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Xos, Inc. Reports Third Quarter 2023 Results
Thu, 09 Nov 2023
https://api.kscope.io/ks-doc-view?key=89b2f999-30a9-11ee-acee-0ed29589fc89&content=benznews&docid=625583672427139d54443ab395d92c287bb4770b
Delivered 105 units in the quarter, the highest quarterly volume to date, and a 176% quarter-over-quarter increase
Achieved average positive GAAP gross margin of over $18,000 per unit
LOS ANGELES, CA / ACCESSWIRE / November 9, 2023 / 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, 2023.
Third Quarter 2023 Highlights:
- Quarterly deliveries of 105 units, marking a 176% quarter-over-quarter increase and the highest quarterly delivery volume to date.
- GAAP gross margins of 11.9% and up to 20% gross margins on a per unit basis.
- Revenues of $16.7 million, compared to $4.8 million in the second quarter of 2023.
- Net loss was $14.1 million, loss from operations was $12.6 million, and non-GAAP operating loss(1) for the quarter was $11.2 million.
(1) For further information about how we calculate non-GAAP operating loss, see below for the reconciliations of GAAP to non-GAAP financial measures provided in the tables included in this release.
"Delivering both positive gross margins and record volumes shows how far ahead of the competition Xos is," said Dakota Semler, Chief Executive Officer of Xos. "We are making money on EVs, and demonstrating our ability to do so at scale by accomplishing build rates in excess of 700 stepvans per annum."
Liana Pogosyan, Acting Chief Financial Officer of Xos, added, "Achieving positive GAAP gross margins, strong delivery numbers, and decreased operating expenses this quarter is very encouraging and is aiding efforts to secure additional funding."
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, November 9, 2023, at 4:30 p.m. EST / 1:30 p.m. PST
Webcast: https://viavid.webcasts.com/starthere.jsp?ei=1635308&tp_key=0cfccf1dc4
U.S. Toll-Free Dial In: 1-833-816-1411
International Dial In: 1-412-317-0507
Conference ID: 10182517
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, November 23, 2023. To access the replay, please call 1-844-512-2921 or 1-412-317-6671 (International) and enter access code 10182517. 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.
Penske Truck Leasing Adds Xos Stepvan to its Electric Fleet Offering
October 26 2023
https://ih.advfn.com/stock-market/NASDAQ/xos-XOS/stock-news/92374799/penske-truck-leasing-adds-xos-stepvan-to-its-elect
Xos, Inc. (NASDAQ: XOS), a leading electric truck manufacturer and fleet electrification services provider, today announced Penske Truck Leasing has added Xos 100% battery-electric trucks to its fleet. Penske will deploy the trucks with multiple customers in various industries.
"We are very pleased to build on our growing portfolio of all-electric vehicles with the addition of the Xos Stepvan," said Paul Rosa, Senior Vice President of Procurement and Fleet Planning for Penske Truck Leasing.
The vehicles that Penske has added are the Xos Stepvan ("Stepvan"), a 100% battery-electric Class 6 vehicle purpose-built for commercial applications. The Stepvan can travel up to 150 miles on a single charge, features a GVWR of up to 23,000 pounds, and comes in available body sizes of 16’ or 18’. Depending on charger specifications, the vehicle charge time with DC fast charging ranges from 110 to 120 minutes. Additional specifications include a 178-inch wheelbase, 347 kW maximum horsepower, and max torque of 1,737 ft-lbs.
"We’re proud to partner with Penske on their journey to a fully-electric fleet operation," said Dakota Semler, Chief Executive Officer at Xos. "Penske and Xos share similar core values around our commitment to customers and a dedication to excellence, so our partnership is a natural fit. We look forward to building our relationship for years to come."
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 Investor Relations
investors@xostrucks.com
Xos Media Relations
press@xostrucks.com
About Penske Truck Leasing
Penske Truck Leasing is a Penske Transportation Solutions company headquartered in Reading, Pennsylvania. A leading provider of innovative transportation solutions, Penske operates and maintains more than 440,000 vehicles and serves its customers from more than 940 maintenance facilities and more than 2,600 rental locations across North America. Solutions from Penske include full-service truck leasing, fleet maintenance, truck rentals, used trucks, and a comprehensive array of technologies to keep the world moving forward. Visit PenskeTruckLeasing.com to learn more.
Xos Achieves Largest Quarter with Profitable Deliveries to National Fleet Customers
October 18 2023
https://ih.advfn.com/stock-market/NASDAQ/xos-XOS/stock-news/92304996/xos-achieves-largest-quarter-with-profitable-deliv
Xos, Inc. (NASDAQ: XOS) is pleased to announce that it has delivered 105 units to end customers in the third quarter of 2023. The period marks the highest quarterly delivery volumes to date for the company and the company’s first quarter delivering positive gross margin units to customers. Vehicles delivered in the third quarter include the first 2023 Xos SV Stepvans delivered to customers. The new Xos 2023 stepvan is designed to meet or exceed margin performance of legacy diesel trucks on a host of performance metrics. This makes Xos among the first gross margin positive commercial EV manufacturers in the entire commercial EV industry and propels Xos towards its stated objective of positive free cash flows.
For the third quarter of 2023, Xos' preliminary estimate of GAAP gross margin is between 8% to 15%. This result was driven by unit gross margins of the new 2023 Xos SV Stepvan that range from approximately +10% to 20% per unit, depending on configuration. Three pillars underscore this milestone achievement:
- Proprietary software technology;
- Long-term supply agreements with one of the largest global Tier 1 battery cell and electronics suppliers; and
- Robust design, engineering, and testing processes that reduce manufacturing costs.
Proprietary technology enables Xos vehicles to deliver top performance to customers from a more cost efficient battery system. Xos’ 140kWh Stepvan fulfills the needs of most last-mile delivery routes at a competitive purchase price. Xos’ long-range 280kWh stepvan option doubles the usable range for fleets with longer routes or heavier payloads.
Recent long-term agreements with battery suppliers and other vendors governing the cost and warranty of critical components enable Xos to achieve significant savings per truck compared to previous Xos stepvan models.
Lastly, Xos’ robust design, engineering, and testing processes contribute to lower manufacturing costs by reducing required labor input and reduced service costs through improved vehicle quality.
The first profitable Xos vehicles compete directly with diesel last-mile delivery vehicles on total cost of ownership—a principal factor fleet customers incorporate in purchase decisions. When combined with available subsidies the cost advantages become even more significant. Compared to similarly equipped last-mile ICE delivery vehicles, the new 2023 Xos Stepvan offers an estimated 30-40% savings in those markets.
“We are proud of achieving a positive GAAP gross margin in the quarter due to the efforts of various teams, including engineering, supply chain, and others. We expect margins will continue to improve and be sustained as the tailwinds and demand for medium-duty EVs grow,” said Liana Pogosyan, acting Chief Financial Officer for Xos.
About Xos, Inc.
Xos is a leading technology company, fleet services provider, and original equipment manufacturer of Class 5 through Class 8 battery-electric vehicles. 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 of up to 270 miles or less per day. 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.
Xos Contacts
Xos Investor Relations
investors@xostrucks.com
Xos Media Relations
press@xostrucks.com
Xos Stepvans Eligible for Thousands in State and Federal Incentives
October 05 2023
https://ih.advfn.com/stock-market/NASDAQ/xos-XOS/stock-news/92210051/xos-stepvans-eligible-for-thousands-in-state-and-f
Xos, Inc. (NASDAQ: XOS) is proud to announce that their 2023 Xos SV is eligible for impressive incentives in place by both federal and state governments. With IRS approval as a qualified manufacturer for the Commercial Clean Vehicle Credit, Xos customers are eligible to receive up to a $40,000 tax credit for deliveries of all Xos Stepvans until the program ends in 2032.
“We are thrilled our customers will be eligible to take advantage of these incentives,” said Xos CEO, Dakota Semler. “Our goal is to make fleet electrification a smooth and easy transition, and these incentives make it even easier, and more cost effective for our customers to make the switch to electric.”
In addition to the federal incentives, Xos customers are also eligible for the California Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project (HVIP) which can save them up to $85,000 on the purchase price of an Xos Stepvan.
Xos stepvans are also eligible for incentives in other states such as Texas, New Jersey, New York, and Colorado. You can view more incentives at xostrucks.com/incentives.
Xos Trucks is committed to making fleet electrification more accessible and affordable for businesses. With the incentives available, Xos customers can save thousands of dollars on the purchase of an Xos Stepvan.
About Xos, Inc.
Xos is a leading technology company, fleet services provider, and original equipment manufacturer of Class 5 through Class 8 battery-electric vehicles. 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 of up to 270 miles or less per day. 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
If that pos MULN can be trading at 68c and XOS trading at 38c...XOS by far a better company. They have the best in breed commercial trucks, the best fleet management software, and their battery Tech and charging infrastructure is world class.
XOS....ONLY 65 000 SHORT FRIDAY...big news coming!
XOS...NICE WEEK AS WE WAIT FOR THE NEXT BIG ORDER...BRING ON FEDx OR UPS AND THIS FLYS NORTH!!!
XOS..ONLY 85 000 SHORT AND 120 000 COVERED 44C TARGET
Xos Grows Fleet Deliveries
September 14 2023
https://ih.advfn.com/stock-market/NASDAQ/xos-XOS/stock-news/92042081/xos-grows-fleet-deliveries
Xos, Inc. (NASDAQ: XOS) is pleased to announce the delivery of 100% battery-electric stepvans to several parcel and delivery independent service providers in Tennessee and California. The vehicles delivered are supported by continued collaboration with Thompson Truck Centers, a leading commercial truck dealer and longtime dealer partner with Xos.
Several of the vehicles will be delivered to Richmond, California. The independent service providers will take delivery of the vehicles in a newly opened facility featuring 100 new electric vehicle chargers. This installation will enable Xos medium-duty electric vehicles to deliver packages all across Northern California. Some customers will be receiving new Xos vehicles, others will be relocating from nearby terminals where they have charged vehicles with the Xos Hub™, the mobile charging infrastructure solution.
“Driven by the significant benefits of lower total cost of ownership, our customers are increasingly interested in electrifying their fleets,” said Xos VP of Sales, Jose Castañeda. “We’re proud that we can offer these vehicles through our dealership network, so that more businesses can take advantage of these incentives and further reduce the cost of their fleets.”
About Xos, Inc.
Xos is a leading technology company, fleet services provider, and original equipment manufacturer of Class 5 through Class 8 battery-electric vehicles. 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 of up to 270 miles or less per day. 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.
Xos Contacts
Xos Investor Relations
investors@xostrucks.com
Xos Media Relations
press@xostrucks.com
About Thompson Truck Centers
Thompson Truck Centers, a subsidiary of Thompson Machinery, traces its roots back to 1944, when the Thompson family operated a GMC Truck Dealership. The company had gained a reputation for providing excellent service in support of sales, which allowed Thompson to expand its operations and become a leading construction equipment dealer. Today, Thompson Truck Centers continues to service and repair all makes and models of medium and heavy-duty trucks. As technology evolves, Thompson is leading the way to help its customers achieve a zero-emission future. For more information, please visit www.ThompsonTC.com.
Xos Awarded Contract by State of California to Provide Electric Stepvans to State & Local Agencies
September 12 2023
https://ih.advfn.com/stock-market/NASDAQ/xos-XOS/stock-news/92020590/xos-awarded-contract-by-state-of-california-to-pro
XOS...READY TO RUMBLE...DROP THE NUMBER OF TRUCKS BOUGHT NEXT!!
Well...
The $XOS cash crunch problem just got solved. Thank-you State of California!!!
Eeee-YaaaaHOOOO!!!!!!!!!
Xos Completes First Over-the-Air Updates Across Vehicles
September 07 2023
https://ih.advfn.com/stock-market/NASDAQ/xos-XOS/stock-news/91989398/xos-completes-first-over-the-air-updates-across-ve
Xos, Inc. (NASDAQ: XOS), is proud to announce the successful completion of its first launch of over-the-air updates to its 2023 Xos SV Stepvans. This marks a major milestone in the commercial electric vehicle industry, as full-vehicle over-the-air updates have traditionally been limited to consumer electric vehicles.
The 2023 Xos SV Stepvan is the latest in a line of electric commercial vehicles from Xos. It includes a range of improvements over previous models, including the capability for over-the-air updates. This allows Xos to make a variety of updates to the vehicle, including new vehicle features, powertrain tuning, and charging enhancements.
The same telematics control units that enable over-the-air updates also allow for over-the-air diagnostics. This allows Xos to quickly and more efficiently address charging or operation issues.
Among the vehicles that have received the first over-the-air updates is a stepvan in service with a major parcel and delivery operator. These updates include charging enhancements to stabilize the vehicle's charging compatibility with the third party chargers already onsite at the customer's terminal.
"We are thrilled to be among the first to offer full vehicle over-the-air updates to our electric commercial stepvans," said Saleh Heydari, Vice President of Software Engineering at Xos. "This is a major milestone for the industry, and we are proud to be leading the way in providing our customers with the most advanced and reliable electric vehicles on the market."
About Xos, Inc.
Xos is a leading technology company, fleet services provider, and original equipment manufacturer of Class 5 through Class 8 battery-electric vehicles. 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 of up to 270 miles or less per day. 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.
Xos Contacts
Xos Investor Relations
investors@xostrucks.com
Xos Media Relations
press@xostrucks.com
Xos Hub Now Eligible for $160,000 CARB CORE Incentive
September 05 2023
https://ih.advfn.com/stock-market/NASDAQ/xos-XOS/stock-news/91966257/xos-hub-now-eligible-for-160-000-carb-core-incent
Xos, Inc. (NASDAQ: XOS), is proud to announce that the Xos Hub™ mobile charging unit is now eligible for the California Clean Air Resources Board's (CARB) Clean Off-Road Equipment Voucher Incentive Project (CORE). Xos customers are eligible to receive $160,000 in savings on their purchase of the Xos Hub as a result.
The CORE program provides point-of-sale discounts to off-set eligible zero-emission technologies. The CORE project applies to California-based purchases and leases of zero-emission off-road equipment. In addition, the incentive includes no scrappage requirement. Additional funding is available for certain charging and fueling infrastructure, equipment deployed in disadvantaged communities, and purchases of equipment by small businesses.
"We are thrilled to be part of the CORE Voucher Incentive Project and offer our customers this incentive," said Xos Energy Solutions Director, Danny Marquez. "We are committed to providing Xos customers with the best possible solutions to charge their fleets. The CORE incentive is a great way to help them save money and get charging quickly."
The Xos Hub is a rapidly deployable, mobile charging solution that enables flexible and scalable access to DC fast charging without the need for permanent infrastructure. It is designed to be easy to install and use and is compatible with commercial and passenger vehicle applications and is capable of charging up to five electric vehicles (EVs) at once. The Xos Hub—in combination with the CORE incentive—is the perfect solution for those looking to expedite their infrastructure projects and save on costs.
About Xos, Inc.
Xos is a leading technology company, fleet services provider, and original equipment manufacturer of Class 5 through Class 8 battery-electric vehicles. 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 of up to 270 miles or less per day. 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.
Xos Contacts
Xos Investor Relations
investors@xostrucks.com
Xos Media Relations
press@xostrucks.com
XOS shorts covering..gapping up with big news coming..XOX TRUCKS are HVIP eligible!!!
Xos, Inc. Reports Second Quarter 2023 Results
Thu, 10 Aug 2023
https://api-dev.kscope.io/ks-doc-view?key=89b2f999-30a9-11ee-acee-0ed29589fc89&content=benznews&docid=4c33ceebb33664a0d40ecda4b4365b6d0ca4d341
we should get an update today on where the co is headin', there is alot of short on this stock, could be interestin', imosho ANT
xcellent earnings Thursday after close will mean 0,44 is cheap, that's imosho ANT
starter at 0,44 for me, EV remains just like AI, but that's imvho ANT
xcellent earnings could send xos to dollarland again, so, i see opportunity especially when they bring it down like they did today, without reason on no excessive volume, on my list for tomorrow, ANT
LOS ANGELES, July 27, 2023 (GLOBE NEWSWIRE) -- Xos, Inc. (NASDAQ: XOS), a leading electric truck manufacturer and fleet services provider, today announced it will release its second quarter 2023 operating results on Thursday, August 10, 2023, after the close of the U.S. financial markets.
volume recently of 1 million shares/day, i'll be monitorin' it closely, not in yet, fyi ANT
back to 60c bid...huge accumulation at this price!
In March of last year, FedEx Corp committed to becoming a fully carbon-neutral delivery network in the next two decades. The company plans to purchase only electric vehicles by 2030 and to have a zero-emission parcel pickup and delivery fleet by 2040.
NKLA has been on a tear...XOS blows them away!
they now got the money for production continuation, they can deliver so they just need to improve market penetration. If they can deliver proof with earnings, i definitely think this one belongs in dollarland. So it could go as a short term investment or a long term one if Thursday delivers a bang, imo ANT
UPS AND LOOMIS are their two big customers, but keep in mind, they are going up against Tesla for their 8000 pound transport truck, but customers have said, "we think XOS has better tech"!. Their charging technology is amazing, plus their in house designed software for fleet management is world class.
thx for the info, started readin' some boards and already found that they got several contracts, even some renewals in, their product is on the road already and that's the best way to evaluate and spread the positive aspects, gonna do some more dd and see what the open on Monday brings, we got 'till Thursday (numbers), thx again, ANT
yup...theres a fairly large short on the stock..but volume is there. The shelf offering for 120 million adds protection, the hedge fund that did the shelf cannot short the the stock now, and they are a very big Cayman shorter in the market. Of course the 100 million shares held by the hedge fund, most likely will convert into debt and the 100 million will be dilution down the road, but this is a earnings play, and feel this Q should be good better as they are growing revenue.
Read that short sale volume yesterday was 44%, don't know if that is correct but with numbers this close, they are playin' with fire, on watch for sure, fyi ANT
XOS...LOTS OF MANIPULATION...SHORTS ARE PLAYING HARD AS WE APPROACH EARNINGS...THE 66C TRIGGER WILL COME INTO PLAY AND EXSPECT A GOOD Q
This owner is a visionary and he will create the biggest commercial EV trucking company in the world. He's young and smart as fuc
Watch what happens when the market catches on to this monster play
Gapping hard now towards the 66c trigger which will ignite a massive move to the upside
$XOS - 👆Up 6.5% Pre-Market/ Current Price $0.64
Secures 30-Truck Purchase Order From Repeat Customer UniFirst~8/01
We got a gappa monster in the works
get ready for explosive earnings growth next week...August 10!!!!
heavt weight trucks that are better than Tesla....
They have the EV charging side to go a long with the fleets..from step vans to heavy transport....
loomis signs up for 150 trucks....https://finance.yahoo.com/news/xos-secures-150-vehicle-purchase-120000991.html
Their big rig transport rig can carry 8000 pounds and have over 800 horse power
XOS is the next EV play, great company.... UPS ia already using these trucks and want to have their 100 000 truck fleet all electric and XOS HAS THE CONTRACT!
Xos Makes A Killer Shelf Deal, And I Am Buying More Shares
Aug. 03, 2023 6:26 PM
https://seekingalpha.com/article/4623585-xos-makes-a-killer-shelf-deal-and-i-am-buying-more-shares
Summary
- XOS registered $125 million through a shelf offering, providing much needed cash.
- XOS has some big name customers with the potential to be volume buyers.
- XOS focuses on the stepvan market, and is now working to reach profitability.
XOS sending out an SOS. WATCH THE MONSTER BEAST THROUGH MONSTERVILLE
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