Wed, Aug 14, 6:06 PM (153 days ago)
For the quarter ended June 30, 2024, Xos, Inc. reported significant revenue growth, generating $15.5 million, a 227% increase from $4.8 million in the same period in 2023. This surge was primarily driven by higher vehicle and powertrain sales, with deliveries rising from 37 vehicles in Q2 2023 to 78 in Q2 2024. Despite this growth, the company experienced a net loss of $9.7 million, down from a loss of $23.6 million in the prior year, indicating improved operational efficiency. Operating expenses decreased by 20% year-over-year, driven by reductions in general and administrative, research and development, and sales and marketing costs. However, the cost of goods sold rose by 59% due to increased production levels, resulting in a gross profit of $2.0 million compared to a loss in the prior year. Cash and cash equivalents increased to $19.7 million, bolstered by the acquisition of ElectraMeccanica, which added approximately $50.2 million in cash. Despite these improvements, the company faces uncertainties regarding future capital needs and operational sustainability, raising concerns about its ability to continue as a going concern.