Impressive growth and whilst you’d like to see a business demonstrate profitability at this scale the trend is encouraging. I’m a bit lazy to work out exactly how they’re adjusting their ebitda etc but even their net loss is shrinking very quickly.

 15 November 2023

Life360 reports Q3 2023 results

• Total Q3’23 revenue of $78.6 million, a YoY increase of 38%, with core Life360 Subscription revenue1 of $50.6 million, up 50% YoY

• Annualized Monthly Revenue2 (AMR) of $259.1 million, up 41% YoY

• Q3’23 Net Loss of $6.5 million. Positive Adjusted EBITDA3 of $5.5 million, the third consecutive quarter of positive Adjusted EBITDA; positive Operating Cash Flow (OCF) of $4.1 million, the second consecutive quarter of positive OCF

• Global Paying Circles up 17% YoY, with net quarterly subscriber additions of 118 thousand, Life360’s largest ever Q3 growth

• U.S. Average Revenue Per Paying Circle (ARPPC) of $146.30 increased 40% YoY reflecting the benefits of higher pricing

• Quarter-end cash, cash equivalents and restricted cash of $63.7 million, after the Q3’23 payment of $3.9 million associated with the Jiobit convertible notes

• CY23 guidance reiterated for more than 50% YoY growth for core Life360 subscription revenue and consolidated revenue of $300 million - $310 million. Guidance for Positive Adjusted EBITDA3 increased to $12 million - $16 million from $9 million - $14 million.

San Francisco area-based Life360, Inc. (Life360 or the Company) (ASX: 360) today reported unaudited financial results for the quarter ended September 30, 2023. Life360 Co-founder and Chief Executive Officer Chris Hulls said: “Life360 has delivered an exceptional quarter with net subscriber additions of 118 thousand, a record for Q3, and just shy of our all-time record of 119 thousand in Q4’21, which was prior to our nearly 50% price increase, and benefited from the post-COVID reopening. The 17% year-on-year growth was underpinned by all-time record international subscriber additions, up 44% YoY. This impressive growth bodes well for the international rollout of our Triple Tier Membership offering which went live in the UK in early October, with Australia now planned for the first half of CY24. Early results of the UK rollout are in line with expectations, and will contribute to CY24 revenue growth as one in ten UK families already use Life360. Overall we have seen continued outperformance from predominantly English speaking countries (Canada, UK, and Australia) which in aggregate saw Paying Circles increase 52% YoY.

“Along with strong subscriber growth momentum, U.S. Subscription revenue saw the full impact of the April price increase for existing U.S. Android subscribers. U.S ARPPC increased 40% YoY and 4% QoQ. Global ARPPC increased 28% YoY and 1% QoQ.

“Global Monthly Active Users (MAU) increased 24% YoY to 58.4 million, a very strong result which built on the record growth delivered in Q3’22. The U.S. delivered our usual ‘Back to School’ seasonal uplift, increasing 21% YoY. We’re seeing accelerating growth rates in our most highly penetrated states, underpinning our confidence in the size of our Total Addressable Market (TAM), and we believe there is still significant headroom for future growth. International MAU growth of 30% reflects the success of our investment in the international user experience which is driving encouraging retention results.

“Tile Membership bundling is now at a point that we can be confident of its success. The retention gap between those who redeem a Tile versus those who do not continues to expand, and by Month 5 we are seeing a ~15% increase in relative retention (versus a ~10% improvement after Months 1 and 2). As this gap is widening over time, we are highly confident that this is a durable change. Beyond the retention benefit, our value proposition has now truly expanded to people, pets and things while we are simultaneously increasing net subscriber additions. This provides significant validation of the Tile acquisition, and the move to bundling hardware with Membership.

“In addition, GAAP hardware revenues increased 33% YoY inclusive of the bundling allocation, along with margin improvements. This equates to 21% growth in stand-alone (non-GAAP) hardware revenue. We are encouraged by this momentum, and have raised CY23 guidance for hardware revenue to increase 10% to 15% YoY, while recognizing that it remains subject to macro uncertainties, and the significant seasonality associated with the Q4 U.S. holiday period. CY23 subscription performance is skewed to the second half of the year with a resumption of strong subscriber growth following first half churn impacts from significant U.S. price increases.

Note: The financial information in this announcement is unaudited and may not add or recalculate due to rounding. All references to $ are to U.S. $.

Life360, Inc. | ARBN 629 412 942 | 1900 South Norfolk St, Suite 310 San Mateo, CA 94403 | investors.life360.com

 1

"We continue to carefully balance expense management with investment in the significant long term growth opportunities available to us. Q3’23 positive Adjusted EBITDA of $5.5 million delivered a $14.9 million improvement YoY. Excluding commissions, operating expenses increased by $1.2 million or 2.4% YoY, compared with a $21.5 million or 38% uplift in revenue, demonstrating the operating leverage of Life360’s business model.

“Our balance sheet remains strong with cash, restricted cash and cash equivalents of $63.7 million at the end of Q3’23, after the $3.9 million repayment of convertible notes related to the Jiobit acquisition. We delivered positive Operating Cash flow of $4.1 million for Q3’23, in line with guidance. We continue to expect positive OCF for the remainder of CY23 despite planned investment in targeted growth initiatives, and expected timing differences in the remittance of payments from a platform provider which will result in 11 monthly receipts in CY23 rather than 12.

“Life360’s Q3’23 AMR of $259.1 million, up 41% YoY, provides a strong trajectory of growth leading into CY24.”

1 Core Life360 subscription revenue is defined as subscription revenue derived from the Life360 mobile application, excluding certain revenue adjustments related to bundled Life360 subscription and hardware offerings, for the reported period.

2 We use Annualized Monthly Revenue (“AMR”) to identify the annualized monthly value of active customer agreements for a particular period. AMR includes the annualized monthly value of subscription, data and partnership agreements. All components of these agreements that are not expected to recur are excluded

 3 Adjusted EBITDA is a Non-GAAP measure. For the definition of Adjusted EBITDA and the use of this Non-GAAP measure, as well as a reconciliation of Net Loss to Adjusted EBITDA, refer to the Non-GAAP Financial Measures section below

Key Performance Indicators

(in millions, except ARPPC, ARPPS, and ASP)

Life360 Core4

Monthly Active Users (MAU) - Global U.S.

International

Australia

Paying Circles - Total

U.S.

International

Average Revenue per Paying Circle (ARPPC)

Life360 Consolidated (Adjusted for 2022)

Q3 Q2 Q3

Subscriptions 2.3 2.2 2.1 6% Average Revenue per Paying Subscription (ARPPS) $ 101.33 $ 97.83 $ 78.03 4 %

Net hardware units shipped (standalone) Average Sale Price (ASP)

Annualized Monthly Revenue (AMR)5

1.1 0.7 0.7 60% $ 13.24 $ 15.76 $ 15.63 (16)% $ 259.1 $ 248.7 $ 184.0 4 %

2023 2023 58.4 54.0

35.4 33.6 23.0 20.4 1.7 1.6 1.75 1.63 1.30 1.23 0.45 0.40

2022

% QoQ

% YoY

24% 21% 30% 37% 17% 10% 44% 28%

14% 30% 43%

(15)% 41 %

 $ 119.97 $ 119.25 $ 93.55 1 %

47.0 8% 29.3 5% 17.7 13 %

1.2 7% 1.49 7% 1.18 6% 0.31 13 %

 4

Life360 Core metrics relate solely to the Life360 mobile application

5 We use Annualized Monthly Revenue (“AMR”) to identify the annualized monthly value of active customer agreements at the end of a reporting period. AMR includes the annualized monthly value of subscription, data and partnership agreements. All components of these agreements that are not expected to recur are excluded.

Note: The financial information in this announcement is unaudited and may not add or recalculate due to rounding. All references to $ are to U.S. $.

Life360, Inc. | ARBN 629 412 942 | 1900 South Norfolk St, Suite 310 San Mateo, CA 94403 | investors.life360.com

 2

Monthly Active Users (MAU) (millions) Paying Circles (thousands)

 • Global MAU increased 24% YoY to 58.4 million, with Q3’23 net additions of 4.4 million. U.S. MAU increased 21% YoY, with net adds of 1.8 million. International MAU were 30% higher YoY, with Q3’23 net adds of 2.6 million. Australian MAU increased 37% YoY to 1.7 million.

• Paying Circle growth accelerated in Q3’23 with global net subscriber additions of 118 thousand, the second highest quarterly growth on record. U.S. Paying Circles increased 10% YoY despite the effect of price increases implemented between Q3’22 and Q2’23. International Paying Circles maintained exceptionally strong momentum, up 44% YoY. Our U.S. Membership plan subscribers comprise Silver 15%, Gold 80% and Platinum 4% of total.

• Global ARPPC increased 28% YoY and 1% QoQ. The benefit from U.S. price increases implemented from Q3’22 saw U.S. ARPPC increase 40% YoY.

• Net Hardware Units Shipped (excluding bundling) increased 43% YoY, reflecting higher gross unit sales and lower returns from improved consumer electronics demand. Margins improved as a result of specific initiatives, even as Average Sale Price (ASP) reduced 15% YoY due to a mix shift in product, and a higher retail channel mix at a lower ASP. In addition there was a favorable return adjustment recorded in Q2’23.

Operating Results

Revenue

($ millions)

Subscription revenue Hardware revenue Other revenue

Total revenue

Annualized Monthly Revenue - September

(unaudited)

$ 56.6 $ 39.0 $ 15.5 11.7 6.5 6.5

$ 78.6 $ 57.2 $ $ 259.1 $ 184.0 $

161.0 $ 37.1

19.4 217.6 $ 259.1 $

2022

107.9 28.3 20.8 157.0 184.0

 Three Months Ended September 30,

Nine Months Ended September 30,

  2023

2022

2023

    • Q3’23 Consolidated subscription revenue increased 45% YoY (including hardware subscriptions) to $56.6 million. Life360 core subscription revenue increased 50% YoY supported by the 17% YoY uplift in Paying Circles, and 28% higher ARPPC.

• Q3’23 Hardware revenue increased 33% YoY to $15.5 million due to an increase in the number of units shipped, and the impact of bundling.

• Q3’23 Other revenue of $6.5 million was in line with the prior period, as a result of the strategic shift to a single data partnership from January 2022, and the terms associated with the arrangement.

• September AMR increased 41% YoY, reflecting strong subscription revenue momentum.

Note: The financial information in this announcement is unaudited and may not add or recalculate due to rounding. All references to $ are to U.S. $.

Life360, Inc. | ARBN 629 412 942 | 1900 South Norfolk St, Suite 310 San Mateo, CA 94403 | investors.life360.com

 3

Gross Profit

 Three Months Ended September 30,

 Nine Months Ended September 30,

 2023

 2022

 2023

 2022

 ($ millions, except percentages)

Gross Profit

Gross Margin

Gross Margin (Subscription Only)

$ 57.9 $

74 % 85 %

(unaudited)

39.2 $

69 % 80 %

162.5 $

75 % 86 %

103.6

66 % 79 %

• Q3’23 gross profit margin increased to 74% from 69% in the prior year period, reflecting the uplift in subscription only margins to 85% due to higher pricing. Hardware gross margins also increased, reflecting cost efficiencies from successful initiatives to reduce fulfillment and logistics costs.

 Three Months Ended September 30,

 Nine Months Ended September 30,

 2023

 2022

 2023

 2022

 ($ millions)

Research and development Sales and marketing

Paid acquisition & TV Other sales and marketing Commissions

General and administrative

Total operating expenses

$

$

24.6 $ 25.7

8.4

6.6 10.7 14.1

64.4 $

(unaudited)

24.6 $ 74.9 $ 77.3 24.2 73.4 70.4 7.6 21.4 21.2

8.6 20.5 26.5

8.0 31.5 22.7

11.6 39.8 37.6

60.4 $ 188.1 $ 185.3

  • Q3’23 operating expenses increased 7% YoY, largely due to higher General and administrative costs primarily arising from higher legal expenses, and increased accounting costs related to Sarbanes-Oxley compliance. Commissions were higher YoY in line with the growth in subscription revenue.

EBITDA and Adjusted EBITDA6

($ millions)

NetLoss

EBITDA

Non-GAAP Adjustments Adjusted EBITDA

$

$

(6.5) $ (4.2)

9.7

5.5 $

(unaudited)

(21.1) $ (18.8)

9.4

(9.4)

(25.0) $ (18.8)

30.5

11.7 $

(79.3) (74.9) 33.1 (41.7)

 Three Months Ended September 30,

 Nine Months Ended September 30,

 2023

 2022

 2023

 2022

   • Q3’23 delivered a positive Adjusted EBITDA contribution of $5.5 million versus an Adjusted EBITDA loss of $9.4 million in the prior corresponding period as a result of continued strong subscription revenue growth, higher hardware revenue, improved margins and additional cost efficiencies.

6 EBITDA and Adjusted EBITDA are non-GAAP measures. For definitions of EBITDA and Adjusted EBITDA, a description of these non-GAAP measures’ use, and a reconciliation of Net Loss to EBITDA and Adjusted EBITDA, refer to the Non-GAAP Financial Measures section below.

Note: The financial information in this announcement is unaudited and may not add or recalculate due to rounding. All references to $ are to U.S. $.

Life360, Inc. | ARBN 629 412 942 | 1900 South Norfolk St, Suite 310 San Mateo, CA 94403 | investors.life360.com

$

 4

Balance Sheet and Cash Flow

Three Months Ended September 30,

Nine Months Ended September 30,

 2023

 2022

 2023

 2022

 ($ millions)

Net cash provided by/(used in) operating activities

Net cash used in investing activities

Net cash used in financing activities

Net Decrease in Cash, Cash Equivalents, and Restricted Cash

Cash, Cash Equivalents, and Restricted Cash at the End of the Period

(unaudited)

$

$

4.1 (0.4) (4.2)

(0.5)

63.7

$

$

(16.4) (0.3) (3.8)

(20.4)

58.9

$

$

(1.4)

(1.3) (24.0)

(26.7)

63.7

$

$

(54.9) (114.1) (3.5)

(172.5)

58.9

  • Life360 ended Q3’23 with cash, cash equivalents and restricted cash of $63.7 million, with unrestricted cash decreasing by $0.6 million from Q2’23. Operating cash flow of $4.1 million was offset by $0.4 million used in investing activities and $4.2 million used in financing activities.

• Q3’23 net cash provided by operating activities of $4.1 million saw a differential to Adjusted EBITDA of $5.5 million due to timing of receipts, manufacturing payments, and higher sales due to the ‘Back to School’ seasonal uplift.

• Q3’23 net cash used in investing activities of $0.4 million related to payments for internally developed software.

• Q3’23 net cash used in financing activities of $4.2 million related to the repayment of the Jiobit convertible note and taxes paid for the net settlement of equity awards, offset by proceeds from the exercise of options.

Earnings Guidance7

For CY23, Life360 expects to deliver:

• Core Life360 subscription revenue growth in excess of 50% YoY;

• Hardware revenue growth of 10% to 15% (previously 0% to 5%);

• Other revenue of approximately $26 million;

• Consolidated revenue of $300 million - $310 million;

• Positive Adjusted EBITDA8 of $12 million - $16 million (previously $9 million - $14 million);

• Positive Operating Cash Flow of $0 million to $5 million, revised from $5 million - $10 million. This change is solely due to a timing difference, with no change to the OCF outlook; and

• Positive Adjusted EBITDA and Operating Cash Flow for the remaining quarter of CY23.

For Q4’23 it should be noted that it is usual to see some pullback in subscriber momentum after strong waves of subscriber growth, especially in Q4, which (outside of the COVID reopening of 2021) is generally lower due to seasonality. While we are on track to hit all guidance metrics, there was likely some pull forward effect in Q3; along with natural churn and lower expected top of funnel, we expect fewer net adds in Q4 than in Q3 despite strong ongoing momentum across the business.

Looking ahead to CY24, while we will share guidance as part of our CY23 full year earnings announcement, we remain on track to continue to expand our Adjusted EBITDA and Operating Cash Flow, while also lowering our EBITDA8 loss, with EBITDA breakeven expected in CY25. We continue to believe the right strategy for the business is to invest in growth, and we are taking a balanced approach that will allow us to deploy excess cash generated to make additional R&D and marketing investments, while simultaneously improving margins.

7 With respect to forward looking non-GAAP guidance, we are not able to reconcile the forward-looking non-GAAP adjusted EBITDA measure to the closest corresponding GAAP measure without unreasonable efforts because we are unable to predict the ultimate outcome of certain significant items, which are fluid and unpredictable in nature. In addition, the Company believes such a reconciliation would imply a degree of precision that may be confusing or misleading to investors. These items include, but are not limited to, litigation costs, convertible notes and derivative liability fair value adjustments, and gains/losses on revaluation of contingent consideration. These items may be material to our results calculated in accordance with GAAP.

8 EBITDA and Adjusted EBITDA are non-GAAP measures. For definitions of EBITDA and Adjusted EBITDA, a description of these non-GAAP measures’ use, and a reconciliation of Net Loss to EBITDA and Adjusted EBITDA, refer to the Non-GAAP Financial Measures section below.

Note: The financial information in this announcement is unaudited and may not add or recalculate due to rounding. All references to $ are to U.S. $.

Life360, Inc. | ARBN 629 412 942 | 1900 South Norfolk St, Suite 310 San Mateo, CA 94403 | investors.life360.com

 5

Investor Conference Call

A conference call will be held today at 9.30am AEDT, Wednesday 15 November 2023 (Tuesday 14 November U.S. PT at 2.30pm). The call will be held as a Zoom audio webinar.

Participants wishing to ask a question should register and join via their browser here. Participants joining via telephone will be in listen only mode.

Dial in details

Australia: +61 2 8015 6011 U.S.: +1 669 444 9171 Other countries: details Meeting ID: 994 8367 4050

A replay will be available after the call at https://investors.life360.com

Authorization

Chris Hulls, Director, Co-Founder and Chief Executive Officer of Life360 authorized this announcement being given to ASX.

About Life360

approximately 58 million monthly active users (MAU) as of September 30, 2023 located in more than 150 countries. For more information, please visit life360.com.

Tile, a Life360 company, locates millions of unique items every day by giving everything the power of smart location. Leveraging its superior nearby finding features and vast community that spans over 150 countries, Tile’s cloud-based finding platform helps people find the things that matter to them most. For more information, please visit Tile.com.

Life360 operates a platform for today's busy families, bringing them closer together by helping them better

 know, communicate with, and protect the pets, people and things they care about most. The Company's

 core offering, the Life360 mobile app, is a market leading app for families, with features that range from

 communications to driving safety and location sharing. Life360 is based in San Mateo and had

 Contacts

For Australian investor inquiries:

Jolanta Masojada, +61 417 261 367 jmasojada@life360.com

For U.S. investors investors@life360.com

For Australian media inquiries:

Giles Rafferty, +61 481 467 903 grafferty@firstadvisers.com.au

For U.S. media inquiries: press@life360.com

Life360’s CDIs are issued in reliance on the exemption from registration contained in Regulation S of the US Securities Act of 1933 (Securities Act) for offers of securities which are made outside the US. Accordingly, the CDIs have not been, and will not be, registered under the Securities Act or the laws of any state or other jurisdiction in the US. As a result of relying on the Regulation S exemption, the CDIs are ‘restricted securities’ under Rule 144 of the Securities Act. This means that you are unable to sell the CDIs into the US or to a US person who is not a QIB for the foreseeable future except in very limited circumstances until after the end of the restricted period, unless the re-sale of the CDIs is registered under the Securities Act or an exemption is available. To enforce the above transfer restrictions, all CDIs issued bear a FOR Financial Product designation on the ASX. This designation restricts any CDIs from being sold on ASX to US persons excluding QIBs. However, you are still able to freely transfer your CDIs on ASX to any person other than a US person who is not a QIB. In addition, hedging transactions with regard to the CDIs may only be conducted in accordance with the Securities Act.

Note: The financial information in this announcement is unaudited and may not add or recalculate due to rounding. All references to $ are to U.S. $.

Life360, Inc. | ARBN 629 412 942 | 1900 South Norfolk St, Suite 310 San Mateo, CA 94403 | investors.life360.com

 6

Forward-looking statements

This announcement and the accompanying conference call contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Life360 intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements regarding Life360’s intentions, objectives, plans, expectations, assumptions and beliefs about future events, including Life360’s expectations with respect to the financial and operating performance of its business, including subscription revenue, hardware revenue, other revenue, consolidated revenue, Adjusted EBITDA, and operating cash flow; its capital position; future growth; the impact of past price increases on future results of operations and churn; the impact of past price increases on future results of operations and churn; the strategic value and opportunities for Tile; operating cost savings, including through reduced commissions; as well as Life360’s expectations of any changes to the information disclosed herein. The words “anticipate”, “believe”, “expect”, “project”, “predict”, “will”, “forecast”, “estimate”, “likely”, “intend”, “outlook”, “should”, “could”, “may”, “target”, “plan” and other similar expressions can generally be used to identify forward-looking statements. Indications of, and guidance or outlook on, future earnings or financial position or performance are also forward-looking statements. Investors and prospective investors are cautioned not to place undue reliance on these forward-looking statements as they involve inherent risk and uncertainty (both general and specific) and should note that they are provided as a general guide only and should not be relied on as an indication or guarantee of future performance. There is a risk that such predictions, forecasts, projections and other forward-looking statements will not be achieved. Subject to any continuing obligations under applicable law, Life360 does not undertake any obligation to publicly release the result of any revisions to these forward-looking statements to reflect events or circumstances after the date of this announcement, to reflect any change in expectations in relation to any forward-looking statements or any change in events, conditions or circumstances on which any such statements are based.

Although Life360 believes that the expectations reflected in the forward-looking statements and the assumptions upon which they are based are reasonable, Life360 can give no assurance that such expectations and assumptions will prove to be correct and, actual results may vary in a materially positive or negative manner. Forward-looking statements are subject to known and unknown risks, uncertainty, assumptions and contingencies, many of which are outside Life360’s control, and are based on estimates and assumptions that are subject to change and may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include risks related to the preliminary nature of financial results, risks related to Life360’s business, market risks, Life360’s need for additional capital, and the risk that Life360’s products and services may not perform as expected, as described in greater detail under the heading “Risk Factors” in Life360’s ASX and SEC filings, including its Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 14, 2023 and other reports filed with the SEC. To the maximum extent permitted by law, responsibility for the accuracy or completeness of any forward-looking statements whether as a result of new information, future events or results or otherwise is disclaimed. This announcement should not be relied upon as a recommendation or forecast by Life360. Past performance information given in this document is given for illustrative purposes only and is not necessarily a guide to future performance and no representation or warranty is made by any person as to the likelihood of achievement or reasonableness of any forward-looking statements, forecast financial information, future share price performance or any underlying assumptions. Nothing contained in this document nor any information made available to you is, or shall be relied upon as, a promise, representation, warranty or guarantee as to the past, present or the future performance of Life360.

Note: The financial information in this announcement is unaudited and may not add or recalculate due to rounding. All references to $ are to U.S. $.

Life360, Inc. | ARBN 629 412 942 | 1900 South Norfolk St, Suite 310 San Mateo, CA 94403 | investors.life360.com

 7

Condensed Consolidated Statements of Operations and Comprehensive Loss

(Dollars in U.S. $, in thousands, except share and per share data) (unaudited)

 Three Months Ended September 30,

 Nine Months Ended September 30,

 2023

 2022

 2023

 2022

 Subscription revenue $ 56,607 $ 38,991 $ 160,998 $ 107,884

 Hardware revenue 15,541 11,676 37,110 28,314

 Other revenue 6,476 6,486 19,447 20,769

   Total revenue 78,624 57,153 217,555 156,967

 Cost of subscription revenue 8,267 7,768 22,700 22,742

 Cost of hardware revenue 11,570 9,327 29,732 27,906

 Cost of other revenue 902 818 2,625 2,673

   Total cost of revenue 20,739 17,913 55,057 53,321

 Gross profit 57,885 39,240 162,498 103,646

 Operating expenses:

 Research and development 24,569 24,569 74,948 77,337

 Sales and marketing 25,741 24,228 73,404 70,365

 General and administrative 14,082 11,567 39,788 37,643

   Total operating expenses 64,392 60,364 188,140 185,345

   Loss from operations (6,507) (21,124) (25,642) (81,699)

 Other income (expense):

 Convertible notes fair value

adjustment (604) (232) (798) 1,875

 Derivative liability fair value

adjustment 63 (145) (177) 1,183

 Other income (expense), net 337 455 1,797 (601)

   Total other income (expense), net (204) 78 822 2,457

   Loss before income taxes (6,711) (21,046) (24,820) (79,242)

 Provision for (benefit from) income taxes (170) 73 205 84

   Net loss (6,541) — (21,119) (25,025) (79,326)

   Netlosspershare,basicanddiluted $ (0.10) $ (0.34) $ (0.38) $ (1.28)

 Weighted-average shares used in

computing net loss per share, basic and

diluted 67,091,993 62,173,588 66,389,483 61,753,532

 Comprehensive loss

 Net loss (6,541) (21,119) (25,025) (79,326)

 Change in foreign currency translation

adjustment (17) (29) 9 (14)

   Totalcomprehensiveloss $ (6,558) $ (21,148) $ (25,016) $ (79,340)

  Note: The financial information in this announcement is unaudited and may not add or recalculate due to rounding. All references to $ are to U.S. $.

Life360, Inc. | ARBN 629 412 942 | 1900 South Norfolk St, Suite 310 San Mateo, CA 94403 | investors.life360.com

 8

Condensed Consolidated Balance Sheets

(Dollars in U.S. $, in thousands) (unaudited)

September 30, 2023

December 31, 2022

  Assets

 Current Assets:

 Cash and cash equivalents $ 61,848 $ 75,444

Restricted cash, current — 13,274

Accounts receivable, net 39,731 33,125

Inventory 10,936 10,826

 Costs capitalized to obtain contracts, net 1,082 1,438

 Prepaid expenses and other current assets 11,340 8,548

 Total current assets 124,937 142,655

 Restricted cash, noncurrent 1,809 1,647

 Property and equipment, net 800 393

 Costs capitalized to obtain contracts, noncurrent 767 626

 Prepaid expenses and other assets, noncurrent 6,051 7,134

 Operating lease right-of-use asset 1,166 802

Intangible assets, net 47,208 52,699

Goodwill 133,674 133,674

 Total Assets $ 316,412 $ 339,630

  Liabilities and Stockholders’ Equity

 Current Liabilities:

Accounts payable 12,902 $ 13,791

 Accrued expenses and other current liabilities 22,580 27,015

Escrow liability — 13,274

Convertible notes, current 3,563 3,513

 Deferred revenue, current 33,652 30,056

 Total current liabilities 72,697 87,649

 Convertible notes, noncurrent 950 4,060

 Derivative liability, noncurrent 278 101

 Deferred revenue, noncurrent 1,369 2,706

Other liabilities, noncurrent 810 576

 Total Liabilities $ 76,104 $ 95,092

  Commitments and Contingencies

 Stockholders’ Equity

Common Stock 68 67

 Additional paid-in capital 522,234 501,763

Notes due from affiliates — (314)

Accumulated deficit (281,997) (256,972)

 Accumulated other comprehensive income (loss) 3 (6)

 Total stockholders’ equity  240,308 244,538

 Total Liabilities and Stockholders’ Equity $ 316,412 $ 339,630

 Note: The financial information in this announcement is unaudited and may not add or recalculate due to rounding. All references to $ are to U.S. $.

Life360, Inc. | ARBN 629 412 942 | 1900 South Norfolk St, Suite 310 San Mateo, CA 94403 | investors.life360.com

 9

Condensed Consolidated Statements of Cash Flows

(Dollars in U.S. $, in thousands) (unaudited)

Cash Flows from Operating Activities:

Net loss

Adjustments to reconcile net loss to net cash used in operating activities:

Depreciation and amortization

Amortization of costs capitalized to obtain contracts Amortization of operating lease right-of-use asset Stock-based compensation expense

Compensation expense in connection with revesting notes Non-cash interest expense, net

Convertible notes fair value adjustment

Derivative liability fair value adjustment

Gain on revaluation of contingent consideration

Non-cash revenue from affiliate

Inventory write-off

Adjustment in connection with membership benefit

Changes in operating assets and liabilities, net of acquisitions: Accounts receivable, net

Prepaid expenses and other assets

Inventory

Costs capitalized to obtain contracts, net Accounts payable

Accrued expenses and other liabilities Deferred revenue

Other liabilities, noncurrent

Net cash used in operating activities

Cash Flows from Investing Activities:

Cash paid for acquisitions, net of cash acquired Internal use software

Purchase of property and equipment

Net cash used in investing activities

Cash Flows from Financing Activities:

Indemnity escrow payment in connection with an acquisition Proceeds from the exercise of options

Taxes paid related to net settlement of equity awards Proceeds from repayment of notes due from affiliates Issuance of common stock

Repayment of convertible notes

Net cash used in financing activities

Net Decrease in Cash, Cash Equivalents, and Restricted Cash

Cash, Cash Equivalents and Restricted Cash at the Beginning of the Period Cash, Cash Equivalents, and Restricted Cash at the End of the Period Supplemental disclosure:

Cash paid during the period for taxes

Cash paid during the period for interest

Non-cash investing and financing activities:

Fair value of stock issued in connection with an acquisition

Fair value of warrants held as investment in affiliate

Fair value of stock issued in settlement of contingent consideration Right of use asset recognized in connection with lease modification Operating lease liability recognized in connection with lease modification

Total non-cash investing and financing activities

Nine Months Ended September 30,

     $

2023

(25,025)

6,844 1,782 690 27,678 73 331 798 177 —

(1,489) 916

(2,172)

(6,606) (2,036) (1,026) (1,567)

(889) (3,163)

3,748 (498) (1,434)

— (1,232) (26) (1,258)

(13,128) 4,109

(11,392) 314 —

(3,919) (24,016) (26,708)

90,365 63,657

538 640

— — —

1,054 1,054 2,108

$

2022

(79,326)

6,831 2,419 — 24,487

(100) 345

(1,875) (1,183) (5,279) (1,008)

— —

16,412 7,216

(4,877)

(2,777) (13,867) (5,345)

2,410 620

(54,897)

(113,401) (701)

— (114,102)

— 1,994

(2,727) 648 85

(3,471)

(3,471) (172,470)

231,345 58,875

— 518

15,409 5,474 4,221

—

— 25,104

                           $ $

$

$

$ $

$

$

       Note: The financial information in this announcement is unaudited and may not add or recalculate due to rounding. All references to $ are to U.S. $.

Life360, Inc. | ARBN 629 412 942 | 1900 South Norfolk St, Suite 310 San Mateo, CA 94403 | investors.life360.com

 10

Non-GAAP Financial Measures

We collect and analyze operating and financial data to evaluate the health of our business, allocate our resources and assess our performance.

EBITDA and Adjusted EBITDA

In addition to total revenue, net loss and other results under GAAP, we utilize non-GAAP calculations of earnings before interest, taxes, depreciation and amortization (“EBITDA”) and adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”). EBITDA is defined as net loss, excluding (i) convertible notes and derivative liability fair value adjustments, (ii) provision for (benefit from) income taxes, (iii) depreciation and amortization and (iv) other income (expense), net. Adjusted EBITDA is defined as net loss, excluding (i) convertible notes and derivative liability fair value adjustments, (ii) provision for (benefit from) income taxes, (iii) depreciation and amortization, (iv) other income (expense), net, (v) stock- based compensation, (vi) Form 10 transaction costs, (vii) acquisition and integration costs, (viii) non- recurring workplace restructuring costs, (ix) inventory write-offs, (x) adjustment in connection with membership benefit, (xi) non-recurring warehouse relocation costs and (xii) gain on revaluation of contingent consideration.

The above items are excluded from EBITDA and Adjusted EBITDA because these items are non-cash in nature, or because the amount and timing of these items are unpredictable, are not driven by core results of operations and render comparisons with prior periods and competitors less meaningful. We believe EBITDA and Adjusted EBITDA provide useful information to investors and others in understanding and evaluating our results of operations, as well as providing useful measures for period-to-period comparisons of our business performance. Moreover, we have included EBITDA and Adjusted EBITDA in this media release because they are key measurements used by our management team internally to make operating decisions, including those related to operating expenses, evaluate performance, and perform strategic planning and annual budgeting. However, these non-GAAP financial measures are presented for supplemental informational purposes only, should not be considered a substitute for or superior to financial information presented in accordance with GAAP, and may be different from similarly titled non-GAAP financial measures used by other companies. As such, you should consider these non-GAAP financial measures in addition to other financial performance measures presented in accordance with GAAP, including various cash flow metrics, net loss and our other GAAP results.

The following table presents a reconciliation of net loss, the most directly comparable GAAP measure, to EBITDA and Adjusted EBITDA:

Three Months Ended September 30,

2023 2022

Nine Months Ended September 30,

2023 2022

    (in thousands)

 Net loss $ (6,541) $ (21,119) $ (25,025) $ (79,326)

 Add (deduct):

 Convertible notes fair value adjustment 604 232 798 (1,875)

 Derivative liability fair value adjustment9 (63) 145 177 (1,183)

 Provision for (benefit from) income taxes (170) 73 205 84

 Depreciation and amortization10 2,295 2,329 6,844 6,831

 Other income (expense), net (337) (455) (1,797) 601

   EBITDA $ (4,212) $ (18,795) $ (18,798) $ (74,868)

   Stock-based compensation 9,454 7,963 27,678 24,487

 Form 10 transaction costs — 705 — 2,843

 Acquisition and integration costs — 703 — 11,097

 Non-recurring workplace restructuring costs11 238 — 3,970 —

 Write-off of obsolete inventory12 — — 916 —

 Adjustment in connection with membership benefit13 (78) — (2,172) —

 Non-recurring warehouse relocation costs14 77 — 77 —

 Gain on revaluation of contingent consideration — — — (5,279)

   Adjusted EBITDA $ 5,479 $ (9,424) $ 11,671 $ (41,720)

  Note: The financial information in this announcement is unaudited and may not add or recalculate due to rounding. All references to $ are to U.S. $.

Life360, Inc. | ARBN 629 412 942 | 1900 South Norfolk St, Suite 310 San Mateo, CA 94403 | investors.life360.com

 11

 9 To reflect the change in value of the derivative liability associated with the July 2021 Convertible Notes.

10 Includes depreciation on fixed assets and amortization of acquired intangible assets.

11 Relates to non-recurring personnel and severance related expenses in connection with the workplace restructure announced on January 12, 2023.

12 Relates to the write-off of raw materials that have no alternative use to the Company following the decision to halt development.

13 Relates to an adjustment recorded to reduce product costs recorded to cost of revenue in connection with the discontinuation of certain battery related membership benefits.

14 Relates to non-recurring warehouse relocation costs in relation to the Company’s transition to a new logistics partner.

Key Financial Metrics:

(in millions)

Three Months Ended September 30,

2023 2022

Nine Months Ended September 30,

2023 2022

    Revenue

 U.S. subscription revenue (Non-GAAP) $ 51.6 $ 34.5 $ 144.9 $ 95.5

 International subscription revenue (Non-GAAP) 6.2 4.5 18.0 12.4

 Subscription revenue (Non-GAAP) 57.8 39.0 162.9 107.9

 Hardware revenue (Non-GAAP) 14.2 11.7 34.7 28.3

 Other revenue 6.5 6.5 19.4 20.8

  Total revenue (Non-GAAP) 78.5 57.2 217.0 157.0

   Add: GAAP adjustments related to bundled

offerings 0.2 — 0.6 —

   Total revenue, GAAP included in Adjusted

EBITDA15 78.6 57.2 217.6 157.0

   Non-GAAP Gross Margin16 59.4 40.8 164.8 107.3

 Non-GAAPGrossMargin% 76 % 71 % 76 % 68 %

 Non-GAAP Subscription Gross Margin % 84 % 81 % 85 % 80 %

 Research and Development (Non-GAAP) 19.1 20.2 56.5 63.6

 Sales and Marketing (Non-GAAP)

 User acquisition and TV costs 8.4 7.6 21.4 21.2

 Other Sales and Marketing 4.7 6.6 14.3 19.7

 Commissions 10.7 8.0 31.5 22.7

 General & Administrative (Non-GAAP) 11.1 7.9 29.9 22.7

   Non-GAAP Operating Expenses17 54.0 50.2 153.7 150.0

 Net loss (6.5) (21.1) (25.0) (79.3)

 Adjusted EBITDA 5.5 (9.4) 11.7 (41.7)

 Adjusted EBITDA Margin % 7 % (16)% 5 % (27)%

 Stock-based Compensation (9.5) (8.0) (27.7) (24.5)

 Other Non-GAAP Adjustments (0.2) (1.3) (2.8) (8.7)

   EBITDA $ (4.2) $ (18.7) $ (18.8) $ (74.9)

  15 Total revenue, GAAP included in Adjusted EBITDA is calculated using Total Revenue, Non-GAAP adjusted for the impact of bundled offerings. As this adjustment is deemed to be routine, it has not been added back to EBITDA or Adjusted EBITDA.

16 Non-GAAP Gross Margin is calculated using Revenue, Non-GAAP and Cost of revenue, Non-GAAP. For a reconciliation between Total Revenue, GAAP and Total Revenue, Non-GAAP and Total Cost of revenue, GAAP and Total Cost of revenue, Non-GAAP, refer to the Revenue and Cost of Revenue (GAAP to Non-GAAP reconciliation) sections below.

17 Non-GAAP operating expenses are calculated using Research and Development, Non-GAAP, Sales and Marketing, Non-GAAP and General & Administrative, Non-GAAP expenses. For a reconciliation between Total operating expenses, GAAP and Total operating expenses, Non-GAAP, refer to the Operating expenses (GAAP to Non-GAAP reconciliation) section below.

Note: The financial information in this announcement is unaudited and may not add or recalculate due to rounding. All references to $ are to U.S. $.

Life360, Inc. | ARBN 629 412 942 | 1900 South Norfolk St, Suite 310 San Mateo, CA 94403 | investors.life360.com

 12

Revenue (GAAP to Non-GAAP reconciliation): (in millions)

Q1 2023 Q2 2023 Q3 2023

  Subscription revenue, GAAP included in Adjusted

EBITDA $ 51.7 $ 52.7 $ 56.6

 Bundled offerings18, 19 — 0.7 1.2

  Total Subscription revenue, Non-GAAP $ 51.7 $ 53.4 $ 57.8

   Hardware revenue, GAAP, included in Adjusted

EBITDA $ 10.0 $ 11.6 $ 15.5

 Bundled offerings18, 19 — (1.1) (1.4)

  Total Hardware revenue, Non-GAAP $ 10.0 $ 10.5 $ 14.2

  18 Bundled offerings represent certain revenue adjustments related to bundled Life360 subscription and hardware offerings.

19 The net difference of the bundled offerings represents the GAAP revenue recognition of subscription revenue allocated to hardware revenue which is recognized at a point-in-time rather than ratably over the subscription period,

Note: The financial information in this announcement is unaudited and may not add or recalculate due to rounding. All references to $ are to U.S. $.

Life360, Inc. | ARBN 629 412 942 | 1900 South Norfolk St, Suite 310 San Mateo, CA 94403 | investors.life360.com

 13

Cost of Revenue (GAAP to Non-GAAP reconciliation)

Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022

(in millions)

    Cost of subscription revenue, GAAP $ 8.3 $ 7.8 $ 22.7 $ 22.7

 Less: Depreciation and amortization (0.3) (0.2) (0.9) (0.7)

 Less: Stock-based compensation (0.2) (0.1) (0.4) (0.6)

 Less: Severance and other — — (0.1) —

 Less: Adjustment in connection with

membership benefit — — 1.8 —

 Non-GAAP Cost of subscription

revenue included in Adjusted EBITDA $ 7.8 $ 7.4 $ 23.1 $ 21.5

 Less: Hardware bundling adjustment 1.5 — 1.5 —

 Total Cost of subscription revenue,

Non-GAAP $ 9.3 $ 7.4 $ 24.6 $ 21.5

   Cost of hardware revenue, GAAP $ 11.6 $ 9.3 $ 29.7 $ 27.9

 Less: Depreciation and amortization (0.9) (0.9) (2.7) (2.7)

 Less: Stock-based compensation (0.3) (0.1) (0.7) (0.4)

 Less: Severance and other (0.1) (0.1) (0.2) (0.1)

 Less: Adjustment in connection with

membership benefit 0.1 — 0.4 —

   Non-GAAP Cost of hardware revenue

included in Adjusted EBITDA $ 10.4 $ 8.2 $ 26.5 $ 24.7

 Less: Alignment of accounting policies20 — — — 1.0

 Less: Hardware bundling adjustment (1.5) — (1.5) —

   Total Cost of hardware revenue, Non-

GAAP $ 8.9 $ 8.2 $ 25.0 $ 25.7

   Cost of other revenue, GAAP $ 0.9 $ 0.8 $ 2.6 $ 2.7

 Less: Stock-based compensation — (0.1) — (0.2)

   Total Cost of other revenue, Non-GAAP $ 0.9 $ 0.8 $ 2.6 $ 2.5

   Cost of revenue, GAAP $ 20.7 $ 17.9 $ 55.1 $ 53.3

 Less: Depreciation and amortization (1.2) (1.1) (3.6) (3.4)

 Less: Stock-based compensation (0.4) (0.3) (1.2) (1.1)

 Less: Severance and other (0.1) (0.1) (0.2) (0.1)

 Less: Adjustment in connection with

membership benefit 0.1 — 2.2 —

   Non-GAAP Cost of revenue included in

Adjusted EBITDA $ 19.1 $ 16.4 $ 52.2 $ 48.6

 Less: Alignment of accounting policies20 — — — 1.0

 Less: Hardware bundling adjustment — — — —

   Total Cost of revenue, Non-GAAP $ 19.1 $ 16.4 $ 52.2 $ 49.6

  20 Includes non-recurring costs reflecting the alignment of accounting policies attributable to the integration with Tile. As these adjustments are not deemed to be non-routine or one time in nature, they have not been added back to EBITDA or Adjusted EBITDA.

Note: The financial information in this announcement is unaudited and may not add or recalculate due to rounding. All references to $ are to U.S. $.

Life360, Inc. | ARBN 629 412 942 | 1900 South Norfolk St, Suite 310 San Mateo, CA 94403 | investors.life360.com

 14

Operating expenses (GAAP to Non-GAAP reconciliation):

Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022

   (in millions)

 Research and development expense,

GAAP $ 24.6 $ 24.6 $ 74.9 $ 77.3

 Less: Stock-based compensation (5.5) (4.2) (15.6) (13.1)

 Less: Severance and other — (0.2) (2.8) (0.5)

   Total Research and development,

Non-GAAP $ 19.1 $ 20.2 $ 56.5 $ 63.6

   Sales and marketing expense, GAAP $ 25.7 $ 24.2 $ 73.4 $ 70.4

 Less: Depreciation and amortization (1.1) (1.1) (3.2) (3.1)

 Less: Stock-based compensation (0.7) (0.9) (2.2) (3.1)

 Less: Severance and other (0.1) (0.1) (0.8) (0.5)

   Total Sales and marketing expense,

Non-GAAP $ 23.9 $ 22.2 $ 67.2 $ 63.6

   General and administrative expense,

GAAP $ 14.1 $ 11.6 $ 39.8 $ 37.6

 Less: Depreciation and amortization — (0.1) — (0.3)

 Less: Stock-based compensation (2.8) (2.5) (8.7) (7.1)

 Less: Severance and other (0.2) (1.0) (1.1) (7.5)

   Total General and administrative

expense, Non-GAAP $ 11.1 $ 7.9 $ 29.9 $ 22.7

   Total Operating expenses, GAAP $ 64.4 $ 60.4 $ 188.1 $ 185.3

 Less: Depreciation and amortization (1.1) (1.2) (3.2) (3.4)

 Less: Stock-based compensation (9.0) (7.6) (26.5) (23.4)

 Less: Severance and other (0.2) (1.3) (4.7) (8.5)

   Total Operating expenses, Non-

GAAP $ 54.0 $ 50.2 $ 153.7 $ 150.0

  Note: The financial information in this announcement is unaudited and may not add or recalculate due to rounding. All references to $ are to U.S. $.

Life360, Inc. | ARBN 629 412 942 | 1900 South Norfolk St, Suite 310 San Mateo, CA 94403 | investors.life360.com

 15

 as referenced by @raymon68 life360 is trying hard to get to profitability. The eye catcher for me was that despite ‘restructuring’ I presume code for redundancies growth in revenue from core subscriptions increased by ~50% in Q4 2022 year! Impressive growth

ASX ANNOUNCEMENT 13 January 2023

Life360 announces further acceleration of Path to Profitability

• Continued strong CY22 Q4 momentum, especially in Membership, with core Life360 subscription revenue (excluding Tile and Jiobit) growth exceeding 54%, in line with guidance

 • Confirmation of year end cash position meeting guidance, with cash balance of $90 million at 31 December 2022, adjusted for $32 million of net placement proceeds

• CY22 revenue and Adjusted EBITDA expected to meet lower end of guidance

• Resumption of normalized growth and churn patterns since completion of iOS price

changes in mid-December

• Organizational restructure announced, bringing forward by a quarter positive

Adjusted EBITDA and Operating Cash Flow to CY23 Q2

• Leaner organizational structure expected to streamline Life360’s ability to deliver on

core opportunities in CY23, including Tile bundling and international expansion

• CY23 total revenue growth currently expected in the range of 35% YoY. Positive Operating Cash Flow and positive Adjusted EBITDA1 is expected for the full year

CY23

 San Francisco-based Life360, Inc. (Life360 or the Company) (ASX: 360) today confirms continued strong CY22 Q4 momentum, and announces an accelerated plan to achieve positive operating cash flow and Adjusted EBITDA.

The restructure will result in an approximately 14% reduction of the company's workforce. Cash restructuring charges primarily related to employee transition and severance costs are estimated to be approximately $4 million, and will primarily be incurred in CY23 Q1. The reduction in headcount is expected to result in annualized cost savings in excess of $15 million. This restructure will streamline Life360’s ability to deliver on core opportunities in CY23 including Tile bundling and a focus on international expansion starting with the launch of the full membership offering in the UK market anticipated in CY23 H2.

Life360 CEO and Co-Founder Chris Hulls said: “We stated in our recent CY22 Q3 earnings announcement that, in response to current market conditions, we were accelerating our path to profitability; the restructure that we are announcing today will enable us to bring forward by a quarter the achievement of positive operating cash flow and Adjusted EBITDA to CY23 Q2. Today’s restructuring is designed to benefit the most important areas of our business – our product enhancements continue to deliver very strong growth from new and existing members. We believe these changes will also enable us to realize additional business efficiencies and reduced operating expenses.

Life360, Inc. | ARBN 629 412 942 | 539 Bryant St, Suite 402, San Francisco, CA 94107 | investors.life360.com Page 1

Note: all references to $ are to US$

 A workforce restructure announced today, and implemented following completion of the full operational merger of Jiobit, Tile and Life360 in CY22, enables the streamlining of operations of the consolidated business units to drive lower operating expenses, and a sharpened focus on the Company‘s key strategic product initiatives to enhance our leadership in family safety and security. Together with continuing strong subscription revenues, the restructure is expected to deliver positive Operating Cash Flow and Adjusted EBITDA from CY23 Q2, a quarter earlier than previously announced, with positive Operating Cash Flow and Adjusted EBITDA for full year CY23.

“Life360 ended CY22 strongly, with Global MAU of 48.6m, up 37% YoY, together with a significant uplift in post-Christmas registrations. Total Paying Circles of 1.5m were in line with our previous guidance despite the significant price increases implemented during Q4, with churn levels in line with management's expectations, further demonstrating the resilience of our subscriber base. Pleasingly, we have seen a resumption of normalized growth and churn since the completion of iOS price changes in mid-December. Core Life360 subscription revenue (excluding Tile and Jiobit) growth exceeded 54%, in line with guidance. While hardware revenues stabilized with some encouraging trends in online sales and re-ordering, they remained impacted by retail head winds, including a significant destocking of sales channels resulting in lower orders through most of Q4. We see these historically low inventory levels as an opportunity as we move into the CY23 sales cycle. Management’s expectations are that both Revenue and Adjusted EBITDA will be in the lower end range of previously issued guidance.

“Restricted and unrestricted cash balance at 31 December 2022 was $90 million – in line with previous guidance of $55-60 million, adjusted for the net funds received from the Q4 capital raise (net of cost) of $32 million.”

Mr Hulls concluded “We are moving into 2023 in a very strong position to pursue our global growth agenda, with significant upside opportunity from the launch of the bundled hardware subscription in Q1, a strong balance sheet and an accelerated trajectory to profitability.”

Life360 will provide further information on its CY22 performance with the full reporting of CY22 results on 17 March 2023 AEDT (16 March PT). Full CY23 guidance will be provided at that time; however due to strong operating momentum the Company currently expects CY23 total revenue growth in the range of 35% (higher excluding hardware). Additionally, we expect positive Operating Cash Flow and Adjusted EBITDA for the CY23 year.

Authorisation

Chris Hulls, Director, Co-Founder and Chief Executive Officer of Life360 authorised this announcement being given to ASX.

About Life360

approximately 47.0 million monthly active users (MAU) as of September 30, 2022, located in more than 150 countries. For more information, please visit

life360.com.

Tile, a Life360 company, locates millions of unique items every day by giving everything the power of smart location. Leveraging its superior nearby finding features and vast community that spans over 150 countries, Tile’s cloud-based finding platform helps people find the things that matter to them most. In addition to trackers in multiple form factors for a variety of use cases, Tile’s finding technology is embedded in over 55 partner products across audio, travel, wearables, smart home, and PC categories. For more information, please visit Tile.com.

 Life360 operates a platform for today's busy families, bringing them closer together by helping them better know, communicate with, and protect the pets, people and things they care about most. The Company's core offering, the Life360 mobile app, is a market leading app for families, with features that range from communications to driving safety and location sharing. Life360 is

 based in San Francisco and had

Contacts

For Australian investor enquiries: Jolanta Masojada, +61 417 261 367 jmasojada@life360.com

For U.S. investors investors@life360.com

For Australian media enquiries: Giles Rafferty, +61 481 467 903 grafferty@firstadvisers.com.au

For U.S. media inquiries: press@life360.com

   Life360, Inc. | ARBN 629 412 942 | 539 Bryant St, Suite 402, San Francisco, CA 94107 | investors.life360.com

Page 2

Life360’s CDIs are issued in reliance on the exemption from registration contained in Regulation S of the US Securities Act of 1933 (Securities Act) for offers of securities which are made outside the US. Accordingly, the CDIs, have not been, and will not be, registered under the Securities Act or the laws of any state or other jurisdiction in the US. As a result of relying on the Regulation S exemption, the CDIs are ‘restricted securities’ under Rule 144 of the Securities Act. This means that you are unable to sell the CDIs into the US or to a US person who is not a QIB for the foreseeable future except in very limited circumstances until after the end of the restricted period, unless the re-sale of the CDIs is registered under the Securities Act or an exemption is available. To enforce the above transfer restrictions, all CDIs issued bear a FOR Financial Product designation on the ASX. This designation restricts any CDIs from being sold on ASX to US persons excluding QIBs. However, you are still able to freely transfer your CDIs on ASX to any person other than a US person who is not a QIB. In addition, hedging transactions with regard to the CDIs may only be conducted in accordance with the Securities Act.

1. See the Non-GAAP Financial Measures section below for a definition of Adjusted EBITDA and the use of this non-GAAP financial measure. In regards to forward looking non-GAAP guidance, we are not able to reconcile the forward-looking non-GAAP Adjusted EBITDA measure to the closest corresponding GAAP measure without unreasonable efforts because we are unable to predict the ultimate outcome of certain significant items, which are fluid and unpredictable in nature. In addition, the company believes such a reconciliation would imply a degree of precision that may be confusing or misleading to investors. These items include, but are not limited to, litigation costs, convertible notes and derivative liability fair value adjustments, and gain on revaluation of contingent consideration.

Financial information, future performance and forward-looking statements

The information in this announcement is preliminary, unaudited, and subject to the Company’s normal quarter and year-end accounting procedures and external audit by the Company’s independent registered public accounting firm. The information in this announcement does not present all information necessary for an understanding of the Company’s results of operations for the fiscal year ended 31 December 2022 and should not be viewed as a substitute for full, audited financial statements prepared in accordance with generally accepted accounting principles (“GAAP”). The audit of the Company’s financial statements for the year ended 31 December 2022 is ongoing and could result in changes to the information in this announcement.

This announcement contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Life360 intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements includee statements regarding Life360’s intentions, objectives, plans, expectations, assumptions and beliefs about future events, including Life360’s expectations with respect to the financial and operating performance of its business, including revenue, loss and margin expectations, operating cash flow, Adjusted EBITDA and the acceleration of its path to profitability, its capital position, future growth, subscriber churn and estimated expenses to be incurred in connection with the Company’s planned workforce reduction and other statements related to the planned workforce reduction. The words “anticipate”, “believe”, “expect”, “project”, “predict”, “will”, “forecast”, “estimate”, “likely”, “intend”, “outlook”, “should”, “could”, “may”, “target”, “plan” and other similar expressions can generally be used to identify forward-looking statements. Indications of, and guidance or outlook on, future earnings or financial position or performance are also forward- looking statements. Investors and prospective investors are cautioned not to place undue reliance on these forward-looking statements as they involve inherent risk and uncertainty (both general and specific) and should note that they are provided as a general guide only and should not be relied on as an indication or guarantee of future performance. There is a risk that such predictions, forecasts, projections and other forward-looking statements will not be achieved. Subject to any continuing obligations under applicable law, Life360 does not undertake any obligation to publicly release the result of any revisions to these forward-looking statements to reflect events or circumstances after the date of this announcement, to reflect any change in expectations in relation to any forward-looking statements or any change in events, conditions or circumstances on which any such statements are based. Although Life360 believes that the expectations reflected in the forward-looking statements and the assumptions upon which they are based are reasonable, Life360 can give no assurance that such expectations and assumptions will prove to be correct and actual results may vary in a materially positive or negative manner. They are subject to known and unknown risks, uncertainty, assumptions and contingencies, many of which are outside Life360’s control, and are based on estimates and assumptions that are subject to change and may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements. Factors that could cause actual results to differ materially from those in the forward- looking statements include risks related to the preliminary nature of financial results, which are subject to Life360’s normal quarter and year-end accounting procedures and external audit by the Company’s independent public accounting firm, risks related to the Company’s business, market risks, the Company’s need for additional capital, and the risk that the Company’s products and services may not perform as expected, as described in greater detail under the heading “Risk Factors” in the Company’s ASX filings, Form 10 Registration Statement filed with the Securities and Exchange Commission (“SEC”) on 26 April 2022, as amended by Amendment No. 1 filed on 13 June 2022 and Amendment No. 2 filed on 5 July 2022, and effective as of 27 June 2022, and subsequent reports filed with the SEC. To the maximum extent permitted by law, responsibility for the accuracy or completeness of any forward-looking statements whether as a result of new information, future events or results or otherwise is disclaimed. This announcement should not be relied upon as a recommendation or forecast by Life360. Past performance information given in this document is given for illustrative purposes only and is not necessarily a guide to future performance and no representation or warranty is made by any person as to the likelihood of achievement or reasonableness of any forward-looking statements, forecast financial information, future share price performance or any underlying assumptions. Nothing contained in this document nor any information made available to you is, or shall be relied upon as, a promise, representation, warranty or guarantee as to the past, present or the future performance of Life360.

 Life360, Inc. | ARBN 629 412 942 | 539 Bryant St, Suite 402, San Francisco, CA 94107 | investors.life360.com Page 3

Non-GAAP Financial Measures

We collect and analyze operating and financial data to evaluate the health of our business, allocate our resources and assess our performance.

In addition to total revenue, Net Loss and other results under GAAP, we utilize non-GAAP calculations of earnings before interest, taxes, depreciation and amortization ("EBITDA") and adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA"). EBITDA is defined as Net Loss, excluding (i) convertible notes and derivative liability fair value adjustments, (ii) provision (benefit) for income taxes, (iii) depreciation and amortization and (iv) other income (expense). Adjusted EBITDA is defined as Net Loss, excluding (i) convertible notes and derivative liability fair value adjustments, (ii) provision (benefit) for income taxes, (iii) depreciation and amortization, (iv) other income (expense), (v) stock-based compensation, (vi) costs related to filing our Registration Statement on Form 10 filed with the Securities and Exchange Commission on April 26, 2022, as amended by Amendment No. 1 filed on June 13, 2022 and Amendment No. 2 filed on July 5, 2022, and effective as of June 27, 2022 ("Form 10"), (vii) acquisition and integration costs, and (viii) gain on revaluation of contingent consideration. In 2023, we also expect Adjusted EBITDA to exclude the costs associated with the restructure described above.

The above items are excluded from EBITDA and Adjusted EBITDA because these items are non-cash in nature, or because the amount and timing of these items are unpredictable, are not driven by core results of operations and render comparisons with prior periods and competitors less meaningful. We believe EBITDA and Adjusted EBITDA provide useful information to investors and others in understanding and evaluating our results of operations, as well as providing useful measures for period-to-period comparisons of our business performance. Moreover, we disclose EBITDA and Adjusted EBITDA because they are key measurements used by our management team internally to make operating decisions, including those related to operating expenses, evaluate performance, and perform strategic planning and annual budgeting. However, these non-GAAP financial measures are presented for supplemental informational purposes only, should not be considered a substitute for or superior to financial information presented in accordance with GAAP, and may be different from similarly titled non-GAAP financial measures used by other companies. As such, you should consider these non-GAAP financial measures in addition to other financial performance measures presented in accordance with GAAP, including various cash flow metrics, Net Loss and our other GAAP results.

 Life360, Inc. | ARBN 629 412 942 | 539 Bryant St, Suite 402, San Francisco, CA 94107 | investors.life360.com Page 4

 good news I think… volatility in the true sense today down a lot then closed nearly 10% up… on first glance it looked like really solid growth and a bring forward of cashflow even so I don’t know where the early drama came from today…

15 November 2022

Life360 reports Q3 2022 results

• Largest ever quarterly growth in Global Monthly Active Users (MAU) of more than 5 million, up 39% YoY, with record net additions in both the U.S. and International markets

• Q3 consolidated revenue growth of 92% to $57.2 million, with Q3 Paying Circles up 36% YoY

• October 2022 Average Revenue Per Paying Circle (ARPPC) up 47% YoY for new U.S. subscribers, reflecting early benefits of higher pricing

• Anticipated CY22 year-end Annualized Monthly Revenue1 (AMR) (excluding hardware) of more than $215 million, up >50% YoY

• Quarter-end cash, cash equivalents and restricted cash of $58.9 million, including financing related cash outflows of approximately $4 million

• Strong revenue growth from the price increase, and lower than expected initial churn, along with prudent financial management, result in acceleration of our targeted positive Adjusted EBITDA and Operating Cash Flow to CY23 Q3 versus prior guidance of CY23 Q4

San Francisco-based Life360, Inc. (Life360 or the Company) (ASX: 360) today reported financial results for the three and nine months ended September 30, 2022 (unaudited).

Life360 Chief Executive Officer Chris Hulls said: “We had an exceptionally strong Q3 back-to-school period, with our largest ever quarterly MAU growth both internationally and in the U.S. Additionally, AMR of $184 million is up 53% year-on-year, and we finished the quarter with cash and cash equivalents of $58.9 million. We delivered more than 100 thousand net Paying Circle additions in Q3 despite our price increase of almost 50% for new U.S. monthly subscribers, which took full effect in August, and is currently being implemented for existing iOS monthly subscribers, with full effect in December. This performance, together with lower than expected churn, is testament to the value we provide to our subscribers and sets us up for very strong recurring revenue growth in CY23.

“Tile’s Q3 hardware unit sales were in line with expectations, and improved versus Q2, which saw the impact of returns undertaken to right-size channel inventory and exit less profitable channels. However, we currently see headwinds in the U.S. consumer electronics market with major retailers taking a very cautious approach and significantly reducing targeted weeks of inventory for current orders into the holiday period. While this will likely result in Q4 hardware sales being below our previous forecasts, the impact on our CY22 Adjusted EBITDA and cash flow are expected to be much more limited due to continued strong momentum in Membership, disciplined cost control, and our prudent approach to hardware inventory. We expect to exit CY22 with AMR (excluding hardware) in excess of $215 million, a growth rate in excess of 50%.

“Looking forward to CY23, we believe we have very strong Membership revenue momentum due to our successful price increase, which lifted U.S. ARPPC by more than 47% year-on-year in October for new U.S. Membership subscribers. At the end of Q3, less than 10% of U.S. subscribers were on the new pricing tiers, providing significant ARPPC upside as higher pricing takes effect for all existing monthly iOS subscribers. While Q4 net adds will likely be flat due to the expected one-time increase in churn by existing subscribers, to date churn is well within our target parameter of a 10% reduction in retention. Importantly, we expect significant improvement in paid user conversion and retention from the full integration of hardware bundling, which is on track for early CY23 Q1 as the third phase of our integration plan. The initial integration phases included bundling via promotions, delivering the up to 10x expansion in the size of the Tile Finding Network and Tiles now visible on the Life360 map in the U.S., with international rollout to be completed in CY23 Q1.

“The benefits of bundling, together with our higher price points, give us the confidence to bring forward by a quarter our target for consistently positive Adjusted EBITDA and Operating Cash flow to CY23 Q3. This expectation takes into account turbulence in the macroeconomic environment, with current strong headwinds in standalone hardware retail, and incorporates an appropriate balance of fiscal responsibility with prudent investment, to leverage the many exciting growth opportunities that are available to us. We’re also encouraged by the steady progress we are making in driving efficiencies from integration, and controlling costs even in the face of increasing inflationary pressures, while maintaining our focus on the core customer experience.”

_______________________________

1 Annualized Monthly Revenue (AMR) is a Non-GAAP financial measure used by the Company to identify the annualized monthly value of active customer agreements at the end of a reporting period. Refer to the Non-GAAP Financial Measures section below for additional detail regarding how AMR is calculated.

 Life360, Inc. | ARBN 629 412 942 | 539 Bryant St, Suite 402 San Francisco, CA 94107 | investor.life360.com

1

Key Performance Indicators2

(in millions, except ARPPC, ARPPS, and ASP)

Life360 Core

Monthly Active Users (MAU) - Global U.S.

International

Australia

Paying Circles - Total

U.S.

International

Average Revenue per Paying Circle (ARPPC)

YoY

39.1 % 32.3 % 52.0 % 48.5 % 35.8 % 31.8 % 53.7 %

7.1 %

29.8 % 7.5 % (26.6)% 15.1 %

QoQ

12.1 % 8.6 % 18.4 % 10.0 % 7.0 % 5.6 % 12.9 % 2.8 %

5.5 %

2.1 % 58.5 % 7.9 %

Average Revenue per Paying Subscription (ARPPS) Net hardware units shipped

Average Sale Price (ASP)

$ 77.00 0.7 $ 15.63

*Metrics presented for the period ended September 30, 2021 are pro forma to include data related to periods before the acquisitions of Jiobit, Inc. on September 1, 2021 and Tile, Inc. on January 5, 2022.

__________________________________

2 All references to $ are to U.S. $. Additionally, numbers may not add or recalculate due to rounding

Monthly Active Users (MAU) (millions) Paying Circles (thousands)

• Global MAU increased 39% YoY to 47.0 million, with record net additions in both the U.S. and International markets. U.S. MAU increased 32% YoY, with International delivering a 52% uplift due to ongoing strong growth in developed markets and surges in new users in Philippines and Japan.

• Paying Circles delivered continued strong momentum - up 36% YoY - with net additions of 100 thousand. U.S. net adds held up strongly despite a significant price increase for new members introduced in August. International quarterly net adds were at record levels with nominal marketing spend.

• U.S. Paying Circles increased 32% YoY, with cumulative new and upsell subscribers in the Membership plans of 813 thousand, up 80% YoY, comprising Silver 10%, Gold 85% and Platinum 6%. Membership now makes up 68% of U.S. Paying Circles.

• Average Revenue per Paying Circle delivered ongoing momentum, lifting 7% year-over-year. U.S. growth of 10% was somewhat offset by currency impacts on International subscriptions.

• Net Hardware units reduced YoY reflecting the backdrop of weaker consumer electronics category demand, while increasing versus Q2 which saw the impact of returns undertaken to right-size channel inventory, and exit less profitable sales channels. Actions undertaken in CY22 to optimize hardware inventory management mean we will be entering CY23 with appropriate inventory levels on hand for planned CY23 bundling, and in retail channels.

Q3 2022

47.0 29.3 17.7

1.2 1.5 1.2 0.3

Q2 Q3 2022 2021

42.0 33.8 27.0 22.2 14.9 11.6

1.1 0.8 1.4 1.1 1.1 0.9 0.3 0.2

$ 89.34 $ 85.78

2.0 1.6 $ 75.45 $ 71.65 0.5 1.0 $ 14.48 $ 13.58

%Ch %Ch

 $ Subscriptions 2.1

Life360 Consolidated (Pro forma for 2021)*

91.84

  Life360, Inc. | ARBN 629 412 942 | 539 Bryant St, Suite 402 San Francisco, CA 94107 | investor.life360.com

2

Operating Results3

Revenue

($ millions) (unaudited)

Revenue

Subscription (direct) Hardware

Other (indirect)

Total revenue

Annualized Monthly Revenue - September

$ 39.0 $ 23.1 $ 11.7 — 6.5 6.5

$ 57.2 $ 29.7 $

$ 184.0 $ 120.6 $

107.9 $ 59.5 28.3 — 20.8 18.2

157.0 $ 77.7

184.0 $ 120.6

 Three Months Ended September 30, Nine Months Ended September 30,

  2022

 2021

 2022

 2021

   • Q3’22 subscription revenue increased 70% YoY (including Tile and Jiobit). Life360 subscription revenue increased 48% YoY benefiting from ongoing growth in Paying Circles and 7% uplift in Average Revenue per Paying Circle.

• Hardware revenue increased versus Q2 which was impacted by a deliberate strategic shift to prioritize higher margin sales channels and right-size channel inventory.

• Q3’22 other revenue was stable as expected due to the transition to new data arrangement with Placer.ai.

• September AMR increased 53% YoY reflecting strong subscription performance and the addition of Tile and Jiobit subscription revenue.

__________________________________

3 All references to $ are to U.S. $. Additionally, numbers may not add or recalculate due to rounding

Gross Profit

(unaudited)

Gross Profit ($M) $ 39.2 $

Gross Margin 68.7 %

24.3 $

81.9 %

103.6 $

66.0 %

63.1

81.2 %

 Three Months Ended September 30, Nine Months Ended September 30,

  2022

 2021

 2022

 2021

 • Gross profit margin reduced versus the prior period reflecting the Tile and Jiobit acquisitions, and

hardware’s traditionally lower gross margins. 81%.

Excluding hardware, gross margins were stable at

Operating expenses

($ millions) (unaudited)

Research and development Sales and marketing

Paid acquisition & TV Commissions

Other sales and marketing

General and administrative

Total operating expenses

$

$

24.6 24.2 7.6

8.0

8.6

11.6

60.4

$

$

13.1 $ 77.3 $ 35.8 13.4 70.4 32.2

 Three Months Ended September 30, Nine Months Ended September 30,

  2022

 2021

 2022

 2021

 3.3 6.0 4.1

5.6

32.1 $

21.2 8.0 22.7 15.4 26.5 8.8

37.6 13.5

185.3 $ 81.5

  • Year-on-year operating expense growth reflects the acquisitions of Tile and Jiobit and establishing the platform to support the rollout of the bundled Membership offering.

• Q3 expenses reduced versus Q2 reflecting cost efficiencies realized from the leaner organizational structure implemented during the first half together with the impact of one-time costs. Specific initiatives have been successfully implemented in several areas, including consistent improvement in the unit economics of cloud computing costs.

 Life360, Inc. | ARBN 629 412 942 | 539 Bryant St, Suite 402 San Francisco, CA 94107 | investor.life360.com

3

EBITDA and Adjusted EBITDA4

 Three Months Ended September 30, Nine Months Ended September 30,

  2022

 2021

 2022

 2021

 ($ millions) (unaudited)

Net Loss $ (21.1) $ EBITDA (18.8) Non-GAAP Adjustments 9.4 Adjusted EBITDA $ (9.4) $

(8.0) $ (79.3) $ (18.7) (7.5) (74.9) (17.9) 3.8 33.1 9.5 (3.7) $ (41.7) $ (8.5)

  • Q3’22 Adjusted EBITDA loss of $9.4 million reduced versus $18.7 million in Q2 reflecting strong subscription revenue growth, organizational cost efficiencies and benefits from Tile’s Q2 right-sizing of its inventory.

__________________________________

4 EBITDA and Adjusted EBITDA are non-GAAP measures. For definitions of EBITDA and Adjusted EBITDA and the use of these non-GAAP measures, as well as a reconciliation of Net Loss to EBITDA and Adjusted EBITDA, refer to the Non-GAAP Financial Measures section below. Additionally, numbers may not add or recalculate due to rounding.

Balance Sheet and Cash Flow5

  ($ in millions) (unaudited)

Net cash (used)/provided by operating activities

Net cash used in investing activities

Net cash (used)/provided by financing activities

Net Decrease in Cash, Cash Equivalents, and Restricted Cash

Cash, Cash Equivalents, and Restricted Cash at the End of the Period

$

Three months ended

(16.4) $ (0.3)

(3.8) (20.4)

4.6 $ (54.9) $

(4.5) (114.1) (7.0)

(0.5) (3.5) 1.1 (0.4) (172.5) (6.2)

September 30, 2022

$

• Life360 ended September 2022 with cash, cash equivalents and restricted cash of $58.9 million.

Life360, Inc. | ARBN 629 412 942 | 539 Bryant St, Suite 402 San Francisco, CA 94107 | investor.life360.com

58.9 $

50.4 $ 58.9 $ 50.4

• Q3’22 net cash used in operating activities of $16.4 million was largely in line with Q2. The difference to Adjusted EBITDA reflects timing differences relating to prepayments, returns processing, and acquisition and integration costs excluded from Adjusted EBITDA.

• Q3’22 net cash used in financing activities of $3.8 million reflects the repayment of convertible notes associated with the Jiobit acquisition which came due as expected.

___________________________________

5 All references to $ are to U.S. $. Additionally, numbers may not add or recalculate due to rounding

September 30, 2021

Nine months ended

 September 30, September 30, 2022 2021

  (0.3)

   4

Earnings Guidance6

As a result of our price increase, we expect to exit CY22 with significantly higher than previously anticipated AMR and ARPPC. The price increase is also expected to drive a one-time increase in churn that will result in largely flat net subscriber additions in Q4, ahead of subscriber growth resuming in CY23 Q1. While our guidance for continued strong subscription revenue performance is unchanged, our consolidated revenue expectations are lower due to continuing headwinds in the stand-alone hardware business. We will not have high levels of visibility on hardware revenues until after the traditional “Black Friday” holiday sales period in the U.S.

We remain very confident in our ability to use Tile devices to drive Membership in CY23 and beyond, and note that the strong momentum in our Membership business will likely mean that stand-alone hardware sales will continue to reduce as a proportion of group revenue in future years.

For CY22 Life360 expects to deliver:

• Core Life360 subscription revenue (excluding Tile and Jiobit) growth in excess of 55%;

• Consolidated revenue of $225-240 million for subscription (direct), hardware and other (indirect) revenue. The revenue range is highly dependent on Q4 stand-alone hardware performance;

• Adjusted EBITDA7 loss in the range of $(37)-(41) million.

 ($ millions) (unaudited)

Year-end AMR (excluding hardware) Consolidated Revenue

Adjusted EBITDA

Year-end cash and cash equivalents

Upper

240 (37) 60

>215

Lower

225 (41) 55

no guidance 260

(35)

Current CY22 Guidance

Previous CY22 Guidance Upper Lower

 Life360 expects to finish CY22 with an Annualized Monthly Revenue (excluding hardware) of more than $215 million, noting this does not include any price changes for existing Android subscribers.

Year-end cash and cash equivalents are forecast in the range of $55-60 million, and we expect Life360 to be on a trajectory to consistently positive Adjusted EBITDA and Operating Cash Flow by CY23 Q3, such that we record positive Adjusted EBITDA and Operating Cash Flow for CY24. This target is being brought forward by one quarter, reflecting the very strong momentum in our recurring Membership revenues, and assumes no improvement in the current headwinds impacting stand-alone hardware sales. Additionally, the substantial discretionary spending levers in the business mean we are confident in Life360’s ability to fund its future growth.

___________________________________

6 In regards to forward looking non-GAAP guidance, we are not able to reconcile the forward-looking non-GAAP Adjusted EBITDA measure to the closest corresponding GAAP measure without unreasonable efforts because we are unable to predict the ultimate outcome of certain significant items, which are fluid and unpredictable in nature. In addition,

the company believes such a reconciliation would imply a degree of precision that may be confusing or misleading to investors. These items include, but are not limited to, litigation costs, convertible notes and derivative liability fair value adjustments, and gain on revaluation of contingent consideration.

7 Adjusted EBITDA was previously referred to as Underlying EBITDA. For definitions of EBITDA and Adjusted EBITDA and the use of these non-GAAP measures, as well as a reconciliation of Net Loss to EBITDA and Adjusted EBITDA, refer to the Non-GAAP Financial Measures section below..

~65

245 (38)

 Life360, Inc. | ARBN 629 412 942 | 539 Bryant St, Suite 402 San Francisco, CA 94107 | investor.life360.com

5

Investor Conference Call

A conference call will be held today at 9.30am AEDT, Tuesday 15 November 2022 (Monday 14 November 2022 U.S. PT at 2.30pm). The call will be held as a Zoom audio webinar.

Participants wishing to ask a question should register and join via their browser here. Participants joining via telephone will be in listen only mode.

Dial in details

Australia: +61 2 8015 6011 U.S.: +1 669 900 6833 Other countries: details Meeting ID: 988 0026 7809

A replay will be available after the call at https://investors.life360.com

Authorization

Chris Hulls, Director, Co-Founder and Chief Executive Officer of Life360 authorized this announcement being given to ASX.

About Life360

approximately 47.0 million monthly active users (MAU) as of September 30, 2022, located in more than 150 countries. For more information, please visit life360.com.

Tile, a Life360 company, locates millions of unique items every day by giving everything the power of smart location. Leveraging its superior nearby finding features and vast community that spans over 150 countries, Tile’s cloud-based finding platform helps people find the things that matter to them most. In addition to trackers in multiple form factors for a variety of use cases, Tile’s finding technology is embedded in over 55 partner products across audio, travel, wearables, smart home, and PC categories. For more information, please visit Tile.com.

Life360 operates a platform for today's busy families, bringing them closer together by helping them better

 know, communicate with, and protect the pets, people and things they care about most. The Company's

 core offering, the Life360 mobile app, is a market leading app for families, with features that range from

 communications to driving safety and location sharing. Life360 is based in San Francisco and had

 Contacts

For Australian investor inquiries:

Jolanta Masojada, +61 417 261 367 jmasojada@life360.com

For U.S. investors investors@life360.com

For Australian media inquiries:

Giles Rafferty, +61 481 467 903 grafferty@firstadvisers.com.au

For U.S. media inquiries: press@life360.com

Life360’s CDIs are issued in reliance on the exemption from registration contained in Regulation S of the US Securities Act of 1933 (Securities Act) for offers of securities which are made outside the US. Accordingly, the CDIs, have not been, and will not be, registered under the Securities Act or the laws of any state or other jurisdiction in the US. As a result of relying on the Regulation S exemption, the CDIs are ‘restricted securities’ under Rule 144 of the Securities Act. This means that you are unable to sell the CDIs into the US or to a US person who is not a QIB for the foreseeable future except in very limited circumstances until after the end of the restricted period, unless the re-sale of the CDIs is registered under the Securities Act or an exemption is available. To enforce the above transfer restrictions, all CDIs issued bear a FOR Financial Product designation on the ASX. This designation restricts any CDIs from being sold on ASX to US persons excluding QIBs. However, you are still able to freely transfer your CDIs on ASX to any person other than a US person who is not a QIB. In addition, hedging transactions with regard to the CDIs may only be conducted in accordance with the Securities Act.

 Life360, Inc. | ARBN 629 412 942 | 539 Bryant St, Suite 402 San Francisco, CA 94107 | investor.life360.com

6

Future performance and forward-looking statements

This announcement contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Life360 intends such forward-looking statements to be covered by the safe harbor provisions for forward- looking statements contained in Section 21E of the Securities Exchange Act of 1934, as amended. These forward- looking statements can be about future events, including statements regarding Life360’s intentions, objectives, plans, expectations, assumptions and beliefs about future events, including Life360’s expectations with respect to the financial and operating performance of its business, its capital position, future growth and subscriber churn. The words “anticipate”, “believe”, “expect”, “project”, “predict”, “will”, “forecast”, “estimate”, “likely”, “intend”, “outlook”, “should”, “could”, “may”, “target”, “plan” and other similar expressions can generally be used to identify forward-looking statements. Indications of, and guidance or outlook on, future earnings or financial position or performance are also forward-looking statements. Investors and prospective investors are cautioned not to place undue reliance on these forward-looking statements as they involve inherent risk and uncertainty (both general and specific) and should note that they are provided as a general guide only. There is a risk that such predictions, forecasts, projections and other forward-looking statements will not be achieved. Subject to any continuing obligations under applicable law, Life360 does not undertake any obligation to publicly release the result of any revisions to these forward-looking statements to reflect events or circumstances after the date of this announcement, to reflect any change in expectations in relation to any forward-looking statements or any change in events, conditions or circumstances on which any such statements are based. While due care has been used in the preparation of forecast information, actual results may vary in a materially positive or negative manner. Forward-looking statements are provided as a general guide only and should not be relied on as an indication or guarantee of future performance. They are subject to known and unknown risks, uncertainty, assumptions and contingencies, many of which are outside Life360’s control, and are based on estimates and assumptions that are subject to change and may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include risks described in the Company’s ASX filings, Form 10 Registration Statement and subsequent reports filed with the Securities and Exchange Commission. To the maximum extent permitted by law, responsibility for the accuracy or completeness of any forward-looking statements whether as a result of new information, future events or results or otherwise is disclaimed. This announcement should not be relied upon as a recommendation or forecast by Life360. Past performance information given in this document is given for illustrative purposes only and is not necessarily a guide to future performance and no representation or warranty is made by any person as to the likelihood of achievement or reasonableness of any forward-looking statements, forecast financial information, future share price performance or any underlying assumptions. Nothing contained in this document nor any information made available to you is, or shall be relied upon as, a promise, representation, warranty or guarantee as to the past, present or the future performance of Life360.

Supplemental Business Metrics8

(in millions, except ARPPC, ARPPS, and ASP)

Life360 Core

Monthly Active Users (MAU) - Global U.S.

International

Australia 0.7

Paying Circles - Total 0.9 1.0

Q1 Q2 2021 2021

28.1 32.4 18.1 20.4 10.0 12.1

Q3 2021

33.8 22.2 11.6

0.8 1.1 0.9 0.2

$ 85.78

1.6

$ 71.65 1.0 $ 13.58

Q4 2021

35.5 23.7 11.8

1.0 1.2 1.0 0.2

$ 88.69

1.8

$ 74.04 3.3 $ 15.12

Q1 2022

38.3 25.1 13.2

1.0 1.3 1.1 0.2

$ 87.66

1.8

$ 73.88 0.7 $ 15.08

Q2 2022

42.0 27.0 14.9

1.1 1.4 1.1 0.3

$ 89.34

2.0

$ 75.45 0.5 $ 14.48

Q3 2022

47.0 29.3 17.7

1.2 1.5 1.2 0.3

$ 91.84

2.1

$ 77.00 0.7 $ 15.63

    U.S. 0.7

International 0.2

Average Revenue per Paying Circle

(ARPPC) $ 75.92

Life360 Consolidated (Pro forma for 2021)*

Subscriptions 1.3

0.8 0.2

$ 79.95

1.5

$ 66.82 1.0 $ 15.70

Average Revenue per Paying Subscription (ARPPS)

Net hardware units shipped Average Sale Price (ASP)

$63.70 0.9 $ 15.68

*Metrics presented for the periods ended September 30, 2021, June 30, 2021 and March 31, 2021 are pro forma to include data related to periods before the acquisitions of Jiobit, Inc. on September 1, 2021 and Tile, Inc. on January 5, 2022.

_____________________

8 All references to $ are to U.S. $. Additionally, numbers may not add or recalculate due to rounding

Life360, Inc. | ARBN 629 412 942 | 539 Bryant St, Suite 402 San Francisco, CA 94107 | investor.life360.com

0.8

 7

Life360 New Pricing

All New Subs (iOS + android)

From August 2022

Silver

Gold

Platinum

No change Annual

Existing Subs (iOS only)

Users notified October 2022, fully implemented by mid-December 2022.

Before

After

 $4.99

Before

$7.99 $14.99 $24.99

$9.99 $19.99

After

 Silver

Gold

Platinum

No change Annual

Legacy Subs (iOS only)

Users notified October 2022, fully implemented by mid-December 2022

 Plus

Driver Protect Platinum Intro

No change Annual

After

$7.99 $12.99 $19.99

$4.99

Before

$2.99

$7.99 $14.99

$7.99 $14.99 $24.99

$9.99 $19.99

 Life360, Inc. | ARBN 629 412 942 | 539 Bryant St, Suite 402 San Francisco, CA 94107 | investor.life360.com

8

Condensed Consolidated Statements of Operations and Comprehensive Loss (unaudited)

(Dollars in U.S. $, in thousands, except share and per share data)

 Three Months Ended September 30, Nine Months Ended September 30,

  2022

 2021

 2022

 2021

 (unaudited) (unaudited)

 Subscription revenue $ 38,991 $ 23,110 $ 107,884 $ 59,479

 Hardware revenue 11,676 38 28,314 38

 Other revenue 6,486 6,549 20,769 18,181

   Total revenue 57,153 29,697 156,967 77,698

 Cost of subscription revenue 7,768 4,374 22,742 11,894

 Cost of hardware revenue 9,327 82 27,906 82

 Cost of other revenue 818 932 2,673 2,661

   Total cost of revenue 17,913 5,388 53,321 14,637

 Gross Profit 39,240 24,309 103,646 63,061

 Operating expenses:

 Research and development 24,569 13,113 77,337 35,821

 Sales and marketing 24,228 13,360 70,365 32,156

 General and administrative 11,567 5,584 37,643 13,491

   Total operating expenses 60,364 32,057 185,345 81,468

   Loss from operations (21,124) (7,748) (81,699) (18,407)

 Other income (expense):

 Convertible notes fair value

adjustment (232) — 1,875 —

 Derivative liability fair value

adjustment (145) (412) 1,183 (412)

 Other income (expense), net 455 2 (601) 5

   Total other income (expense), net 78 (410) 2,457 (407)

   Loss before income taxes (21,046) (8,158) (79,242) (18,814)

 Provision (benefit) for income taxes 73 (144) 84 (144)

  Net Loss (21,119) (8,014) (79,326) —$ (18,670)

  Netlosspershare,basicanddiluted $ (0.34) $ (0.16) $ (1.28) $ (0.37)

 Weighted-average shares used in

computing net loss per share, basic

and diluted 62,173,588 51,217,286 61,753,532 50,608,146

 Comprehensive loss

 Net loss (21,119) (8,014) (79,326) (18,670)

 Change in foreign currency translation

adjustment (29) — (14) —

   Totalcomprehensiveloss $ (21,148) $ (8,014) $ (79,340) $ (18,670)

   Life360, Inc. | ARBN 629 412 942 | 539 Bryant St, Suite 402 San Francisco, CA 94107 | investor.life360.com

9

Condensed Consolidated Balance Sheets (unaudited)

(Dollars in U.S. $, in thousands, except share and per share data)

September 30, 2022

(unaudited)

December 31, 2021

  Assets

 Current Assets:

 Cash and cash equivalents $ 43,964 $ 230,990

Accounts receivable, net 23,186 11,772

 Costs capitalized to obtain contracts, net 1,894 1,319

Inventory 15,206 2,009

 Prepaid expenses and other current assets 10,805 10,590

 Total current assets 95,055 256,680

Restricted cash 14,911 355

Property and equipment, net 525 580

 Costs capitalized to obtain contracts, net of current portion 113 330

 Prepaid expenses and other assets, noncurrent 7,603 3,691

Right-of-use-asset 1,491 1,627

Intangible assets, net 54,934 7,986

Goodwill 133,620 31,127

 Total Assets $ 308,252 $ 302,376

  Liabilities and Stockholders’ Equity

 Current Liabilities:

Accounts payable $ 12,578 $ 3,248

 Accrued expenses and other liabilities 27,158 10,547

Escrow liability 13,094 —

Contingent consideration — 9,500

 Convertible notes, current ($3,454 and $4,222 measured at fair value,

respectively) 3,454 4,222

Deferred revenue, current 27,871 13,929

 Total current liabilities 84,155 41,446

 Convertible notes, noncurrent ($3,380 and $8,071 measured at fair

value, respectively) 3,909 8,284

 Derivative liability, noncurrent 213 1,396

 Deferred revenue, noncurrent 3,015 —

Other noncurrent liabilities 1,498 1,205

 Total Liabilities $ 92,790 $ 52,331

  Commitments and Contingencies (Note 11)

 Stockholders’ Equity

 Common Stock, $0.001 par value; 100,000,000 shares authorized as of

September 30, 2022 (unaudited) and December 31, 2021;

62,284,507 and 60,221,799 issued and outstanding as of

September 30, 2022 (unaudited) and December 31, 2021,

respectively 62 61

Additional paid-in capital 460,395 416,278

Notes due from affiliates (312) (951)

Accumulated deficit (244,669) (165,343)

 Accumulated other comprehensive income (14) —

 Total stockholders’ equity  215,462 250,045

 Total Liabilities and Stockholders’ Equity $ 308,252 $ 302,376

  Life360, Inc. | ARBN 629 412 942 | 539 Bryant St, Suite 402 San Francisco, CA 94107 | investor.life360.com

10

Condensed Consolidated Statements of Cash Flows (unaudited)

(Dollars in U.S. $, in thousands)

  Nine months ended September 30, September 30,

 2022

2021

(18,670)

459 3,164 8,400 43

(18) —

412 — —

(3,877) 4,047

(235) (1,382)

2,196 3,652 2,344

(876)

(341)

(2,983) —

(4,000)

(6,983)

2,223 (3,169)

—

— (53) —

2,110

1,111 (6,213)

56,611 50,398

13,821 11,597 5,900 533 4,023 844 603 663 — — 37,984

 Cash Flows from Operating Activities:

Net loss

Adjustments to reconcile net loss to net cash used in operating activities:

Depreciation and amortization

Amortization of costs capitalized to obtain contracts

Stock-based compensation expense

Compensation expense in connection with revesting notes (Note 7) Noncash interest (income) expense, net

Convertible notes fair value adjustment

Derivative liability fair value adjustment

Gain on revaluation of contingent consideration

Noncash revenue from affiliate

Changes in operating assets and liabilities, net of acquisitions:

Accounts receivable, net

Prepaid expenses and other assets Inventory

Costs capitalized to obtain contracts, net Accounts payable

Accrued expenses and other liabilities Deferred revenue

Other noncurrent liabilities

Net cash used in operating activities

Cash Flows from Investing Activities:

Cash paid for acquisition, net of cash acquired

Internal use software

Cash advance on convertible note receivable

Net cash used in investing activities

Cash Flows from Financing Activities:

Proceeds from the exercise of options

Taxes paid related to net settlement of equity awards

Issuance of common stock

Proceeds from repayment of notes due from affiliates

Payments on borrowings

Repayment of convertible notes

Cash received in advance of the issuance of convertible notes

Net cash (used)/provided by financing activities

Net Decrease in Cash, Cash Equivalents, and Restricted Cash

Cash, Cash Equivalents and Restricted Cash at the Beginning of the Period Cash, Cash Equivalents, and Restricted Cash at the End of the Period Non-cash investing and financing activities:

Fair value of stock issued in connection with an acquisition

Fair value of convertible debt issued in connection with an acquisition

Fair value of contingent consideration issued in connection with an acquisition Fair value of vested options assumed in connection with an acquisition Forgiveness of convertible note receivable in connection an acquisition Relative fair value of warrants issued with convertible debt

Beneficial conversion feature related to convertible debt

Fair value of bifurcated derivative related to convertible debt

Fair value of warrants held as investment in affiliate

Fair value of stock issued in settlement of contingent consideration

Total non-cash investing and financing activities:

$

(79,326)

6,831

2,419 24,487

(100) 345

(1,875) (1,183) (5,279) (1,008)

16,412 7,216

(4,877)

(2,777) (13,867) (5,345)

2,410 620

(54,897)

(113,401) (701)

— (114,102)

1,994 (2,727)

85 648 —

(3,471) —

(3,471) (172,470)

231,345 58,875

15,409

— — — — — — —

5,474

4,221 25,104

$

(unaudited)

                            $

$

$ $

$

$

        Life360, Inc. | ARBN 629 412 942 | 539 Bryant St, Suite 402 San Francisco, CA 94107 | investor.life360.com

11

Non-GAAP Financial Measures

We collect and analyze operating and financial data to evaluate the health of our business, allocate our resources and assess our performance.

EBITDA and Adjusted EBITDA

In addition to total revenue, Net Loss and other results under GAAP, we utilize non-GAAP calculations of earnings before interest, taxes, depreciation and amortization (“EBITDA”) and adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”). EBITDA is defined as Net Loss, excluding (i) convertible notes and derivative liability fair value adjustments, (ii) provision (benefit) for income taxes, (iii) depreciation and amortization and (iv) other income (expense). Adjusted EBITDA is defined as Net Loss, excluding (i) convertible notes and derivative liability fair value adjustments, (ii) provision (benefit) for income taxes, (iii) depreciation and amortization, (iv) other income (expense), (v) stock-based compensation, (vi) costs related to filing our Registration Statement on Form 10 filed with the Securities and Exchange Commission on April 26, 2022, as amended by Amendment No. 1 filed on June 13, 2022 and Amendment No. 2 filed on July 5, 2022, and effective as of June 27, 2022 (“Form 10”), (vii) acquisition and integration costs, and (viii) gain on revaluation of contingent consideration.

The above items are excluded from EBITDA and Adjusted EBITDA because these items are non-cash in nature, or because the amount and timing of these items are unpredictable, are not driven by core results of operations and render comparisons with prior periods and competitors less meaningful. We believe EBITDA and Adjusted EBITDA provide useful information to investors and others in understanding and evaluating our results of operations, as well as providing useful measures for period-to-period comparisons of our business performance. Moreover, we have included EBITDA and Adjusted EBITDA in this Quarterly Report on Form 10-Q because they are key measurements used by our management team internally to make operating decisions, including those related to operating expenses, evaluate performance, and perform strategic planning and annual budgeting. However, these non-GAAP financial measures are presented for supplemental informational purposes only, should not be considered a substitute for or superior to financial information presented in accordance with GAAP, and may be different from similarly titled non-GAAP financial measures used by other companies. As such, you should consider these non-GAAP financial measures in addition to other financial performance measures presented in accordance with GAAP, including various cash flow metrics, Net Loss and our other GAAP results.

 Life360, Inc. | ARBN 629 412 942 | 539 Bryant St, Suite 402 San Francisco, CA 94107 | investor.life360.com

12

The following table presents a reconciliation of Net Loss, the most directly comparable GAAP measure, to EBITDA and Adjusted EBITDA.

Three Months Ended September 30, Nine Months Ended September 30,

    EBITDA

NetLoss

Add (deduct):

Convertible notes fair value adjustment

Derivative liability fair value adjustment (1)

Provision (benefit) for income taxes

Depreciation and amortization (2)

Other (income) expense, net

EBITDA

Stock-based compensation

Form 10 related costs

Acquisition and integration costs

Gain on revaluation of contingent consideration

AdjustedEBITDA

$

$

$

2022 2021 2022

(in thousands)

(21,119) $ (8,014) $ (79,326)

232 — (1,875) 145 412 (1,183) 73 (144) 84

2,329 235 6,831 (455) (2) 601

(18,795) $ (7,513) $ (74,868) 7,963 3,260 24,487 705 — 2,843 703 562 11,097

— — (5,279)

2021

$ (18,670)

— 412

(144) 459

(5) $ (17,948)

8,400 — 1,061

— $ (8,487)

      (9,424) $ (3,691) $

(41,720)

  ___________________________________

(1) To reflect the change in value of the derivative liability associated with the July 2021 Convertible Notes (defined below). (2) Includes depreciation on fixed assets and amortization of acquired intangible assets.

Annualized Monthly Revenue

We use Annualized Monthly Revenue (“AMR”) to identify the annualized monthly value of active customer agreements at the end of a reporting period. AMR includes the annualized monthly value of subscription, data and partnership agreements. All components of these agreements that are not expected to recur are excluded.

 Life360, Inc. | ARBN 629 412 942 | 539 Bryant St, Suite 402 San Francisco, CA 94107 | investor.life360.com

13