Xos Inc, a prominent electric truck manufacturer and fleet services provider, announced its financial results for the third quarter (Q3) ending September 30, 2023, causing a substantial surge in the company’s stock prices.
At the time of this publication, Xos Inc stock (XOS) has witnessed a surge.
Xos Inc
Current Price: $0.35
Change : +0.09
Change (%): (36.29%)
Volume: 1.9M
Source: Tomorrow Events Market Data
Xos Inc Q3 2023 Financial Results:
Xos reported an impressive quarter with 105 units delivered, representing an exceptional 176% quarter-over-quarter increase and marking the highest quarterly delivery volume in the company’s history.
The Generally Accepted Accounting Principles (GAAP) gross margins reached 11.9%, with up to 20% gross margins on a per-unit basis, underscoring the company’s financial strength.
Revenues for the third quarter amounted to $16.7 million, a significant leap from $4.8 million in the second quarter of 2023.
Despite the positive trajectory in deliveries and revenues, Xos reported a net loss of $14.1 million. Loss from operations stood at $12.6 million, and the non-GAAP operating loss for the quarter was $11.2 million.
Dakota Semler, Chief Executive Officer of Xos, expressed his satisfaction with the results, stating, “Delivering both positive gross margins and record volumes shows how far ahead of the competition Xos is. 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, echoed Semler’s sentiments, saying, “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.”
2023 Outlook:
Xos remains optimistic about its performance and is maintaining its outlook for the year 2023:
– Unit deliveries are projected to range from 250 to 350 units.
– Revenue expectations for 2023 range from $36.3 to $54.7 million.
– The company forecasts a non-GAAP operating loss in the range of $(50.5) to $(61.0) million.
The outlook provided is based on management’s beliefs and expectations as of the date of this press release. While grounded in reasonable assumptions, these results may be materially affected by various factors.
Xos’ commitment to positive gross margins, increased delivery volumes, and cost efficiency positions the company as a formidable player in the electric truck manufacturing sector. The positive stock response reflects investor confidence in Xos’ ability to navigate the evolving landscape of sustainable transportation.
