4%) POS Fleet Products $7,400 (2.4%) Vehicle Sale $123,000 (40.7%) Recurring Revenue Confidential and Privileged, Property of Xos, Inc. 20

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