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Xos, Inc. delivers strong unit delivery and promising gross profit performance in the third quarter of 2024
November 13 2024
Link to Press Release https://api.kscope.io/ks-doc-view?key=89b2f999-30a9-11ee-acee-0ed29589fc89&content=benznews&docid=59c85a768a2839d7e10126153294cdbf16bd70d6
Link to Webcast https://viavid.webcasts.com/starthere.jsp?ei=1696121&tp_key=408c3c7d8a
Link to Previous (Q2 2024) Results https://investorshub.advfn.com/boards/read_msg.aspx?message_id=174916746
Xos, Inc. (NASDAQ: XOS) (“Xos” or the “Company”), a leading electric truck manufacturer and fleet services provider, today reported financial results for the third quarter ended September 30, 2024.
Third Quarter 2024 Highlights:
- Generated revenues of $15.8 million, up from $15.5 million last quarter and down from $16.7 million in the third quarter of 2023
- Delivered 94 units, up from 90 units last quarter and down from 105 units in the third quarter of 2023
- Achieved gross margins of 18.1%, up from 13.1% last quarter, and up from 11.9% in the third quarter of 2023
- Began serial production in Tennessee of Xos Hub, the company’s multi-EV mobile charger units
Dakota Semler, Chief Executive Officer of Xos, commented, “Xos’ focus on building strong relationships with leading fleets, suppliers, and partners has positioned us to win. We continue to focus on liquidity through margin expansion, focused cost management and alternative sources of liquidity. Our strategic partnerships with Blue Bird, Winnebago, and large fleet customers like UPS and FedEx Ground, who continue to expand their electric fleets with Xos vehicles quarter over quarter, underscore the reliability, efficiency, and value that Xos brings to the commercial EV market. Additionally, we’re incredibly excited about the initiation of serial production of the Xos Hub. The rapid-deployment, multi-EV mobile charger addresses the urgent need for charging infrastructure and eliminates charging infrastructure bottlenecks for all types of electric vehicles. Several large utility customers and fleets have already seen the value of the Xos Hub, with NextEra, Duke Energy, and Xcel Energy having already deployed Hubs to support their mobile charging needs.”
Third Quarter 2024 Financial Highlights
2024 Outlook:
Liana Pogosyan, Acting Chief Financial Officer of Xos, added, “This quarter, we continued on our path to building the first self-sustaining commercial EV company in the U.S. by growing gross margins.”
The outlook provided above is based on management beliefs and expectations as of the date of this press release. The results are based on assumptions that are believed to be reasonable as of this date, but may be materially affected by many factors, as discussed below in our “Cautionary Statement Regarding Forward-Looking Statements” disclaimer. Actual results may vary from the outlook above and the variations may be material. The Company undertakes no intent or obligation to publicly update or revise any of these projections, whether as a result of new information, future events or otherwise, except as required by law.
Conference Call and Webcast Details
Date / Time: Wednesday, November 13, 2024, at 4:30 p.m. EST / 1:30 p.m. PST
Webcast: https://viavid.webcasts.com/starthere.jsp?ei=1696121&tp_key=408c3c7d8a
U.S. Toll-Free Dial In: 1-833-816-1411
International Dial In: 1-412-317-0507
To Receive a Phone Call: https://callme.viavid.com/?$Y2FsbG1lPXRydWUmcGFzc2NvZGU9JmluZm89Y29tcGFueSZyPXRydWUmYj0xNg== (Use Passcode: 2964835)
To access the call, please dial in approximately ten minutes before the start of the call.
For those unable to participate in the live call, an audio replay will be available following the call through midnight Wednesday, November 27, 2024. To access the replay, please call 1-844-512-2921 or 1-412-317-6671 (International) and enter access code 10194262. A replay of the webcast will also be archived shortly after the call and can be accessed on the Company's website.
About Xos, Inc.
Xos is a leading technology company, electric truck manufacturer, and fleet services provider for battery-electric fleets. Xos vehicles and fleet management software are purpose-built for medium- and heavy-duty commercial vehicles that travel on last-mile, back-to-base routes. The company leverages its proprietary technologies to provide commercial fleets with battery-electric vehicles that are easier to maintain and more cost-efficient on a total cost of ownership (TCO) basis than their internal combustion engine counterparts. For more information, please visit www.xostrucks.com.
Updated California HVIP voucher data for XOS Fleet for end of August 2024. Below are snapshots for Unredeemed (top) and Redeemed (bottom) vouchers.
Link https://californiahvip.org/impact/#deployed-vehicle-mapping-tool
The 2024 Xos SV Stepvan Now Available for Incentives on the HVIP Vehicle Catalog
May 02 2024
https://ih.advfn.com/stock-market/NASDAQ/xos-XOS/stock-news/93766222/the-2024-xos-sv-stepvan-now-available-for-incentiv
Xos, Inc. (NASDAQ: XOS), an industry-leading commercial electric vehicle manufacturer, has received official approval from the California Air Resources Board (CARB) for the 2024 Xos SV Battery Electric Stepvan to be listed on the Clean Truck and Bus Voucher Incentive Program (HVIP) catalog. The HVIP incentive, starting at a base amount of $85,000, offers Xos a significant opportunity to provide their innovative 2024 Xos SV Battery-Electric Stepvan at a reduced upfront cost to customers.
2024 Xos SV Stepvan
Xos is committed to delivering cost-effective electrification solutions and views the HVIP incentive as an essential tool in breaking down the barriers to entry for businesses transitioning to cleaner, electric fleets. With a base HVIP incentive of $85,000 per vehicle, customers stand to make substantial savings on their purchase of a new Xos SV.
"The renewal of the 2024 model of our Xos SV in HVIP is an exciting milestone that underlines our commitment to make electrification more cost-effective for our customers," said Clare Bachman, Manager of Funding and Incentives at Xos. "Since the program first launched, we have a demonstrated track record of assisting our customers in benefitting from the available funding. We are keen to continue to help our customers take advantage of these incentive dollars."
The 2024 Xos SV is designed to be the optimal battery-electric vehicle for key use cases, including parcel delivery, linen and textile services trucks, utility and repair trucks, and armored transport. Its modularity allows for customization to suit a variety of fleet routes and needs.
This HVIP approval reduces the upfront costs of the Xos SV Stepvan, lowering the total cost of ownership and enhancing financial returns for small business owners. Xos’s small business customers with 20 or fewer medium and heavy-duty vehicles in their fleet and an annual revenue cap of $15 million may be eligible to receive a cash on-the-hood discount of around $170,000 or more towards purchasing a 2024 Xos SV. The small fleet base voucher adjustment through HVIP helps position the SV as an increasingly viable option for smaller businesses and contractors seeking to bring the cost of a commercial electric vehicle closer to parity with a diesel alternative.
For more information on how Xos is making electrification more attainable, or to inquire about the HVIP incentive, please visit www.xostrucks.com/incentives.
ABOUT XOS, INC.
Xos is a leading technology company, electric truck manufacturer, and fleet services provider for battery-electric fleets. Xos vehicles and fleet management software are purpose-built for medium- and heavy-duty commercial vehicles that travel on last-mile, back-to-base routes. The company leverages its proprietary technologies to provide commercial fleets with battery-electric vehicles that are easier to maintain and more cost-efficient on a total cost of ownership (TCO) basis than their internal combustion engine counterparts. For more information, visit www.xostrucks.com.
Contacts:
Xos Media Relations
press@xostrucks.com
Market Leader Xos Positioned for Strong 2024 by Gross Margin Improvement and Pending Acquisition
Thu, 21 Mar 2024
Link to Press Release https://api.kscope.io/ks-doc-view?key=89b2f999-30a9-11ee-acee-0ed29589fc89&content=benznews&docid=3abdde7a47be3a2f117d67f23312a44dfeb49cca
Link to webcast https://viavid.webcasts.com/starthere.jsp?ei=1655220&tp_key=d4e9555402
Full Year Revenue increased 22% year-over-year
Strong positive gross margins in the third and fourth quarters of 2023
Entered into a definitive agreement to acquire ElectraMeccanica and significantly strengthen Xos' balance sheet
LOS ANGELES, CA / ACCESSWIRE / March 21, 2024 / Xos, Inc. (NASDAQ:XOS) ("Xos" or the "Company"), a leading electric truck manufacturer and fleet services provider, today reported financial results for the fourth quarter and year ended December 31, 2023.
Full Year 2023 Highlights:
- 2023 revenue improved significantly to $44.5 million from $36.4 million in 2022
- Achieved positive gross margins in the third and fourth quarters of 2023, supported by the release of an updated stepvan platform
- Bolstered position as the EV stepvan market leader with deliveries of 283 units to the largest fleets in North America, including FedEx Ground, UPS, Loomis, Canada Post, UniFirst, and Penske
- Reduced quarterly operating expenses by 43% in two years
- Subsequent to year end, entered into a definitive arrangement agreement to acquire ElectraMeccanica in an all-stock transaction that is expected to include over $45 million in cash to support Xos' ongoing operations
- Subsequent to year end, announced the updated Xos Hub™, a rapidly deployable charging unit designed to help expedite the electrification of fleets with 280kWh of energy capacity and charging rates of up to 160kW
Dakota Semler, Chief Executive Officer of Xos, commented, "Last year was a year of positive milestones for Xos. Our customers continued to demonstrate robust demand for Xos EVs, which resulted in record back-to-back quarters in the second half of 2023. Importantly, we achieved our goal to deliver positive gross margins while substantially reducing operating expenses. Finally, we positioned Xos to strengthen its liquidity through the planned acquisition of ElectraMeccanica."
____________________________
(1) For further information about how we calculate Non-GAAP gross profit (loss) and Non-GAAP operating loss, see below for the reconciliations of GAAP to non-GAAP financial measures provided in the tables included in this release.
(2) Includes cash, cash equivalents, restricted cash, and marketable debt securities, available-for-sale (for the year-ended December 31, 2022).
2024 Outlook:
Xos' outlook for 2024 is as follows:
- Revenue $66.7 to $100.4 million
- Non-GAAP operating loss $48.7 to $43.7 million
- Unit Deliveries (1) 400 to 600 units
____________________________
(1) Unit deliveries forecast includes stepvans and our powertrain and Xos Hub products.
Liana Pogosyan, Acting Chief Financial Officer of Xos, added, "Launching our gross margin positive stepvan, setting delivery records in the third and fourth quarter, and securing meaningful capital via our expected acquisition of ElectraMeccanica have each strengthened Xos' position. These accomplishments provide me with confidence that we will continue to deliver on our targets in 2024 and beyond. As a result, we expect to deliver strong revenue growth of approximately 88% year-over-year at the midpoint of our guidance range."
The outlook provided above is based on management beliefs and expectations as of the date of this press release. The results are based on assumptions that are believed to be reasonable as of this date, but may be materially affected by many factors, as discussed below in "Cautionary Statement Regarding Forward-Looking Statements." Actual results may vary from the outlook above and the variations may be material. The Company undertakes no intent or obligation to publicly update or revise any of these projections, whether as a result of new information, future events or otherwise, except as required by law.
Conference Call and Webcast Details
Date / Time: Thursday, March 21, 2024, at 4:30 p.m. EDT / 1:30 p.m. PDT
Webcast: https://viavid.webcasts.com/starthere.jsp?ei=1655220&tp_key=d4e9555402
U.S. Toll-Free Dial In: 1-833-816-1411
International Dial In: 1-412-317-0507
Conference ID: 10186286
To access the call, please dial in approximately ten minutes before the start of the call.
For those unable to participate in the live call, an audio replay will be available following the call through midnight Thursday, April 4, 2024. To access the replay, please call 1-844-512-2921 or 1-412-317-6671 (International) and enter access code 10186286. A replay of the webcast will also be archived shortly after the call and can be accessed on the Company's website.
About Xos, Inc.
Xos is a leading technology company, electric truck manufacturer, and fleet services provider for battery-electric fleets. Xos vehicles and fleet management software are purpose-built for medium- and heavy-duty commercial vehicles that travel on last-mile, back-to-base routes. The company leverages its proprietary technologies to provide commercial fleets with battery-electric vehicles that are easier to maintain and more cost-efficient on a total cost of ownership (TCO) basis than their internal combustion engine counterparts. For more information, please visit www.xostrucks.com.
Updated California HVIP vouchers for XOS electric vehicles as of the end of February 2024, 379 vouchers for total funding of over $45 million, and this is just in California.
Link https://californiahvip.org/impact/#deployed-vehicle-mapping-tool
Repost from Stocktwits board, spreadsheet showing companies with the most California HVIP vouchers.
The snapshots below show the California HVIP Unredeemed vouchers just for the month of January for XOS (Top) compared to to those for all EV companies (Below). The comparison shows that XOS in January added 26 out of the the total 167 vouchers for all EV companies, or about 15% of the total. Funding for the 26 XOS vouchers of $4.9 million compared to funding of $20.5 million for all EV companies combined, or about 25% of total funding. Not bad in my opinion.
Following is a snapshot showing the current California HVIP Unredeemed vouchers for XOS, 409 corresponding to $47 million in funding, one of the most if not the most of any EV company. Vouchers require binding orders, so this is a strong indication of sales to come. Keep in mind, this is just California, and it's only January. Link https://californiahvip.org/impact/#deployed-vehicle-mapping-tool
The California HVIP Voucher database has been updated as of end of December 2023. Following is a snapshot of Unredeemed vouchers for XOS, 420 vouchers for total funding of $43 million, one of the highest among BEV manufacturers.
Source https://californiahvip.org/impact/#deployed-vehicle-mapping-tool
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