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Dec 31, 2022
XOS Inc Q4 2022 Earnings Report
Reported financial results with revenue increased more than six times year-over-year and deliveries up by 525%.
Key Takeaways
Xos, Inc. reported its Q4 and full-year 2022 financial results, highlighting significant growth in revenue and deliveries compared to the previous year. The company is focused on achieving positive gross margins at a unit level by mid-2023 and expects strong revenue growth in 2023.
2022 revenue improved significantly to $36.4 million from $5.0 million for 2021.
Deliveries of 275 units in 2022 compared to 44 deliveries in 2021.
Expanded the offering of Xos Energy Solutions.
Increased service and dealership partnerships to 39 total locations across North America.
XOS Inc
XOS Inc
Forward Guidance
Xos provided its outlook for 2023, expecting unit deliveries between 450 and 600 units and revenue between $58.5 and $84.0 million.
Positive Outlook
- Demand for EV stepvans and solutions remains robust.
- Momentum gained during 2022 has carried into 2023.
- Expects to deliver strong revenue growth of approximately 95% year-over-year at the midpoint of the range.
- In a strong position to support the growth of the business with a healthy balance sheet.
- Sufficient capital to get through 2023 and into 2024.
Challenges Ahead
- Supply chain has continued to show signs of improvement, but focus remains on cost reduction.
- Based on management beliefs and expectations as of the date of this press release.
- Results are based on assumptions that are believed to be reasonable as of this date, but may be materially affected by many factors.
- Actual results may vary from the outlook above and the variations may be material.
- Company undertakes no intent or obligation to publicly update or revise any of these projections.