Xos SPAC Presentation Deck

Projected Path to Profitability GROSS PROFIT (SMM) % of Revenue 11.4% 29.5% 28.6% 30.3% 30.5% $4 $78 $364 $905 30.6% $1,598 $0 2020E 2021E 2022E 2023E 2024 2025E Projected to maintain strong gross margins through the projection period Higher margins in the services segment drive an incremental margin lift in the outer years EBITDA ($MM)¹ % of Revenue N/M ($13) N/M N/M ($40) ($33) 13.4% $161 20.8% $617 23.3% $1,216 2020E 2021E 2022E 2023E 2024 2025E Projected to achieve positive monthly Adj. EBITDA by 2023 Operational efficiencies will be realized as Xos accelerates growth in vehicle deliveries FREE CASH FLOW (SMM) ² % of Revenue N/M (7) EBITDA = GAAP Operating Profit + Stock-based Compensation + Depreciation & Amortization. Please reference Appendix for reconciliation of non-GAAP figures. (2) Free Cash Flow = Operating Cash Flow - CapEx. Please reference Appendix for reconciliation of non-GAAP figures. ($16) N/M N/M NM 5.1% 12.4% $151 $648 ($107) ($175) ($167) 2020E 2021E 2022E 2023E 2024 2025E ● Projected to achieve positive monthly free cash flow by Q1 2023 ● CapEx settles to 4.2% of revenue in 2025 Confidential and Privileged, Property of Xos, Inc. 33

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