Business
Xos, Inc. Reports Third Quarter 2022 Results
Revenue increased by 12% quarter-over-quarter Unit deliveries increased by 21% quarter-over-quarter Company remains on track to achieve positive gross margin
About this update from Xos, Inc.
[{"type":"text","content":"Revenue increased by 12% quarter-over-quarter Unit deliveries increased by 21% quarter-over-quarter Company remains on track to achieve positive gross margin at a unit level by the end of the first half of 2023 LOS ANGELES, Nov. 10, 2022 (GLOBE NEWSWIRE) -- Xos, Inc. (NASDAQ: XOS) (“Xos” or the “Company”), a leading technology company which provides fleet service and software solutions and manufactures 100% battery-electric Class 5 to Class 8 commercial vehicles, today reported financial results for the quarter ended September 30, 2022. Recent Strategic Highlights: Revenue for the third quarter of 2022 was $11.0 million, up 12% compared to the previous quarter.Deliveries of 88 units in the third quarter of 2022, up 21% compared to 73 units in the previous quarter, to key customers such as Merchants Fleet and FedEx Ground operators.Net loss was $23.3 million and loss from operations was $31.2 million for the third quarter of 2022; non-GAAP operating loss for the quarter was $26.6 million.Expanded the offering of Xos Energy Solutions with the introduction of a suite of Xos DC Fast Chargers, and secured purchase orders from Morgan Linen, Inc. and additional fleet customers. This follows the announcement of the proprietary XosHub, the Company’s mobile charging infrastructure solution.Entered a strategic partnership to expand the Company’s leasing and distribution network with NationaLease.Named W.W. Williams as a pilot service provider to support Xos customers with world-class maintenance, service, and repair.Unveiled a suite of Advanced Driver Assistance System (ADAS) features that will be implemented as a standard feature in Xos stepvans.Decreased total cost of ownership (TCO) with extended warranty offering in partnership with National Truck Protection Co. Inc. Dakota Semler, Chief Executive Officer of Xos, commented, “We are pleased to see continued strong demand for Xos vehicles. Xos achieved vehicle deliveries to key customers such as Merchants Fleet and FedEx Ground operators in 15 cities despite charging infrastructure bottlenecks, global supply chain obstacles, and macroeconomic headwinds. As our installed base grows and our vehicles season within customers’ operations, we are also seeing strong follow on order activity. Operationally, Xos has made several strategic decisions that will position us for strong growth and gros...