Business
Xos, Inc. delivers strong unit delivery, sales growth and promising operating profit performance in the second quarter of 2024
Achieved 45% quarter-over-quarter and 137% year-over-year growth in unit deliveries Achieved 18% quarter-over-quarter and 227% year-over-year revenue growth
About this update from Xos, Inc.
[{"type":"text","content":"Achieved 45% quarter-over-quarter and 137% year-over-year growth in unit deliveries Achieved 18% quarter-over-quarter and 227% year-over-year revenue growth Delivered fourth consecutive quarter of positive gross margins Reaffirming annual guidance of the remainder of the year LOS ANGELES, Aug. 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 second quarter ended June 30, 2024. Second Quarter 2024 Highlights: Generated revenues of $15.5 million, up from $13.2 million last quarter and $4.8 million in the second quarter of 2023Delivered 90 units, up from 62 units last quarter and 38 units in the second quarter of 2023Achieved gross margins of 13.1%, down from 21.2% last quarter, due to product mix shift and inventory adjustments, and up from negative 78.4% in the second quarter of 2023Announced strategic powertrain partnership with Blue Bird, a prominent school bus manufacturer leading the charge in EVs 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 are leveraging our first-mover advantage to grow our deliveries, maintain strong margins, and build a self-sustaining business. Our strategic partnerships with Blue Bird and Winnebago are a critical part of realizing these goals and a testament to the reliability, efficiency, and innovation that Xos is bringing to the commercial electric vehicle market.” Second Quarter 2024 Financial Highlights (in millions)30 Jun 202431 Mar 202431 Dec 2023Inventories$41.4$36.6$37.8Cash and cash equivalents and restricted cash(1)$20.7$47.3$11.6 Three Months Ended(in millions)30 Jun 202431 Mar 2024Revenues$15.5 $13.2 Gross profit$2.0 $2.8 Non-GAAP gross profit(2)$2.0 $1.7 Net loss$(9.7)$(11.0)Loss from operations$(11.4)$(10.2)Non-GAAP operating loss(2)$(9.7)$(9.3) ____________________________(1) Includes cash and cash equivalents and restricted cash. Xos had no restricted cash at December 31, 2023.(2) For further information about how we calculate Non-GAAP gross profit and Non-GAAP operating loss, see below for the reconciliations of GAAP to non-GAAP financial measures provided in the tables included in this release. 2024 Outlook: Xos’ outlo...