From GlobeNewswire: 2025-03-28 16:00:00

Xos, Inc. reported financial results for Q4 and full year 2024, achieving $56.0 million in revenue, 297 unit deliveries, positive gross margins, and reduced operating expenses by $13.8 million. They received their largest customer order from UPS for 193 units and launched the next-gen Xos Hub.

In 2024, Xos had $3.3 million in net cash provided by operating activities and positive free cash flow for the first time. They also exceeded 25% revenue growth from 2023 to 2024 and achieved positive gross margins of approximately 7% and non-GAAP gross margins of about 18%.

CEO Dakota Semler highlighted Xos’s progress in 2024, including expanding their customer base, innovative partnerships, and becoming a primary electric vehicle vendor for last-mile delivery fleets at UPS and FedEx Ground. They also launched next-gen Xos Hub and delivered their first Winnebago units.

Xos provided an outlook for 2025, forecasting revenue of $50.2 to $65.8 million, non-GAAP operating loss of $14.0 to $17.2 million, and unit deliveries of 320 to 420 units. Acting CFO Liana Pogosyan noted the increase in revenues, positive gross margins, and reduced operating expenses in 2025.

The financial information presented by Xos includes both GAAP and non-GAAP measures such as operating cash flow less CapEx (Free Cash Flow), non-GAAP operating loss, and non-GAAP gross profit (loss). These measures are used to evaluate the company’s ongoing operating results and trends, reflecting their financial performance and outlook.

Xos’s financial statements for Q4 and full year 2024 show a net loss of $50.2 million for the year, with revenues of $55.9 million. The company incurred operating expenses, resulting in a loss from operations of $45.9 million. They also reported a change in fair value of derivative instruments and earn-out shares liability.

Based on their financial performance, Xos continues to focus on growth, innovation, and expanding their presence in the electric vehicle market. Their outlook for 2025 reflects their commitment to delivering revenue growth, managing operating expenses, and increasing unit deliveries.



Read more at GlobeNewswire:: Xos, Inc. Reports Record-Breaking 2024 with Growing Unit