Xos, Inc. Reports Record-Breaking 2024 with Growing Unit Deliveries and Highest-Ever Gross Profit
Xos reported strong financial results for 2024, marking a significant turnaround with its first-ever positive Free Cash Flow of $3.3 million. The electric truck manufacturer achieved revenue growth of 25% year-over-year, reaching $56.0 million, up from $44.5 million in 2023.
Key highlights include delivery of 297 units (up from 283 in 2023), improved GAAP gross margins from -2.9% to +7.1%, and enhanced non-GAAP gross margins from -5.2% to +18%. Operating expenses were reduced by $13.8 million (21.7%) compared to 2023.
The company secured its largest customer order of 193 units from UPS for 2025 delivery and launched the next-generation Xos Hub, with its largest hub order of 19 units from Caltrans. Notable partnerships include Blue Bird for electric powertrains in school buses and commercial chassis, and Winnebago for mobile medical fleets.
Xos ha riportato risultati finanziari solidi per il 2024, segnando un notevole cambiamento con il suo primo Free Cash Flow positivo di $3,3 milioni. Il produttore di camion elettrici ha ottenuto una crescita dei ricavi del 25% rispetto all'anno precedente, raggiungendo $56,0 milioni, rispetto ai $44,5 milioni del 2023.
I punti salienti includono la consegna di 297 unità (rispetto alle 283 del 2023), un miglioramento dei margini lordi GAAP da -2,9% a +7,1%, e un aumento dei margini lordi non GAAP da -5,2% a +18%. Le spese operative sono state ridotte di $13,8 milioni (21,7%) rispetto al 2023.
L'azienda ha ottenuto il suo più grande ordine da cliente di 193 unità da UPS per la consegna nel 2025 e ha lanciato la prossima generazione di Xos Hub, con il suo più grande ordine di hub di 19 unità da Caltrans. Tra le partnership significative ci sono Blue Bird per i powertrain elettrici negli scuolabus e nei telai commerciali, e Winnebago per flotte mediche mobili.
Xos reportó resultados financieros sólidos para 2024, marcando un cambio significativo con su primer flujo de caja libre positivo de $3.3 millones. El fabricante de camiones eléctricos logró un crecimiento de ingresos del 25% interanual, alcanzando $56.0 millones, en comparación con $44.5 millones en 2023.
Los aspectos más destacados incluyen la entrega de 297 unidades (aumento desde 283 en 2023), una mejora en los márgenes brutos GAAP de -2.9% a +7.1%, y un aumento en los márgenes brutos no GAAP de -5.2% a +18%. Los gastos operativos se redujeron en $13.8 millones (21.7%) en comparación con 2023.
La empresa aseguró su mayor pedido de cliente de 193 unidades de UPS para entrega en 2025 y lanzó la próxima generación de Xos Hub, con su mayor pedido de hub de 19 unidades de Caltrans. Las asociaciones notables incluyen a Blue Bird para trenes de potencia eléctricos en autobuses escolares y chasis comerciales, y Winnebago para flotas médicas móviles.
Xos는 2024년 강력한 재무 결과를 보고하며, 최초의 긍정적인 자유 현금 흐름인 $3.3 백만 달러로 중요한 전환점을 맞이했습니다. 전기 트럭 제조업체는 전년 대비 25%의 매출 성장을 달성하며 $56.0 백만 달러에 도달했고, 이는 2023년의 $44.5 백만 달러에서 증가한 수치입니다.
주요 하이라이트로는 297대의 배송(2023년 283대에서 증가), GAAP 총 마진이 -2.9%에서 +7.1%로 개선되었고, 비 GAAP 총 마진이 -5.2%에서 +18%로 향상되었습니다. 운영 비용은 2023년 대비 $13.8 백만 달러(21.7%) 감소했습니다.
회사는 UPS로부터 2025년 배송을 위한 193대의 최대 고객 주문을 확보했으며, 차세대 Xos Hub를 출시하고 Caltrans로부터 19대의 최대 허브 주문을 받았습니다. 주목할 만한 파트너십으로는 학교 버스 및 상업용 섀시를 위한 전기 파워트레인을 제공하는 Blue Bird와 모바일 의료 차량을 위한 Winnebago가 있습니다.
Xos a annoncé des résultats financiers solides pour 2024, marquant un retournement significatif avec son premier flux de trésorerie libre positif de 3,3 millions de dollars. Le fabricant de camions électriques a réalisé une croissance des revenus de 25% par rapport à l'année précédente, atteignant 56,0 millions de dollars, contre 44,5 millions de dollars en 2023.
Les points forts incluent la livraison de 297 unités (contre 283 en 2023), une amélioration des marges brutes GAAP de -2,9 % à +7,1 %, et une augmentation des marges brutes non-GAAP de -5,2 % à +18 %. Les dépenses d'exploitation ont été réduites de 13,8 millions de dollars (21,7 %) par rapport à 2023.
L'entreprise a sécurisé sa plus grande commande client de 193 unités auprès de UPS pour une livraison en 2025 et a lancé la prochaine génération de Xos Hub, avec sa plus grande commande de hub de 19 unités de Caltrans. Parmi les partenariats notables, on trouve Blue Bird pour les groupes motopropulseurs électriques dans les autobus scolaires et les châssis commerciaux, ainsi que Winnebago pour les flottes médicales mobiles.
Xos hat für 2024 starke Finanzergebnisse gemeldet und damit eine bedeutende Wende mit dem ersten positiven Free Cash Flow von 3,3 Millionen Dollar erreicht. Der Hersteller von Elektro-Lkw erzielte ein Umsatzwachstum von 25% im Vergleich zum Vorjahr und erreichte 56,0 Millionen Dollar, ein Anstieg von 44,5 Millionen Dollar im Jahr 2023.
Zu den wichtigsten Highlights gehören die Lieferung von 297 Einheiten (von 283 im Jahr 2023), verbesserte GAAP-Bruttomargen von -2,9% auf +7,1% sowie verbesserte nicht-GAAP-Bruttomargen von -5,2% auf +18%. Die Betriebskosten wurden im Vergleich zu 2023 um 13,8 Millionen Dollar (21,7%) gesenkt.
Das Unternehmen sicherte sich den größten Kundenauftrag von 193 Einheiten von UPS für die Lieferung im Jahr 2025 und brachte die nächste Generation des Xos Hub auf den Markt, mit dem größten Hub-Bestellvolumen von 19 Einheiten von Caltrans. Zu den bemerkenswerten Partnerschaften gehören Blue Bird für elektrische Antriebssysteme in Schulbussen und kommerziellen Chassis sowie Winnebago für mobile medizinische Flotten.
- First-ever positive Free Cash Flow of $3.3 million
- Revenue increased 25% YoY to $56.0 million
- Improved GAAP gross margins from -2.9% to +7.1%
- Secured largest-ever order of 193 units from UPS
- Operating expenses reduced by $13.8 million (21.7%)
- Unit deliveries increased to 297 from 283 YoY
- None.
Insights
Xos's 2024 results mark a significant inflection point in their financial trajectory. The company achieved
The transition from negative to positive gross margins (
The company's unit economics are trending positively - revenue grew faster than unit deliveries (297 units, up just 5% YoY), indicating higher average selling prices or increased revenue from complementary offerings like their charging infrastructure products. The UPS order for 193 units provides substantial revenue visibility for 2025.
With a current market cap of only
While net income figures weren't disclosed (likely still negative), the achievement of positive cash flow fundamentally changes the company's financial risk profile and potentially extends their runway without additional capital raises, particularly critical given their small market capitalization.
Xos's position in the commercial EV market has strengthened considerably in 2024, with strategic customer wins that validate their product-market fit in the last-mile delivery segment. Securing primary vendor status with both UPS and FedEx Ground represents a significant competitive achievement in a crowded EV market.
The 193-unit UPS order announced for 2025 delivery is particularly noteworthy, as large fleet operators typically place substantial initial orders only after rigorous testing periods. This suggests UPS has gained confidence in Xos's reliability and total cost of ownership proposition.
The company's diversification strategy appears well-executed. Their expansion into electric powertrains for Blue Bird's school buses leverages their existing technology while accessing a new market segment with predictable purchasing cycles. Similarly, the specialized Winnebago mobile medical unit application demonstrates versatility in adapting their platform.
The new generation Xos Hub charging infrastructure product addresses a critical adoption barrier for fleet electrification. Early adoption by utilities (FP&L, Xcel) and government agencies (Caltrans) provides a strategic complementary revenue stream and strengthens customer relationships through an ecosystem approach.
While the 297 units delivered in 2024 represents modest volume growth, the commercial EV market typically favors consistent execution over rapid scaling. Xos appears focused on sustainable growth with improving economics rather than pursuing volume at the expense of profitability - a prudent approach given the capital-intensive nature of the EV industry.
Achieved
Achieved positive gross margins of approximately
Exceeded
LOS ANGELES, March 28, 2025 (GLOBE NEWSWIRE) -- Xos, Inc. (NASDAQ: XOS) (“Xos” or the “Company”), a leading electric truck manufacturer and fleet services provider, today reported financial results for the fourth quarter and year ended December 31, 2024.
Fourth Quarter and Full Year 2024 Highlights:
- 2024 revenue increased to
$56.0 million , up from$44.5 million in 2023 - Delivered 297 units, up from 283 units in 2023
- Improved GAAP gross margins from a negative
2.9% in 2023 to positive7.1% in 2024 and non-GAAP gross margins (adjusted for physical inventory write-offs and reserves) from negative5.2% in 2023 to positive18% in 2024. - Reduced operating expenses by
$13.8 million , or21.7% , compared to 2023 - Received our largest customer order in 2025 for 193 units from UPS which is expected to be delivered in 2025
- Launched next-generation Xos Hub, and received our largest hub order for 19 units sold to Caltrans.
Dakota Semler, Chief Executive Officer of Xos, commented, "2024 was a breakout year for Xos. We delivered our most profitable year ever, expanded our customer base, and continued to innovate across multiple fronts. We’re thrilled about our progress with Blue Bird, where we’ve built an incredible all-electric powertrain for both their school bus and commercial chassis platforms. We also launched and delivered our first Winnebago units into a mobile medical fleet, an important step into specialized vehicle markets. We’re especially proud to now be a primary electric vehicle vendor for last-mile delivery fleets at UPS and FedEx Ground. And the new generation of our Xos Hub is already seeing adoption by utility and public sector leaders, including ABM, FP&L, Xcel, and Caltrans, helping them deploy electric vehicles faster and more reliably than ever before."
Fourth Quarter and Full Year 2024 Financial Highlights
| Quarters ended | Years ended | |||||||
| (in millions) | 31 Dec 2024 | 30 Sep 2024 | 31 Dec 2024 | 31 Dec 2023 | ||||
| Revenues | ||||||||
| Gross (loss) profit | ( | |||||||
| Non-GAAP gross profit (loss)(1) | ||||||||
| Net loss | ||||||||
| Loss from operations | ||||||||
| Non-GAAP operating loss(1) | ||||||||
| Inventories | ||||||||
| Cash and cash equivalents and restricted cash(2) | ||||||||
____________________________
(1) For further information about how we calculate Non-GAAP gross profit (loss) and Non-GAAP operating loss, see below for the reconciliations of GAAP to non-GAAP financial measures provided in the tables included in this release.
(2) Includes cash and cash equivalents and restricted cash. Xos had no restricted cash at December 31, 2024 and 2023.
2025 Outlook:
Xos's outlook for 2025 is as follows:
| Revenue | |
| Non-GAAP operating loss | |
| Unit Deliveries (1) | 320 to 420 units |
____________________________
(1) Unit deliveries forecast includes stepvans and our powertrain and Xos Hub products.
Liana Pogosyan, Acting Chief Financial Officer of Xos, added, “This year, we continued to increase our revenues, delivered the first full year GAAP positive gross margins and reduced total operating expenses. This quarter, we also achieved significant net cash provided by operating activities and our first ever positive Free Cash Flow.”
The outlook provided above is based on management beliefs and expectations as of the date of this press release. The results are based on assumptions that are believed to be reasonable as of this date, but may be materially affected by many factors, as discussed below in our “Cautionary Statement Regarding Forward-Looking Statements” disclaimer. Actual results may vary from the outlook above and the variations may be material. The Company undertakes no intent or obligation to publicly update or revise any of these projections, whether as a result of new information, future events or otherwise, except as required by law.
Conference Call and Webcast Details
| Date / Time: | Friday, March 28, 2025, at 4:30 p.m. EDT / 1:30 p.m. PDT | |
| Webcast: | https://viavid.webcasts.com/starthere.jsp?ei=1709599&tp_key=0358d3de2e | |
| U.S. Toll-Free Dial In: | 1-833-816-1411 | |
| International Dial In: | 1-412-317-0507 | |
| Conference ID: | 9502065 | |
To access the call, please dial in approximately ten minutes before the start of the call.
For those unable to participate in the live call, an audio replay will be available following the call through midnight Friday, March 28, 2025. To access the replay, please call 1-844-512-2921 or 1-412-317-6671 (International) and enter access code 10197245. A replay of the webcast will also be archived shortly after the call and can be accessed on the Company's website.
About Xos, Inc.
Xos is a leading technology company, electric truck manufacturer, and fleet services provider for battery-electric fleets. Xos vehicles and fleet management software are purpose-built for medium- and heavy-duty commercial vehicles that travel on last-mile, back-to-base routes. The company leverages its proprietary technologies to provide commercial fleets with battery-electric vehicles that are easier to maintain and more cost-efficient on a total cost of ownership (TCO) basis than their internal combustion engine counterparts. For more information, please visit www.xostrucks.com.
Non-GAAP Financial Measures
The financial information in this press release has been presented in accordance with United States generally accepted accounting principles (“GAAP”) as well as on a non-GAAP basis to supplement Xos's condensed consolidated financial results. Xos's non-GAAP financial measures include operating cash flow less CapEx (Free Cash Flow), non-GAAP operating loss and non-GAAP gross profit (loss), which are defined below.
“Operating cash flow less CapEx (Free Cash Flow)” is defined as net cash provided by (used in) operating activities minus purchases of property and equipment.
“Non-GAAP operating loss” is defined as loss from operations adjusted for stock-based compensation, inventory write-downs and physical inventory and other adjustments.
“Non-GAAP gross profit (loss)” is defined as gross profit (loss) minus inventory write-downs and physical inventory and other adjustments.
Xos believes that the use of operating cash flow less CapEx (Free Cash Flow), non-GAAP operating loss and non-GAAP gross profit (loss) reflects additional means of evaluating Xos's ongoing operating results and trends. The presentation of these measures should not be construed as an inference that Xos's future results will be unaffected by unusual or non-recurring items. It is important to note Xos's computation of operating cash flow less CapEx (Free Cash Flow), non-GAAP operating loss and non-GAAP gross profit (loss) may not be comparable to other similarly titled measures computed by other companies, because not all companies may calculate operating cash flow less CapEx (Free Cash Flow), non-GAAP operating loss and non-GAAP gross profit (loss) in the same fashion. Non-GAAP information is not prepared under a comprehensive set of accounting rules and therefore, should only be read in conjunction with financial information reported under GAAP when understanding Xos's operating performance. A reconciliation between historical GAAP and non-GAAP financial information is provided in this press release.
Cautionary Statement Regarding Forward-Looking Statements
This press release 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 are not limited to, statements regarding projected financial and performance information for 2024 and 2025; expectations and timing related to product deliveries and customer demand; sufficiency of existing cash reserves; customer acquisition and order metrics; ability to access additional capital and Xos’s long-term strategy and future growth. These forward-looking statements may be identified by the words “anticipate,” “believe,” “continue,” “likely,” “plan,” “possible,” “project,” “potential,” “predict,” “seem,” “seek,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “target,” “opportunity,” “may,” “might,” “could,” “should,” “will,” “would,” and similar expressions and any other statements that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (i) Xos’s liquidity and access to capital when needed, including its ability to service its indebtedness; (ii) Xos’s ability to implement business plans, forecasts, and other expectations, and identify and realize additional opportunities, (iii) cost increases and delays in production due to supply chain shortages in the components needed for the production of Xos's vehicle chassis and battery system, (iv) Xos's ability to meet production milestones and fulfill backlog orders, (v) changes in the industries in which Xos operates, (vi) variations in operating performance across competitors, (vii) changes in laws and regulations affecting Xos's business, (viii) Xos's ability to implement its business plan or meet or exceed its financial projections, (ix) Xos's limited operating history, (x) Xos's ability to retain key personnel and hire additional personnel, particularly in light of current and potential labor shortages, (xi) the risk of downturns and a changing regulatory landscape in the highly competitive electric vehicle industry, (xii) macroeconomic and political conditions, and (xiii) the outcome of any legal proceedings that may be instituted against Xos. All forward-looking statements included in this press release are expressly qualified in their entirety by, and you should carefully consider, the foregoing factors and the other risks and uncertainties described under the heading “Risk Factors” included in Xos's Annual Report on Form 10-K for the year ended December 31, 2023 filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 29, 2024, Xos's Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 filed with the SEC on November 14, 2024, and Xos's other filings with the SEC, copies of which may be obtained by visiting Xos's Investors Relations website at https://www.xostrucks.com/investor-overview or the SEC's website at www.sec.gov. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Xos assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Xos does not give any assurance that it will achieve its expectations.
Contacts
Xos Investor Relations
Xos Media Relations
| Xos, Inc. and Subsidiaries | |||||||
| Condensed Consolidated Balance Sheets | |||||||
| Unaudited | |||||||
| (in thousands, except par value) | December 31, 2024 | December 31, 2023 | |||||
| Assets | |||||||
| Cash and cash equivalents | $ | 10,996 | $ | 11,640 | |||
| Accounts receivable, net | 26,870 | 15,142 | |||||
| Inventories | 36,567 | 37,843 | |||||
| Prepaid expenses and other current assets | 7,868 | 7,070 | |||||
| Total current assets | 82,301 | 71,695 | |||||
| Property and equipment, net | 6,111 | 14,660 | |||||
| Operating lease right-of-use assets, net | 3,193 | 4,991 | |||||
| Other non-current assets | 6,728 | 2,338 | |||||
| Total assets | $ | 98,333 | $ | 93,684 | |||
| Liabilities and Stockholders’ Equity | |||||||
| Accounts payable | $ | 8,931 | $ | 2,756 | |||
| Convertible debt, current | 19,970 | - | |||||
| Other current liabilities | 17,768 | 16,817 | |||||
| Total current liabilities | 46,669 | 19,573 | |||||
| Convertible debt, non-current | - | 19,920 | |||||
| Earn-out shares liability | - | 39 | |||||
| Common stock warrant liability | 121 | 395 | |||||
| Other non-current liabilities | 17,933 | 8,561 | |||||
| Total liabilities | 64,723 | 48,488 | |||||
| Stockholders’ Equity | |||||||
| Common Stock | 1 | 1 | |||||
| Preferred Stock | - | - | |||||
| Additional paid-in capital | 237,029 | 198,456 | |||||
| Accumulated deficit | (203,420 | ) | (153,261 | ) | |||
| Total stockholders’ equity | 33,610 | 45,196 | |||||
| Total liabilities and stockholders’ equity | $ | 98,333 | $ | 93,684 | |||
| Xos, Inc. and Subsidiaries | ||||||||||||||||
| Condensed Consolidated Statements of Operations and Comprehensive Loss | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| (in thousands, except per share amounts) | Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Revenues | $ | 11,474 | $ | 18,376 | $ | 55,961 | $ | 44,523 | ||||||||
| Cost of goods sold | 15,191 | 17,049 | 51,966 | 45,813 | ||||||||||||
| Gross (loss) profit | (3,717 | ) | 1,327 | 3,965 | (1,290 | ) | ||||||||||
| Operating expenses | ||||||||||||||||
| General and administrative | 8,051 | 7,737 | 35,083 | 37,698 | ||||||||||||
| Research and development | 1,936 | 4,143 | 10,627 | 19,589 | ||||||||||||
| Sales and marketing | 868 | 1,275 | 4,129 | 6,388 | ||||||||||||
| Total operating expenses | 10,855 | 13,155 | 49,839 | 63,675 | ||||||||||||
| Loss from operations | (14,572 | ) | (11,828 | ) | (45,874 | ) | (64,965 | ) | ||||||||
| Other expense, net | (4,812 | ) | (2,207 | ) | (4,561 | ) | (12,047 | ) | ||||||||
| Change in fair value of derivative instruments | 421 | 146 | 274 | 671 | ||||||||||||
| Change in fair value of earn-out shares liability | 6 | 76 | 39 | 519 | ||||||||||||
| Loss before provision for income taxes | (18,957 | ) | (13,813 | ) | (50,122 | ) | (75,822 | ) | ||||||||
| Provision for income taxes | 24 | 14 | 37 | 21 | ||||||||||||
| Net loss | $ | (18,981 | ) | $ | (13,827 | ) | $ | (50,159 | ) | $ | (75,843 | ) | ||||
| Other comprehensive income (loss) | ||||||||||||||||
| Marketable debt securities, available-for-sale | ||||||||||||||||
| Change in net unrealized gain, net of tax of | - | - | - | 739 | ||||||||||||
| Total comprehensive loss | $ | (18,981 | ) | $ | (13,827 | ) | $ | (50,159 | ) | $ | (75,104 | ) | ||||
| Net loss per share (1) | ||||||||||||||||
| Basic | $ | (2.36 | ) | $ | (2.33 | ) | $ | (6.69 | ) | $ | (13.11 | ) | ||||
| Diluted | $ | (2.36 | ) | $ | (2.33 | ) | $ | (6.69 | ) | $ | (13.11 | ) | ||||
| Weighted average shares outstanding (1) | ||||||||||||||||
| Basic | 8,034 | 5,933 | 7,500 | 5,787 | ||||||||||||
| Diluted | 8,034 | 5,933 | 7,500 | 5,787 | ||||||||||||
(1) Shares have been retrospectively adjusted for the 1-for-30 reverse stock split that occurred on December 6, 2023.
Reconciliation of Operating Cash Flow less CapEx (Free Cash Flow), Non-GAAP Operating Loss and Non-GAAP Gross Profit (Loss):
Operating Cash Flow less CapEx (Free Cash Flow):
| Three Months Ended December 31, | Twelve Months Ended December 31, | Three Months Ended September 30, | ||||||||||||||||
| (in thousands) | 2024 | 2023 | 2024 | 2023 | 2024 | |||||||||||||
| Net cash provided by (used in) operating activities | $ | 3,298 | $ | (631 | ) | $ | (48,795 | ) | $ | (39,286 | ) | $ | (11,517 | ) | ||||
| Purchase of property and equipment | - | (221 | ) | (304 | ) | (1,385 | ) | (148 | ) | |||||||||
| Free-Cash Flow | $ | 3,298 | $ | (852 | ) | $ | (49,099 | ) | $ | (40,671 | ) | $ | (11,665 | ) | ||||
Non-GAAP Operating Loss:
| Three Months Ended December 31, | Twelve Months Ended December 31, | Three Months Ended September 30, | |||||||||||||||||
| (in thousands) | 2024 | 2023 | 2024 | 2023 | 2024 | ||||||||||||||
| Loss from operations | $ | (14,572 | ) | $ | (11,828 | ) | $ | (45,874 | ) | $ | (64,965 | ) | $ | (9,691 | ) | ||||
| Stock-based compensation | 1,823 | 1,598 | 7,710 | 7,906 | 2,247 | ||||||||||||||
| Inventory reserves | 3,752 | (721 | ) | 2,940 | (1,876 | ) | 424 | ||||||||||||
| Physical inventory and other adjustments | 2,632 | 25 | 3,141 | 864 | 377 | ||||||||||||||
| Non-GAAP Operating Loss | $ | (6,365 | ) | $ | (10,926 | ) | $ | (32,083 | ) | $ | (58,071 | ) | $ | (6,643 | ) | ||||
Non-GAAP Gross Profit (Loss):
| Three Months Ended December 31, | Twelve Months Ended December 31, | Three Months Ended September 30, | |||||||||||||||
| (in thousands) | 2024 | 2023 | 2024 | 2023 | 2024 | ||||||||||||
| Gross (loss) profit | $ | (3,717 | ) | $ | 1,327 | $ | 3,965 | $ | (1,290 | ) | $ | 2,864 | |||||
| Inventory reserves | 3,752 | (721 | ) | 2,940 | (1,876 | ) | 424 | ||||||||||
| Physical inventory and other adjustments | 2,632 | 25 | 3,141 | 864 | 377 | ||||||||||||
| Non-GAAP Gross Profit (Loss) | $ | 2,667 | $ | 631 | $ | 10,046 | $ | (2,302 | ) | $ | 3,665 | ||||||
FAQ
What was Xos's revenue growth in 2024 compared to 2023?
How many electric vehicles did Xos deliver in 2024?
What is the size of UPS's new order with Xos for 2025?
How did Xos's gross margins improve in 2024?
What was Xos's Free Cash Flow achievement in 2024?
