FIRST LIGHT ACQUISITION GROUP, INC. INDEX TO FINANCIAL STATEMENT Report of Independent Registered Public Accounting Firm F-2 Balance Sheet as of

FIRST LIGHT ACQUISITION GROUP, INC.

INDEX TO FINANCIAL STATEMENT

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Stockholders and Board of Directors of

Acquisition Group, Inc.

11110 Sunset Hills Road # 2278

Opinion on the Financial Statement

We have audited the accompanying balance sheet of First Light Acquisition Group, Inc. (the Company ) as of September 14,

2021, and the related notes (referred to as the financial statement ). In our opinion, the financial statement presents fairly, in all material respects, the financial position of the Company as

of September 14, 2021, in conformity with accounting principles generally accepted in the United States of America.

Going Concern Uncertainty

The accompanying financial statement has been prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the

financial statement, the Company has suffered recurring losses from operations and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. Management s plans in regard to these matters are

also described in Note 1. The financial statement does not include any adjustments that might result from the outcome of this uncertainty.

This financial statement is the

responsibility of the Company s management. Our responsibility is to express an opinion on the Company s financial statement based on our audit. We are a public accounting firm registered with the Public Company Accounting

Oversight Board (United States) ( PCAOB ) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange

Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform

the audit to obtain reasonable assurance about whether the financial statement is free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its

internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness

of the Company s internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to

assess the risks of material misstatement of the financial statement, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the

amounts and disclosures in the financial statement. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial

statement. We believe that our audit provides a reasonable basis for our opinion.

We have served as the Company s auditor since 2021.

FIRST LIGHT ACQUISITION GROUP, INC.

The accompanying notes are an integral part of this financial statement.

FIRST LIGHT ACQUISITION GROUP, INC.

NOTES TO BALANCE SHEET

Description of Organization and Business Operations

First Light Acquisition Group, Inc. (the Company ) is a blank check

company formed in Delaware on March 24, 2021. The Company was formed for the purpose of entering into a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more

businesses (the Business Combination ).

As of September 14, 2021, the Company had not commenced any operations. All

activity for the period from March 24, 2021 (inception) through September 14, 2021 relates to the Company s formation and its initial public offering ( Initial Public Offering ), which is described below. The Company will

not generate any operating revenues until after the completion of a Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income from the proceeds

derived from the Proposed Public Offering. The Company has selected December 31 as its fiscal year end.

The registration statement

for the Company s Initial Public Offering was declared effective on September 9, 2021 (the Effective Date ). On September 14, 2021, the Company consummated the IPO of 23,000,000 Units at $10.00 per Unit, generating gross

proceeds of $230,000,000, which is discussed in Note 3. Simultaneously with the closing of the IPO, the Company consummated the sale of 3,397,155 Private Placement Warrants (the Private Warrants ) at a price of $1.50 per Private

Warrant in a private placement to certain funds and accounts managed by First Light Acquisition Group, LLC (the Sponsor ) and Metric Finance Holdings I, LLC ( Metric ) generating proceeds of $5,095,733 from the sale of the

Private Placement Warrants.

Following the closing of the IPO on September 14, 2021, $230,000,000 ($10.00 per Unit) from the net

proceeds of the sale of the Units in the IPO and the sale of the Private Warrants was placed in a trust account ( Trust Account ), located in the United States which will be invested in U.S. government securities, within the meaning

set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 180 days or less or in any open-ended investment company that holds itself out as a money market fund selected by the Company meeting the conditions of Rule 2a-7 of the Investment Company Act, as determined by the Company, until the earlier of: (i) the completion of a Business Combination and (ii) the redemption of any Public Shares properly

submitted in connection with a stockholder vote to amend the Company s amended and restated certificate of incorporation, and (iii) the redemption of the Company s Public Shares if the Company is unable to complete the initial

Business Combination within 12 months (or up to 18 months if the Company were to extend the two three-month extensions as described in the prospectus for the IPO) from September 14, 2021 (the Combination Period ), the closing of the

Initial Public Offering.

Risks and Uncertainties

Management is currently evaluating the impact of the COVID-19 pandemic and has concluded that while it

is reasonably possible that the virus could have a negative effect on the Company s financial position, results of its operations, close of the Initial Public Offering, and/or search for a target company, the specific impact is not readily

determinable as of the date of this financial statement. The financial statement does not include any adjustments that might result from the outcome of this uncertainty.

September 14, 2021, the Company had $2,081,180 in operating cash and working capital of $1,998,102.

The Company s liquidity

needs up to September 14, 2021 had been satisfied through a payment from the Sponsor and Metric of $25,000 for Class B common stock, par value $0.0001 per share ( Class B common stock and shares thereof, founder

shares ) (see Note 5), the Initial Public Offering and the issuance of the Private Placement Warrants. Additionally, the Company drew on an unsecured promissory note to pay certain offering costs.

The Company has incurred and expects to continue to incur significant costs in pursuit of its financing and acquisition plans. The Company

lacks the financial resources it needs to sustain operations for a reasonable period of time, which is considered to be one year from the issuance date of the financial statement. Although no formal agreement exists, the Sponsor is committed to

extend Working Capital Loans as needed (defined in Note 5 below). The Company cannot assure that its plans to consummate an initial Business Combination will be successful. In addition, management is currently evaluating the impact of the COVID-19 pandemic and its effect on the Company s financial position, results of its operations and/or search for a target company.

These factors, among others, raise substantial doubt about the Company s ability to

continue as a going concern one year from the date this financial statement is issued. This financial statement does not include any adjustments that might result from the outcome of this uncertainty.

Note 2. Summary of Significant Accounting Policies

Basis of Presentation

accompanying audited financial statement is prepared in conformity with accounting principles generally accepted in the United States of America ( GAAP ) and pursuant to the rules and regulations of the SEC. In the opinion of management,

the accompanying audited financial statement includes all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the period presented. The

results for the period from March 24, 2021 (inception) through September 14, 2021 are not necessarily indicative of the results to be expected for the year ending December 31, 2021 or for any future interim periods.

Emerging Growth Company

Company is an emerging growth company, as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the JOBS Act ), and it may take advantage of certain exemptions from

various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation

requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on

executive compensation and shareholder approval of any golden parachute payments not previously approved.

Further, Section 102(b)(1)

of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective

or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and

comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means

that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or

revised standard. This may make comparison of the Company s financial statement with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period

difficult or impossible because of the potential differences in accounting standards used.

The preparation of financial statement in conformity with US GAAP requires the Company s management to make estimates and assumptions

that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statement and the reported amounts of revenues and expenses during the reporting period.

Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a

condition, situation or set of circumstances that existed at the date of the financial statement, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the

actual results could differ significantly from those estimates.

Cash and Cash Equivalents

The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents.

The Company had $2,081,180 of operating cash and $230,000,000 of cash held in the trust account as of September 14, 2021.

Cash Held in Trust Account

Following the closing of the Initial Public Offering on September 14, 2021, an amount of $230,000,000 from the net proceeds of the sale of

the Units in the Initial Public Offering and the sale of the Private Placement Warrants were placed in the Trust Account and may be invested only in U.S. government securities with a maturity of 185 days or less or in money market funds meeting

certain conditions under Rule 2a-7 under the Investment Company Act which invest only in direct U.S. government treasury obligations. The Trust Account is intended as a holding place for funds pending the

earliest to occur of: (i) the completion of the initial Business Combination; (ii) the redemption of any public shares properly submitted in connection with a shareholder vote to amend the Company s amended and restated certificate of

incorporation (A) to modify the substance or timing of the Company s obligation to redeem 100% of the public shares if the Company does not complete the initial Business Combination within 12 months from the closing of the Initial Public

Offering or (B) with respect to any other provision relating to shareholders rights or pre-initial Business Combination activity; or (iii) absent an initial Business Combination within 12

months from the closing of the Initial Public Offering, the return of the funds held in the Trust Account to the public shareholders as part of redemption of the public shares.

Offering Costs Associated with IPO

The Company complies with the requirements of the ASC 340-10-S99-1 and SEC Staff Accounting Bulletin ( SAB ) Topic 5A Expenses of Offering . Offering costs consist principally of professional and registration fees incurred