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FINANCIAL HIGHLIGHTS (CONT'D) ● ● ● COMMENTARY Capital-light model with near-term commercialization Focused on nearer-term business opportunities with OEMs to drive growth & economies of scale Does not require billions for R&D and CapEx like other autonomous technology companies Scalable business model Same HW and SW products across entire partner base Contract manufacturing labor outsourced for series production Gross margin rapidly increases as manufacturing & tooling overhead are amortized over production volumes, further enhanced with reduced BOM cost Operating leverage from relatively fixed cost base and SG&A - Exponential improvements in BOM from scale and VAVE Core IRIS BOM estimated at <$500 / unit in series production Exclusive supply agreements for all core components (laser, receiver, ASIC) in place to support <$100 BOM long-term target Enables lower ASPs to drive greater unit volumes and widespread standardization Large strategic investments being made with new capital Core business requires -$250M to cash flow positive Planning to invest an additional ~$150M to develop full-stack highway autonomy and proactive safety software GROSS PROFIT ($M) % Margin ($7) 2020E ($61) 2020E 22% $6 EBITDA ($M) % Margin ($67) 2020E 2021E ($90) 2021E 35% ($116) 2021E $12 2022E ($88) 2022E 51% ($121) 2022E $63 EBITDA LESS CAPEX ($M) 2023E ($51) 2023E ($91) 2023E 61% $254 2024E 30% $126 2024E $109 2024E 64% $531 2025E 44% $365 2025E $343 2025E 37

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