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Xos, Inc. delivers strong unit delivery and promising gross profit performance in the third quarter of 2024
Delivered fifth consecutive quarter of positive gross margins LOS ANGELES, Nov. 13, 2024 (GLOBE NEWSWIRE) -- Xos, Inc. (NASDAQ: XOS) (“Xos” or the “Company”),
About this update from Xos, Inc.
[{"type":"text","content":"Delivered fifth consecutive quarter of positive gross margins\nLOS ANGELES, Nov. 13, 2024 (GLOBE NEWSWIRE) -- Xos, Inc. (NASDAQ: XOS) (“Xos” or the “Company”), a leading electric truck manufacturer and fleet services provider, today reported financial results for the third quarter ended September 30, 2024. Third Quarter 2024 Highlights: Generated revenues of $15.8 million, up from $15.5 million last quarter and down from $16.7 million in the third quarter of 2023Delivered 94 units, up from 90 units last quarter and down from 105 units in the third quarter of 2023Achieved gross margins of 18.1%, up from 13.1% last quarter, and up from 11.9% in the third quarter of 2023Began serial production in Tennessee of Xos Hub, the company’s multi-EV mobile charger units Dakota Semler, Chief Executive Officer of Xos, commented, “Xos’ focus on building strong relationships with leading fleets, suppliers, and partners has positioned us to win. We continue to focus on liquidity through margin expansion, focused cost management and alternative sources of liquidity. Our strategic partnerships with Blue Bird, Winnebago, and large fleet customers like UPS and FedEx Ground, who continue to expand their electric fleets with Xos vehicles quarter over quarter, underscore the reliability, efficiency, and value that Xos brings to the commercial EV market. Additionally, we’re incredibly excited about the initiation of serial production of the Xos Hub. The rapid-deployment, multi-EV mobile charger addresses the urgent need for charging infrastructure and eliminates charging infrastructure bottlenecks for all types of electric vehicles. Several large utility customers and fleets have already seen the value of the Xos Hub, with NextEra, Duke Energy, and Xcel Energy having already deployed Hubs to support their mobile charging needs.” Third Quarter 2024 Financial Highlights (in millions)30 Sep 202430 Jun 202431 Dec 2023Inventories$42.4$41.4$37.8Cash and cash equivalents and restricted cash(1)$9.2$20.7$11.6 Three Months Ended(in millions)30 Sep 202430 Jun 2024Revenues$15.8$15.5Gross profit$2.9$2.0Non-GAAP gross profit(2)$3.7$2.0Net loss$(10.5)$(9.7)Loss from operations$(9.7)$(11.4)Non-GAAP operating loss(2)$(6.6)$(9.7) ___________________ (1) Includes cash and cash equivalents and restricted cash. Xos had no restricted cash at December 31, 2023. (2) For furthe...