Xos(US:XOS)2024-11-13 21:34Revenue 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]