Business
Xos, Inc. Reports Fourth Quarter 2021 and Fiscal Year 2021 Financial Results
LOS ANGELES, March 28, 2022 (GLOBE NEWSWIRE) -- Xos, Inc. (NASDAQ: XOS), a leading manufacturer of fully electric Class 5 to Class 8 commercial vehicles,
About this update from Xos, Inc.
[{"type":"text","content":"LOS ANGELES, March 28, 2022 (GLOBE NEWSWIRE) -- Xos, Inc. (NASDAQ: XOS), a leading manufacturer of fully electric Class 5 to Class 8 commercial vehicles, today reported its fourth quarter and full year 2021 financial results. Key Financial and Business Highlights: Fourth quarter 2021 revenue was $3.3 million and $5.0 million for the full year ended December 31, 2021.Fourth quarter 2021 net income was $11.4 million and operating loss was $25.5 million, Non-GAAP operating loss for the quarter was $23.8 million.Deliveries to name brand customers, including UniFirst, FedEx Ground Operators, Thompson Truck Centers and Murphy-Hoffman Company, LLC (\"MHC\"), during fourth quarter 2021 and year-to-date 2022.Expanded distribution network through agreements with MHC and Yancey Bros. Co. (“Yancey”) during Q4 2021 and year-to-date 2022.Strengthened leadership team with addition of several industry veterans, including Scott Zion as Head of Engineering, Mike Chaffins as Vice President of Supply Chain, and Steve Ivsan as Head of Program Management.Cash and equivalents and investments of $168.7 million, including restricted cash of $3.0 million.Delivered 32 units to customers in Q4 2021, and 44 units for full-year 2021. “We continue to make significant progress in all aspects of our business. We ramped production of our zero-emission vehicles and powertrains despite the continued global supply and logistics chain disruptions, brought to market innovative products, including our Lyra Battery series, and delivered for our customers across several high-growth, last-mile markets,” said Dakota Semler, Xos’ Chief Executive Officer. “We remain one of the few companies to offer purpose-built fully electric mobility solutions tailored for the medium-duty commercial market with products in customers hands and on the road today. With the addition of our automated battery production line and further expansions planned in 2022, and as we continue to work through supply chain disruptions, we expect our manufacturing production rate to continue to accelerate. The caliber and depth of our committed team remains a key strength.” Fourth Quarter 2021 Milestones and Accomplishments Agreements with key customers and distributors participating in high-growth, last-mile markets, including: Multi-million-dollar truck order with Route Consultant, a premium broker for F...