Xos (XOS) AI Stock Analysis

• Market Cap: $30.15M
• Dividend Yield: N/A
• Average Volume (3M): 52.73K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.16
• Revenue Growth: -16.89%
• EPS Growth: 35.45%
• Country: US
• Employees: 109
• Sector: Industrials
• Sector Strength: 72
• Industry: Agricultural - Machinery
• EPS (TTM): 0.22
• Shares Outstanding: 11,334,192
• 10 Day Avg. Volume: 92,685
• 30 Day Avg. Volume: 52,733
• PEG Ratio: <0.01
• Price to Book (P/B): 0.72
• Price to Sales (P/S): 0.43
• P/FCF Ratio: -0.49
• Enterprise Value/Market Cap: 0.75
• Enterprise Value/Revenue: 0.43
• Enterprise Value/Gross Profit: 13.76
• Enterprise Value/Ebitda: -0.91
• 1Y Price Target: $7.00
• Price Target Upside: 163.16% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 57 Neutral
• Price Target: $3.00 ▲(12.78% Upside)

The score is driven by improving financial momentum (debt reduction and positive TTM cash flow) and a constructive earnings-call backdrop (cost discipline, liquidity actions, reaffirmed guidance). These positives are tempered by still-weak profitability and thin margins, while technicals are supportive but appear stretched (overbought signals) and valuation is constrained by negative earnings.

Positive Factors

Reduced Leverage / Stronger Balance Sheet

Material debt reduction and positive equity materially improve solvency and financial flexibility. Lower leverage reduces refinancing risk and gives management room to fund production scale, R&D, or infrastructure investments without immediate dilutive capital raises, supporting longer-term execution.

Positive Cash Generation

TTM positive operating and free cash flow mark a structural inflection versus prior burn, demonstrating improving unit economics and working-capital control. Sustained cash generation can fund growth, reduce reliance on external capital, and improve resilience through EV cycle variability.

Product Diversification into Powertrains & Energy

Expansion beyond vehicle OEM sales into powertrains and energy infrastructure broadens revenue streams and addresses fleet pain points like charging and grid constraints. This vertical integration can create higher-margin, recurring service opportunities and a stronger competitive moat over time.

Negative Factors

Weak Profitability and Thin Margins

Persistently thin gross margins and deep net losses indicate the business remains far from stable profitability. Without durable margin expansion, the company is exposed to execution risk: small revenue miss or cost shock could quickly reverse cash flow gains and necessitate further capital.

Revenue Volatility / Recent Decline

Sharp quarter-to-quarter revenue swings reflect lumpy order cycles and potential cadence issues converting backlog to steady sales. Sustained revenue volatility makes forecasting cash flow and scaling operations harder, raising execution risk for manufacturing, supply chain and margin improvement plans.

Tariff Exposure Compressing Margins

Unanticipated tariff-driven cost pressure is a structural risk to unit economics, especially for capital-intensive EV manufacturing. If tariffs persist or expand, they can erode gross margins unless the company secures pricing power, localizes supply, or achieves scale-driven cost reductions, challenging profitability.

Xos Business Overview & Revenue Model

Company Description

Xos, Inc., a mobility solutions company, manufactures and sells battery-electric commercial vehicles. It offers a range of services to facilitate the transition of fleets to electric vehicles, including charging infrastructure, vehicle maintenance, financing, and service. The company was founded in 2020 and is headquartered in Los Angeles, California.

How the Company Makes Money

Xos generates revenue through the sale of its electric vehicles, including their flagship models designed for commercial use. The company also earns money from providing fleet management services, which may include maintenance, software solutions for route optimization, and battery leasing options. Additionally, strategic partnerships with logistics companies and government contracts for fleet electrification initiatives contribute to Xos's earnings. The growing demand for sustainable transportation solutions further enhances their revenue potential in a rapidly evolving market.

Xos Financial Statement Overview

Summary

Balance sheet and cash flow have improved meaningfully (debt reduced to ~$14M and TTM operating/free cash flow both about +$6.3M), supporting liquidity and solvency. However, profitability remains the core weakness with very thin TTM gross margin (~3%) and deeply negative net margin (~-66%), keeping results highly execution-dependent.

Income Statement

Revenue has scaled materially over time and remains sizable in TTM (Trailing-Twelve-Months), but profitability is still deeply negative. TTM gross margin is very thin (~3%), and operating and net margins remain heavily loss-making (net margin about -66%). Losses have improved versus 2024 and 2023, yet the business is still far from breakeven, with profitability and margin stability the key weakness.

Balance Sheet

Leverage has improved meaningfully: total debt fell to $14M in TTM (Trailing-Twelve-Months) from $43M in 2024, bringing debt-to-equity down to ~0.45. Equity is positive (~$31M) and assets are stable, which supports solvency. However, returns remain very negative due to ongoing losses (TTM return on equity around -128%), so the balance sheet quality is better than earnings power.

Cash Flow

Cash generation has turned positive in TTM (Trailing-Twelve-Months): operating cash flow and free cash flow are both +$6.3M, a major swing from large cash burn in 2024 and 2023. That said, the trajectory is volatile (free cash flow growth is sharply negative versus the prior period), and cash flow strength is not yet consistently aligned with the still-large accounting losses.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	52.25M	55.96M	44.52M	36.38M	5.05M	2.64M
Gross Profit	1.64M	3.96M	-1.29M	-30.03M	-2.36M	300.00K
EBITDA	-24.92M	-40.73M	-60.09M	-107.72M	-52.42M	-11.58M
Net Income	-34.55M	-50.16M	-75.84M	-73.33M	23.40M	-16.67M
Balance Sheet
Total Assets	73.81M	98.33M	93.68M	189.94M	228.71M	13.77M
Cash, Cash Equivalents and Short-Term Investments	14.07M	11.00M	11.64M	86.28M	110.84M	10.36M
Total Debt	14.00M	43.01M	30.52M	62.95M	2.08M	18.70M
Total Liabilities	42.75M	64.72M	48.49M	77.86M	54.31M	40.97M
Stockholders Equity	31.06M	33.61M	45.20M	112.08M	174.39M	-27.20M
Cash Flow
Free Cash Flow	6.26M	-49.10M	-40.67M	-142.07M	-93.81M	-12.74M
Operating Cash Flow	6.26M	-48.80M	-39.29M	-127.96M	-88.89M	-12.34M
Investing Cash Flow	43.00K	51.18M	50.63M	82.71M	-155.14M	-407.00K
Financing Cash Flow	-1.43M	-3.02M	-38.38M	64.75M	252.85M	23.09M

Xos Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 2.66
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

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 2.66 is above the 20-day moving average (MA) of 2.32, above the 50-day MA of 2.24, and below the 200-day MA of 2.88, indicating a neutral trend. The MACD of 0.15 indicates Negative momentum. The RSI at 62.18 is Neutral, neither overbought nor oversold. The STOCH value of 63.89 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for XOS.

Xos Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
OSK	74 Outperform	$9.10B	14.35	14.90%	1.56%	-2.28%	-0.53%
TEX	70 Outperform	$3.74B	24.17	7.85%	1.24%	4.60%	-65.73%
GENC	69 Neutral	$210.19M	13.42	7.68%	―	―	―
MTW	67 Neutral	$458.28M	8.10	8.82%	―	-0.83%	―
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
WNC	62 Neutral	$410.43M	1.67	84.07%	3.59%	-22.95%	―
XOS	57 Neutral	$30.15M	-0.62	-84.37%	―	-16.89%	35.45%