Xos, Inc.

Listed Company

XOSWWCIK 0001819493NasdaqNon-AcceleratedSmaller ReportingMotor Vehicle Parts & AccessoriesDelawareFY ends Dec 31

Period

FY 2025

Revenue

$45.99M

Net Income

$-25.32M

Total Assets

$60.36M

Equity

$23.29M

Shares Out

11.98M

Op. Cash Flow

$5.40M

Business

Xos, Inc. is a fleet electrification solutions provider focused on decarbonizing commercial transportation through design, manufacture, and integration of electric commercial vehicles. It offers Classes 5–8 battery-electric rolling chassis, high-voltage powertrains, mobile and fixed charging infrastructure (including the Xos Hub), and fleet management software (Xosphere™), plus related services and maintenance. Key business divisions include Xos Vehicles, Powered by Xos™ powertrain supply, Xos Energy Solutions™ charging infrastructure, and the Xosphere™ software platform. The company sells directly and through dealer/distributor partners to commercial fleets across the U.S. and Canada, supporting national accounts and smaller fleets.

Summary from filing dated 2025-03-31

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenues	46	56	45	36	5
Cost of goods sold	43	52	46	66	7
Gross profit	3	4	−1	−30	−2
General and administrative	25	35	38	41	27
Research and development	8	11	20	31	20
Sales and marketing	3	4	6	10	4
Total operating expenses	36	50	64	81	51
Loss from operations	−33	−46	−65	−111	−53
Gain on operating lease termination	10	0	—	—	—
Other expense, net	−2	−5	−12	−5	38,000
Change in fair value of derivative instruments	48,000	274,000	671,000	14	18
Change in fair value of earn-out shares liability	0	39,000	500,000	29	73
Loss before provision for income taxes	−25	−50	−76	−73	23
Provision for income taxes	23,000	37,000	21,000	8,000	2,000
Net loss	−25	−50	−76	−73	23
Basic (in dollars per share)	−2.71	−6.69	−13.11	−13.31	0.22
Diluted (in dollar per share)	−2.71	−6.69	−13.11	−13.32	0.22
Basic (in shares)	9	8	6	6	106
Diluted (in shares)	9	8	6	6	108

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	14	11	12	36	16
Accounts receivable, net	6	27	15	8	3
Inventories	25	37	38	58	31
Prepaid expenses and other current assets	5	8	7	8	18
Total current assets	50	82	72	163	166
Property and equipment, net	4	6	15	19	7
Operating lease right-of-use assets, net	2	3	5	7	0
Other non-current assets	5	7	2	2	506,000
Total assets	60	98	94	190	229
Accounts payable	2	9	3	3	10
Convertible debt, current	7	20	0	—	—
Other current liabilities	15	18	17	16	6
Total current liabilities	24	47	20	46	16
Common stock warrant liability	73,000	121,000	395,000	661,000	7
Other non-current liabilities	1	18	9	11	2
Convertible debt, non-current	12	0	20	20	0
Total liabilities	37	65	48	78	54
Commitments and contingencies (Note 15)	—	—	—	—	—
Common Stock $0.0001 par value, authorized 1,000,000 shares, 11,403 and 8,046 shares issued and outstanding at December 31, 2025 and 2024, respectively	1,000	1,000	1,000	1,000	16,000
Preferred Stock $0.0001 par value, authorized 10,000 shares, 0 shares issued and outstanding at December 31, 2025 and 2024	0	0	0	0	0
Additional paid-in capital	252	237	198	190	179
Accumulated deficit	−229	−203	−153	−77	−4
Total stockholders equity	23	34	45	112	174
Total liabilities and stockholders equity	60	98	94	190	229

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation	2	3	3	2	736,000
Amortization of right-of-use assets	2	2	2	2	0
Amortization of debt discounts and issuance costs	30,000	50,000	6	3	0
Amortization of insurance premiums	2	3	4	1	0
Inventory reserves	−263,000	3	—	—	—
Impairment of property and equipment and assets held-for-sale	564,000	5	2	—	—
Stock-based compensation expense	7	8	8	5	2
Bad debt expense	2,000	962,000	78,000	—	—
Other non-cash items	1	−148,000	56,000	1	364,000
Accounts receivable	21	−13	−7	−5	−3
Inventories	11	−2	22	−31	−30
Prepaid expenses and other current assets	−501,000	−2	−4	6	−18
Other assets	907,000	−3	−739,000	−1	−506,000
Accounts payable	−6	5	−133,000	−7	9
Other liabilities	−148,000	−10	5	—	—
Net cash provided by (used in) operating activities	5	−49	−39	−128	−89
Proceeds from the disposal of assets held for sale	61,000	125,000	1	0	—
Purchases of property and equipment	0	−304,000	−1	−14	−5
Net cash acquired in acquisition of ElectraMeccanica Vehicles Corp	0	51	0	—	—
Net cash provided by investing activities	61,000	51	51	83	−155
Principal payment for equipment leases	−2	−2	−3	−1	−444,000
Proceeds from short-term insurance financing note	3	3	4	4	0
Payment for short-term insurance financing note	−3	−3	−5	−2	0
Payments on convertible notes	−2	0	−33	0	—
Stock option exercises	0	10,000	8,000	6,000	11,000
Taxes paid related to net share settlement of stock-based awards	−1	−1	−1	−449,000	−335,000
Proceeds from sale and issuance of common stock	2	47,000	1	4	0
Net cash used in financing activities	−2	−3	−38	65	253
Net increase (decrease) in cash, cash equivalents and restricted cash	3	−644,000	−27	19	9
Cash paid for income taxes	51,000	17,000	0	—	—
Operating lease termination	−10	0	—	—	—
Issuance of common stock for equipment lease termination	−200,000	0	—	—	—
Settlement of accrued interest with shares of Xos common stock	−6	0	—	—	—
Purchase of property and equipment in accounts payable	−30,000	−35,000	7,000	42,000	—
Net assets acquired in acquisition of ElectraMeccanica Vehicles Corp.	0	55	0	—	—
Xos common stock issued in exchange for ElectraMeccanica Vehicles Corp.	0	−32	0	0	2

Filings

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