Business
Xos, Inc. Reports Fourth Quarter and Full Year 2022 Results
Revenue increased more than six times year-over-year Deliveries in 2022 were up by 525% to 275 units Expects to begin delivering gross margin positive units
About this update from Xos, Inc.
[{"type":"text","content":"Revenue increased more than six times year-over-year Deliveries in 2022 were up by 525% to 275 units Expects to begin delivering gross margin positive units in the second quarter of 2023 LOS ANGELES, March 29, 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 fourth quarter and year ended December 31, 2022. Full Year Highlights: 2022 revenue improved significantly to $36.4 million from $5.0 million for 2021.Deliveries of 275 units in 2022 compared to 44 deliveries in 2021, to leading companies within the parcel delivery, uniform and linen rentals, and food and beverage industries, such as UniFirst, FedEx Ground independent service providers, and Merchants Fleet.Continue to develop and execute on plan to achieve positive gross margins at a unit level by mid-2023, including strategic price increases, optimization of operations, direct material cost reduction, and continued scale of deliveries.Expanded the offering of Xos Energy Solutions, the Company’s suite of charging hardware and services, with the introduction of a suite of Xos DC Fast Chargers to get more commercial fleets into EVsIncreased service and dealership partnerships to 39 total locations across North America, which now include Thompson Truck Center, LLC, Yancey Bros. Co., Foley Equipment Company, W.W. Williams, and Gabrielli Truck Sales.Subsequent to year end, announced a 150-vehicle purchase order from returning customer Loomis.Subsequent to year end, introduced the Next-Generation 2023 Stepvan, that will reduce direct materials costs, strengthen gross margins, and enable greater savings in total cost of ownership for fleet operators. Dakota Semler, Chief Executive Officer of Xos, commented, “2022 was a year of important milestones for advancing the Xos brand, as our team was able to lay the foundation for growth in both deliveries and revenue. We remain focused on helping commercial fleets deploy EVs across their operations, as demand for our stepvans increases due to fleet replacement needs and EV-friendly regulations that will drive EV adoption in 2023 and beyond. In 2022, we added over 800 signed Stepvan orders to our backlog, including a 30-unit order from uniform rental provider Alsco. We remain on track to be gross margin posit...