OUR NEW PROFILE IS: (NASDAQ: XOS)
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Xos Just Announced Quarterly deliveries of 105 units, marking a 176% quarter-over-quarter increase and the highest quarterly delivery volume to date
Xos Awarded Contract by State of California to Provide Electric Stepvans to State & Local Agencies
READ THE INVESTOR PRESENTATION HERE
Under the Inflation Reduction Act, fleet operators can qualify for up to $40,000 in tax credits for each electric truck heavier than 14,000 pounds placed into service
XOS is expecting revenues for 2023 to fall between $36.3 & $54.7 million and is sitting on $23 Million in cash as of Sept 30
Revenues of $16.7 million, compared to $4.8 million in the second quarter of 2023
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Hello Everyone,
We have a brand new profile for you to look at for Friday’s session. They just announced 3rd Quarter results after the bell and they had some extremely positive news.
Pull up XOS immediately.
Xos is a leading technology company, fleet services provider, and original equipment manufacturer of Class 5 through Class 8 battery-electric vehicles. Xos vehicles and fleet management software are purpose-built for medium- and heavy-duty commercial vehicles that travel on last-mile, back-to-base routes of up to 270 miles or less per day. The company leverages its proprietary technologies to provide commercial fleets with battery-electric vehicles that are easier to maintain and more cost-efficient on a total cost of ownership (TCO) basis than their internal combustion engine counterparts.
The trucking industry is a critical part of the economy, transporting 71.6 percent of U.S. goods totaling $10.4 trillion. But trucks are also a significant source of pollution, having emitted seven percent of U.S. greenhouse gas (GHG) emissions in 2020. Electric trucks can reduce GHG emissions while also providing other benefits, including better safety and improved public health. Major fleets have committed to transitioning at least 30% of their new heavy-duty truck purchases to be zero-emission vehicles, including electric models, by 2030.
California set a goal earlier this year mandating that its fleet of 1.8million commercial trucks convert to emissions-free vehicles over the next two decades, and a dozen other states have passed laws or are exploring similar goals.
Xos, Inc. Reports Third Quarter 2023 Results
Delivered 105 units in the quarter, the highest quarterly volume to date, and a 176% quarter-over-quarter increase
Achieved average positive GAAP gross margin of over $18,000 per unit
LOS ANGELES, CA / ACCESSWIRE / November 9, 2023 / Xos, Inc. (NASDAQ:XOS) (“Xos” or the “Company”), a leading electric truck manufacturer and fleet services provider, today reported financial results for the third quarter ended September 30, 2023.
Third Quarter 2023 Highlights:
- Quarterly deliveries of 105 units, marking a 176% quarter-over-quarter increase and the highest quarterly delivery volume to date.
- GAAP gross margins of 11.9% and up to 20% gross margins on a per unit basis.
- Revenues of $16.7 million, compared to $4.8 million in the second quarter of 2023.
- Net loss was $14.1 million, loss from operations was $12.6 million, and non-GAAP operating loss(1) for the quarter was $11.2 million.
(1) For further information about how we calculate non-GAAP operating loss, see below for the reconciliations of GAAP to non-GAAP financial measures provided in the tables included in this release.
“Delivering both positive gross margins and record volumes shows how far ahead of the competition Xos is,” said Dakota Semler, Chief Executive Officer of Xos. “We are making money on EVs, and demonstrating our ability to do so at scale by accomplishing build rates in excess of 700 stepvans per annum.”
Liana Pogosyan, Acting Chief Financial Officer of Xos, added, “Achieving positive GAAP gross margins, strong delivery numbers, and decreased operating expenses this quarter is very encouraging and is aiding efforts to secure additional funding.”
Third Quarter 2023 Financial Highlights
| (in millions) | 30 Sept 2023 | 31 Dec 2022 | ||
| Inventories | $ | 48.9 | $ | 57.5 |
| Cash and cash equivalents, restricted cash and marketable debt securities(1) | $ | 23.4 | $ | 89.3 |
| (in millions) | 30 Sept 2023 | 30 June 2023 | ||||
| Revenues | $ | 16.7 | $ | 4.8 | ||
| Gross profit (loss) | $ | 2.0 | $ | (3.7 | ) | |
| Non-GAAP gross profit (loss)(2) | $ | 1.1 | $ | (2.3 | ) | |
| Net loss | $ | (14.1 | ) | $ | (23.6 | ) |
| Loss from operations | $ | (12.6 | ) | $ | (20.5 | ) |
| Non-GAAP operating loss(2) | $ | (11.2 | ) | $ | (17.0 | ) |
____________________________(1) Includes cash, cash equivalents, restricted cash, and marketable debt securities, available-for-sale.
(2) For further information about how we calculate non-GAAP gross profit (loss) and non-GAAP operating loss, see below for the reconciliations of GAAP to non-GAAP financial measures provided in the tables included in this release.
2023 Outlook:
Xos is maintaining its outlook for 2023 as follows:
| 2023 | |
| Unit deliveries | 250 to 350 units |
| Revenue | $36.3 to $54.7 million |
| Non-GAAP operating loss | $(50.5) to $(61.0) million |
The outlook provided above is based on management beliefs and expectations as of the date of this press release. 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 “Cautionary Statement Regarding Forward-Looking Statements.” Actual results may vary from the outlook above and the variations may be material. The Company undertakes no intent or obligation to publicly update or revise any of these projections, whether as a result of new information, future events or otherwise, except as required by law.
PRODUCTS
XOS STEPVAN
DESIGNED FROM THE WHEELS UP FOR LAST-MILE.
The 2023 Xos SV is designed to be the optimal battery-electric vehicle for key use cases, including parcel delivery, linen and textile services trucks, utility and repair trucks, and armored transport. Its modularity allows for customization to suit your fleet’s routes and needs.
FAMILIAR BODY
We partner with companies like Morgan Olson and Utilimaster to provide customers with stepvan bodies they know and love.
BATTERY MODULARITY
Our modular battery system allows customers to adjust the stepvan to best suit their routes and budgets.
OVER-THE-AIR
Updates received via over-the-air offer additional features and improvements that will enhance the vehicle’s performance.
MDXT™
MEDIUM-DUTY CHASSIS CAB A ROBUST VEHICLE PLATFORM.
MDXT™ is available for pre-order as a chassis-cab, box truck, or reefer, configurable to meet the needs of various class 6 and 7 commercial applications. With range configurations up to 240 miles, a 15″ center-console touch-screen, and payloads up to 15,000 lbs, the MDXT™ is a medium duty truck built for the rigors of the modern fleet.
HDXT™
HEAVY-DUTY XOS TRACTOR BUILT FOR REGIONAL HAUL.
HDXT™ is a Class 8 tractor ready for regional-haul applications. With Allison e-axles and Xos’ proprietary battery systems, the HDXT™ puts out an absolutely massive 49,600 Nm of torque and up to 798 HP.
HANDS-OFF CHARGING INFRASTRUCTURE
Xos Energy Solutions™ evaluates your current energy system, determines any necessary facility upgrades or recommendations, and plans modifications. XES™ ensures that the electrical system is ready to support battery-electric truck charging in the short term, and future-proofs the systems to allow for a growing electric fleet.
With a subscription to Xosphere™, you can permit Xos technicians and team members to continue to monitor your systems and infrastructure over time so they can make recommendations and keep you apprised of the latest technology and best practices to best optimize TCO.
Each charging solution is custom-built to ensure it meets the needs of the client. As a result, Xos Energy Solutions™ can offer you a practical, all-in-one approach for fleet electrification.
INSTANT CHARGING INFRASTRUCTURE
The Xos Hub™ is a mobile charging solution capable of charging up to 5 vehicles at one time. Conveniently packaged on a standard trailer, the Hub™ can be hauled to various locations and extend the range of electric routes, or can be used at facilities which don’t have chargers to quickly deploy electric trucks and to store energy to avoid peak-time charges.
Xosphere®
Xosphere® is an advanced connected vehicle platform that combines our proprietary hardware and embedded software with amodern and intuitive user platform. This fleet management tool allows you to seamlessly connect across all Xos electric vehicles and energy solutions.
MINIMIZE DOWNTIME
Maintenance at the click of a button, cohesive service histories, and automated preventive maintenance
VIEW REAL-TIME EV TELEMATICS
Real-time visibility and reporting on vehicle location, state of charge, and more
LOWER ENERGY COSTS
Integrate your utility policy and Xosphere™ will recommend charge schedules that can reduce your bill by 20-50%*
Xos has delivered 105 units in the third quarter to multiple global fleets and parcel delivery operators
LOS ANGELES, Oct. 18, 2023 (GLOBE NEWSWIRE) — Xos, Inc. (NASDAQ: XOS) is pleased to announce that it has delivered 105 units to end customers in the third quarter of 2023. The period marks the highest quarterly delivery volumes to date for the company and the company’s first quarter delivering positive gross margin units to customers. Vehicles delivered in the third quarter include the first 2023 Xos SV Stepvans delivered to customers. The new Xos 2023 stepvan is designed to meet or exceed margin performance of legacy diesel trucks on a host of performance metrics. This makes Xos among the first gross margin positive commercial EV manufacturers in the entire commercial EV industry and propels Xos towards its stated objective of positive free cash flows.
For the third quarter of 2023, Xos’ preliminary estimate of GAAP gross margin is between 8% to 15%. This result was driven by unit gross margins of the new 2023 Xos SV Stepvan that range from approximately +10% to 20% per unit, depending on configuration. Three pillars underscore this milestone achievement:
- Proprietary software technology;
- Long-term supply agreements with one of the largest global Tier 1 battery cell and electronics suppliers; and
- Robust design, engineering, and testing processes that reduce manufacturing costs.
Proprietary technology enables Xos vehicles to deliver top performance to customers from a more cost efficient battery system. Xos’ 140kWh Stepvan fulfills the needs of most last-mile delivery routes at a competitive purchase price. Xos’ long-range 280kWh stepvan option doubles the usable range for fleets with longer routes or heavier payloads.
Recent long-term agreements with battery suppliers and other vendors governing the cost and warranty of critical components enable Xos to achieve significant savings per truck compared to previous Xos stepvan models.
Lastly, Xos’ robust design, engineering, and testing processes contribute to lower manufacturing costs by reducing required labor input and reduced service costs through improved vehicle quality.
The first profitable Xos vehicles compete directly with diesel last-mile delivery vehicles on total cost of ownership—a principal factor fleet customers incorporate in purchase decisions. When combined with available subsidies the cost advantages become even more significant. Compared to similarly equipped last-mile ICE delivery vehicles, the new 2023 Xos Stepvan offers an estimated 30-40% savings in those markets.
“We are proud of achieving a positive GAAP gross margin in the quarter due to the efforts of various teams, including engineering, supply chain, and others. We expect margins will continue to improve and be sustained as the tailwinds and demand for medium-duty EVs grow,” said Liana Pogosyan, acting Chief Financial Officer for Xos.
Penske Truck Leasing Adds Xos Stepvan to its Electric Fleet Offering
LOS ANGELES, Oct. 26, 2023 (GLOBE NEWSWIRE) — Xos, Inc. (NASDAQ: XOS), a leading electric truck manufacturer and fleet electrification services provider, today announced Penske Truck Leasing has added Xos 100% battery-electric trucks to its fleet. Penske will deploy the trucks with multiple customers in various industries.
“We are very pleased to build on our growing portfolio of all-electric vehicles with the addition of the Xos Stepvan,” said Paul Rosa, Senior Vice President of Procurement and Fleet Planning for Penske Truck Leasing.
The vehicles that Penske has added are the Xos Stepvan (“Stepvan”), a 100% battery-electric Class 6 vehicle purpose-built for commercial applications. The Stepvan can travel up to 150 miles on a single charge, features a GVWR of up to 23,000 pounds, and comes in available body sizes of 16’ or 18’. Depending on charger specifications, the vehicle charge time with DC fast charging ranges from 110 to 120 minutes. Additional specifications include a 178-inch wheelbase, 347 kW maximum horsepower, and max torque of 1,737 ft-lbs.
“We’re proud to partner with Penske on their journey to a fully-electric fleet operation,” said Dakota Semler, Chief Executive Officer at Xos. “Penske and Xos share similar core values around our commitment to customers and a dedication to excellence, so our partnership is a natural fit. We look forward to building our relationship for years to come.”
Xos Awarded Contract by State of California to Provide Electric Stepvans to State & Local Agencies
Xos is now contracted with the State of California (CA), offering sustainable electric stepvans for CA state and local agencies
LOS ANGELES, Sept. 12, 2023 (GLOBE NEWSWIRE) — Xos, Inc. (NASDAQ: XOS) is pleased to announce that it has been contracted as a vendor by the State of California. This approval allows California state and local agencies to easily purchase electric step vans from Xos using a streamlined state contract.
CA state and local agencies now have access to special state of CA discount pricing for Xos stepvans. Agencies that purchase a stepvan under this contract are able to purchase chargers directly from Xos to further expedite the electrification of their fleets. Xos vehicles offer a lower operating cost, greater efficiency improvements, and an overall enhanced driver experience as compared to traditional internal combustion engine diesel vehicles. These vehicles are 100% battery-electric with zero tailpipe emissions.
“We are proud to have been competitively selected to sell our vehicles to CA state and local agencies,” said Xos Vice President of Business Development, Jose Castañeda. “We are committed to providing sustainable solutions for California agencies and helping the state provide their world class services in a sustainable manner that continues their proud tradition of serving the best interest of Californiaresidents.”
Xos is committed to providing the best possible service and is excited to team up with the State of CA to help them meet their goal of net-zero emissions by 2045. With Xos, CA state and local agencies can now access some of the most advanced electric stepvans on the market at Xos special state of CA discount pricing to help reduce their carbon footprint.
NEWS
MANAGEMENT TEAM
DAKOTA SEMLER
Chief Executive Officer and Chairman
Mr. Semler serves as Xos’ Chief Executive Officer and Chairman of the Xos Board. Mr. Semler is a Co-Founder of Xos and has served as Chief Executive Officer and a director of Xos since September 2016. Prior to Xos, Mr. Semler served as Chief Executive Officer of Malibu Management Services, a hospitality operator and Bucket List Experiences, a tour operator company from 2014 to 2016. Mr. Semler was also an independent contractor for TSG Group, a real estate holding company, from 2014 to 2016. Mr. Semler attended California State University Channel Islands and George Washington University.
GIORDANO SORDONI
Chief Operating Officer and Director
Mr. Sordoni serves as Xos’ Chief Operating Officer and a member of the Xos Board. Mr. Sordoni is a Co-Founder of Xos and has served as Chief Operating Officer and a director of Xos since September 2016. Prior to Xos, Mr. Sordoni served as Co-Founder at Calibur Inc., a startup consulting business, advising early-stage businesses, from August 2015 to August 2016. Mr. Sordoni was Director of Marketing at Malibu Family Wines, a wine production company, from July 2014 to June 2016. Mr. Sordoni holds a B.A. in International Business and Marketing from George Washington University.
LIANA POGOSYAN
Acting Chief Financial Officer
Liana is Acting Chief Financial Officer and Vice President of Finance at Xos, where she leads Xos’s critical financial functions, including accounting, SEC reporting, tax, financial controls, financial planning and analysis, and treasury. Prior to joining Xos, Liana held various leadership roles in finance and accounting functions for national and global organizations such as Marcus & Millichap, Inc. and Ixia, a global test and networking company. Liana started her career as an Audit Manager at KPMG. Liana holds a Master’s degree in Business Administration from the University of California at Los Angeles, a Bachelor’s degree in Accounting from the University of Southern California, and is a Certified Public Accountant.