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Mar 31, 2023
XOS Inc Q1 2023 Earnings Report
Reported financial results for the first quarter ended March 31, 2023.
Key Takeaways
Xos, Inc. reported revenue of $4.7 million, a net loss of $24.3 million, and a non-GAAP operating loss of $18.9 million for the first quarter of 2023. The company delivered 31 units and is focused on achieving positive gross margin at a unit level by mid-2023.
Revenue was $4.7 million, compared to $7.0 million in the quarter ended March 31, 2022.
31 units were delivered, compared to 58 deliveries in the quarter ended December 31, 2022.
Net loss was $24.3 million, and the loss from operations was $20.0 million.
The company is focused on achieving positive gross margin at a unit level by mid-2023 through strategic price increases, optimization of operations, direct material cost reduction, and continued scale of deliveries.
Forward Guidance
Xos is reiterating its outlook for 2023, expecting strong deliveries and revenue growth for the year, with deliveries weighted to the second half of the year. The company believes it has sufficient capital to fund the business through the remainder of 2023 and into 2024.
Positive Outlook
- Expect strong deliveries and revenue growth for the year.
- Demand for EV stepvans and solutions remains healthy.
- Expect deliveries to be weighted to the second half of the year.
- Balance sheet is strong.
- Sufficient capital to fund the business through the remainder of 2023 and into 2024.
Challenges Ahead
- Lack of charging infrastructure has caused some bottlenecks that are expected to continue in the near term.
- Ongoing charging infrastructure delays.
- Results may be materially affected by many factors.
- Variations may be material.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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