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Jun 30, 2023
XOS Inc Q2 2023 Earnings Report
Reported positive gross margin units and sequential growth in deliveries.
Key Takeaways
Xos, Inc. reported second-quarter revenue of $4.8 million, a net loss of $23.6 million, and produced and shipped its first gross margin positive units. The company delivered 38 units and secured a 30-truck purchase order from UniFirst after the quarter ended.
Revenue reached $4.8 million, slightly up from $4.7 million in the first quarter of 2023.
38 units were delivered, an increase from 31 units in the previous quarter.
Net loss was $23.6 million, with a loss from operations of $20.5 million.
Successfully produced and shipped first positive gross margin units.
XOS Inc
XOS Inc
Forward Guidance
Xos is revising its outlook for 2023. Unit Deliveries are expected to be 250 to 350 units, Revenue is expected to be $36.3 to $54.7 million, and Non-GAAP operating loss is expected to be $(50.5) to $(61.0) million.
Positive Outlook
- Expect a substantial increase in deliveries over the remainder of the year based on current backlog and expected new orders.
- Balance sheet remains strong.
- Ended the quarter with cash and cash equivalents and investments of $41.1 million.
- Positioned to fund the business into 2024.
- Continue to explore options for additional sources of capital to fund long-term growth plans.