Xos, Inc. · NASDAQ:XOS

Xos — Investor Presentation (December 2023)

31 slides from Xos's investor presentation, Dec 21, 2023

Slide 2: Forward-Looking Statements
© Copyright Xos, Inc. 2023. All rights reserved. Forward-Looking Statements This presentation includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward- looking statements include, but
Slide 4: A leading commercial EV OEM, with a path to profitability
© Copyright Xos, Inc. 2023. All rights reserved. NASDAQ: XOS | A leading commercial EV OEM, with a path to profitability 4 Note: Total cost of ownership estimates are for illustrative purposes only and are subject to variation based on a number of factors not fully discussed herein. …enabling fleets
Slide 5: Xos started delivering EV Stepvans in 2018 and is committed to top-tier vehicles
© Copyright Xos, Inc. 2023. All rights reserved. Vehicle financing partnership launched Xos started delivering EV Stepvans in 2018 and is committed to making top-tier vehicles for leading fleets 1st Stepvan delivered to a customer 5 2016 2017 2018 2019 2020 2021 2022 2023 Xos founded by 2 fleet oper
Slide 6: Board of Directors and Leadership Team
© Copyright Xos, Inc. 2023. All rights reserved. BOARD OF DIRECTORS Alice Jackson George Mattson 6 Leadership Team Burt Jordan Ed Rapp Stuart Bernstein Dakota Semler Chairman & CEO Liana Pogosyan Acting CFO Giordano Sordoni COO & Director
Slide 7: Slide 7
Slide 8: Xos is both a vehicle OEM and provider of charging solutions for commercial fleets
© Copyright Xos, Inc. 2023. All rights reserved. Xos is both a vehicle OEM and provider of charging solutions for commercial fleets Truck OEM Scale production of electric commercial vehicles for last-mile, back-to-base fleets that provide Total Cost of Ownership (TCO) and regulatory, and environment
Slide 9: Truck OEM | Xos is an EV leader in Class 5 and 6 Stepvans
© Copyright Xos, Inc. 2023. All rights reserved. Truck OEM | Xos is an EV leader in Class 5 and 6 Stepvans Light Duty Medium Duty Heavy Duty Specialty Weight Class Class 1 Class 2 Class 3 Class 4 Class 5 Class 6 Class 7 Class 8 Varies GVWR (lbs) <6,000 6,001 – 10,000 10,001 – 14,000 14,001 – 16,000
Slide 10: Truck OEM | Xos 2023 SV (Stepvan)
© Copyright Xos, Inc. 2023. All rights reserved. Truck OEM | Xos 2023 SV (Stepvan) 1 0 The Xos Stepvan is a 100% battery-electric Class 5 /6 vehicle, purpose-built for commercial applications of up to 200 miles*. Features: Sliding Doors, Cup Holders, Jump Seat, Cabin HVAC, AC Chargers (optional), US
Slide 11: Xos Energy Solutions | In-house team helps customers install fleet charging infrastructure
© Copyright Xos, Inc. 2023. All rights reserved. Customer Discovery In-depth evaluation of customer charging needs, existing electrical capacity, and available incentives Xos Energy Solutions™ | In-house team helps customers install fleet charging infrastructure on-time STEP 1 1 1 Collaborative Desi
Slide 12: Xos Energy Solutions | The Hub is a mobile solution enabling fleets to go EV today
© Copyright Xos, Inc. 2023. All rights reserved. 1 2 Xos Energy Solutions™ | In addition to fixed chargers, the Hub™ is a mobile solution enabling fleets to go EV today 1. Trickle Charge the Hub throughout the day and during off-peak hours 2. Deploy the Hub wherever fast charging is needed - for cap
Slide 13: Xos Energy Solutions | Xos Hub
© Copyright Xos Fleet, Inc. 2022. All rights reserved. Confidential. 1 3 Xos Energy Solutions™ | Xos Hub The Xos Hub is a mobile charging solution capable of charging up to 5 vehicles at one time. * 480V 3-Phase Power required on site Number and Type of Charge Heads 5 CCS1v Charge Rate 40 kW Expecte
Slide 14: Manufacturing, quality, and supply chain management are the core focuses of Xos
© Copyright Xos, Inc. 2023. All rights reserved. Manufacturing capabilities ● All vehicles are produced in a 100,000 sqft factory located in Byrdstown, Tennessee ● Current capacity of 2,000 vehicles per year can be expanded to 5,000 vehicles per year via layout changes and a second shift Supply chai
Slide 15: Xos vehicles provide financial and ESG benefits as customers transition to EVs
© Copyright Xos, Inc. 2023. All rights reserved. “Xos vehicles continue to deliver value to our growing fleet by helping us cut back on fuel and maintenance costs while also helping us meet our sustainability goals” VP of Procurement and Fleet “We are continuously working to reduce our environmental
Slide 16: Slide 16
Slide 18: Xos builds trucks customers need, is on a path to profitability, and benefits from regulatory tailwinds
© Copyright Xos, Inc. 2023. All rights reserved. Xos builds trucks that customers need, is on a path to profitability, and benefits from regulatory tailwinds 1 81. California Advanced Clean Fleets (ACF) regulation requires priority fleets to purchase zero emission vehicles for 10-100% of their fleet
Slide 19: Lower TCO | Xos' proprietary technology saves fleets money
© Copyright Xos, Inc. 2023. All rights reserved. Custom battery system Delivers high performance and reliability, supported by in-house battery team In-house software & controls Enables rapid iteration on the most critical EV technologies Xos-built chassis Provides fleets and upfitters with a higher
Slide 20: Regulatory tailwinds | California put a deadline on the EV transition
© Copyright Xos, Inc. 2023. All rights reserved. 2 0 Regulatory tailwinds | California put a deadline on the EV transition, and other states are expected to follow Thousands of EV stepvans will be needed by 2025 Mandated share of zero-emission vehicles, California stepvan fleets1 1. Based on the ZEV
Slide 21: Regulatory tailwinds | Stackable federal and state incentives
© Copyright Xos, Inc. 2023. All rights reserved. Regulatory tailwinds | Stackable federal and state incentives can cover the majority of vehicle costs Note: Neither Xos, Inc. nor it affiliates render advice on tax or tax matters to clients or potential clients. Nothing in the materials provided cons
Slide 23: Q3 2023 Highlights | Xos' most profitable quarter yet
© Copyright Xos, Inc. 2023. All rights reserved. ● Xos achieved GAAP gross margins of 12% in the first full quarter of production of the revised 2023 stepvan ● Xos delivered 105 units, up 175% over the second quarter of 2023 ● Delivered quarter over quarter reduction in direct material, direct labor
Slide 24: Q3 2023 | Financial highlights
© Copyright Xos, Inc. 2023. All rights reserved. Q3 2023 | Financial highlights BALANCE SHEET HIGHLIGHTS ($M) 30 Sept 2023 30 June 2023 Inventories $48.9 $55.5 Cash equivalents, restricted cash and marketable debt securities $23.4 $27.8 2 4 INCOME STATEMENT HIGHLIGHTS ($M) Three Months Ended 30 Sept
Slide 26: Truck OEM | Planned models
© Copyright Xos, Inc. 2023. All rights reserved. Class 6 / 7 medium-duty chassis cab Provisional specifications: ● Range: 130 - 270 miles ● Max Payload: 14,000 - 20,000 lbs ● GVWR: 23,000 - 33,000 lbs ● Max Torque: 11,285 - 16,595 ft lbs ● Power: 401 - 469 Horsepower Class 8 heavy-duty tractor Provi
Slide 27: Condensed consolidated balance sheets
© Copyright Xos, Inc. 2023. All rights reserved. Condensed consolidated balance sheets 2 7 September 30, 2023 December 31, 2022 (in thousands, except par value) Assets Cash and cash equivalents $ 22,570 $ 35,631 Restricted cash 792 3,044 Accounts receivable, net 11,383 8,238 Marketable debt securiti
Slide 28: Condensed consolidated statements of operations and comprehensive loss
© Copyright Xos, Inc. 2023. All rights reserved. Condensed consolidated statements of operations and comprehensive loss 2 8 (in thousands, except per share amounts) Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Revenues $ 16,696 11,008 26,147 27,805 Cost of goo
Slide 29: Reconciliation of free cash flow and non-GAAP operating loss
© Copyright Xos, Inc. 2023. All rights reserved. Reconciliation of operating cash flow less CapEx (free cash flow) and non-GAAP operating loss 2 9 Operating Cash Flow less CapEx (Free Cash Flow): Non-GAAP Operating Loss: Three Months Ended September 30, Nine Months Ended September 30, Three Months E
Slide 30: Reconciliation of non-GAAP gross loss
© Copyright Xos, Inc. 2023. All rights reserved. Reconciliation of non-GAAP gross loss 3 0 Non-GAAP Gross Loss: Three Months Ended September 30, Nine Months Ended September 30, Three Months Ended June 30, (in thousands) 2023 2022 2023 2022 2023 Gross profit (loss) $ 1,985 $ (10,751) $ (2,617) $ (22,

Xos — Investor Presentation (December 2023) on 6ix

Xos — Investor Presentation (December 2023)

Slide 1: Investor Presentation December 2023

Slide 2: Forward-Looking Statements

Slide 3: Company Overview, Investment Thesis, Recent Highlights, Appendix

Slide 4: A leading commercial EV OEM, with a path to profitability

Slide 5: Xos started delivering EV Stepvans in 2018 and is committed to top-tier vehicles

Slide 6: Board of Directors and Leadership Team

Slide 7: Slide 7

Slide 8: Xos is both a vehicle OEM and provider of charging solutions for commercial fleets

Slide 9: Truck OEM | Xos is an EV leader in Class 5 and 6 Stepvans

Slide 10: Truck OEM | Xos 2023 SV (Stepvan)

Slide 11: Xos Energy Solutions | In-house team helps customers install fleet charging infrastructure

Slide 12: Xos Energy Solutions | The Hub is a mobile solution enabling fleets to go EV today

Slide 13: Xos Energy Solutions | Xos Hub

Slide 14: Manufacturing, quality, and supply chain management are the core focuses of Xos

Slide 15: Xos vehicles provide financial and ESG benefits as customers transition to EVs

Slide 16: Slide 16

Slide 17: Investment Thesis

Slide 18: Xos builds trucks customers need, is on a path to profitability, and benefits from regulatory tailwinds

Slide 19: Lower TCO | Xos' proprietary technology saves fleets money

Slide 20: Regulatory tailwinds | California put a deadline on the EV transition

Slide 21: Regulatory tailwinds | Stackable federal and state incentives

Slide 22: Recent Highlights

Slide 23: Q3 2023 Highlights | Xos' most profitable quarter yet

Slide 24: Q3 2023 | Financial highlights

Slide 25: Appendix

Slide 26: Truck OEM | Planned models

Slide 27: Condensed consolidated balance sheets

Slide 28: Condensed consolidated statements of operations and comprehensive loss

Slide 29: Reconciliation of free cash flow and non-GAAP operating loss

Slide 30: Reconciliation of non-GAAP gross loss

Slide 31: investors@xostrucks.com