Xos, Inc. - $XOS STOCK NEWS

Xos, a leading electric truck manufacturer, reported a significant financial turnaround in Q1 2024, with a 180% year-over-year revenue growth to $13.2 million and industry-leading gross margins of 21.2%. The company completed the acquisition of ElectraMeccanica, boosting its cash position by approximately $50.2 million. Xos delivered 62 units in the quarter and launched the updated Xos Hub mobile charging solution. Despite the progress, Xos still reported a net loss of $11 million, which is an improvement compared to the $24.3 million net loss in the same period last year. The outlook for 2024 includes expected revenue between $66.7 million and $100.4 million, and unit deliveries ranging from 400 to 600 units.

Xos, Inc. has received approval from CARB for their 2024 Xos SV Battery Electric Stepvan to be listed on the HVIP catalog, offering a base incentive of $85,000 per vehicle. This presents a significant opportunity for Xos to provide cost-effective electrification solutions and reduce upfront costs for customers. The HVIP approval underscores Xos's commitment to making electrification more affordable and breaking barriers for businesses transitioning to electric fleets.

Xos, Inc. (XOS) has announced the release date for its first quarter 2024 operating results and a conference call to discuss financial performance. The earnings release is scheduled for May 15, 2024, after the close of the U.S. financial markets. The conference call will take place on the same day at 4:30 p.m. EDT / 1:30 p.m. PDT. Investors and analysts can access the call through a webcast or dial-in. An audio replay will be available for those unable to participate in the live event.

Xos, Inc. (NASDAQ: XOS) announces the release of the 2024 Xos SV Stepvan, featuring new enhancements for improved driver comfort and control. The stepvan offers ABS with hill hold, low-speed noise generators, customizable features for fleet operators, and advanced driver comfort options. This release showcases Xos' commitment to innovation and customer satisfaction in the electric commercial vehicle industry.

Xos, Inc. completes acquisition of ElectraMeccanica Vehicles Corp., adding $48 million to balance sheet and strengthening position in electric vehicle market.

Xos, Inc. reported a 22% increase in full-year revenue, achieved positive gross margins in the third and fourth quarters of 2023, and entered into an agreement to acquire ElectraMeccanica. The company improved revenue to $44.5 million in 2023, reduced operating expenses by 43%, and strengthened its position in the EV stepvan market.

Xos, Inc. (NASDAQ: XOS) will release its Q4 and full year 2023 operating results on March 21, 2024. A conference call will follow to discuss the financial results. Details for accessing the call and webcast are provided, along with information on the replay availability.

ElectraMeccanica (NASDAQ: SOLO) founder and former board member Jerry Kroll agrees to vote in favor of the proposed combination with Xos, Inc. (NASDAQ: XOS), a leading electric truck manufacturer. The merger aims to create a strong entity focused on zero-emission commercial vehicles, meeting market demand and providing economic value.

Xos, Inc. (NASDAQ: XOS) secures a purchase order from Mission Linen Supply for 22' stepvans, marking a significant move towards electric fleet adoption. Mission Linen Supply's commitment to sustainability aligns with Xos' mission, bringing value to both companies' operations.