Glassbox : 4th Quarter and Full Year 2023 Investor Meeting

4th Quarter and

Full Year 2023

Investor Meeting

Yaron Morgenstern, CEO

Kobi Carlebach, CFO

Dan Yalon, Strategy and BD

Osi Sessler, IR

March 13, 2024

1 © Glassbox 2024. All rights reserved.

Legal Disclaimer

• This presentation does not constitute an offer of securities by Glassbox Ltd. (the "Company") to the public and it may be not construed as an offer of securities to the public. This presentation constitutes a conceptual and marketing presentation of the Company. The information contained in this presentation and any other information provided during the presentation of the presentation (the "Information") does not constitute a recommendation or an opinion of an investment advisor or a tax advisor. The Information is concise information only. Investing in securities in general and in the Company's securities, in particular, bears a risk. It should be taken into account that past data does not necessarily indicate future performance. The acquisition of the Company's securities requires an in-depth examination of the information published in the Company's reports, and the performance of its legal, accounting, taxation, and economic analysis.
• The presentation includes additional information that was not presented in the reports published by the Company to the public and/or information presented differently from the way in which it was presented in the reports published by the Company to the public, including 2023 financial highlights (slide 3), Q4-23 highlights (slide 4), industries we serve and verticals (slide 6), proven enterprise land-and-expand (slide 7), gross and net retention rates (slides 8 and 9), the two dynamics driving the Company market (slide 10), G2 Top 100 (slide 15), growth and profitability measures (slide 16), continuous improvement in clod gross margin (slide 20), FY-23Non-GAAP P&L Summary (slide 25) and FY-23 CF Summary (26-28). The presentation is not intended to replace the need to review the reports issued by the Company to the public, including the Public Offering Prospectus, an Offering of sale, and a Shelf Prospectus dated June 4, 2021, as amended on June 8, 2021, the Company's periodic report for the year of 2023 (the "Periodic Report") and the Company's immediate reports.
• Forward-LookingInformation Warning: The Company's forecasts and assessments as set forth in this presentation, including growth and profitability measures for short-mid term (slide 16), are regarded as Forward-Looking Information, as such term is defined in the Securities Law, 5728-1968, the realization of which is uncertain and is not under the complete control of the Company. This information is based, among other things, on the assessments of the Company's management and the Company's goals and strategy, the technological environment in which the Company operates, its field of activity and the demand for its products, the existence of financing channels available to the Company for the purpose of fulfilling of the said goals, as well as the realization of either of the risk factors listed in section 1.36 of the Periodic Report. It should be clarified that there is no certainty that the abovementioned Forward-Looking Information will realize, and if realized, there is no certainty that its realization will not be different from the abovementioned, even materially.

2 © Glassbox 2024. All rights reserved.

2023 financial highlights

$48.6M	$57.3M	68.9%	75.1%
Revenues, up 6%;	ARR, up 17%;	Gross margin		Cloud gross
Cloud revenues	Cloud ARR up	(non-GAAP), up		margin, up from
up 35%	54%		from 65.7%	65.4%

91%		$46M	$10.5M	$4M
Large enterprise*	Cash, including	Operating loss	Operating cash
gross retention,	$20M credit line	(non-GAAP),	burn, down from
continuous			down by 55%	$16.3M
improvement
trend in 2023

Note: All comparisons are in relation to previous year * Large enterprises (annual revenues of over $250,000)

3 © Glassbox 2024. All rights reserved.

Improving metrics through the year for a strong Q4

$14M	73.4%		81.0%
Revenues, up	Gross margin (non-	Cloud gross margin,
22%; Cloud	GAAP), up from 61.8%	up from 63.7%
revenues up 69%

<$0.2M	20%		$9.5M
Operating loss	Reduction in operating	Record quarterly
(non-GAAP), down	expenses (non-GAAP) to	positive cash flow
by 97%	$10.4M

Note: All comparisons are same quarter of previous year (Q4-23 vs. Q4-22)

4 © Glassbox 2024. All rights reserved.

Fantastic year during challenging global economy

GROWTH	VALUE	PROFITABILITY	INNOVATION
•	Cloud ARR increased	• ROI generated to	•	Major improvement	•	Deployed first GenAI
	by 54% YoY	customers grew by		in cloud gross		assistant in our
•	51 new logos	more than 5x		margin, reaching 81%		market
•	Won major new	annually - supporting		in Q4-23	•	Multiple patents for
	customers, including	their cost-cutting	•	Non-GAAP operating		mobile app data
	AXA, ANZ Bank,	needs		loss down 55% YoY		privacy
	Southern Gas,	• Usage of our product	• Cash burn $4M,	•	Officially launched
	AssetMark, Brisbane	doubled annually -		significantly reduced		Autonomous CX
	City Council, US	stickiness		from $16.3M in 2022		vision
	HealthConnect, Co-			due to margin
	operative Bank and			improvement and
	Dayuse			cost reduction

5

Our business mix provides stability

Customer size

Region

Vertical

120%

100%

80%

30%28%

120%

100%

80%

5%4%

19%	17%

120%
100%
11%	9%
	7%
	7%
80%	6%
8%
	11%
	13%

60%

40%

70%72%

20%

0%

FY-22FY-23

Large enterprise		Mid-size enterprise

60%

40%

20%

0%

76%79%

FY-22FY-23

AMS EMEA APAC

60%		5%
5%	7%
	8%	FSI
	Growth
40%

	47%	55%
20%

0%

FY-22	FY-23
Financial services					Telco
Insurance					Travel
Health (incl. insurance)					Other
Retail

ARR = annual recurring revenues; defined as the value of the contracted recurring revenue normalized to a one-year period

6 © Glassbox 2024. All rights reserved.

Proven enterprise land-and-expand

4th Largest Bank in US

18.8x	$14.1M

Software ARR $M

$0.75M

3rd Largest Bank in US

4.1x

$4.7M

$1.2M

7th Largest Bank in US

6.1x

$2.8M

$0.46M

Initial deal

Current

Initial deal

Current

Initial deal

Current

7 © Glassbox 2024. All rights reserved.

Continuous improvement trend in gross retention rates throughout 2023

		Mid-size enterprise				Large enterprise				All customers
95%				95%					95%
90%							89%	91%
			90%				90%
										87%
						86%						86%
85%					84%
			85%				85%	82%	83%
80%	78%	78%	79%	80%					80%
		76%
75%				75%					75%
70%				70%					70%
65%				65%					65%
60%				60%					60%
Q1-23	H1-23 YTD Q3-23FY-23	Q1-23	H1-23	YTD Q3-23	FY-23	Q1-23	H1-23	YTD Q3-23	FY-23

Annualized retention rates

8 © Glassbox 2024. All rights reserved.

Positive trend in net retention through 2023

Mid size enterprise

Large enterprise

All customers

								125%	121%
												115%
120%					120%					120%			113%
100%		88%	90%	94%	100%		90%			100%		89%
83%		88%			86%
80%					80%					80%
60%					60%					60%
40%					40%					40%
20%					20%					20%
0%					0%					0%
Q1-23	H1-23	YTD Q3-23	FY-23					Q1-23	H1-23	YTD Q3-23	FY-23
	Q1-23	H1-23	YTD Q3-23	FY-23

Annualized retention

9 © Glassbox 2024. All rights reserved.

Two dynamics driving our market

Market consolidation

Shift from best-of-breed to best-of-suite

Web / App

Analytics

Product	Digital
Experience
Analytics Customer
Analytics
Experience
Suite
Experimentation	Digital
	Adoption
Voice of
Customer

AI innovation

AI to transform CX and make the suite more powerful

Machine

Learning

Autonomous	Generative
AI
CX

AI in CX

Voice of Silent	Virtual
	Assistants

Conversational

AI

10 © Glassbox 2024. All rights reserved.