Xos Inc Financials
This page shows Xos Inc (XOS) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 5 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
Xos Inc has an operating margin of -82.0%, meaning the company retains $-82 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -145.9% the prior year.
Xos Inc's revenue surged 25.7% year-over-year to $56.0M, reflecting rapid business expansion. This strong growth earns a score of 100/100.
Xos Inc has a moderate D/E ratio of 1.93. This balance of debt and equity financing earns a leverage score of 40/100.
Xos Inc's current ratio of 1.76 indicates adequate short-term liquidity, earning a score of 51/100. The company can meet its near-term obligations, though with limited headroom.
While Xos Inc generated -$48.8M in operating cash flow, capex of $304K consumed most of it, leaving -$49.1M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Xos Inc passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
For every $1 of reported earnings, Xos Inc generates $0.97 in operating cash flow (-$48.8M OCF vs -$50.2M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Key Financial Metrics
Xos Inc generated $56.0M in revenue in fiscal year 2024. This represents an increase of 25.7% from the prior year.
Xos Inc's EBITDA was -$41.6M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 30.9% from the prior year.
Xos Inc generated -$49.1M in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 20.7% from the prior year.
Xos Inc reported -$50.2M in net income in fiscal year 2024. This represents an increase of 33.9% from the prior year.
Xos Inc earned $-6.69 per diluted share (EPS) in fiscal year 2024. This represents an increase of 49.0% from the prior year.
Xos Inc held $11.0M in cash against $0 in long-term debt as of fiscal year 2024.
Xos Inc had 8M shares outstanding in fiscal year 2024. This represents an increase of 35.4% from the prior year.
Xos Inc's gross margin was 7.1% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 10.0 percentage points from the prior year.
Xos Inc's operating margin was -82.0% in fiscal year 2024, reflecting core business profitability. This is up 63.9 percentage points from the prior year.
Xos Inc's net profit margin was -89.6% in fiscal year 2024, showing the share of revenue converted to profit. This is up 80.7 percentage points from the prior year.
Xos Inc invested $10.6M in research and development in fiscal year 2024. This represents a decrease of 45.8% from the prior year.
Xos Inc invested $304K in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 78.1% from the prior year.
XOS Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $16.5M-10.3% | $18.4M+212.9% | $5.9M-48.8% | $11.5M-26.1% | $15.5M+18.0% | $13.2M-28.4% | $18.4M+10.1% | $16.7M |
| Cost of Revenue | $14.0M-16.7% | $16.8M+259.3% | $4.7M-69.3% | $15.2M+12.5% | $13.5M+30.2% | $10.4M-39.2% | $17.0M+15.9% | $14.7M |
| Gross Profit | $2.5M+56.3% | $1.6M+33.7% | $1.2M+132.6% | -$3.7M-283.1% | $2.0M-27.2% | $2.8M+110.1% | $1.3M-33.1% | $2.0M |
| R&D Expenses | $2.1M+0.7% | $2.1M+8.1% | $1.9M-0.3% | $1.9M-35.4% | $3.0M-2.5% | $3.1M-25.8% | $4.1M-8.3% | $4.5M |
| SG&A Expenses | $6.5M+9.3% | $5.9M-25.2% | $7.9M-1.9% | $8.1M-12.3% | $9.2M+2.4% | $9.0M+15.8% | $7.7M-9.5% | $8.5M |
| Operating Income | -$7.0M+1.2% | -$7.1M+23.6% | -$9.3M+36.4% | -$14.6M-28.2% | -$11.4M-11.0% | -$10.2M+13.4% | -$11.8M+6.3% | -$12.6M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | -$2K-115.4% | $13K+8.3% | $12K-50.0% | $24K+500.0% | $4K-20.0% | $5K-64.3% | $14K+366.7% | $3K |
| Net Income | $2.1M+128.3% | -$7.5M+26.3% | -$10.2M+46.3% | -$19.0M-96.4% | -$9.7M+12.2% | -$11.0M+20.4% | -$13.8M+2.0% | -$14.1M |
| EPS (Diluted) | $0.22+124.2% | $-0.91+27.8% | $-1.26+46.2% | $-2.34-90.2% | $-1.23+31.7% | $-1.80+20.0% | $-2.25 | $-2.40 |
XOS Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $73.8M-8.1% | $80.3M-8.4% | $87.7M-10.8% | $98.3M-20.3% | $123.4M-8.6% | $135.0M+44.1% | $93.7M-18.0% | $114.2M |
| Current Assets | $62.5M-6.2% | $66.6M-8.8% | $73.1M-11.2% | $82.3M-17.8% | $100.1M-11.2% | $112.8M+57.3% | $71.7M-21.6% | $91.5M |
| Cash & Equivalents | $14.1M+60.1% | $8.8M+84.6% | $4.8M-56.7% | $11.0M-44.1% | $19.7M-57.4% | $46.2M+296.6% | $11.6M-48.4% | $22.6M |
| Inventory | $25.2M-18.7% | $31.0M-18.4% | $38.0M+3.9% | $36.6M-11.6% | $41.4M+12.9% | $36.6M-3.2% | $37.8M-22.6% | $48.9M |
| Accounts Receivable | $15.4M-15.0% | $18.1M-18.6% | $22.2M-17.3% | $26.9M-9.7% | $29.7M+46.4% | $20.3M+34.2% | $15.1M+33.0% | $11.4M |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $42.8M-31.1% | $62.0M-1.4% | $62.9M-2.9% | $64.7M+0.8% | $64.2M-4.4% | $67.2M+38.5% | $48.5M-14.4% | $56.6M |
| Current Liabilities | $26.0M-13.7% | $30.1M-33.7% | $45.4M-2.8% | $46.7M+132.8% | $20.1M-10.1% | $22.3M+14.0% | $19.6M-28.0% | $27.2M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $31.1M+69.5% | $18.3M-26.1% | $24.8M-26.2% | $33.6M-43.2% | $59.2M-12.7% | $67.8M+50.0% | $45.2M-21.5% | $57.6M |
| Retained Earnings | -$219.0M+1.0% | -$221.1M-3.5% | -$213.6M-5.0% | -$203.4M-17.0% | -$173.9M-5.9% | -$164.3M-7.2% | -$153.3M-9.9% | -$139.4M |
XOS Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $3.1M-33.8% | $4.6M+197.7% | -$4.8M-244.4% | $3.3M+112.7% | -$26.0M-78.1% | -$14.6M-2212.0% | -$631K+92.7% | -$8.6M |
| Capital Expenditures | $0 | $0 | $0 | $0-100.0% | $126K+320.0% | $30K-86.4% | $221K+216.3% | -$190K |
| Free Cash Flow | $3.1M-33.8% | $4.6M+197.7% | -$4.8M-244.4% | $3.3M+112.6% | -$26.1M-78.6% | -$14.6M-1615.8% | -$852K+90.3% | -$8.8M |
| Investing Cash Flow | $43K | $0 | $0 | $0+100.0% | -$126K-100.2% | $51.3M+23324.0% | -$221K-101.6% | $14.2M |
| Financing Cash Flow | $2.2M+449.7% | -$618K+58.3% | -$1.5M+0.4% | -$1.5M-207.4% | -$484K+55.7% | -$1.1M+89.9% | -$10.9M-7.9% | -$10.1M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
XOS Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 15.3%+6.5pp | 8.8%-11.8pp | 20.6%+53.0pp | -32.4%-45.5pp | 13.1%-8.1pp | 21.2%+14.0pp | 7.2%-4.7pp | 11.9% |
| Operating Margin | -42.4%-3.9pp | -38.5%+119.2pp | -157.7%-30.7pp | -127.0%-53.8pp | -73.2%+4.6pp | -77.8%-13.4pp | -64.4%+11.2pp | -75.6% |
| Net Margin | 12.9%+53.7pp | -40.8%+132.5pp | -173.3%-7.8pp | -165.4%-103.2pp | -62.2%+21.4pp | -83.6%-8.4pp | -75.2%+9.3pp | -84.5% |
| Return on Equity | 6.8% | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | 2.9%+12.2pp | -9.3%+2.3pp | -11.6%+7.7pp | -19.3%-11.5pp | -7.8%+0.3pp | -8.2%+6.6pp | -14.8%-2.4pp | -12.3% |
| Current Ratio | 2.41+0.2 | 2.22+0.6 | 1.61-0.2 | 1.76-3.2 | 4.99-0.1 | 5.06+1.4 | 3.66+0.3 | 3.37 |
| Debt-to-Equity | 1.38-2.0 | 3.38+0.8 | 2.53+0.6 | 1.93+0.8 | 1.08+0.1 | 0.99-0.1 | 1.07+0.1 | 0.98 |
| FCF Margin | 18.6%-6.6pp | 25.3%+106.2pp | -80.9%-109.6pp | 28.7%+196.8pp | -168.1%-57.0pp | -111.1%-106.4pp | -4.6%+48.1pp | -52.7% |
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Frequently Asked Questions
What is Xos Inc's annual revenue?
Xos Inc (XOS) reported $56.0M in total revenue for fiscal year 2024. This represents a 25.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Xos Inc's revenue growing?
Xos Inc (XOS) revenue grew by 25.7% year-over-year, from $44.5M to $56.0M in fiscal year 2024.
Is Xos Inc profitable?
No, Xos Inc (XOS) reported a net income of -$50.2M in fiscal year 2024, with a net profit margin of -89.6%.
What is Xos Inc's earnings per share (EPS)?
Xos Inc (XOS) reported diluted earnings per share of $-6.69 for fiscal year 2024. This represents a 49.0% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Xos Inc's EBITDA?
Xos Inc (XOS) had EBITDA of -$41.6M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
What is Xos Inc's gross margin?
Xos Inc (XOS) had a gross margin of 7.1% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.
What is Xos Inc's operating margin?
Xos Inc (XOS) had an operating margin of -82.0% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is Xos Inc's net profit margin?
Xos Inc (XOS) had a net profit margin of -89.6% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is Xos Inc's free cash flow?
Xos Inc (XOS) generated -$49.1M in free cash flow during fiscal year 2024. This represents a -20.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Xos Inc's operating cash flow?
Xos Inc (XOS) generated -$48.8M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Xos Inc's total assets?
Xos Inc (XOS) had $98.3M in total assets as of fiscal year 2024, including both current and long-term assets.
What are Xos Inc's capital expenditures?
Xos Inc (XOS) invested $304K in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
How much does Xos Inc spend on research and development?
Xos Inc (XOS) invested $10.6M in research and development during fiscal year 2024.
How many shares does Xos Inc have outstanding?
Xos Inc (XOS) had 8M shares outstanding as of fiscal year 2024.
What is Xos Inc's current ratio?
Xos Inc (XOS) had a current ratio of 1.76 as of fiscal year 2024, which is generally considered healthy.
What is Xos Inc's debt-to-equity ratio?
Xos Inc (XOS) had a debt-to-equity ratio of 1.93 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Xos Inc's return on assets (ROA)?
Xos Inc (XOS) had a return on assets of -51.0% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is Xos Inc's cash runway?
Based on fiscal year 2024 data, Xos Inc (XOS) had $11.0M in cash against an annual operating cash burn of $48.8M. This gives an estimated cash runway of approximately 3 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Xos Inc's Piotroski F-Score?
Xos Inc (XOS) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Xos Inc's earnings high quality?
Xos Inc (XOS) has an earnings quality ratio of 0.97x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Xos Inc?
Xos Inc (XOS) scores 38 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.