Yet to deliver Split focus (long haul hydrogen, short haul BEV, jet ski, etc…) COMMERCIAL AVAILABILITY RANGE BATTERY SYSTEM BODY NOTES Xos Already Has Zero - Emission Vehicles on the Road and Expects to Deliver a Full Suite of Class 5 - 8 Vehicles in 2021/22 Confidential and Privileged, Property of Xos, Inc. 14 Source: Company information and analysis. Xos designs and develops fully electric battery mobility systems specifically for commercial fleets. $100B 1 GLOBAL LAST - MILE MD & HD TRUCK SALES INTERNATIONAL MARKET 66% Large and Growing Last Mile Market for Electric Vehicles Confidential and Privileged, Property of Xos, Inc. 13 Xos focuses on the medium - and heavy - duty last mile commercial segments where the electrification opportunity is sizable and gro wing. Nothing in this agreement imposes on the Company or NextGen any obligation to provide further Packs or update or correct any inaccuracies in the Pack. Years of Ownership Average Lifetime Revenue $303,000 $300,000 $200,000 $100,000 $0 0 5 10 15, Significant International Expansion Opportunity 1. Reconciliation of Non - GAAP Financials US$ Millions 2020E 2021E 2022E 2023E 2024E 2025E EBITDA GAAP Operating Profit ($11.9) ($47.6) ($66.1) $84.3 $471.8 $995.7 Stock - based Compensation $0.0 $0.1 $0.3 $6.8 $30.0 $74.2 Warrant Issued Expense ($1.0) $0.0 $0.0 $0.0 $0.0 $0.0 Depreciation & Amortization $0.3 $7.5 $32.8 $69.8 $115.5 $146.1 EBITDA ($12.6) ($40.1) ($32.9) $160.9 $617.4 $1,216.0 Free Cash Flow Cash Flow from Operations ($15.1) ($40.3) ($63.4) $46.2 $381.8 $868.9 Capital Expenditure ($0.4) ($67.0) ($112.1) ($212.9) ($230.6) ($221.4) Free Cash Flow ($15.5) ($107.3) ($175.5) ($166.8) $151.2 $647.5 Confidential and Privileged, Property of Xos, Inc. 43, The list below of risk factors has been prepared solely for purposes of the proposed private placement transaction (the “Private Placement”) as part of the proposed business combination of NextGen Acquisition Corporation (“NextGen”) and Xos, Inc. (the “Business Combination”), and solely for potential investors in the Private Placement, and not for any other purpose. XOS (X-Ray Optical Systems) | 1,768 followers on LinkedIn. ● Former Vice Chairman of Global Buyout at the Carlyle Group. Target Notes: Xos is "a leading original equipment manufacturer (OEM) in the $100 billion medium- and heavy-duty last-mile commercial electric vehicle market." Confidential and Privileged, Property of Xos, Inc. Proven Vehicles on the Road Commercial vehicle in use since 2018 Foundational Customers & Partnerships Premier contracted customers and aftermarket partners. You may obtain free copies of these documents as described in the preceding paragraph. XOS is a model-based platform for assembling, controlling, and composing services. Please reference Appendix for reconcili ation of non - GAAP figures. Additional risks and uncertainties not currently known or those currently viewed to be immaterial may also materially and adversely affect the Company’s business, financial condition and/or operating results. ● Contingencies of Business Combination. Except as expressly permitted by or otherwise authorized by the Company and NextGen, the Receiving Party shall keep the Pack and all information pertaining thereto confidential in accordance with the terms of the Confidentiality Agreement. Appendix Confidential and Privileged, Property of Xos, Inc. 41. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and income are excluded or included in determining these non - GAAP financial measures. Each section of the folio becomes a slide. Kingsley Afemikhe - CFO ● Worked in investment banking at UBS and Deutsche Bank, and was subsequently Group Head of Strategy and M&A at MET Group. Company additionally entered into a non - binding letter of intention with UPS in Q1 2021 for the purchase of Xos vehicle units. (2) Company contracted with UPS beginning in 2018 for the acquisition of vehicle units. It defines a service control plane that is layered on top of a diverse collection of back-end service implementations, including VM-hosted VNFs, container-based micro-services, and SDN-based control programs that embed functionality in white-box switches. (2) Applied Xos assumed average selling price to Annual Vehicle Sales. We have yet to achieve positive operating cash flow and our ability to generate positive cash flow is uncertain. NEXTGEN VALUE ADD The Xos Opportunity Robust Investment Selection Process Led to Identification of Leading EV Opportunity TARGETS screened across sectors 300+ XOS OPPORTUNITY INVESTMENT CHANNEL PRIVATE COMPANIES IN INDUSTRIAL AND HEALTHCARE SECTORS SECULAR GROWTH STORY SIGNIFICANT TAM STRONG COMPETITIVE POSITION TALENTED MANAGEMENT TEAM TARGETS evaluated in EV and automotive technology 8 5 TARGETS evaluated across sectors 30+ (1) Source: LMC Automotive. Arm defines the pervasive computing that's shaping today’s connected world. ● Director of NXP Semiconductor, State Street, Avantor, and NextGen Acq. ● COVID - 19. Actual results may differ materially from the results contemplated by the projected financial information contained in the Pack, and the inclusion of such information in the Pack should not be regarded as a representation by any person that the results reflected in such projections will be achieved. We may encounter unforeseen expenses, difficulties, complications, delays and other unknown events which may result in our inability to achieve or maintain profitability. No Offer or Solicitation The Pack does not constitute an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale wou ld be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Figures adjusted for cost of ele ctr icity, infrastructure charging, sales tax, insurance and AFV savings to compare with consistency and exclude driver wages and benefits. ● Financial Condition and Potential Dilution . Company additionally entered into a non - bind ing letter of intention with UPS in Q1 2021 for the purchase of Xos vehicle units. BUSINESS DEVELOPMENT & OPERATIONS Jose Castañeda VP Business Development Adam Ruddle VP of Chassis Systems Saleh Mirheidari VP of Software Engineering Dag Reckhorn VP of Manufacturing TECHNOLOGY & ENGINEERING Rob Ferber CTO Giordano Sordoni Co - Founder, COO Kingsley Afemikhe CFO BOARD OF DIRECTORS & ADVISORS Rodolfo Dieck Board Member Robert Zinn Board Member Danielle J. Harris Board Observer Mark Lampert Board Observer Kasey Evans VP of Partnerships Confidential and Privileged, Property of Xos, Inc. 10 Christen Romero Corporate Counsel. NextGen Value Add Operational and governance experience, industry expertise, and customer/partner relationships (1) TAM reflects Xos assumed average selling price applied to medium - duty and 20% of heavy - duty commercial trucks assumed to be used for last mile applications and excludes China. You can select 'Manage settings' for more information and to manage your choices. ● California has issued an executive order requiring 100 % of truck sales to be zero - emission by 2035 and has targeted 100 % of trucks on the road to be zero - emission by 2045 . Our financial results may be significantly and negatively impacted from period to period due to the aforementioned fluctuations in operating costs and other factors. DISCLAIMER Confidential and Privileged, Property of Xos, Inc. 3. ● 15 U . ● Transaction is expected to fully fund business model through cash flow positive. ● Leads Xos’ technology and engineering functions including battery engineering and vehicle engineering. ● Director of Delta Air Lines, Virgin Galactic Holdings, Air France - KLM, and NextGen Acq. EXPECTED INDUSTRY - BEST TOTAL COST OF OWNERSHIP Maximizes competitiveness in any market irrespective of local incentives Business model poised to be replicated internationally, due to the following characteristics: TARGET INTERNATIONAL MARKETS Canada Asia 3 Europe Mexico Region Annual Vehicle Sales 1 TAM 2 Canada & Mexico 34,000 $4B Europe 138,000 $20B Asia 3 287,000 $36B Confidential and Privileged, Property of Xos, Inc. 21, Confidential and Privileged, Property of Xos, Inc. 22 Technology Overview 02, Laser - Focus on Modular Medium - and Heavy - Duty EV Platforms PLATFORM VEHICLE CLASSES X - PLATFORM CHASSIS VEHICLES MD X - PLATFORM Class 5 - 6 Adaptable chassis for on - highway, pickup and delivery. By clicking "Accept all" you agree that Verizon Media and our partners will store and/or access information on your device through the use of cookies and similar technologies and process your personal data, to display personalised ads and content, for ad and content measurement, audience insights and product development. Summary Financial Forecast Xos is projected to deliver on strong financial fundamentals with the Company generating over $5.2B of revenue in 2025 while tur ning a positive monthly Adjusted EBITDA by 2023 and Free Cash Flow by 2024.
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