Financial Data and Key Metrics Changes - The company generated $15.8 million in revenue for Q3 2024, an increase from $15.5 million in Q2 2024, with a gross margin of 18.1% compared to 13.1% in the previous quarter [5][25][26] - Operating expenses decreased to $12.6 million from $13.4 million in the prior quarter, leading to a non-GAAP operating loss of $6.6 million, improved from a loss of $9.7 million [27][28] - Cash and cash equivalents totaled $9.2 million, with negative free cash flow of $11.7 million, significantly improved from negative $26.1 million in Q2 2024 [28][29] Business Line Data and Key Metrics Changes - The company delivered 94 units in Q3 2024, a 4.4% increase from the previous quarter, with a notable ramp-up in hub product deliveries, shipping nearly 12 units [5][9][10] - The StepVan business saw a positive shift with increased strip chassis deliveries, enhancing working capital turnover [9][10] - The powertrain business delivered its first product for a Blue Bird school bus, indicating growth in the electric school bus market [9][10] Market Data and Key Metrics Changes - The company is experiencing growing momentum in customer and product diversity, with significant deliveries to major clients like Waymo and Xcel Energy [10][11][12] - The hub product is gaining traction, with increasing interest from various industries, reflecting strong demand for mobile charging solutions [12][13] Company Strategy and Development Direction - The company is focused on reducing operational expenses and improving cash flow, with measures including workforce reduction and temporary salary cuts for executives [16][29] - There is a strategic emphasis on enhancing production efficiency and cost reductions, particularly in the Tennessee facility, which is central to operations [19][20][23] - The company is adapting to potential federal changes, including tariffs on imported components, by reshoring production and diversifying supplier sources [21][22][23] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges in the industry, including delays in charging infrastructure and customer pressures for competitively priced vehicles, but remains optimistic about long-term potential [33] - The company updated its revenue guidance for 2024, expecting a range of $54.1 million to $67.6 million, with a narrower non-GAAP operating loss forecast [31] Other Important Information - The backlog of delivered incentives exceeds $25 million, with efforts underway to streamline the collection process [14][30] - The company has implemented over $10,000 in cost reductions over the past year, with additional reductions planned [19] Q&A Session Summary Question: Opportunity on the drivetrain side - Management highlighted the immense opportunity in the powertrain business, leveraging intellectual property for other OEMs, with markets like mobile command centers and school buses showing strong growth potential [36][37][39] Question: Inventory clarification - The company builds products to order, with raw materials accounting for about 70% of total inventory, and aims to optimize inventory flows [43][45] Question: Working capital improvements - Management acknowledged the need to reduce inventory turns and improve accounts receivable collection, anticipating significant progress in Q4 [56][60] Question: Convertible note and balance sheet - The convertible note has moved to current liabilities, with ongoing discussions about future plans as it matures in Q3 2025 [63][64] Question: Sale of energy credits - The company does not anticipate regular transactions of energy credits but expects periodic opportunities that could enhance margins [66][67]

Xos, Inc. (XOS) came out with a quarterly loss of $1.32 per share versus the Zacks Consensus Estimate of a loss of $1.39. This compares to loss of $2.40 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 5.04%. A quarter ago, it was expected that this company would post a loss of $1.94 per share when it actually produced a loss of $1.23, delivering a surprise of 36.60%.Over the last four quarters, the company has surpassed consen ...

Revenue and Deliveries - Generated revenues of $15.8 million in Q3 2024, a slight increase of 1.9% from $15.5 million in Q2 2024, but a decrease of 5.4% from $16.7 million in Q3 2023[2] - Delivered 94 units in Q3 2024, up from 90 units in Q2 2024, but down from 105 units in Q3 2023[2] - Revenues for the three months ended September 30, 2024, were $15,790, a decrease of 5.4% compared to $16,696 for the same period in 2023[16] - Forecasted unit deliveries for 2024 are between 320 and 400 units, including stepvans and powertrain products[4] Financial Performance - Reported a net loss of $10.5 million in Q3 2024, compared to a net loss of $9.7 million in Q2 2024[3] - The net loss for the three months ended September 30, 2024, was $(10,512), an improvement from $(14,107) in the same period of 2023[16] - Non-GAAP operating loss for the three months ended September 30, 2024, was $(6,643), compared to $(11,219) for the same period in 2023, indicating a significant reduction in operational losses[18] - Free cash flow for the three months ended September 30, 2024, was $(11,665), compared to $(8,423) for the same period in 2023, reflecting increased cash usage[17] - The company reported a total comprehensive loss of $(10,512) for the three months ended September 30, 2024, compared to $(14,051) for the same period in 2023[16] Margins and Profitability - Achieved gross margins of 18.1% in Q3 2024, an increase from 13.1% in Q2 2024 and 11.9% in Q3 2023[2] - Non-GAAP gross profit for Q3 2024 was $3.7 million, up from $2.0 million in Q2 2024[3] - Gross profit for the three months ended September 30, 2024, was $2,864, an increase from $1,985 in the same period last year, resulting in a gross margin improvement[16] - Non-GAAP gross profit for the three months ended September 30, 2024, was $3,665, compared to $1,149 for the same period in 2023, showing a substantial improvement[19] Expenses and Cash Flow - Total operating expenses decreased to $12,555 for the three months ended September 30, 2024, down from $14,610 in the same period of 2023, reflecting a reduction of 14.5%[16] - Research and development expenses for the three months ended September 30, 2024, were $2,619, down from $4,516 in the same period of 2023, a decrease of 42%[16] - Cash and cash equivalents decreased to $9.2 million as of September 30, 2024, down from $20.7 million at the end of Q2 2024[3] Assets and Outlook - Total assets increased to $120.5 million as of September 30, 2024, compared to $93.7 million at the end of 2023[13] - The company revised its 2024 revenue outlook to between $54.1 million and $67.6 million[4] - Xos began serial production of the Xos Hub, a multi-EV mobile charger, addressing the urgent need for charging infrastructure[2]

LOS ANGELES, Nov. 13, 2024 (GLOBE NEWSWIRE) -- 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, 2024. Third Quarter 2024 Highlights: Generated revenues of $15.8 million, up from $15.5 million last quarter and down from $16.7 million in the third quarter of 2023Delivered 94 units, up from 90 units last quarter and down from 105 units in the third quarter of 2023Achiev ...

LOS ANGELES, Nov. 01, 2024 (GLOBE NEWSWIRE) -- Xos, Inc. (NASDAQ: XOS), a leading electric truck manufacturer and fleet services provider, announced it is scheduling the release of its third quarter 2024 operating results for Wednesday, November 13, 2024 after the close of the U.S. financial markets. Management will host a conference call to discuss these financial results at 4:30 p.m. Eastern Daylight Time / 1:30 p.m. Pacific Daylight Time that same day. Conference Call and Webcast Details Date / Time:Wedn ...

LOS ANGELES, Oct. 10, 2024 (GLOBE NEWSWIRE) -- Xos, Inc. (NASDAQ: XOS), a leading manufacturer of fully electric commercial vehicles, today announced the launch of the 2025 Xos SV Stepvan, featuring two new wheelbase options: 158" and 208". These additions complement the existing 178" wheelbase, offering fleet operators enhanced flexibility to meet their specific operational needs. The introduction of the 158" and 208" wheelbases reflects Xos' commitment to delivering solutions that meet the evolving needs ...

XPENG launches its first major synchronized global OTA upgrade for eligible users across Europe, the Middle East, Southeast Asia, and other markets During the 28-day beta, global users engaged enthusiastically, and nearly a hundred feedback items were integrated into the final OTA update. Additionally, there's a plan to roll out at least four OTA updates in the forthcoming year. XPENG hosted its inaugural global user OTA salon in Denmark, focusing on customer feedback and advancing smart mobility on a world ...

Xos, Inc. (NASDAQ:XOS) Q2 2024 Earnings Call Transcript August 13, 2024 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, everyone, and welcome to Xos, Inc.'s Second Quarter 2024 Earnings Call. At this time all participant lines are in a listen-only mode. For those of you participating in the conferenc ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _______________________________________________________________________________ FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission file number 001-39598 XOS ...

Xos, Inc. (XOS) came out with a quarterly loss of $1.23 per share versus the Zacks Consensus Estimate of a loss of $1.94. This compares to loss of $4.20 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 36.60%. A quarter ago, it was expected that this company would post a loss of $2.19 per share when it actually produced a loss of $1.80, delivering a surprise of 17.81%. Over the last four quarters, the company has surpassed con ...