Holley Q1 net sales down 13.9% to $172.2M; net income falls to $4.3M from $16.9M

HOLLEY REPORTS FIRST QUARTER 2023 RESULTS Company reaffirms full year 2023 outlook Sales leverage, operational improvements and cost initiatives drive significant sequential profitability increase BOWLING GREEN, KY – May 11, 2023 – Holley Inc. (NYSE: HLLY), a leading platform serving performance automotive enthusiasts, today announced financial results for its first quarter ended April 2, 2023. First Quarter Highlights vs. Prior Year Period ● Net Sales decreased 13.9% to $172.2 million compared to $200.1 million in the prior year's first quarter ● Gross Profit decreased 18.1% to $67.7 million compared to $82.7 million in the prior year's first quarter ● Net Income of $4.3 million , or $0.04 per diluted share, compared to Net Income of $16.9 million , or $0.15 per diluted share, in the prior year's first quarter

On May 9, 2023, the Company held its 2023 Annual Meeting of Stockholders (the “Annual Meeting”). At the Annual Meeting, the stockholders of the Company: (1) elected two Class II directors for three-year terms; and (2) ratified the appointment of Grant Thornton LLP as the Company’s independent registered public accounting firm for fiscal 2023.

Votes For Votes Against Abstentions Broker Non-Votes 101,908,523 25,958 1,011 --