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Xos(XOS) - 2024 Q3 - Quarterly Results
XOSXos(XOS)2024-11-13 21:34

Revenue and Deliveries - Generated revenues of 15.8millioninQ32024,aslightincreaseof1.915.8 million in Q3 2024, a slight increase of 1.9% from 15.5 million in Q2 2024, but a decrease of 5.4% from 16.7millioninQ32023[2]−Delivered94unitsinQ32024,upfrom90unitsinQ22024,butdownfrom105unitsinQ32023[2]−RevenuesforthethreemonthsendedSeptember30,2024,were16.7 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 16,696forthesameperiodin2023[16]−Forecastedunitdeliveriesfor2024arebetween320and400units,includingstepvansandpowertrainproducts[4]FinancialPerformance−Reportedanetlossof16,696 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 9.7millioninQ22024[3]−ThenetlossforthethreemonthsendedSeptember30,2024,was9.7 million in Q2 2024[3] - The net loss for the three months ended September 30, 2024, was (10,512), an improvement from (14,107)inthesameperiodof2023[16]−Non−GAAPoperatinglossforthethreemonthsendedSeptember30,2024,was(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)forthesameperiodin2023,indicatingasignificantreductioninoperationallosses[18]−FreecashflowforthethreemonthsendedSeptember30,2024,was(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)forthesameperiodin2023,reflectingincreasedcashusage[17]−Thecompanyreportedatotalcomprehensivelossof(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)forthesameperiodin2023[16]MarginsandProfitability−Achievedgrossmarginsof18.1(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 2.0millioninQ22024[3]−GrossprofitforthethreemonthsendedSeptember30,2024,was2.0 million in Q2 2024[3] - Gross profit for the three months ended September 30, 2024, was 2,864, an increase from 1,985inthesameperiodlastyear,resultinginagrossmarginimprovement[16]−Non−GAAPgrossprofitforthethreemonthsendedSeptember30,2024,was1,985 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 1,149forthesameperiodin2023,showingasubstantialimprovement[19]ExpensesandCashFlow−Totaloperatingexpensesdecreasedto1,149 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 14,610inthesameperiodof2023,reflectingareductionof14.514,610 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 4,516inthesameperiodof2023,adecreaseof424,516 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 20.7millionattheendofQ22024[3]AssetsandOutlook−Totalassetsincreasedto20.7 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 93.7millionattheendof2023[13]−Thecompanyrevisedits2024revenueoutlooktobetween93.7 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]