Elms SPAC Presentation Deck

By Conservatively Targeting ~5% Of The Urban Delivery And Urban Utility Markets, ELMS Could Grow To $3 Billion In Revenue By 2025 Total Segment ELMS Volume ELMS Segment Share 633 4 1% 629 2021E Revenue Volume (K) Average Sales Price $122 2021E 4.0 Urban Delivery Segment (Class 1 & 2) $30,610 712 16 2% 697 2022E $613 2022E 19.1 CAGR 13% Path to $3B Revenue Assuming Conservative Volumes and Models $32,119 801 25 3% 776 2023E CAGR 123% $1,177 2023E 35.0 901 37 $33,634 4% 864 2024E $1,906 2024E 55.0 $34,661 (in thousands) 1,014 58 6% 956 2025E $3,046 2025E 83.0 $36,696 Source: Public sources and management estimates. (1) EBITDA and EBITDA margin are non-GAAP metrics and based on current management estimates and current budget model. 36 Total Segment ELMS Volume ELMS Segment Share 378 4 1% 374 2022E EBITDA (¹) EBITDA Margin (¹) (82%) ($101) 2021E Urban Utility Segment (Class 3) 2% 408 10 2% 398 2023E $15 CAGR 8% 2022E Expected Increase In Operating Leverage As The Business Scales 21% $248 441 18 4% 2023E 423 2024E 24% $465 2024E ..... ELMS ELECTRIC LAST MILE SOLUTIONS 26% 476 25 5% (in thousands) 451 $791 2025E 2025E

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