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Jun 30, 2022
XOS Inc Q2 2022 Earnings Report
Xos Inc's revenue increased driven by higher deliveries, but experienced a net loss and operating loss during the quarter.
Key Takeaways
Xos, Inc. reported a ~40% increase in revenue compared to the previous quarter, driven by increased deliveries. The company secured additional financing of $55 million in convertible securities. However, the company experienced a net loss of $9.5 million and an operating loss of $27.8 million for the quarter.
Revenue for the second quarter of 2022 was $9.8 million, up ~40% compared to the previous quarter.
Sequential quarterly growth of 30% in unit deliveries with 73 units delivered in the second quarter compared to 56 units in the previous quarter.
Net loss was $9.5 million and loss from operations was $27.8 million for the three months ended June 30, 2022; Non-GAAP operating loss for the quarter was $25.8 million.
Entered key strategic partnerships, including Allison Transmission to produce a next generation purpose built e-axle and Thermo King to co-develop an electric refrigeration technology built on the Xos platform.
Forward Guidance
The Company expects revenue between $18.75 to $25.60 million, deliveries between 150 to 200 units and Non-GAAP Operating Loss between $43 to $52 million for the second half of 2022.
Positive Outlook
- Unit deliveries and revenue met our outlook for the quarter as we continue to see strong demand for our products from both new and existing customers.
- We ended the quarter with a solid balance sheet that allows us to strategically use our cash reserves to scale our manufacturing capabilities.
- Our recent convertible security financings highlight our continued access to capital as we ramp deliveries.
- As we scale, we believe other forms of financing - such as asset backed debt financing - will become available.
- Xos benefits from a flexible and variable cost structure, and has taken steps in Q3 to focus operations on deliveries of key products.
Challenges Ahead
- This outlook assumes that no business acquisitions, investments, restructurings, or legal settlements are concluded in the quarter.
- 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 “Forward-Looking Statements”.
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