LOS ANGELES, Sept. 04, 2025 (GLOBE NEWSWIRE) -- Windrose, manufacturer of one of the lightest and longest-range electric Class 8 trucks in the world, is partnering with Xos (NASDAQ: XOS), a leading provider of mobile charging solutions, to bring powerful, scalable charging to fleet operators across the United States and international markets. Windrose's Class 8 electric truck is engineered from the ground up for global deployment across 6 markets: North America, Europe, South America, Oceania, Asia, and the ...

LOS ANGELES, Aug. 22, 2025 (GLOBE NEWSWIRE) -- Xos, Inc., a leading manufacturer of medium‑duty electric vehicles and mobile charging solutions, today announced that John F Smith has been appointed to the Company’s Board of Directors, effective August 18, 2025. With Mr. Smith’s appointment, the Board has increased from eight to nine directors. Mr. Smith has been designated a Class I director and will serve until Xos’s 2028 annual meeting of stockholders and until his successor is duly elected and qualified, ...

Core Insights - Xos, Inc. has received approval for its Xos Hub™ under California's CORE Voucher Incentive Project, making it eligible for a $110,000 incentive, thus reducing its price to under $100,000, significantly lower than many equivalent DC fast charging systems [2][5] - The Xos Hub features 282 kWh of onboard energy storage and four integrated DC fast chargers, providing a flexible and transportable charging solution that can be deployed without permanent infrastructure [3][6] - Major fleets and utilities, including Caltrans and Duke Energy, are already utilizing the Xos Hub for clean and cost-effective charging solutions [4] Company Overview - Xos, Inc. is a technology company specializing in Class 5 and 6 battery electric commercial vehicles, powertrains, and advanced charging equipment, offering a comprehensive suite of solutions to support fleet electrification [7] - The Xos Hub is designed for various applications, including depots without existing infrastructure, event-based operations, and remote job sites, facilitating faster and more affordable transitions to electric vehicles [6][7] - Xos products are tailored for last-mile, back-to-base routes of up to 250 miles per day, providing a lower total cost of ownership compared to internal combustion engine vehicles [8]

Core Viewpoint - Xos Inc. has released its second quarter 2025 earnings results, which will be discussed in the conference call led by key executives [2][3]. Group 1: Company Overview - The conference call features Xos' CEO Dakota Semler, COO Giordano Sordoni, and Acting CFO Liana Pogosyan, indicating a strong leadership presence during the earnings discussion [2]. - The earnings press release includes financial results and commentary for the quarter and the six months ending June 30, 2025, highlighting the company's performance [3]. Group 2: Financial Performance - Management's statements during the call will reflect their views as of August 13, 2025, and will include forward-looking statements regarding fiscal year 2025 and expectations for future performance [3].

Core Insights - Xos, Inc. reported a quarterly loss of $0.91 per share, better than the Zacks Consensus Estimate of a loss of $1.06, and an improvement from a loss of $1.23 per share a year ago, resulting in an earnings surprise of +14.15% [1] - The company generated revenues of $18.39 million for the quarter ended June 2025, exceeding the Zacks Consensus Estimate by 40.51%, compared to $15.53 million in the same quarter last year [2] - Xos shares have increased approximately 4% year-to-date, while the S&P 500 has gained 9.6% [3] Earnings Outlook - The future performance of Xos stock will largely depend on management's commentary during the earnings call and the company's earnings outlook [4] - The current consensus EPS estimate for the upcoming quarter is -$0.94 on revenues of $18.04 million, and for the current fiscal year, it is -$4.10 on revenues of $56.21 million [7] Industry Context - The Automotive - Domestic industry, to which Xos belongs, is currently ranked in the bottom 27% of over 250 Zacks industries, indicating potential challenges for stock performance [8]

Financial Data and Key Metrics Changes - The company achieved record revenue of $18.4 million in Q2 2025, with 135 vehicle deliveries, marking the highest quarterly revenue and unit deliveries in its history [7][20] - GAAP gross margin for Q2 was 8.8%, down from 20.6% in Q1 2025 and 13.1% in Q2 2024, primarily due to a shift in product mix and unexpected tariff impacts [21] - Operating loss for Q2 was approximately $7.1 million, the lowest since going public, improving from $9.3 million in Q1 2025 [9][23] - Positive free cash flow of $4.6 million was reported, the highest in company history, compared to negative $4.8 million in Q1 2025 [25] Business Line Data and Key Metrics Changes - The Step Van platform remains a significant revenue contributor, while the company is diversifying into higher-margin products like powertrain systems and charging infrastructure [12] - Deliveries to Bluebird Corporation for electric school buses are increasing, with nearly 20 powertrain units ordered since the quarter ended [12] Market Data and Key Metrics Changes - The company is experiencing strong demand from national carriers like UPS and FedEx, which underscores confidence in its products [7] - The Hub product has attracted interest from various industries facing grid constraints, indicating a growing market for fleet electrification solutions [13] Company Strategy and Development Direction - The company focuses on disciplined growth, improving gross margins, and ensuring liquidity as its strategic pillars [6] - Plans to enhance margins and reduce customer concentration through a diversified product portfolio are in place, with ongoing development of the Hub product and power resiliency solutions [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in improving gross margins over time as production scales and cost reduction initiatives are executed [21] - The company remains optimistic about its long-term vision and future, emphasizing adaptability in navigating supply chain challenges and tariff impacts [34][49] Other Important Information - The company amended the repayment structure for a convertible note, allowing for principal repayment in installments, which enhances liquidity [11] - The company is actively exploring options for enhancing liquidity and has maintained positive non-GAAP gross margins for eight consecutive quarters [10][21] Q&A Session Summary Question: Performance compared to competitors - Management highlighted the strength of their team, customer trust built over years, and adaptability in operations as key factors for outperforming competitors [30][32][34] Question: Update on MDXT truck - Management reported strong customer interest and ongoing demonstrations, indicating a solid potential order backlog for the MDXT truck [36][38][40] Question: Impact of tariffs - Management quantified the tariff impact on average selling prices, noting it varies by product and customer, and emphasized their approach to share tariff costs with customers [41][43][44]

Part I - Financial Information [Forward-Looking Statements and Risk Factors](index=3&type=section&id=Forward-Looking%20Statements) This section details forward-looking statements and risks, including substantial doubt about the company's going concern ability, historical losses, and material internal control weaknesses - The company explicitly states there is **substantial doubt about its ability to continue as a going concern** for the next 12 months[9](index=9&type=chunk) - Xos has a **history of losses**, has **not achieved positive operating cash flow**, and **requires significant additional capital** to fund its business plans[9](index=9&type=chunk) - The company has identified **material weaknesses in its internal control over financial reporting**, which could lead to misstatements in financial reports[9](index=9&type=chunk) - A significant portion of revenue is derived from a small number of customers, posing a **concentration risk**[10](index=10&type=chunk) - The company holds a **$20.0 million convertible note**, which had a maturity date of August 11, 2025, but was subsequently modified to be paid in quarterly installments from November 2025 through February 2028[9](index=9&type=chunk) [Item 1. Financial Statements (Unaudited)](index=6&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) Unaudited Q2 2025 financial statements reveal decreased cash and assets, mixed revenue, continued net losses, and significant liquidity issues raising going concern doubts [Condensed Consolidated Balance Sheets](index=7&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Selected Balance Sheet Data (in thousands) | Account | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Cash and cash equivalents | $8,785 | $10,996 | ($2,211) | | Accounts receivable, net | $18,089 | $26,870 | ($8,781) | | Inventories | $31,012 | $36,567 | ($5,555) | | Total current assets | $66,634 | $82,301 | ($15,667) | | Total assets | $80,349 | $98,333 | ($17,984) | | Convertible debt, current | $4,494 | $19,970 | ($15,476) | | Convertible debt, non-current | $15,500 | $0 | $15,500 | | Total liabilities | $62,021 | $64,723 | ($2,702) | | Total stockholders' equity | $18,328 | $33,610 | ($15,282) | [Condensed Consolidated Statements of Operations and Comprehensive Loss](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) Operating Results Summary (in thousands) | Metric | Q2 2025 | Q2 2024 | YoY Change | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Revenues | $18,393 | $15,535 | +18.4% | $24,272 | $28,697 | -15.4% | | Gross Profit | $1,619 | $2,030 | -20.2% | $2,830 | $4,818 | -41.3% | | Loss from operations | ($7,081) | ($11,368) | +37.7% | ($16,350) | ($21,611) | +24.3% | | Net loss | ($7,505) | ($9,663) | +22.3% | ($17,691) | ($20,666) | +14.4% | | Net loss per share (basic) | ($0.91) | ($1.23) | +26.0% | ($2.16) | ($2.96) | +27.0% | [Condensed Consolidated Statements of Cash Flows](index=11&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Cash Flow Summary for Six Months Ended June 30 (in thousands) | Cash Flow Category | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | Net cash used in operating activities | ($111) | ($40,576) | $40,465 | | Net cash provided by investing activities | $0 | $51,199 | ($51,199) | | Net cash used in financing activities | ($2,100) | ($1,577) | ($523) | | Net (decrease) increase in cash | ($2,211) | $9,046 | ($11,257) | - Cash used in operating activities decreased dramatically to **$0.1 million** in H1 2025 from **$40.6 million** in H1 2024, primarily due to favorable changes in working capital, including a **significant decrease in accounts receivable**[33](index=33&type=chunk)[228](index=228&type=chunk) - Investing activities in H1 2024 included **$51.4 million** in net cash acquired from the ElectraMeccanica acquisition, with no similar activity in H1 2025[33](index=33&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=13&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail business context, the ElectraMeccanica acquisition, and significant risks, highlighting liquidity issues, going concern doubts, revenue sources, debt, and a convertible note amendment - On March 26, 2024, the company acquired ElectraMeccanica, which supplemented liquidity by approximately **$50.2 million** in cash, accounted for as an asset acquisition[40](index=40&type=chunk)[76](index=76&type=chunk) - Management concluded it is not probable that available funds and strategies will provide sufficient liquidity for the next twelve months, resulting in **substantial doubt about the company's ability to continue as a going concern**[47](index=47&type=chunk)[51](index=51&type=chunk) - **Customer concentration risk is high**: for Q2 2025, one customer accounted for **70% of revenues**, and two customers accounted for **48% and 11% of accounts receivable**[66](index=66&type=chunk)[67](index=67&type=chunk) Disaggregated Revenues by Major Source (in thousands) | Revenue Source | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | Stepvans & vehicle incentives | $17,087 | $13,146 | $20,671 | $24,731 | | Powertrains & hubs | $930 | $1,423 | $2,522 | $1,845 | | Other product revenue | $152 | $642 | $619 | $1,270 | | Ancillary revenue | $224 | $324 | $460 | $851 | | **Total revenues** | **$18,393** | **$15,535** | **$24,272** | **$28,697** | - Subsequent to the quarter end, on August 8, 2025, the company amended its **$20.0 million convertible note**, changing the repayment schedule from a single maturity to ten quarterly installments from November 2025 to February 2028, with approximately **$6.0 million** in accrued interest to be converted into common stock[159](index=159&type=chunk)[161](index=161&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=35&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q2 2025 revenue growth and H1 decline, significant operating expense reductions, and reiterates severe liquidity constraints and going concern doubts requiring additional capital [Overview](index=37&type=section&id=Overview) Unit Deliveries by Period | Period | Vehicles | Hubs | Powertrains | | :--- | :--- | :--- | :--- | | **Q2 2025** | 128 | 3 | 4 | | **Q2 2024** | 78 | 4 | 8 | | **H1 2025** | 150 | 8 | 6 | | **H1 2024** | 138 | 4 | 10 | - The company's ability to access capital is critical, and **failure to raise additional funds could force it to delay or eliminate programs, or potentially dissolve and liquidate under bankruptcy laws**[181](index=181&type=chunk)[182](index=182&type=chunk) [Results of Operations](index=41&type=section&id=Results%20of%20Operations) - Q2 2025 revenue increased **18% YoY to $18.4 million**, driven by a higher volume of vehicle sales (**128 vs. 78**), partially offset by a lower average selling price due to product mix[199](index=199&type=chunk) - H1 2025 revenue decreased **15% YoY to $24.3 million**, primarily due to a change in product mix resulting in a lower average selling price, despite a slight increase in vehicle deliveries (**150 vs. 138**)[200](index=200&type=chunk) - Total operating expenses for Q2 2025 decreased by **35% YoY to $8.7 million**, reflecting significant cost reductions in **G&A (-36%)**, **R&D (-30%)**, and **S&M (-42%)**, mainly due to lower headcount and personnel costs[198](index=198&type=chunk)[206](index=206&type=chunk)[208](index=208&type=chunk)[210](index=210&type=chunk) [Liquidity and Capital Resources](index=44&type=section&id=Liquidity%20and%20Capital%20Resources) - As of June 30, 2025, the company had **$8.8 million** in cash and cash equivalents and an accumulated deficit of **$221.1 million**[219](index=219&type=chunk) - Management's analysis concludes there is **substantial doubt about the company's ability to continue as a going concern** through the next 12 months due to recurring losses, cash outflows, and the need for significant additional capital[220](index=220&type=chunk)[221](index=221&type=chunk) - Access to the **$119.4 million** remaining under the Standby Equity Purchase Agreement (SEPA) is not currently available and requires a post-effective amendment to its registration statement to be filed and declared effective[222](index=222&type=chunk)[225](index=225&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=46&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) As a smaller reporting company, Xos is exempt from providing quantitative and qualitative disclosures about market risk - As a smaller reporting company, Xos is **exempt** from the requirement to provide information for this item[240](index=240&type=chunk) [Item 4. Controls and Procedures](index=47&type=section&id=Item%204.%20Controls%20and%20Procedures) Disclosure controls and procedures were ineffective as of June 30, 2025, due to material weaknesses in inventory, revenue, and IT controls, stemming from turnover and insufficient resources - The Principal Executive Officer and Principal Financial Officer concluded that disclosure controls and procedures were **not effective** as of June 30, 2025[242](index=242&type=chunk) - **Material weaknesses** were identified in three areas: inventory management, revenue recognition, and information technology (IT) general controls[246](index=246&type=chunk) - The root cause of the weaknesses is attributed to **turnover in key positions** and a **lack of sufficient personnel** with the appropriate knowledge and experience due to cost-reduction efforts[246](index=246&type=chunk) - **Remediation efforts are underway**, including adding qualified resources, improving training, and partnering with external consultants, with a target to remediate the weaknesses during the year ending December 31, 2025[249](index=249&type=chunk)[251](index=251&type=chunk) Part II - Other Information [Item 1. Legal Proceedings](index=49&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently involved in any legal proceedings that would materially impact its business or financial condition - As of the filing date, the company is **not involved in any material legal proceedings**[252](index=252&type=chunk) [Item 1A. Risk Factors](index=49&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the company's risk factors have occurred since the December 31, 2024, Annual Report on Form 10-K filing - **No material changes** to risk factors were reported for the quarter[253](index=253&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=49&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company issued unregistered common stock and cash on August 1, 2025, to settle approximately $348,000 in debt owed to The Bancorp Bank, N.A - On August 1, 2025, the company issued **64,043 unregistered shares of common stock** as part of a settlement agreement with The Bancorp, Inc. to resolve approximately **$348,000 in debt**[254](index=254&type=chunk) [Item 5. Other Information](index=49&type=section&id=Item%205.%20Other%20Information) This section details post-quarter events, including the amendment of a $20 million convertible note with Aljomaih and the formal appointment of Liana Pogosyan as CFO and Treasurer - On August 8, 2025, the company **amended its convertible note with Aljomaih**, changing the principal repayment from a lump sum on August 11, 2025, to **ten quarterly installments** ending February 11, 2028[257](index=257&type=chunk)[258](index=258&type=chunk) - As part of the note amendment, approximately **$6.0 million of interest** accrued through August 11, 2025, will be converted into shares of the company's common stock[257](index=257&type=chunk) - Effective August 10, 2025, **Liana Pogosyan was appointed as the company's Chief Financial Officer and Treasurer**, having served as Acting CFO since May 2023[260](index=260&type=chunk)

[Q2 2025 Earnings Release](index=1&type=section&id=Q2%202025%20Earnings%20Release) [Performance Highlights & Management Commentary](index=1&type=section&id=Performance%20Highlights%20%26%20Management%20Commentary) The company achieved record Q2 2025 revenue and deliveries, minimized its operating loss, and generated positive free cash flow through disciplined execution and strategic partnerships - Achieved record unit deliveries of **135 units** and record revenue of **$18.4 million** in Q2 2025[1](index=1&type=chunk)[4](index=4&type=chunk) - Posted the lowest operating loss since going public at **$7.1 million**, reflecting a **$4.7 million (35%) year-over-year reduction** in operating expenses[1](index=1&type=chunk)[4](index=4&type=chunk) - Generated the highest-ever positive free cash flow and net cash from operating activities of **$4.6 million**[1](index=1&type=chunk)[4](index=4&type=chunk) - Management emphasized a **"fleet-first" growth strategy** and diversification into a complete electrification platform, including powertrain systems and mobile charging Hubs[3](index=3&type=chunk)[5](index=5&type=chunk) [Financial Results](index=2&type=section&id=Financial%20Results) [Q2 2025 Financial Performance](index=2&type=section&id=Q2%202025%20Financial%20Performance) The company reported significant Q2 2025 revenue growth to $18.4 million and narrowed its net loss to $7.5 million, despite a lower gross margin from product mix changes Q2 2025 Key Financial Metrics (in millions) | Metric | Q2 2025 | Q1 2025 | Q2 2024 | | :--- | :--- | :--- | :--- | | Revenues | $18.4 | $5.9 | $15.5 | | Gross Profit | $1.6 | $1.2 | $2.0 | | Loss from Operations | $(7.1) | $(9.3) | $(11.4) | | Net Loss | $(7.5) | $(10.2) | $(9.7) | - Gross margin for Q2 2025 was **8.8%**, a decrease from 20.6% in the previous quarter and 13.1% in Q2 2024, attributed to product mix and unfavorable inventory adjustments[4](index=4&type=chunk) Six Months Ended June 30 Financials (in thousands) | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Revenues | $24,272 | $28,697 | | Gross Profit | $2,830 | $4,818 | | Loss from Operations | $(16,350) | $(21,611) | | Net Loss | $(17,691) | $(20,666) | [Balance Sheet](index=6&type=section&id=Balance%20Sheet) The company's balance sheet as of June 30, 2025, showed total assets of $80.3 million and cash of $8.8 million, with reductions in both assets and liabilities from year-end 2024 Key Balance Sheet Items (in thousands) | Account | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $8,785 | $10,996 | | Inventories | $31,012 | $36,567 | | Total Assets | $80,349 | $98,333 | | Total Liabilities | $62,021 | $64,723 | | Total Stockholders' Equity | $18,328 | $33,610 | [2025 Full-Year Outlook](index=2&type=section&id=2025%20Full-Year%20Outlook) The company maintained its 2025 revenue and delivery guidance but revised its Non-GAAP operating loss forecast upward due to changes in product mix and tariff costs 2025 Full-Year Guidance | Metric | Outlook | | :--- | :--- | | Revenue | $50.2 to $65.8 million | | Unit Deliveries | 320 to 420 units | | Non-GAAP operating loss | $26.9 to $24.4 million | - The Non-GAAP operating loss guidance was revised upward from a previous range of $14.0 to $17.2 million due to expected product mix changes and increased tariff-related costs[7](index=7&type=chunk)[8](index=8&type=chunk) [Non-GAAP Financial Measures & Reconciliations](index=4&type=section&id=Non-GAAP%20Financial%20Measures%20%26%20Reconciliations) The company's non-GAAP measures show improved operational performance, highlighted by a positive $4.6 million in Free Cash Flow and a narrowed Non-GAAP operating loss of $6.9 million - The company uses non-GAAP measures including Free Cash Flow (Operating cash flow less CapEx), Non-GAAP operating loss (adjusted for stock-based compensation and inventory items), and Non-GAAP gross profit (adjusted for inventory items)[14](index=14&type=chunk)[15](index=15&type=chunk) Reconciliation of Key Non-GAAP Measures (Q2 2025 vs Q2 2024, in thousands) | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Free Cash Flow | $4,645 | $(26,113) | | Non-GAAP Operating Loss | $(6,860) | $(9,737) | | Non-GAAP Gross Profit | $266 | $2,027 | [Supplementary Information](index=3&type=section&id=Supplementary%20Information) This section provides details for the investor conference call, an overview of the company's business, and cautionary statements on forward-looking information - The company scheduled a conference call and webcast on August 13, 2025, to discuss the quarterly results[10](index=10&type=chunk) - Xos positions itself as a technology company, electric truck manufacturer, and fleet services provider for last-mile, back-to-base commercial vehicles[12](index=12&type=chunk) - The report includes a "Cautionary Statement Regarding Forward-Looking Statements" detailing numerous risks and uncertainties, including liquidity, supply chain issues, and industry competition, that could affect future results[17](index=17&type=chunk)[18](index=18&type=chunk)

Core Viewpoint - Xos, Inc. reported a breakout quarter in Q2 2025, achieving record unit volumes, highest revenue to date, and the lowest operating loss since going public, alongside positive free cash flow for the second time in its history [1][3][9]. Financial Performance - Generated $4.6 million in net cash from operating activities, marking the highest in the company's history [1][5]. - Delivered 135 units, generating $18.4 million in revenue, compared to 90 units and $15.5 million in Q2 2024, representing the highest quarterly deliveries and revenues in the company's history [5][21]. - Achieved gross margins of 8.8%, down from 20.6% in the previous quarter and 13.1% in Q2 2024, attributed to product mix and unfavorable inventory adjustments [5][21]. - Reported an operating loss of $7.1 million, the lowest since going public, with a 35% year-over-year reduction in operating expenses [5][21]. Strategic Developments - Xos's fleet-first growth strategy is outperforming in a volatile industry, with significant deliveries to UPS and steady deployments to FedEx ISPs and other large fleet operators [3][4]. - The company is diversifying revenue streams beyond vehicle sales, with powertrain systems and mobile charging hubs gaining traction [3][4]. - Xos is transitioning from a truck manufacturer to a complete electrification platform, reinforcing its market position [3][4]. Outlook for 2025 - Xos maintains its revenue and unit delivery outlook for 2025, projecting revenues between $50.2 million and $65.8 million, with unit deliveries expected to range from 320 to 420 units [7][9]. - The company revised its Non-GAAP operating loss outlook for 2025 to between $26.9 million and $24.4 million due to changes in expected product mix and increased costs from tariffs [7][9].

Core Insights - Xos, Inc. is set to release its second quarter 2025 operating results on August 13, 2025, after U.S. market close [1] - A conference call will be held on the same day at 4:30 p.m. Eastern Time to discuss the financial results [1][2] Company Overview - Xos, Inc. is a prominent electric truck manufacturer and fleet services provider, focusing on battery-electric fleets [3] - The company specializes in medium- and heavy-duty commercial vehicles designed for last-mile and back-to-base routes [3] - Xos leverages proprietary technologies to offer battery-electric vehicles that are more cost-efficient on a total cost of ownership basis compared to internal combustion engine vehicles [3]