Business
Xos, Inc. Reports First Quarter 2023 Results
Continued progress on path to gross margin positive at a unit level by mid-2023 Reiterates guidance for full year 2023 LOS ANGELES, May 10, 2023 (GLOBE
About this update from Xos, Inc.
[{"type":"text","content":"Continued progress on path to gross margin positive at a unit level by mid-2023 Reiterates guidance for full year 2023 LOS ANGELES, May 10, 2023 (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 first quarter ended March 31, 2023. First Quarter 2023 Highlights: Revenue of $4.7 million, compared to $7.0 million in the quarter ended March 31, 2022.Deliveries of 31 units, compared to 58 deliveries in the quarter ended December 31, 2022 to leading companies within the parcel delivery and uniform and linen rentals such as Alsco and multiple FedEx Ground independent service providers.Net loss was $24.3 million and loss from operations was $20.0 million, non-GAAP operating loss(1) for the quarter was $18.9 million.Continue to develop and execute on plan to achieve positive gross margin at a unit level by mid-2023, including strategic price increases, optimization of operations, direct material cost reduction, and continued scale of deliveries.Subsequent to quarter end, began winter performance testing of the 2023 Xos Stepvan in cold climates to ensure a safe, comfortable, and reliable product in extreme environments.Subsequent to quarter end, announced the launch of the Xos Hub™, a mobile charging station for commercial fleets. (1) For further information about how we calculate non-GAAP operating loss, see below for the reconciliations of GAAP to non-GAAP financial measures provided in the tables included in this release. Dakota Semler, Chief Executive Officer of Xos, commented, “We continue to see strong demand for our vehicles and solutions as the need for fleet replacements increases and environmental regulations drive a widespread shift toward EV adoption, although deliveries were lower this quarter due to ongoing charging infrastructure delays. As noted in previous quarters, we are keenly focused on cost reductions and commercial excellence and remain on track to reach gross margin at a unit level by mid-2023. Our strategic pricing actions, operational efficiency improvements, and the new Stepvan platform are expected to have positive impacts on our top-and bottom-lines, and we are proud of the progress we have made so far to establish a solid foundation for future growth.” First Quarter 2023 Financial Hi...