Xos, Inc. Reports Record-Breaking 2024 with Growing Unit Deliveries and Highest-Ever Gross Profit

Core Insights - Xos, Inc. reported a significant financial performance for the year 2024, achieving $56.0 million in revenue, a 25% increase from$ 44.5 million in 2023 [4][6] - The company achieved its first positive Free Cash Flow of $3.3 million and positive gross margins of approximately 7% for GAAP and 18% for non-GAAP [1][6] - Xos expanded its customer base and product offerings, including partnerships with Blue Bird and UPS, marking a successful year of innovation and growth [3][6] Financial Highlights - For Q4 2024, revenues were$ 11.5 million, down from $15.8 million in Q3 2024, while the full year revenue was$ 56.0 million compared to $44.5 million in 2023 [4][6] - The company reported a net loss of$ 19.0 million for Q4 2024, an increase from a net loss of $10.5 million in Q3 2024, but a significant reduction from a net loss of$ 75.8 million in 2023 [4][6] - Non-GAAP gross profit for the full year was $10.0 million, compared to a loss of$ 2.3 million in 2023, indicating improved operational efficiency [4][6] Operational Achievements - Xos delivered 297 units in 2024, an increase from 283 units in 2023, reflecting growth in production capabilities [6] - The company successfully launched the next-generation Xos Hub and received a significant order for 19 units from Caltrans [6] - Xos has become a primary electric vehicle vendor for last-mile delivery fleets at UPS and FedEx Ground, showcasing its market penetration [3][6] 2025 Outlook - The company projects revenues between $50.2 million and$ 65.8 million for 2025, with expected unit deliveries ranging from 320 to 420 units [7][6] - Non-GAAP operating loss is anticipated to improve to between $17.2 million and$ 14.0 million [7] - Xos aims to continue its growth trajectory by leveraging its technological advancements and expanding its customer base [6]