ANNUAL REPORT Wireless technology is all around us, but it takes companies like yours to make it accessible and usable by companies, consumers, and first responders. Everything we do is intended to enable you to play your part, while profitably growing your business. We do this by applying our extensive product, technology, and industry knowledge and creative problem solving, to enable you to win new business... and by providing the best in program management and efficient operations to help you execute and deliver on the business you have already earned. You need a partner with more than product lines and credit lines... you need Tessco. TESSCO & YOU, BUILDING OUR WIRELESS WORLD, TOGETHER® Distribution Manufacturing Services Solutions TO O U R S H A R E H O L D E R S Fiscal 2022 was a successful and pivotal year in our transformation from a distributor of wireless infrastructure and mobile device accessories to an industry leader with the ability to capitalize on the technology convergence that is driving growth in the wireless infrastructure space. Not only did we make significant progress with respect to our key initiatives of re-energizing our core distribution business, industrializing our profitable Ventev business, and establishing our SaaS (Software as a Service) business; we also returned to profitability on an adjusted EBITDA basis. Despite unprecedented and persistent global supply chain disruptions and inflationary pressures, we remained focused on delivering world-class products and services and were able to leverage our long-standing supplier and customer relationships to increase our market share and grow bookings and revenue, significantly. These efforts, in concert with effective cost-management and improvements to our liquidity position, have made us a stronger company and will lead to improvements in our return on invested capital. HIGHLIGHTS FROM OUR 2022 FISCAL YEAR INCLUDE: Meeting or exceeding all our financial guidance Strong revenue, bookings, and record year end backlog Record Ventev revenue, bookings, and backlog A significant reduction in SG&A as a percentage of revenue Positive adjusted EBITDA R E S U L T S 120% $14M 340BP SGA $75M BACKLOG ended year at since end of FY21 addition to liquidity as percentage of revenue down 340 bp increase in adjusted EBITDA UP 12% REVENUE 21% BOOKINGS We enter our new fiscal year in a strong financial position with a better balance sheet, a record backlog of customer orders, and accelerating momentum for our turnaround strategy. We are committed to driving increased shareholder value by executing on our strategic initiatives to further improve our operational efficiency and profitability. I want to thank all our customers, suppliers, and shareholders for their ongoing support, and I am extremely proud of our Tessco team members, whose unwavering dedication in achieving operational excellence and lasting customer satisfaction has been the key to our successful turnaround. SANDIP MUKERJEE President & Chief Executive Officer F Y 2 3 F O C U S $450M $475M NET LOSS between $5.0-2.1M, compared to loss of $3.3M in FY22 ADJUSTED EBITDA between $4-7M, compared to $0.3M in FY22 $5-2.1M $4-7M FY23 FY23 FY22 FY22 $3.3M $0.3M TO to 8-14% G R O W T H REVENUE Leadership Shareowner Information Directors Tim Bryan Chairman of the Board, CEO of National Rural Telecommunications Cooperative (NRTC) Matthew W. Brewer Equity Partner, Bartlit Beck, LLP Steven T. Campbell Former Executive Vice President & Chief Administrative Officer, UScellular Stephanie Dismore Senior Vice President and Managing Director, North America, HP Vernon Irvin Chief Revenue Officer, Everbridge Kathleen McLean Former SVP, CIO, and Chief Customer Officer, ADT Inc. Sandip Mukerjee President and Chief Executive Officer, TESSCO Technologies Incorporated Officers Sandip Mukerjee President & Chief Executive Officer Thad Lowe Senior Vice President & Chief Technology Officer Tammy S. Ridgely Senior Vice President, Customer Success & Vendor Management Aric M. Spitulnik Senior Vice President & Chief Financial Officer Jesse Hillman Vice President Debra Hockemeyer Vice President Cynthia L. King Vice President Kelly Mavias Vice President Annual Meeting The Annual Meeting of Shareowners of TESSCO Technologies Incorporated is scheduled to be held at 9 a.m. ET, July 28, 2022 and will be a virtual meeting, accessible by visiting proxydocs.com/tess. Investor Relations Analysts, investors and shareowners seeking additional information about TESSCO Technologies, Incorporated are invited to contact: Sharon Merrill 77 Franklin Street Boston, MA 02110 Telephone: 617-542-5300 Facsimile: 617-423-7272 Internet: investors.com Aric M. Spitulnik 375 West Padonia Road Timonium, MD 21093 Telephone: 410-229-1419 Facsimile: 410-229-1669 Email: spitulnik@tessco.com A copy of the Company’s Annual Report on Form 10-K as filed with the United States Securities and Exchange Commission is available without charge on the SEC website, sec.gov, or upon request to the address above. TESSCO on Nasdaq Tessco’s common stock trades on the Nasdaq Global Market under the symbol TESS. Transfer Agent & Registrar EQ Shareowner Services P.O. Box 64874 Saint Paul, MN 55164 Corporate Governance The highest ethical standards have always been integral to Tessco’s culture and business success. Each director, officer and team member is expected to observe the highest standards of ethical behavior in the performance of his or her duties for the Company. The Company’s Code of Business Conduct and Ethics can be found in the Investors section of our website, tessco.com. From a corporate governance perspective, our eight member Board of Directors includes six independent directors. The standing committees of the Board of Directors are comprised of independent directors. In addition, each of the committees is chaired by an independent director. Tessco is an Affirmative Action-Equal Opportunity Employer M/F/D/V. Forward-Looking Statements This Annual Report contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, all of which are based on current expectation. All statements other than statements of historical facts contained herein, are forward-looking statements. These forward-looking statements may generally be identified by the use of the words “may,” “will,” “expects,” “anticipates,” “targets,” “goals,” “projects,” “intends,” “plans,” “seeks,” “believes,” “estimates,” and similar expressions, but the absence of these words or phrases does not necessarily mean that a statement is not forward-looking. These forward-looking statements are only predictions and involve a number of risks, uncertainties and assumptions, many of which are outside of our control. Our actual results may differ materially and adversely from those described in or contemplated by any such forward-looking statement for a variety of reasons, including those risks identified in our most recent Annual Report on Form 10-K and other periodic reports filed with the Securities and Exchange Commission (the “SEC”), under the heading “Risk Factors” and otherwise. Consequently, the reader is cautioned to consider all forward-looking statements in light of the risks to which they are subject. We are not able to identify or control all circumstances that could occur in the future that may adversely affect our business and operating results. Without limiting the risks that we describe in our periodic reports and elsewhere, among the risks that could lead to a materially adverse impact on our business or operating results are the following: the impact and results of any new or continued activism activities by activist investors; termination or non- renewal of limited duration agreements or arrangements with our suppliers and affinity partners which are typically terminable by either party upon several months or otherwise relatively short notice; loss of significant customers, suppliers or relationships, including affinity relationships; loss of customers or reduction in customer business either directly or indirectly as a result of consolidation among large wireless service carriers and others within the wireless communications industry; any deterioration in the strength of our customers’, suppliers’ or affinity partners’ businesses; negative or adverse economic conditions, including those adversely affecting consumer confidence or consumer or business spending or otherwise adversely affecting our suppliers or customers, including their access to capital or liquidity, or our customers’ demand for, or ability to fund or pay for, the purchase of our products and services; our dependence on a relatively small number of suppliers, which could hamper our ability to maintain appropriate inventory levels and meet customer demand; changes in customer and product mix that affect gross margin; effect of “conflict minerals” regulations on the supply and cost of certain of our products; failure of our information technology system or distribution system; or our inability to maintain or upgrade our technology or telecommunication systems without undue cost, incident or delay; system security and data protection breaches and exposure to cyber-attacks, and the cost associated with ongoing efforts to maintain cyber-security measures and to meet applicable compliance standards; damage or destruction of our distribution or other facilities; prolonged or otherwise unusual quality or performance control problems; technology changes in the wireless communications industry or technological failures, which could lead to significant inventory obsolescence or devaluation and/or our inability to offer key products that our customers demand; third-party freight carrier interruption; increased competition from competitors, including manufacturers or national and regional distributors of the products we sell, and the absence of significant barriers to entry which could result in pricing and other pressures on profitability and market share; our relative bargaining power and inability to negotiate favorable terms with our suppliers and customers; our inability to access capital and obtain or retain financing as and when needed; transitional and other risks associated with acquisitions of companies that we may undertake in an effort to expand our business; claims against us for breach of the intellectual property rights of third parties; product liability claims; our inability to protect certain intellectual property, including systems and technologies on which we rely; our inability to hire or retain for any reason our key professionals, management and staff; health epidemics or pandemics or other outbreaks or events, or national or world events or disasters, beyond our control, changes in political and regulatory conditions, including tax and trade policies; and the possibility that, for unforeseen or other reasons, we may be delayed in entering into or performing, or may fail to enter into or perform, anticipated contracts or may otherwise be delayed in realizing or fail to realize anticipated revenues or anticipated savings. Corporate Counsel Ballard Spahr LLP Baltimore, MD Independent Registered Public Accounting Firm Ernst & Young LLP Baltimore, MD Tessco & You, Building Our Wireless World, Together®