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Xos
(NASDAQ:XOS)
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Rating:48Neutral
Price Target:
$3.00
▲(48.51% Upside)
Action:Reiterated
Date:07/14/26
The score is primarily supported by the turnaround in cash generation and improving revenue run-rate, but is held back by continued operating and net losses with thin gross margins. Weak technical momentum (negative MACD, sub-50 RSI, and price below key moving averages) and a negative P/E due to losses further constrain the overall rating.
Positive Factors
Cash flow turnaround
TTM operating and free cash flow of roughly $8.5M represents a durable swing from prior burn, improving near-term liquidity and lowering reliance on immediate external funding. Sustained positive cash generation supports reinvestment in manufacturing, services and operational scaling if maintained as volumes grow.
Negative Factors
Weak margins and ongoing losses
Sustained gross margin near 11% and persistent negative EBIT/EBITDA with a ~-39% net margin indicate core unit economics remain weak. Durable profitability will require substantial cost reductions, higher pricing or scale; otherwise the company may continue consuming capital despite revenue growth.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash flow turnaround
TTM operating and free cash flow of roughly $8.5M represents a durable swing from prior burn, improving near-term liquidity and lowering reliance on immediate external funding. Sustained positive cash generation supports reinvestment in manufacturing, services and operational scaling if maintained as volumes grow.
Read all positive factors
Xos (XOS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$28.74M
Dividend YieldN/A
Average Volume (3M)220.12K
Price to Earnings (P/E)―
Beta (1Y)0.47
Revenue Growth5.46%
EPS Growth68.00%
CountryUS
Employees101
SectorIndustrials
Sector Strength72
IndustryAuto - Manufacturers
Share Statistics
EPS (TTM)-1.98
Shares Outstanding13,718,819
10 Day Avg. Volume87,964
30 Day Avg. Volume220,123
Financial Highlights & Ratios
PEG Ratio0.01
Price to Book (P/B)0.73
Price to Sales (P/S)0.37
P/FCF Ratio3.16
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)-2.08
Revenue Forecast (FY)$49.10M
Xos Business Overview & Revenue Model
Company Description
Xos, Inc. designs, manufactures, and sells battery-electric commercial vehicles. The company provides class 5-6 medium duty rolling chassis, such as commercial stepvans and armored trucks, as well as engages in the Xos product development. It offe...
How the Company Makes Money
Xos makes money primarily by selling commercial battery-electric vehicles (medium- and heavy-duty trucks) to fleet customers, recognizing revenue when vehicles are delivered/accepted under customer contracts. In addition to vehicle sales, the comp...
Xos Earnings Call Summary
Earnings Call Date:Mar 26, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 13, 2026
Earnings Call Sentiment Positive
The call emphasized a clear operational turnaround: record unit deliveries, a major swing to positive free cash flow, meaningful reductions in operating losses, and product diversification into hubs and powertrains. Management highlighted several structural improvements (cost reductions, supply-chain actions, dealer/OEM relationships, and new product shipments) and provided 2026 guidance. Offsetting these positives are a YoY revenue decline driven by lower ASPs, tariff-related margin headwinds, concentration with a few large customers, and some one-time accounting and timing items that affected Q4 results. On balance the company portrayed sustainable progress and momentum despite near-term mix- and tariff-related pressures.Positive Updates
Record Unit Deliveries and Revenue Mix
Full year 2025 delivered a company record of 328 units (up ~10.4% vs 297 in 2024) and $46.0M in revenue. Management emphasized expanded customer programs (200+ unit UPS program) and growing repeat orders from national fleets.
Negative Updates
Year-over-Year Revenue Decline
Full year revenue fell to $46.0M from $56.0M in 2024 (down ~$10M, approximately -17.9% YoY), driven by lower average selling prices from a higher mix of strip chassis and powertrain/hub products.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Unit Deliveries and Revenue Mix
Full year 2025 delivered a company record of 328 units (up ~10.4% vs 297 in 2024) and $46.0M in revenue. Management emphasized expanded customer programs (200+ unit UPS program) and growing repeat orders from national fleets.
Read all positive updates
Company Guidance
Management guided 2026 to revenue of $40–50 million, unit deliveries of 350–500, and non‑GAAP operating loss of $11.9–$13.3 million, while noting hub and powertrain businesses are expected to grow at high double‑digit to potentially triple‑digit rates (with step vans continuing to contribute). For context, 2025 results the guidance builds on include $46 million revenue on 328 units, GAAP gross margin 5.9% (non‑GAAP gross margin 8.8%), operating loss $33.1 million, adjusted EBITDA loss $23.5 million, positive free cash flow of $5.4 million (vs. –$49.1M in 2024), year‑end cash $14 million, accounts receivable $6 million, and inventory $25 million.Xos Financial Statement Overview
Summary
Income Statement
24
Negative
Balance Sheet
43
Neutral
Cash Flow
62
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 51.34M | 45.99M | 55.96M | 44.52M | 36.38M | 5.05M |
| Gross Profit | 5.85M | 2.72M | 3.96M | -1.29M | -30.03M | -2.36M |
| EBITDA | -16.98M | -21.45M | -44.77M | -61.84M | -65.15M | 24.14M |
| Net Income | -20.09M | -25.32M | -50.16M | -75.84M | -73.33M | 23.40M |
Balance Sheet | ||||||
| Total Assets | 54.42M | 60.36M | 98.33M | 93.68M | 189.94M | 228.71M |
| Cash, Cash Equivalents and Short-Term Investments | 9.85M | 14.04M | 11.00M | 11.64M | 86.28M | 110.84M |
| Total Debt | 19.19M | 21.97M | 43.01M | 30.52M | 62.95M | 2.08M |
| Total Liabilities | 34.63M | 37.08M | 64.72M | 48.49M | 77.86M | 54.31M |
| Stockholders Equity | 19.79M | 23.29M | 33.61M | 45.20M | 112.08M | 174.39M |
Cash Flow | ||||||
| Free Cash Flow | 8.51M | 5.37M | -49.10M | -40.67M | -142.07M | -93.81M |
| Operating Cash Flow | 8.53M | 5.37M | -48.80M | -39.29M | -127.96M | -88.89M |
| Investing Cash Flow | 373.00K | 61.00K | 51.18M | 50.63M | 82.71M | -155.14M |
| Financing Cash Flow | -3.81M | -2.38M | -3.02M | -38.38M | 64.75M | 252.85M |
Xos Technical Analysis
Positive
2.02
Price Trends
2.86
Negative
2.36
Positive
2.33
Positive
Market Momentum
-0.05
Negative
54.61
Neutral
81.37
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For XOS, the sentiment is Positive. The current price of 2.02 is below the 20-day moving average (MA) of 2.25, below the 50-day MA of 2.86, and below the 200-day MA of 2.33, indicating a neutral trend. The MACD of -0.05 indicates Negative momentum. The RSI at 54.61 is Neutral, neither overbought nor oversold. The STOCH value of 81.37 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for XOS.
Xos Risk Analysis
Xos disclosed 80 risk factors in its most recent earnings report. Xos reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Xos Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | $8.79B | 16.22 | 12.32% | 1.39% | 1.93% | -12.16% | |
68 Neutral | $208.73M | 13.83 | 7.08% | ― | -11.11% | -6.38% | |
66 Neutral | $7.18B | 0.55 | 4.30% | 0.97% | 29.17% | -27.70% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
54 Neutral | $511.66M | -6.54 | -22.27% | 2.40% | -17.26% | 19.39% | |
50 Neutral | $497.35M | 65.24 | 1.09% | ― | 5.14% | -83.42% | |
48 Neutral | $28.74M | -1.06 | -86.90% | ― | 5.46% | 68.00% |
* Industrials Sector Average
XOS
Xos
2.63
-0.46
-14.89%
GENC
Gencor
14.45
-0.12
-0.82%
MTW
Manitowoc Company
14.21
1.70
13.59%
OSK
Oshkosh
153.44
19.70
14.73%
TEX
Terex
65.35
17.48
36.51%
WNC
Wabash National
12.56
2.73
27.80%
Xos Corporate Events
Business Operations and StrategyExecutive/Board ChangesPrivate Placements and FinancingShareholder Meetings
Xos Shareholders Approve Key Proposals at 2026 Meeting
Neutral
Jun 25, 2026
On June 23, 2026, Xos, Inc. held its 2026 annual meeting of stockholders, where holders of 52.57% of outstanding common shares were represented, establishing a quorum. Stockholders elected three Class II directors to serve until the 2029 annual me...
Private Placements and FinancingRegulatory Filings and Compliance
Xos Raises Capital Through Registered Direct Share Offering
Neutral
Jun 5, 2026
On June 4, 2026, Xos, Inc. entered into a securities purchase agreement with institutional investors and a placement agency agreement with Roth Capital Partners for a registered direct offering of 1,090,910 common shares at $5.50 per share. The co...
Business Operations and StrategyPrivate Placements and Financing
Xos Lowers Note Conversion Price in Amended Agreement
Neutral
May 13, 2026
On May 8, 2026, Xos and Aljomaih Automotive Co. amended their existing $20 million convertible promissory note, cutting the conversion price from $71.451 per share, adjusted for a prior reverse stock split, to $12.00 per share of common stock. The...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.