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XOS currently has 381 Unredeemed vouchers valued at $39 million from California HVIP program.
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FORM 10-Q, QUARTERLY REPORT
For the quarterly period ended September 30, 2023
https://last10k.com/sec-filings/XOS/0001819493-23-000252.htm
XOS Q3 2023 Earnings Call Transcript
Nov. 10, 2023
https://seekingalpha.com/article/4650246-xos-inc-xos-q3-2023-earnings-call-transcript
Xos, Inc. (NASDAQ:XOS) Q2 2023 Earnings Conference Call November 9, 2023 4:30 PM ET
Company Participants
Christen Romero - General Counsel
Dakota Semler - CEO
Giordano Sordoni - COO
Liana Pogosyan - Acting CFO
Conference Call Participants
Mike Shlisky - D.A. Davidson
Donovan Schafer - Northland Capital Markets
Operator
Greetings, and welcome to Xos’s Third Quarter 2023 Earnings Call. At this time, all participants’ lines are in a listen-only mode. For those of you participating in the conference call, there will be an opportunity for your questions at the end of today’s prepared comments. Please note this conference is being recorded. [Operator Instructions]
At this time, I would like to turn the conference over to General Counsel of Xos, Christen Romero. Thank you. You may begin.
Christen Romero
Thank you, everyone, for joining us today. Hosting the call with me today are Chief Executive Officer, Dakota Semler; Chief Operating Officer, Giordano Sordoni; and Acting Chief Financial Officer, Liana Pogosyan.
Ahead of this call, Xos issued its third quarter 2023 earnings press release, which we will reference during this call. This can be found on the Investor Relations section of our website at investor.xostrucks.com.
On this call, management will be making forward-looking statements based on current expectations and assumptions, which are subject to risks and uncertainties. Actual results could differ materially from our forward-looking statements if any of our key assumptions are incorrect because of factors discussed in today’s earnings news release, during this conference call or in our latest reports and filings with the Securities and Exchange Commission. These documents can be found on our website at investors.xostrucks.com. We do not undertake any duty to update any forward-looking statements.
Today’s presentation also includes references to non-GAAP financial measures and performance metrics. Please reference the information contained in the company’s third quarter 2023 earnings press release for definitional information and reconciliations of historical non-GAAP measures to the comparable GAAP financial measures. Participants should be cautioned not to put undue reliance on forward-looking statements.
With that, I’ll turn it over to Dakota.
Dakota Semler
Thanks Christen, and thank you everyone for joining us to review Xos’s most profitable and highest-revenue quarter yet. On today’s call, I will cover highlights from the quarter during which we delivered 105 units and achieved positive GAAP gross margins. Next, our COO, Giordano Sordoni, will provide an update on our manufacturing efforts. To conclude, our acting CFO, Liana Pogosyan, will share the company’s third quarter financial performance.
We are excited to report that deliveries were up 175% over last quarter. Importantly, we demonstrated our ability to scale unit volumes and simultaneously expand margins. Importantly, our cost-reduction efforts and investment in process improvements over the past 12 months paid off. We attained a GAAP gross margin of positive 11.9% and unit gross margins of up to 20%. This positive performance gives us the headroom to achieve margins in line with best-in-class commercial truck OEMs. Much of our ability to deliver more vehicles than ever came from the improved manufacturability of the 2023 step-in. Such gains in manufacturing efficiency will continue to support delivery volumes in the fourth quarter and beyond.
Our diverse customer mix for the quarter underscores the continued demand we see for TCO competitive EV trucks. The majority of our deliveries this quarter went to large fleets like [Indiscernible], where trust was built over months of operating Xos step vans. These fleets typically follow a more regimented vehicle replacement cadence than smaller fleets, which translates into more predictable volumes for Xos.
Deliveries to small fleets were more impacted by macroeconomic concerns and contracted slightly this quarter. However, this was more than compensated for by the large increase in deliveries to national fleets. We anticipate that our strong delivery numbers this quarter will translate to a strong fourth quarter, owing partly to the more consistent demand and charging infrastructure readiness of larger fleets. We also had commercial victories in the public sector, where the California state government selected Xos as an approved step-van vendor. This enables government fleets state wide to freely purchase Xos vehicles via normal procurement processes and limits the ability of our competitors to serve the same market.
Beyond step-vans, we achieved an important milestone with the Xos Hub, our mobile charging solution. We won approval for the core incentive from the California Air Resources Board, or CARB, that covers up to $160,000 for off-highway vehicle charging applications. Immediately following approval, we saw an uptick in customer interest for deployment to construction sites, ports, and other eligible sites. Our powertrain business also saw an uptick in interest from School Bus and RV OEMs, where established manufacturers are looking for a dependable EV powertrain solution.
In particular, a number of new parties came to the table following the Procura [Ph] bankruptcy, which provided an opportunity for their customers to consider a more cost-competitive alternative.
Turning now to positive momentum in the regulatory environment. This October, California’s Secretary of State received the final version of the Advanced Clean Fleets, or ACF, rule with an effective date of January 1, 2024. ACF requires fleets in California to either purchase only zero-emission vehicles going forward or adopt a series of zero-emission milestones for their fleets. The regulation applies to any fleet operator with either more than $50 million in global annual revenues or more than 50 medium or heavy-duty vehicles in operation. This includes the vast majority of Xos’ California customers who will be required to either purchase only zero-emission vehicles after January 1, 2024 or meet the first milestone of 10% zero-emission vehicles by January 1, 2025.
We anticipate that most of our customers will opt for the milestones, which will allow fleets to comply by purchasing increasing numbers of EV step vans. We expect that the step-up purchase requirements will stimulate significant commercial EV demand. The first milestone in 2025 requires 10% ownership of zero-emission vehicles by existing California step vans fleets and will require thousands of new EV vehicles in California alone.
As one of the only options for EV step vans, Xos is well-positioned to capitalize on this near-term demand. Future milestones of 25% EVs by 2028, 50% EVs by 2031, and 75% EVs by 2033, and 100% EVs by 2035 will support the industry for more than a decade. The ACF rule includes a short list of exemptions available on a case-by-case basis to account for charging infrastructure delays and vehicle availability concerns. Such exemptions include time allowances for delays in charger installations and utility upgrades, as well as exemptions for vehicles with range and power requirements not yet met by EVs.
Charging delay extensions will likely spread some of the 2025 milestone demand over a longer period of time, but will also encourage fleets to prioritize charging investments. Approval for an ACF extension requires an in-progress charging plan and documented evidence of slowdowns from contractors, utilities, and/or equipment suppliers.
Importantly, the vast majority of the step van market we serve will not be eligible for ACF vehicle availability exemption as our long-range step van satisfies the vast majority of operational routes. Further, no exemptions are available to fleets that haven’t already met the 10% milestone.
In summary, Xos is positioned for success. As the leader in our sector, we have delivered more Class 5 and 6 EV step vans than anyone else, achieved our lofty gross margin goals, and reinforced our strong backlog and customer pipeline. Combined with a robust regulatory regime, we believe Xos is at a positive inflection point and on the horizon of a bright future.
With that, I will turn the call over to our COO, Giordano Sordoni, who will share an operational update.
Giordano Sordoni
Thanks, Dakota. This quarter, we achieved a new milestone in the Tennessee factory. Supported by customer demand, a culture of continuous improvement, and a dedicated team, we sustained a build rate in excess of 700 step vans per year. The team maintained this production rate for over a month, underscoring our ability to deliver substantially higher volumes without additional CapEx investments. We expect to regularly achieve and beat this production rate for progressively longer periods over the coming quarters.
Improvements in factory efficiency, such as simplified vehicle assembly processes and reduced shipping costs, also contributed to our positive gross margins. We channelled lessons from five years of building step vans into our 2020 spring design. Our team implemented important changes that resulted in a simplified build process and better shielded us from supply chain variability.
Increased use of sub-assemblies reduced congestion on the production line and minimized the impact of part availability disruptions by allowing more components of the step van to be assembled asynchronously. Implementing these processes required close collaboration from our manufacturing, engineering, and supply chain teams throughout the design, validation, and launch phases of our gross margin positive step van. I’m proud to share the team’s accomplishments and their positive impact on our overall delivery efforts.
To take advantage of our new sub-assembly-driven production line, we invested in the systems, training, and the tools used by our manufacturing team. We better integrated our product lifecycle management tools with our manufacturing execution systems. Vehicles on the assembly line are being built with digital work instructions and quality check stations built directly into the process.
Months of slow builds conducted with our engineering and manufacturing teams allowed us to unlock additional efficiencies in the design and on the factory floor. Improvements to our work order systems and assembly instructions reduced downtime and decreased quality issues.
Additionally, as a result of our complete transition to in-house manufacturing, we reduced labor costs per vehicle and better leveraged our in-house metal fabrication capabilities. By building more parts in-house, we eliminated supplier margins and freight costs and accelerated implementation of design updates.
Finally, I’d like to provide an update on our supply chain. We believe that things have settled into the new normal. Some disruptions remain for capacity-constrained vendors, but for the most part, concerns have shifted from part availability, pricing, and managing inflationary pressures. Wiring harnesses remain challenging for the entire industry and occasionally disrupt our production lines. However, most vendors are meeting our volume expectations and our supply chain team has turned their focus to improvements in purchasing terms to reduce the working capital out of its inventory.
I’ll now turn the call over to our acting CFO, Liana Pogosyan, who will cover our financial results for the quarter.
Liana Pogosyan
Thank you. For the first quarter, our revenue increased to $16.7 million from $4.8 million in the second quarter of 2023. Our cost of goods sold during the quarter increased to $14.7 million compared to $8.5 million in the second quarter of 2023, largely as a result of our increased deliveries.
GAAP gross margin during the quarter was a profit of $2 million compared to a loss of $3.7 million last quarter. Margin improvements were driven by higher average selling price from the 2023 model year’s cutdowns delivered in the current quarter. Additionally, the company achieved a quarter-over-quarter reduction in direct material, direct labor, and overhead costs on a per-unit basis through the realization of previous investments in R&D and continued focus on cost reduction through strategic sourcing.
Reduced write-downs from physical inventory counts, as well as releases of inventory reserves related to sold units, also contributed to our improved margins. It should be noted that GAAP gross margins for a vehicle OEM are impacted by a range of reserves that, combined with changes in sales mix between direct, dealer, and prior model inventory sales, introduced higher levels of volatility in quarterly results. For this reason, we continue to share a consistent non-GAAP gross margin that you can find in today’s earnings press release.
Turning to expenses, our third-quarter operating expenses decreased to $14.6 million from $16.8 million in the prior quarter, driven in part by the June 2023 reduction in workforce. Non-GAAP operating loss for the third quarter was $11.2 million. We closed the quarter with cash and cash equivalents of $22.6 million, compared with $27.8 million at the end of the second quarter.
In addition to cash used in operating activities, we used $10.1 million during the third quarter in financing activities, primarily related to payments on our convertible debentures with Yorkville. Such payments to Yorkville are scheduled to conclude in the fourth quarter. We continue to evaluate financial and strategic alternatives to provide additional liquidity and fund the business plan.
Inventory dropped to $48.9 million in the third quarter from $55.5 million last quarter due to a combination of fast returns and sell-down of our remaining prior generation sub-grant inventory. We anticipate inventory levels will continue to decrease next quarter.
Operating cash flow less CapEx, or free cash flow, of negative $8.4 million for the quarter was significantly lower than negative $15.8 million last quarter. This change reflects a meaningful reduction in our burn rate from prior quarters, and we continue to see reductions in cash burn on a month over month basis.
Coming up our strongest quarter thus far, we are reaffirming our full year 2023 guidance of 250 to 350 units delivered, revenue to be in the range of $36.3 million to $54.7 million, and a non-GAAP operating loss of between 50.5 million to 61 million. Our priority remains getting to free cash flow generation as soon as possible. This quarter was an important step in that direction and reflects a growing delivery volume, strong margins, and improved inventory management.
I’ll now turn the call back over to Dakota.
Dakota Semler
Thanks, Liana. To wrap up, Xos is at an exciting inflection point. We are a leader in EV commercial trucks with over 450 deliveries to date. We are a leader in EV economics with top-tier gross margins. We are well-positioned for future success due in part to regulatory developments requiring the adoption of commercial EVs. We see significant upside potential for our shareholders as we continue to deliver quality vehicles at competitive prices and the inevitable transition to medium-duty EVs quickens.
Finally, we would like to thank all veterans and their families for their service and sacrifices made to protect our country and our freedoms. Your bravery and dedication in times of peace is particularly appreciated, but in difficult times like we are going through globally, your sacrifices are truly heroic. We wish to thank all past veterans and those serving today who have done so much for this incredible country.
With that, let’s open the line for questions.
Question-and-Answer Session
Operator
[Operator Instructions] The first question comes from Jerry Revich with Goldman Sachs. Please go ahead.
Unidentified Analyst
Hi, this is Adam on for Jerry today. Thanks for taking my question. It looks like COGS per unit came down around 35% sequentially quarter-over-quarter. Can you just unpack some of the moving pieces driving the sequential improvement and help us understand the level of six, costs and cost a good sole number, just thinking about how we should think about the unit profitability trajectory from here if you’re able to continue to ramp up delivery sequentially?
Dakota Semler
Yes, absolutely. And thanks, Adam, for that question. So really quite a few things that contributed to that improved gross margin, the first of which being the launch of our Pelican program, which is our 2023 step van. That vehicle is the result of over a year of engineering work and supply chain work that helped improve overall direct material costs that helped reduce the amount of time it takes to assemble a vehicle, reducing labor allocations and overheads. And we’ve also made it a more reliable, more durable vehicle. So most of the changes came because our product mix started shifting to that 2023 model year vehicle that we’ve been shipping to key customers in the quarter.
The other thing that’s contributed to improved gross margins is our continued focus on adjusting pricing for the market. So we’ve seen several factors, including inflation rising, which has had an impact on all commercial vehicles. And in the last several years, we’ve continued to update our pricing to ensure that it’s in line with the market while still being competitive and enabling fleets to achieve that TCO savings. The price action that we’ve taken at the beginning of 2023, as well as a price change that we made in midway through 2023 helped us contribute to higher than average ASPs across the vehicles that were delivered. But I’ll let Liana add a little bit more color too on the specifics.
Liana Pogosyan
Sure happy could provide additional context. Our GAAP growth margins, as we noted in our prepared remarks, is also impacted by various GAAP reserves. And over the last year, we’ve made significant improvements in our overall inventory management process. And as a result of that, we’ve seen those impacts in our financial performance of reduced inventory reserves this quarter that also contributed to improved margins.
Unidentified Analyst
Great. Thanks. That’s helpful. And then I think your guidance implies something like 125 units delivered next quarter at the midpoint. So a nice little step up from here. How much visibility and comfort do you have on that ramp? And, any early thoughts on the trajectory for 2024 deliveries?
Dakota Semler
Yes. So specifically in regards to this quarter, we’re reiterating guidance and expect to remain within that range. I think it’s going to be a strong end of year quarter. And we look to build momentum with each quarter and build on successive growth. So that’s what we’re expecting for the remainder of this year. Into 2024, as we discussed in our comments about the incentives, we believe that market will continue to be strong with our national account customers. There’s always a seasonal impact that comes as a result of the holidays, which slows down kind of towards the end of Q4, beginning of Q1. But that ramps pretty quickly particularly in areas like in parcel delivery, where folks are getting ready to build up their fleet over the summer months and spring prior to peak season for next year.
The other factor that we’re really considering and building into our volumes for next year is growth in our powertrains business. We’re expecting significant growth in that area to come from some other specialty vehicle industries adjacent to last mile delivery vehicles or our current step van vehicles that we’re building. So continue to see growth in that segment, although we haven’t issued full guidance for 2024 yet.
Unidentified Analyst
Great. And then last one from me. Can you just update us on how you’re thinking about, financing needs from here and different, financing options that you can take in the current rate environment to bolster your liquidity?
Dakota Semler
Absolutely. So one of the things that getting to positive gross margin, positive GAAP gross margins enables us to do is seek more traditional debt financing options out. So we’ve been having some really positive dialogues with various types of non-diluted capital providers, although the interest rates and rates in these kinds of markets are still high. As we continue to grow and ramp volumes, it will be essential to have access to that sort of capital for working capital and funding growth of inventory to support our backlog.
The other thing we’ve been doing and considering is evaluating other strategic opportunities that exist in the market, whether that be equity capital opportunities or other strategic collaborations that bolster up the balance sheet or minimize our cash use. So we’re looking to any kind of transaction that would help create synergies for the business and build up a better cash liquidity balances.
Unidentified Analyst
Great. Thanks so much.
Operator
The next question comes from Mike Shlisky with D.A. Davidson. Please go ahead.
Mike Shlisky
Hello. Good afternoon. Thanks for taking my questions. I guess I wanted to start off. I’ve asked this question before, but now that’s upon us, the ACF rule starting January 1st. I guess maybe a two-part question. At this point, are there any other providers of the step van types that you make that could possibly deliver the vehicles in the quantities that are needed for next year besides Xos? Is there anybody else out there that could compete on the forced EV adoption for next year?
And then maybe secondly, how you started seeing at this point, now that we’re just, a month and a half, two months away, elevated incoming phone calls where we have to get these like vans or at least POs for a van ASAP to either get them this year or at least show that we’re trying to get them and apply for an exemption. Just kind of curious as to what the customer voice has been recently on that.
Dakota Semler
Yes, absolutely. So, Mike, in response to your question, I believe there’s one other company that might be able to create a solution that would be compliant with the ACF rule in the step van market. But we don’t work with them and don’t know if they’re capable of producing the volumes that are necessary for the market. So that obviously still remains to be seen. I think when you look at the customer list and customers that we’ve worked with in the past and are now working with in some of our new deliveries that will take place in Q4, including to the leading parcel delivery companies in this space, I think it speaks to us having the most reliable, durable product for their operations. So we’re excited about it.
It amounts to thousands of units that will need to be on the road by the end of 2024. And as we’ve shared previously in other earnings calls, a big part of that is going to be infrastructure and getting the trucks delivered before the end of the year. So we’re starting that process with several of our customers, even as they’re taking delivery of trucks. Even as they’re taking delivery of trucks now, planning out infrastructure for next year.
Mike Shlisky
Okay. I guess I was trying to get a sense of the sense of urgency among those customers today. Is it getting a little more stronger? I mean, I guess I’m trying to figure out how serious are they about complying with the rules or are they all trying to find exemptions at this point?
Dakota Semler
Yes, I would say there’s been some dialogue coming from industry trade groups around challenging the rules and not complying. Although CARB has shown in the past that even with those kinds of challenges, they’ve still issued citations and have issued notices to comply to large fleets that haven’t met the rule. So when it comes to large national accounts and large fleet customers in California, they’re known to work within CARB’s rules and comply with them. It’s generally the smaller fleets that you don’t see as much compliance with. And that’s because they have a lot of risk. If a large parcel delivery or a uniform rental company can’t operate within the state of California, it’s one of the largest markets for most of these fleets. So they need to be able to have continuing operations and they’ll pay to comply and make sure they can legally operate.
Mike Shlisky
Got it. I want to switch over to gross margins and maybe even dollar margins really quickly. I’m just trying to do some, throwing the ball against the wall math here. But it sounds like maybe given the fixed cost we’ve got today that might be coming down a bit, you could turn even dollar positive at maybe a thousand units a year. Am I on the right track there? Or can you give us an update when you think you might be able to start showing some pretty EBITDA out or some free cash flow?
Dakota Semler
Yes, that’s a great question. So I think as we shared about a year ago in our previous earnings call, we had a calculated plan to reduce direct material costs, reduce fixed costs of operating the business and other OpEx and improve our trajectory to getting the business to gross margin positive. And the next thing we shared was that the next step on our roadmap is getting to generating positive free cash flow.
So we haven’t guided to a specific date, but I think we’ve made some incredible accomplishments in the last year to achieve these goals and to get there in the very near future. First and foremost, we’ve got unit gross margins ranging anywhere from the low teens percentage all the way up to low 20s percentage points.
Second, we’ve cut operational expenses significantly, nearly 50% year-over-year, which demonstrates that we can continue to operate our model, scale sales and scale growth of our products into the field while maintaining our lean operational structure that supports the ongoing needs of the business, including engineering, supply chain and our service requirements to keep our vehicles supported in the field.
And then the third thing is we continue to increase volumes quarter-over-quarter. And so our focus as we increase volumes is to get to that point where we’re generating positive EBITDA and eventually positive free cash flow in the near term future.
Mike Shlisky
Got it. Maybe one last one for me, and it goes back to your last question that your last answer there. You’ve got a bunch of vehicles now that are on the road for well over a year, two or even more than that. Do you guys sense that in 2024 that parts and service will start to be a bigger part of the revenue? Should we start to actually model any actual numbers there? And I guess on a kind of related note, can you give me, share with us what your customers have shared about uptime of your vehicles compared to other ICE models or even other EVs that they may have out there? I’d appreciate both of those answers. Thank you.
Dakota Semler
Yes, it’s a great question. So we’ve had vehicles on the road all the way since 2018, but a substantial portion of vehicles have been put on the road in the last couple of years. We are continuing to see our service needs grow in the field from unplanned maintenance events. And we do have a small amount of service revenue coming in through parts sales, as well as service labor to help repair those vehicles out in the field. And when we say unplanned maintenance events, we’re talking about things like breaking a mirror off or a tire or a wheel, systems that aren’t failing because of the reliability of the vehicle, but maybe because of an operator error or other kind of issue.
So we are seeing some parts revenue on that front and expect that will continue to grow as more vehicles are out there in the field and more powertrains are out there in the field. The other component, which is as we start to see vehicles age into the field, it’ll be a few years before we see significant replacement costs on things like battery or powertrain components, just because the expected lifespan of a lot of those components is far longer than these vehicles have been out there in the field.
As you probably remember, Mike, we have a hybrid model of how we service and support customers in the field. We have a team of Xos technicians across the country from California all the way to the East Coast and covering the Midwest and Texas and other areas. And for those technicians who are conducting repairs and diagnostics on vehicles, that’s where we’ll sell a direct part. But then we also have certain markets where we work with strong dealer partners to sell our parts and utilize their service teams to support our vehicles. So in that case, margins on parts revenue is a little bit lower, but it is still coming in as we get more vehicles out into those markets.
Mike Shlisky
Great. I appreciate the discussion. I’ll pass it along. Thank you.
Operator
The next question comes from Donovan Schafer with Northland Capital Markets. Please go ahead.
Donovan Schafer
Hey, guys. Congratulations on the quarter. And these look great. Good you guys have been sticking to things and you’re kind of putting up some numbers from the initiatives you’ve been working on. I want to start by, I dialed in late, so it’s possible I missed this if it was in the prepared remarks, but EV charging has been such a headache historically. So can we get an update on that? Is it something that you feel like at this point is actually kind of behind us or is it still touch and go enough that we could get quarters that run into those issues? Has something changed where that’s kind of in the rear view mirror or we’re not quite out of the woods yet per se? Any clarification on that?
Dakota Semler
Yes, charging infrastructure is a really important aspect of our customer deliveries, Donovan. I think, thank you for asking the question. As we’ve delivered more vehicles into the field and as our orders have shifted to be supporting more national accounts than small and medium-sized regional fleets, the infrastructure problems and challenges have lessened, but they are still very much there. As we’ve shared in previous calls, we anticipate that these infrastructure challenges will be there for years to come. I shared earlier in the call that there are different phase-in milestone requirements.
In California, for instance, the first one is 10% of high-priority fleets by the end of next year. The next iteration is 25%. So the infrastructure that will need to be deployed over the coming years will continually increase each year. And with that, we anticipate challenges, particularly for some of these large deployment sites where there might be 100 or 200 vehicles parked out. But that being said, our deliveries in the quarter were actually trending much more towards large national accounts, and we anticipate that continuing in the next 12 months or so, really because that’s where we’re seeing our strongest recurring order base right now.
So with those customers, infrastructure problems generally lessen. They’re more proactive about creating long-term infrastructure plans. Generally, they have more sites to deploy their vehicles across, and so it’s not always constrained to a single or a few locations. And it gives us more flexibility to work with those customers on long-term planning. So to answer your question, yes, we anticipate it being a problem, although the shifting customer mix will help somewhat in alleviating customer deliveries going forward.
Donovan Schafer
Okay, that’s helpful. And then turning to, when you talked about the off-road, I think it’s $160,000 per unit California credit, you mentioned Marine or Port Appleton, and you also talked about the powertrain business doing well and looking at strong or growth opportunities there, which of course makes me think of Wiggins Powerlift, which has been one of the powertrain customers before. So I’m curious, how much do you see the -- I think in California, there’s a new law driving lower emissions at the ports. And then if you have these different, those would be, of course, applications that are not on roads, and so you could use the $160,000 credit and all this stuff. So how much are kind of those multiple regulations that would come into play in a port marine-type environment? How much of a driver and potential is there in that area? If you can give any color on that, that’d be great.
Dakota Semler
Yes, happy to. So as a category of top line, our Powered by Excess and our Excess Energy Solutions business still represent less than 10% of our overall revenues, but we anticipate them growing at an even faster rate next year than vehicle sales. And part of that is accelerated by those regulations that you touched on, requiring all vehicles operating in and around airports and ocean ports in the state of California to go to zero emissions for the next few years. We also anticipate a lot of the environments that are needing additional charging infrastructure that’s flexible to be able to support the needs of various types of equipment, from forklifts to reach stackers to yard spotters and all of the other associated port material handling equipment.
While we can’t provide specific color or haven’t guided to that market yet, I think you will continue to see more growth in that segment, as well as other on-highway segments from the powertrain business that will show really fruitfully for us in 2024 and add strong gross margin unit sales, as well as more infrastructure sales.
One anecdotal point that I’ll share is as we’ve launched the hub product into the market, we’ve had a whole array of new customers, both in the ports and airports, but also in other industrial sectors that need charging infrastructure that’s rapidly deployable, including smaller, lighter-duty class one and class two vehicle fleets that are looking for rapidly deployable charging infrastructure. So we anticipate that products like our hub will continue to see growth in other ancillary markets that are facing similar regulations to the ones our customer fleets are facing.
Donovan Schafer
Okay, that’s very interesting. And then just as a clarifying question, because Loomis [Ph] has been a big and kind of repeat customer, consistent customer for you guys, when you get orders, or when we’re talking about Loomis armored trucks, and when you’re talking about powered by Xos, do the armored trucks fall under, do you treat that as a powered by Xos, or is it more of like the 2003 Stock Van type chassis with the armored car body, and so you treat it, just thinking about when you give color and commentary about this is doing well, we expect growth here, we expect growth there. When you’re talking about, what bucket do you put the armored trucks into?
Dakota Semler
Yes, the armored vehicles are still on the 2023 step van chassis, so it’s still our conventional vehicle business. When we think about powered by Xos, we’re not building the overall chassis. We provide powertrain components, things like battery systems, motors, high voltage distribution, all the software, and other auxiliary components, but generally not the driveline, the chassis, the vehicle frame of those vehicles.
Donovan Schafer
Okay, that’s helpful. Okay, great, thanks guys. I’ll take the rest of my questions offline.
Dakota Semler
Thanks, Donovan.
Operator
This concludes the conference call and the Q&A. Ladies and gentlemen, thank you for your participation. This concludes today’s teleconference. You may disconnect your lines and have a wonderful day.
Just wrapped the $XOS earnings call of our most profitable and highest revenue quarter! We announced the following in the quarter:
— Dakota Semler (@DakotaSemler) November 10, 2023
- 11.9% GAAP Gross Margins
- 105 Unit deliveries
- Reaffirmed guidance
- Reduced opex nearly 50% over past 12+ monthshttps://t.co/6MJeCGNpZX
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!
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