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Mar 31, 2024
XOS Inc Q1 2024 Earnings Report
Xos, Inc. reported strong revenue growth and gross margins, bolstered by a capital injection.
Key Takeaways
Xos, Inc. reported a 180% year-over-year revenue growth and achieved a 21% gross margin in Q1 2024. The company's cash position was improved by $50 million through the acquisition of ElectraMeccanica.
Completed acquisition of ElectraMeccanica, adding approximately $50.2 million to Xos’ cash balance.
Launched the updated Xos Hub mobile charging solution.
Delivered 62 units and generated revenues of $13.2 million.
Achieved gross margins of 21.2%.
Forward Guidance
Xos anticipates revenue between $66.7 million and $100.4 million, and non-GAAP operating loss between $48.7 million and $43.7 million for 2024. Unit deliveries are expected to be between 400 and 600 units.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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