There can be no assurance that NextGen will be able to raise sufficient capital in the Private Placement to consummate the Business Combination or for use by the combined company following the Business Combination (the “Combined Company”). ● Executed PIPE subscription agreements for committed capital in the amount of $220 million including $20mm of secondary proceeds to Founders. Battery Assembly KEY STATISTICS KEY STATISTICS 6 Stations Xos module lines comprise six discrete process steps before proceeding to internal QC. S . Xos, Inc. ("Xos" or the "Company"), a leading manufacturer of fully electric Class 5 to Class 8 commercial vehicles, today announced its participation in several upcoming investor … Press Release Investor Webcast Investor Presentation Meeting Transcript Xos, a leading original equipment manufacturer (OEM) in the $100 billion medium- and heavy-duty last-mile commercial electric vehicle market, is merging with NextGen Acquisition Corp. (Nasdaq: NGAC). Our future capital needs may require us to sell additional equity or debt securities that may dilute our stockholders or introduce covenants that may restrict our operations or our ability to pay dividends. Changes in laws or regulations, or a failure to comply with any laws and regulations, may adversely affect Xos’ and the Combined Company’s business, including NextGen’s and Xos’ ability to consummate the Business Combination, and results of operations. (1) Workhorse and Nikola estimates based on IBES median estimates. We may encounter unforeseen expenses, difficulties, complications, delays and other unknown events which may result in our inability to achieve or maintain profitability. TAM reflects Xos assumed average selling price applied to medium - duty and 20% of heavy - duty commercial t ruck sales assumed to be used for last mile applications and excludes China. Giordano Sordoni - COO, Co - Founder ● Prior to Xos, Gio oversaw operations of multiple fleets ranging from Class 2 through 6 medium - duty shuttle and delivery vehicles. Taking XOS to double digit growth • Successful integration saw top -line XOS growth accelerate to 10.4% in FY171 (vs 3.6% in FY16) First year of positive underlying EBITDA Transformational acquisitions • XOS Digital: Compelling combination, bringing together market leaders in … Investors are making the same mistake with green energy IMO. You can change your choices at any time by visiting Your Privacy Controls. UPS / Morgan Olson Van Body on X - Platform Confidential and Privileged, Property of Xos, Inc. 40 XOS OPPORTUNITY $100B 1 TAM for Commercial Vehicles E - commerce growth and regulations driving a new mobility ecosystem. Investing in securities (the “Securities”) to be issued in connection with the Business Combination involves a high degree of risk. Download our Q4 investor deck and transcript for the latest information about our company and technology. Xos designs and develops fully electric battery mobility systems specifically for commercial fleets. CLASS 8 LONGHAUL Confidential and Privileged, Property of Xos, Inc. 11 >90% of Class 5 through Class 8 regional commercial vehicles travel less than 200 miles per shift Source: Wise, McKinsey & Company. Reconciliation of Non - GAAP Financials US$ 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. Download a PDF or PNG file. ; market data as of February 19, 2021. NextGen Value Add Operational and governance experience, industry expertise, and customer/partner relationships. Fleet - as - a - ServiceRevenue (59%) Vehicle Sale Revenue (41%) 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%) $11,500 Average Annual Recurring Revenue per Vehicle Recurring Revenue Fleet - as - a - Service Expected to More - Than - Double Lifetime Revenue per Vehicle Confidential and Privileged, Property of Xos, Inc. 20 Note: Lifetime revenue assumes sales of 240kWh stepvan in 2025 and includes the projected average revenue generated from flee t - a s - a - service products over a 15 - year ownership period. Confidential and Privileged, Property of Xos, Inc. 8 Delivering Intelligent Mobility M I S S I O N Decarbonize commercial transportation through purpose - built technology at the intersection of energy and software Confidential and Privileged, Property of Xos, Inc. 8, ● Battery - electric mobility provider of purpose - designed and built vehicles and solutions specifically for commercial fleets. September 2020. There may also be significant developments in alternative technologies, such as advanced diesel, ethanol, or compressed natural gas or improvements in the fuel economy of the internal combustion engine, which may materially and adversely affect our business and prospects in ways we do not currently anticipate. Forward - Looking Statement The Pack includes “forward - looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. The use or display of third parties’ trademarks, service marks, trade names or products in the Pack is not intended to, and does not imply, a relationship with the Company or NextGen, or an endorsement or sponsorship by or of the Company or NextGen. Neither is the Next Tesla, Volkswagen, Das Auto. ○ Formed the group which covers approximately 1,000 companies clients across 7 sectors. Both NextGen and Xos will incur significant transaction costs in connection with the Business Combination. (1) Workhorse and Nikola estimates based on IBES median estimates. Forecasted Operating Metrics at Premium to Peers, VALUATION METRICS Current CY24E EV / Revenue Confidential and Privileged, Property of Xos, Inc. 37 Valuation Multiple At Attractive Entry Point Median: 3.2x 3 85% Discount to Median 0.5x 4.1x 3.4x 1.1x 1.1x 3.2x (1) 1 $4.1bn $5.0bn $8.5bn $4.0bn $15.3bn $1.45bn Current EV Source: Company filings, Bloomberg, Capital IQ and IBES median estimates as of February 19, 2021. Such projected financial information constitutes forward - looking information, and is for illustrative purposes only and should not be relied upon as necessarily being indicative of future results. The definitive proxy statement will be mailed to shareholders as of a record date to be established for voting on the contemplated business combination when it becomes available. 2020E 2021E 2022E 2023E 2024E 2025E 2020E 2021E 2022E 2023E 2024E 2025E, FREE CASH FLOW ($MM) 2 Projected Path to Profitability GROSS PROFIT ($MM) EBITDA ($MM) 1 ● Projected to achieve positive monthly Adj. $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. We could incur significant expenses and continued losses for the foreseeable future. H1 FY21 Results call (video) Mar 1, 2021 . Management does not consider these non - GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. Limited proprietary technology. If any of these risks materialize or if the Company’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward - looking statements. The consummation of the Business Combination is subject to a number of conditions and if those conditions are not satisfied or waived, the Business Combination Agreement may be terminated in accordance with its terms and the Business Combination may not be completed. (Bloomberg) --Xos, a maker of electric commercial vehicles, has agreed to go public through a merger with a blank-check company, NextGen Acquisition Corp., according to a statement viewed by Bloomberg News. Forward - looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “would,” “should,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. 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. [Blackrock will be] launching investment products… aligned to a net zero pathway.” Larry Fink, Chairman and CEO On achieving a carbon - free power sector by 2035 and a net - zero economy by 2050 “The federal government also owns an enormous fleet of vehicles, which we’re going to replace with clean electric vehicles... in America with American workers.” Joseph R. Biden, President of the United States Confidential and Privileged, Property of Xos, Inc. The Receiving Party understands and agrees that the Company and NextGen have not made any, and make no representation or warranty, express or implied, herein as to the accuracy or completeness of the Pack. (2) Free Cash Flow = Operating Cash Flow - CapEx. Attached as Exhibit 99.2 and incorporated herein by reference is the investor presentation, relating to the Business Combination and PIPE Investment, as described in this Current Report on Form 8-K. Let's face it: Tesla is not the Tesla of Commercial Electric Vehicles. ● Post - closing company will be a Delaware corporation and retain the Xos name. States have committed to transition to zero - emission vehicles, led by California . Confidential and Privileged, Property of Xos, Inc. 19 FLEET CUSTOMER TELEMATICS FUELING VEHICLE HARDWARE SERVICE AND AFTERMARKET FINANCING INSURANCE AND WARRANTY, Lifetime Revenue $123,000 Est. ● Almost twenty countries have made commitments to phase out fossil fuel use vehicles by 2040 . Financial Information; Non - GAAP Financial Measures The financial information and data contained in the Pack is unaudited and does not conform to Regulation S - X. Tap on the company to see the details, SPAC leadership info etc. The Pack is being delivered to a limited number of Receiving Parties who have entered into a Confidentiality Agreement with the Company. Please reference Appendix for reconciliation of non - GAAP figures. Compelling ESG Opportunity with Strong Revenue Growth Predicted to save 49 megatons of CO 2 through projected vehicle deliveries made by 2025. You can select 'Manage settings' for more information and to manage your choices. ● Suppliers. Risks Related to the Private Placement ● Capital Raise . Confidential and Privileged, Property of Xos, Inc. 31 Financials & Transaction Overview 04, International 11.7% ● Projected to exceed $1B of annualized revenue by Q4 2023 ● International Vehicle sales projected to increase to 11.7% of revenue by 2025 ● Fleet - as - a - Service increases to 14.8% of revenue by 2025; recurring and fee based revenue streams at strong margins PRODUCTION VOLUME (BY VEHICLE TYPE) REVENUE ($MM) ● Projected to deliver approximately 65,000 cumulative vehicles through 2025 ● Drives incremental recurring revenue through Xos’ services channel ● Heavy - duty trucks projected to become a significant revenue source from 2023 2022 - 25 CAGR 167.9% 76% 147% 343% N/M 1,864% % Growth 0.0% 3.9% 2.4% 1.0% 0.0% 0.2% % TAM 1 2022 - 25 CAGR 154.8% Stepvan/Stripped Chassis Chassis Cab Tractor $3 $14 $271 $1,202 $2,970 $5,219 2025 Aftermarket 14.8% 17 116 2,007 8,715 20,427 33,674 Volume/Revenue Forecast: Growing Product and Geographic Diversification Confidential and Privileged, Property of Xos, Inc. 32 N/M (1) Source: LMC Automotive.
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