Xos(XOS) - 2025 Q1 - Quarterly Results

Financial Performance - Revenues for Q1 2025 were $5.9 million, compared to $11.5 million in Q4 2024 and $13.2 million in Q1 2024[5]. - Revenues for Q1 2025 were $5,879,000, a decrease of 55.4% compared to $13,162,000 in Q1 2024[21]. - Gross profit for Q1 2025 was $1,211,000, down 56.5% from $2,788,000 in Q1 2024[21]. - Net loss for Q1 2025 was $10,186,000, compared to a net loss of $11,003,000 in Q1 2024, reflecting a 7.4% improvement[21]. - Non-GAAP operating loss for Q1 2025 was $8,076,000, an improvement from $9,338,000 in Q1 2024[22]. - Free cash flow for Q1 2025 was $(4,756,000), an improvement from $(14,619,000) in Q1 2024[22]. - Basic net loss per share for Q1 2025 was $(1.26), an improvement from $(1.80) in Q1 2024[21]. Unit Deliveries and Revenue Generation - Delivered 29 units generating $5.9 million in revenue, down from 62 units and $13.2 million in Q1 2024, while shipping a total of 60 units[4]. - The company expects 2025 revenue to range from $50.2 million to $65.8 million, with unit deliveries forecasted between 320 to 420 units[6]. Operating Expenses and Cost Management - Operating expenses were reduced by $2.6 million, a 19.6% decrease compared to Q1 2024[4]. - Total operating expenses in Q1 2025 were $10,480,000, a reduction of 19.6% from $13,031,000 in Q1 2024[21]. - Research and development expenses for Q1 2025 were $1,930,000, down 37.1% from $3,074,000 in Q1 2024[21]. Cash Flow and Liquidity - Cash and cash equivalents decreased to $4.8 million from $47.3 million in Q1 2024[5]. - Xos anticipates improved cash flow performance and increased deliveries in Q2 2025[3]. Gross Margin and Revenue Growth Strategy - Xos achieved a positive gross margin of approximately 20% for Q1 2025[1]. - The company is focused on driving revenue growth and strengthening gross margin despite ongoing tariff headwinds[6]. Inventory Management - Inventory reserves for Q1 2025 were $(517,000), compared to $(803,000) in Q1 2024, indicating a reduction in inventory-related losses[22]. Market and Incentives - Xos continues to explore state-level vehicle incentives while facing federal tax credit uncertainties[3].