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 successfully installed its first charging infrastructure at a Southern California location for Loomis, a key customer for four years. The partnership now extends to charging solutions through Xos Energy Solutions, aimed at facilitating Loomis's transition to electric fleet operations. Loomis operates 20 battery-electric trucks from Xos. The collaboration emphasizes Xos's commitment to providing comprehensive solutions to enhance fleet efficiency and sustainability. For more details, view the company’s video on their latest infrastructure.
Xos, Inc. (NASDAQ: XOS) has released a video featuring delivery driver Jessey Ray Hughes discussing his experience driving a 100% battery-electric Xos stepvan.
Hughes, who has over 20 years of experience operating traditional combustion engine trucks, shares his insights on transitioning to electric vehicles while working for Jones Contract Deliveries in Texarkana, Texas. This video showcases the benefits of battery-electric commercial vehicles, which are designed for efficiency and lower total cost of ownership.
Xos, Inc. (NASDAQ: XOS) has secured a purchase order for 30 battery-electric stepvans from Alsco Uniforms, a global uniform and linen rental services company. The vehicles will be deployed across five facilities in California, enhancing Alsco's fleet electrification efforts aligned with their ESG initiatives. The deployment includes nine vehicles each to Santa Rosa and San Jose, seven to San Francisco, three to Concord, and two to Los Angeles. This partnership signifies Xos's expanding footprint in the uniform and linen services sector.
Xos, Inc. (NASDAQ: XOS) has entered into a dealership agreement with Foley Equipment Company, enhancing their sales and service capabilities across Western Kansas.
Foley will offer Xos’ Class 5 and 6 stepvans, medium-duty Class 6 and 7 chassis cabs (MDXT™), along with heavy-duty Class 8 electric trailers (HDXT™). This partnership expands Xos’ dealership network to five dealers across North America, supporting their mission to provide zero-emission vehicles. The agreement aligns with the growing energy transition in the trucking industry.
Xos reported a 12% revenue increase quarter-over-quarter, achieving $11.0 million in revenue for Q3 2022. Unit deliveries rose by 21%, totaling 88 units delivered, including key customers like FedEx Ground. However, the company faced a net loss of $23.3 million and operational losses of $31.2 million. Despite challenges, Xos is committed to achieving positive gross margins by mid-2023 and has expanded its product offerings with new fast chargers and a partnership with NationaLease. The company confirmed its second-half revenue guidance of $18.75 to $25.60 million.
Xos, Inc. (NASDAQ: XOS) will announce its Q3 2022 operating results on November 10, 2022, after U.S. market close. The management will host a conference call at 4:30 p.m. EST to discuss the financial results, which will be available for all interested parties. The presentation may include forward-looking information. An audio replay will be accessible until November 24, 2022. Xos specializes in fleet services, software solutions, and manufacturing battery-electric commercial vehicles, focusing on zero-emission operations for commercial fleets.
Xos, Inc. (NASDAQ: XOS) has launched an extended service contract for its 100% battery-electric stepvan in partnership with National Truck Protection Co., Inc. (NTP). The contract offers warranties of up to eight years or 200,000 miles, aimed at reducing the total cost of ownership for customers. Xos emphasizes its leadership in the electric commercial vehicle market, while NTP brings close to 40 years of industry experience. The collaboration is positioned to enhance the customer ownership experience and increase value for fleet operators.
Xos, Inc. has announced the appointment of Stuart Bernstein to its Board of Directors, effective October 20, 2022. Bernstein, a veteran in clean technology, replaces Sara Mathew, who steps down after contributing significantly during Xos' initial year as a public company. Bernstein's experience includes founding Sustainable Capital LLC and a notable tenure at Goldman Sachs, focusing on clean technology and renewables. His role on the audit and compensation committees is expected to support Xos' mission to decarbonize commercial transportation.
Xos, Inc. (NASDAQ: XOS) announced the delivery of 88 battery-electric vehicles in Q3 2022, marking a 21% increase from Q2 2022's 73 units. The company aims to meet its guidance of 150-200 units for the second half of the year. Deliveries spanned 15 cities, with clients such as Merchants Fleet and FedEx Ground. CEO Dakota Semler highlighted the growth in manufacturing capabilities and emphasized the company's commitment to providing durable electric vehicles. Xos will release further details on third-quarter performance in an earnings call scheduled for November.
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