Xos, Inc. (NASDAQ:XOS) Q1 2024 Earnings Conference Call May 15, 2024 4:30 PM ET Company Participants Christen Romero - General Counsel Dakota Semler - Chief Executive Officer Giordano Sordoni - Chief Operating Officer Liana Pogosyan - Acting Chief Financial Officer Conference Call Participants Donovan Schafer - Northland Capital Markets Michael Shlisky - D.A. Davidson Stephen Gengaro - Stifel Operator Greetings, and welcome to Xos Inc. First Quarter 2024 Earnings Call. At this time, all participants lines a ...

Table of Contents _______________________________________________________________________________ FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 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, INC. ___________________________________________________________________________ ...

Exhibit 99.1 Capital injection and robust margins position Xos, Inc. for a strong 2024 Improved cash position with $50 million from acquisition of ElectraMeccanica Delivered 180% year-over-year revenue growth LOS ANGELES, CA – 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. Includes cash and cash equivalents and restricted cash (for March 31, 2024). ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For transition period from to Commission File Number 001-39598 XOS, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Del ...

Financial Data and Key Metrics Changes - In 2023, the company generated revenues of $44.5 million, with Q4 revenue increasing to $18.4 million from $16.7 million in Q3 [2][21] - The cost of goods sold in Q4 rose to $17 million from $14.7 million in the prior quarter, resulting in a GAAP gross margin profit of $1.3 million compared to $2 million in Q3 [21][22] - Full year non-GAAP operating loss was $58.1 million, with Q4 loss at $10.9 million [23] - Cash and cash equivalents at year-end were $11.6 million, down from $22.6 million at the end of Q3 [51] Business Line Data and Key Metrics Changes - The new Stepvan platform contributed to improved financial results, achieving gross margins between 6% to 23% [8][16] - Over 170 units of the new Stepvan were delivered in the second half of the year, alongside prior generation inventory [9] - The company expects to deliver between 400 to 600 units in 2024, with a focus on Stepvan and related powertrain products [26] Market Data and Key Metrics Changes - Direct sales accounted for over 90% of 2023 sales, with significant orders from established customers like Loomis and new customers including UPS and Canada Post [34] - The company anticipates that regulatory pressures and customer incentives will drive EV adoption in at least 10 states [40] Company Strategy and Development Direction - The company plans to leverage the success of the Stepvan platform into other sectors as customer demand grows [12] - The anticipated acquisition of ElectraMeccanica is expected to provide over $45 million in additional capital, enhancing the company's financial stability [11][27] - The focus remains on increasing Stepvan deliveries, with unchanged CapEx and R&D budgets post-acquisition [12] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of addressing infrastructure challenges for EV charging to improve delivery timelines [64] - The company expects to achieve positive gross margins in each quarter of 2024, supported by improved liquidity from the ElectraMeccanica acquisition [26][27] - Management expressed confidence in the company's ability to navigate challenges and deliver strong results in the coming years [20][48] Other Important Information - The company reduced operating expenses by 43% from their peak in Q4 2021, reflecting improved financial discipline [37] - Inventory decreased to $37.8 million from $48.9 million in Q3, indicating effective inventory management [52] Q&A Session All Questions and Answers Question: Can you clarify the gross margin changes from Q3 to Q4? - Management noted that gross margins were impacted by overhead cost absorption and a one-time change in estimate, which is not expected to recur [31][59] Question: What are the key factors affecting delivery rates? - Infrastructure remains the primary bottleneck for increasing deliveries, with improvements expected as the hub product ramps up production [88][89] Question: What drives the variability in gross margins for the new Stepvans? - Variability is driven by customer model mix and configurations, with longer-range options generally yielding higher margins [90] Question: Can you provide an update on EV charging infrastructure for customers? - Management acknowledged that infrastructure remains a significant challenge but is working closely with customers to improve deployment timelines [64][65] Question: Will 2024 deliveries be back half weighted like in 2023? - Yes, deliveries are expected to be back half weighted due to seasonal factors affecting customer procurement cycles [106][118]

Dakota Semler, Chief Executive Officer of Xos, commented, "Last year was a year of positive milestones for Xos. Our customers continued to demonstrate robust demand for Xos EVs, which resulted in record back-to- back quarters in the second half of 2023. Importantly, we achieved our goal to deliver positive gross margins while substantially reducing operating expenses. Finally, we positioned Xos to strengthen its liquidity through the planned acquisition of ElectraMeccanica." ● 2023 revenue improved signific ...

Xos, Inc. (NASDAQ:XOS) Xos & Electrameccanica Joint Investor Conference Call January 24, 2024 9:15 AM ET Company Participants Dakota Semler - Chief Executive Officer, Xos Susan Docherty - Chief Executive Officer, ElectraMeccanica Christen Romero - General Counsel, Xos Operator Thank you everyone for joining us. Joining the call with me today are Xos’ Chairman and Chief Executive Officer, Dakota Semler; and ElectraMeccanica’s CEO, Susan Docherty. Earlier this month Xos and ElectraMeccanica each issued a pres ...

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 ...

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 September 30, 2023 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 001-3959 ...

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, 2023 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 ...