Business
Xos, Inc. Reports Second Quarter 2023 Results
Produced and shipped first positive gross margin unitsLOS ANGELES, CA / ACCESSWIRE / August 10, 2023 / Xos, Inc. (NASDAQ:XOS) ("Xos" or the "Company"), a
About this update from Xos, Inc.
[{"type":"text","content":"Produced and shipped first positive gross margin unitsLOS ANGELES, CA / ACCESSWIRE / August 10, 2023 / 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, 2023.Second Quarter 2023 Highlights:Revenue of $4.8 million, compared to $4.7 million in the first quarter of 2023Deliveries of 38 units, compared to 31 units in the first quarter of 2023Net loss was $23.6 million, loss from operations was $20.5 million, and non-GAAP operating loss(1) for the quarter was $17.0 millionSuccessfully produced and shipped first positive gross margin unitsSubsequent to quarter end, secured a 30-truck purchase order from repeat customer UniFirst(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 are pleased to share that we produced and shipped our first gross margin positive units during the quarter, marking an exciting milestone for Xos. We are also encouraged by sequential growth in deliveries during the second quarter, despite ongoing challenges associated with delays in customer charging infrastructure that pushed some second quarter deliveries into the third quarter. Demand for our vehicles and energy solutions continues to grow, as customers work to scale out their electrification plans and meet upcoming regulatory mandates. Though challenges remain, we are focused on maximizing our advantage over our competition, most of which remain in the development phase of a first-generation product. As we look towards the second half of the year and beyond, our internal strengths and direct benefits from EV mandates and incentives put Xos on track for long-term success.\"Second Quarter 2023 Financial Highlights(in millions)30 June 202331 Dec 2022Inventories$55.5$57.5Cash and cash equivalents, restricted cash and marketable debt securities(1)$41.1$89.3(in millions)30 June 202331 Mar 2023Revenue$4.8$4.7Gross loss$(3.7)$(0.9)Non-GAAP gross loss(2)$(2.3)$(1.8)Net loss$(23.6)$(24.3)Loss from operations$(20.5)$(20.0)Non-GAAP operating loss(2)$(17.0)$(18.9)(1) Includes cash, cash equivalents, restricted cash, and market...