Xos, Inc. ( (XOS) ) has released its Q4 earnings. Here is a breakdown of the information Xos, Inc. presented to its investors.
Xos, Inc. is a technology company specializing in the manufacturing of electric trucks and providing fleet services for battery-electric fleets, primarily focusing on medium- and heavy-duty commercial vehicles for last-mile delivery routes. In its latest earnings report, Xos, Inc. announced a record-breaking year in 2024, marked by significant growth in unit deliveries and the highest-ever gross profit. The company achieved a positive free cash flow for the first time and reported a 25% increase in revenue year-over-year.
Key financial highlights for 2024 include a revenue increase to $56 million, up from $44.5 million in 2023, and a delivery of 297 units compared to 283 units the previous year. The company improved its GAAP gross margins from a negative 2.9% in 2023 to a positive 7.1% in 2024, while non-GAAP gross margins rose to 18%. Operating expenses were reduced by $13.8 million, or 21.7%, compared to the prior year. Additionally, Xos received its largest customer order to date from UPS for 193 units, expected to be delivered in 2025.
Strategically, Xos launched its next-generation Xos Hub and secured a significant order from Caltrans. The company also expanded its customer base, becoming a primary electric vehicle vendor for last-mile delivery fleets at UPS and FedEx Ground. Furthermore, Xos made strides in specialized vehicle markets by delivering its first Winnebago units into a mobile medical fleet.
Looking ahead, Xos projects its 2025 revenue to range between $50.2 million and $65.8 million, with unit deliveries expected to be between 320 and 420. The company remains focused on expanding its market presence and continuing its innovation in electric vehicle technology.