Xos, Inc (XOS)

[WeTheMarket]

Capital Injection and Robust Margins Position Xos, Inc. for a Strong 2024
Wed, 15 May 2024
Link to Press Release https://api.kscope.io/ks-doc-view?key=89b2f999-30a9-11ee-acee-0ed29589fc89&content=benznews&docid=86beb3b3b440af91f5cf7d7a3bcb981a2b64a863
Link to Webcast https://viavid.webcasts.com/starthere.jsp?ei=1667727&tp_key=3b0fe355e3
Link to Previous (Q4/FY 2023) Results https://investorshub.advfn.com/boards/read_msg.aspx?message_id=174090817

Improved cash position with $50 million from acquisition of ElectraMeccanica

Delivered 180% year-over-year revenue growth

Achieved industry-leading 21% gross margins

LOS ANGELES, CA / ACCESSWIRE / May 15, 2024 / Xos, Inc. (NASDAQ:XOS) ("Xos" or the "Company"), a leading electric truck manufacturer and fleet services provider, today reported financial results for the first quarter ended March 31, 2024.


First Quarter 2024 Highlights:

- Completed acquisition of ElectraMeccanica, adding approximately $50.2 million (excluding certain costs paid at closing) to Xos' cash balance
- Launched the updated Xos Hub mobile charging solution
- Delivered 62 units and generated revenues of $13.2 million
- Achieved gross margins of 21.2%

Dakota Semler, Chief Executive Officer of Xos, commented, "The $50 million that we secured this quarter and our industry-leading gross margins position Xos for a strong future. As regulatory pressure on fleets to adopt EVs grows, we are benefiting from stronger demand for our proven and profitable truck, powertrain, and mobile charging infrastructure products."