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Dec 31, 2023
XOS Inc Q4 2023 Earnings Report
Reported financial results for the fourth quarter and year ended December 31, 2023.
Key Takeaways
Xos, Inc. reported positive gross margins in Q3 and Q4 2023, a 22% increase in full year revenue, and entered into a definitive agreement to acquire ElectraMeccanica, strengthening the balance sheet.
Full year revenue increased 22% year-over-year.
Achieved positive gross margins in the third and fourth quarters of 2023.
Positioned as the EV stepvan market leader with deliveries to major North American fleets.
Reduced quarterly operating expenses by 43% in two years.
XOS Inc
XOS Inc
Forward Guidance
Xos anticipates strong revenue growth of approximately 88% year-over-year at the midpoint of the guidance range.
Positive Outlook
- Revenue between $66.7 to $100.4 million
- Deliveries of 400 to 600 units, including stepvans, powertrain, and Xos Hub products.
- Launching gross margin positive stepvan
- Setting delivery records in the third and fourth quarter
- Securing meaningful capital via expected acquisition of ElectraMeccanica
Challenges Ahead
- The 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.
- Xos’ ability to implement business plans, forecasts, and other expectations, and identify and realize additional opportunities
- Cost increases and delays in production due to supply chain shortages in the components needed for the production of Xos’ vehicle chassis and battery system
- Xos’ ability to meet production milestones and fulfill backlog orders