Welcome to our dedicated page for Xos news (Ticker: XOS), a resource for investors and traders seeking the latest updates and insights on Xos stock.
Xos, Inc. (NASDAQ: XOS) is a pioneering electric mobility company based in Los Angeles, specializing in the design and development of fully electric battery mobility systems for commercial fleets. With a strategic focus on medium- and heavy-duty commercial vehicles, Xos offers innovative solutions particularly suited for last-mile delivery routes.
Founded with the mission to provide sustainable and cost-effective transportation, Xos leverages proprietary technologies to deliver zero-emission vehicles that are not only easier to maintain but also more cost-efficient over their total life cycle when compared to traditional internal combustion engines and other commercial EV options. The company's vehicles and fleet management software are tailored to meet the unique needs of back-to-base routes, ensuring efficiency and reliability.
Recent achievements highlight Xos' significant progress in the industry. The company reported a 22% year-over-year increase in full-year revenue, with strong positive gross margins in the third and fourth quarters of 2023. In a move that strengthens its financial position, Xos has entered a definitive agreement to acquire ElectraMeccanica, which is expected to bolster its balance sheet.
During 2023, Xos set delivery records in consecutive quarters, thanks to robust demand for its electric vehicles (EVs). The company also launched a gross margin-positive stepvan and significantly reduced operating expenses. These milestones position Xos to capitalize on future growth opportunities with an optimistic outlook for 2024, forecasting a revenue growth of approximately 88% year-over-year at the midpoint of their guidance range.
Xos is committed to advancing the electric vehicle industry, navigating challenges such as supply chain shortages and regulatory changes. Despite facing cost increases and delays in component production, the company remains focused on meeting production milestones and fulfilling backlog orders. Xos continues to innovate and expand its offerings, aiming to enhance the sustainability and efficiency of commercial transportation.
For more information, visit the Xos website, or contact Xos Investor Relations at investors@xostrucks.com, and Xos Media Relations at press@xostrucks.com.
Xos, Inc. (NASDAQ: XOS) has partnered with the Los Angeles Mission to deliver 10,000 meals to families facing food insecurity in Los Angeles. This initiative is part of the Mission's Race to Feed program, aimed at addressing rising food prices and insecurity impacting nearly 1 million residents in the area. The deliveries, using Xos' fully electric vehicles, will occur on November 19 and 21 at five distribution sites. This partnership marks the launch of the Xos Community Action Program, emphasizing the company’s commitment to community engagement and clean energy solutions.
Xos, Inc. (NASDAQ: XOS) reported its third-quarter 2021 results, posting revenues of $357,000 and a net income of $34.9 million, despite an operating loss of $14.3 million. The company delivered three vehicles in Q3 and 12 for the year so far. Cash and cash equivalents stood at $207.4 million. Increased investments in R&D contributed to a diluted loss per share of $0.08. Xos completed its merger with NextGen, securing over $200 million in growth capital. The company anticipates 15-25 unit deliveries and $1.7-$3 million in revenue for Q4 2021.
Xos, Inc. has announced its new Lyra Series™ of battery systems, featuring significant enhancements in energy density and performance. The Lyra 30™ and Lyra 60™ models, set for customer deliveries in Q4 2021, boast a 52% increase in gravimetric energy density and a 45% increase in volumetric energy density. Designed specifically for the commercial trucking market, these systems can be integrated with existing vehicles on Xos' modular chassis. The company's emphasis on in-house design and manufacturing aims to streamline operations and address supply chain challenges.
Xos, Inc. (NASDAQ: XOS) will announce its third-quarter financial results on November 11, 2021. The company specializes in electric commercial vehicles and aims to decarbonize trucking fleets. A conference call and webcast will occur at 5:00 p.m. Eastern Time, with management discussing the financial results followed by a Q&A session. The replay will be available post-call until November 27, 2021.
Xos, Inc. (NASDAQ: XOS) has been honored as the National Winner for the Timmy Awards’ Best Tech for Good, recognizing outstanding workplaces for technology professionals in North America. The award highlights Xos’ commitment to decarbonizing commercial transportation and improving community health. Xos was previously awarded the Regional Winner for Southern California on October 5, advancing to compete nationally where the winners were announced on October 28. This recognition underscores Xos’ mission to provide cost-effective, zero-emission vehicles while promoting environmental sustainability.
Xos, Inc. (NASDAQ: XOS) has appointed Kirk Rasmussen as the new Director of Electrical Engineering. Rasmussen, a veteran with over 30 years of experience in the automotive industry, previously worked with GM and Fisker. His expertise is expected to enhance Xos' electrical engineering function, aiding in the development of fully electric commercial vehicles. The company focuses on decarbonizing commercial trucking fleets, aiming for cost-competitive solutions that exceed traditional vehicles in total cost of ownership.
Xos, Inc. (NASDAQ: XOS) announces an outreach initiative to local trade schools, highlighted by a visit to the Los Angeles Technical Trade College. This visit involved interactions with 20 students from the Advanced Transportation and Manufacturing department, aiming to inspire interest in electric vehicle technology. CEO Dakota Semler emphasized the importance of investing in local talent for the zero-emission transportation industry. The program seeks to develop career paths in electric vehicle services, reinforcing Xos's commitment to decarbonizing commercial trucking fleets.
Xos, Inc. (NASDAQ: XOS) has been recognized as a Regional Timmy Award Winner in the Best Tech for Good category, highlighting their role in using technology to combat climate change. This award, determined by industry votes, celebrates companies making significant community impacts. Xos specializes in electric commercial vehicles and aims to decarbonize transportation, focusing on reducing diesel emissions. They will compete in the final round for the Timmy Award, with winners announced on October 28th.
Xos, Inc. has announced a strategic collaboration with Cox Automotive Mobility to enhance the remanufacturing of battery packs nearing the end of life. The partnership will utilize Cox's EV battery service centers, leveraging Spiers New Technologies' capabilities to support Xos' sustainability objectives, thereby extending the product life cycle. This initiative aims to reduce carbon footprints and improve cost-efficiency in electric vehicle manufacturing. Rob Ferber, Xos' CTO, expressed excitement over the collaboration, emphasizing its relevance in creating durable electric vehicles.
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