Xos(US:XOS)2025-03-28 21:16Financial Performance - Xos achieved a record revenue of $56.0 million in 2024, representing a 25% increase from $44.5 million in 2023[4] - Revenues for Q4 2024 were $11,474,000, a decrease of 37.5% compared to $18,376,000 in Q4 2023[21] - Net loss for Q4 2024 was $(18,981,000), 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) 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 $50.2 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 $13.8 million, or 21.7%, compared to 2023[4] - Total operating expenses for Q4 2024 were $10,855,000, down 17.5% from $13,155,000 in Q4 2023[21] - Research and development expenses for Q4 2024 were $1,936,000, down 53.4% from $4,143,000 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 $3.3 million[1] - Free cash flow for Q4 2024 was $3,298,000, compared to $(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 $11.6 million in 2023[20] Liabilities - The total liabilities increased to $64.7 million in 2024 from $48.5 million in 2023[20] Losses and Improvements - Gross loss for Q4 2024 was $(3,717,000), compared to a gross profit of $1,327,000 in Q4 2023[21] - Non-GAAP operating loss for Q4 2024 was $(6,365,000), an improvement from $(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]