Xos, Inc (XOS)

[WeTheMarket]

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.