Dragonfly Energy SPAC Presentation Deck

Operational Benchmarking Revenue CAGR (2021-2023E) Median 2023E Gross Margin Median 2023E EBITDA Margin Median dragonfly ENERGY 81% ~1.7x > Than Peer Median 40% ~1.9x > Than Peer Median (7) (2) (3) Profitability defined as positive EBITDA. 16% In line with Peer Median Solid State Solid Power QuantumScape Not forecasted to have material revenue(¹) in 2023E Not forecasted to have material revenue(¹) in 2023E Not forecasted to be profitable (³) in 2023E Tech-Focused Energy Storage eos ESS stem Source: FactSet; Public Company Filings as of 04/29/2022. Note: Chart reflects median metrics of respective peer groups. Overall median reflects median of each company included. Material revenue defined as revenue >$5MM. Stem generated revenues of $127MM in 2021. Majority of comps did not have material revenue(1)(2) in 2021 15% 3% INC Li-ion Battery Manufacturers SAMSUNG SAMSUNG SDI CATL (L ENOVIX LG Energy Solution microvast 42% 22% 16% Vertically Integrated Energy T Li-Cycle BYD TESLA 46% 27% 20% dragonfly 46% Median 21% Median 16% Median CONFIDENTIAL | 41

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