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Xos(XOS) - 2024 Q4 - Annual Results
XOSXos(XOS)2025-03-28 21:16

Financial Performance - Xos achieved a record revenue of 56.0millionin2024,representinga2556.0 million in 2024, representing a 25% increase from 44.5 million in 2023[4] - Revenues for Q4 2024 were 11,474,000,adecreaseof37.511,474,000, a decrease of 37.5% compared to 18,376,000 in Q4 2023[21] - Net loss for Q4 2024 was (18,981,000),comparedtoanetlossof(18,981,000), compared to a net loss of (13,827,000) in Q4 2023, representing a 37.5% increase in losses[21] - The company reported a total comprehensive loss of (18,981,000)forQ42024,comparedto(18,981,000) for Q4 2024, compared to (13,827,000) in Q4 2023[21] Unit Deliveries - The company delivered 297 units in 2024, up from 283 units in 2023[4] - Xos received its largest customer order in 2025 for 193 units from UPS, expected to be delivered in 2025[4] - The company launched the next-generation Xos Hub and received a significant order for 19 units sold to Caltrans[4] - Xos's outlook for 2025 projects revenue between 50.2millionand50.2 million and 65.8 million, with unit deliveries forecasted between 320 and 420 units[6] Gross Margins and Operating Expenses - GAAP gross margins improved from a negative 2.9% in 2023 to positive 7.1% in 2024, while non-GAAP gross margins increased from negative 5.2% to positive 18%[4] - Operating expenses were reduced by 13.8million,or21.713.8 million, or 21.7%, compared to 2023[4] - Total operating expenses for Q4 2024 were 10,855,000, down 17.5% from 13,155,000inQ42023[21]−ResearchanddevelopmentexpensesforQ42024were13,155,000 in Q4 2023[21] - Research and development expenses for Q4 2024 were 1,936,000, down 53.4% from 4,143,000inQ42023[21]CashFlowandLiquidity−Thecompanyreported4,143,000 in Q4 2023[21] Cash Flow and Liquidity - The company reported 3.3 million of net cash provided by operating activities and achieved its first quarter of positive Free Cash Flow of 3.3million[1]−FreecashflowforQ42024was3.3 million[1] - Free cash flow for Q4 2024 was 3,298,000, compared to (852,000)inQ42023,indicatingasignificantimprovement[22]−Cashandcashequivalentsstoodat(852,000) in Q4 2023, indicating a significant improvement[22] - Cash and cash equivalents stood at 11.0 million as of December 31, 2024, compared to 11.6millionin2023[20]Liabilities−Thetotalliabilitiesincreasedto11.6 million in 2023[20] Liabilities - The total liabilities increased to 64.7 million in 2024 from 48.5millionin2023[20]LossesandImprovements−GrosslossforQ42024was48.5 million in 2023[20] Losses and Improvements - Gross loss for Q4 2024 was (3,717,000), compared to a gross profit of 1,327,000inQ42023[21]−Non−GAAPoperatinglossforQ42024was1,327,000 in Q4 2023[21] - Non-GAAP operating loss for Q4 2024 was (6,365,000), an improvement from (10,926,000)inQ42023[22]−Non−GAAPgrossprofitforQ42024was(10,926,000) in Q4 2023[22] - Non-GAAP gross profit for Q4 2024 was 2,667,000, compared to $631,000 in Q4 2023, showing a positive trend[22] Shareholder Information - The weighted average shares outstanding increased to 8,034,000 in Q4 2024 from 5,933,000 in Q4 2023 due to a reverse stock split[21]