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 6 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).
FY2025 cash generation improved because cost cuts and working-capital release outran a still loss-making operating model.
In FY2025, operating cash flow turned positive at$5.4M even though operating income remained negative, so the cash swing did not come from better reported earnings alone. Because free cash flow matched operating cash flow and capital spending was$0 , the improvement is more consistent with working-capital release and deferred reinvestment than with a fully self-funding business.
Loss reduction came mainly from expense compression, not from stronger unit economics. Revenue fell from FY2024 while gross margin slipped to
Liquidity looks more manageable than the income statement suggests, with a current ratio of 2.1x and cash of
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Xos Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Xos Inc scores -5.25, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($35.7M) relative to total liabilities ($37.1M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Xos Inc passes 5 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Xos Inc generates $-213438.74 in operating cash flow ($5.4M OCF vs -$25 net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Key Financial Metrics
Earnings & Revenue
Xos Inc generated $46.0M in revenue in fiscal year 2025. This represents a decrease of 17.8% from the prior year.
Xos Inc's EBITDA was -$30.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 26.0% from the prior year.
Xos Inc reported -$25 in net income in fiscal year 2025. This represents an increase of 49.6% from the prior year.
Xos Inc earned $-2.71 per diluted share (EPS) in fiscal year 2025. This represents an increase of 59.5% from the prior year.
Cash & Balance Sheet
Xos Inc generated $5.4M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 111.0% from the prior year.
Xos Inc held $14.0M in cash against $0 in long-term debt as of fiscal year 2025.
Xos Inc had 11M shares outstanding in fiscal year 2025. This represents an increase of 41.7% from the prior year.
Margins & Returns
Xos Inc's gross margin was 5.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 1.2 percentage points from the prior year.
Xos Inc's operating margin was -71.9% in fiscal year 2025, reflecting core business profitability. This is up 10.0 percentage points from the prior year.
Xos Inc's net profit margin was 0.0% in fiscal year 2025, showing the share of revenue converted to profit. This is up 0.0 percentage points from the prior year.
Xos Inc's ROE was 0.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 0.0 percentage points from the prior year.
Capital Allocation
Xos Inc invested $8.0M in research and development in fiscal year 2025. This represents a decrease of 24.7% from the prior year.
Xos Inc invested $0 in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 100.0% from the prior year.
XOS Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $11.2M+115.0% | $5.2M-68.4% | $16.5M-10.3% | $18.4M+212.9% | $5.9M-48.8% | $11.5M-27.3% | $15.8M+1.6% | $15.5M |
| Cost of Revenue | $6.9M-12.3% | $7.9M-43.8% | $14.0M-16.7% | $16.8M+259.3% | $4.7M-69.3% | $15.2M+17.5% | $12.9M-4.3% | $13.5M |
| Gross Profit | $4.3M+264.4% | -$2.6M-204.2% | $2.5M+56.3% | $1.6M+33.7% | $1.2M+132.6% | -$3.7M-229.8% | $2.9M+41.1% | $2.0M |
| R&D Expenses | $2.0M+7.9% | $1.9M-10.4% | $2.1M+0.7% | $2.1M+8.1% | $1.9M-0.3% | $1.9M-26.1% | $2.6M-12.6% | $3.0M |
| SG&A Expenses | $6.1M+33.6% | $4.5M-29.7% | $6.5M+9.3% | $5.9M-25.2% | $7.9M-1.9% | $8.1M-9.5% | $8.9M-3.0% | $9.2M |
| Operating Income | -$4.7M+52.0% | -$9.7M-39.2% | -$7.0M+1.2% | -$7.1M+23.6% | -$9.3M+36.4% | -$14.6M-50.4% | -$9.7M+14.8% | -$11.4M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | $5K | $0+100.0% | -$2K-115.4% | $13K+8.3% | $12K-50.0% | $24K+500.0% | $4K0.0% | $4K |
| Net Income | -$5.0M-131.8% | $15.6M+633.3% | $2.1M+128.3% | -$7.5M+26.3% | -$10.2M-132.7% | $31.2M+396.6% | -$10.5M-8.8% | -$9.7M |
| EPS (Diluted) | $-0.43 | N/A | $0.22+124.2% | $-0.91+27.8% | $-1.26 | N/A | $-1.32-7.3% | $-1.23 |
XOS Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $54.4M-9.9% | $60.4M-18.2% | $73.8M-8.1% | $80.3M-8.4% | $87.7M-10.8% | $98.3M-18.4% | $120.5M-2.4% | $123.4M |
| Current Assets | $45.3M-9.2% | $49.9M-20.2% | $62.5M-6.2% | $66.6M-8.8% | $73.1M-11.2% | $82.3M-15.7% | $97.6M-2.5% | $100.1M |
| Cash & Equivalents | $9.8M-29.9% | $14.0M-0.2% | $14.1M+60.1% | $8.8M+84.6% | $4.8M-56.7% | $11.0M+30.4% | $8.4M-57.1% | $19.7M |
| Inventory | $23.7M-5.2% | $25.0M-1.0% | $25.2M-18.7% | $31.0M-18.4% | $38.0M+3.9% | $36.6M-13.8% | $42.4M+2.5% | $41.4M |
| Accounts Receivable | $7.4M+22.6% | $6.0M-60.7% | $15.4M-15.0% | $18.1M-18.6% | $22.2M-17.3% | $26.9M-26.3% | $36.4M+22.5% | $29.7M |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $34.6M-6.6% | $37.1M-13.3% | $42.8M-31.1% | $62.0M-1.4% | $62.9M-2.9% | $64.7M-7.1% | $69.7M+8.5% | $64.2M |
| Current Liabilities | $23.9M+1.2% | $23.7M-8.9% | $26.0M-13.7% | $30.1M-33.7% | $45.4M-2.8% | $46.7M-7.0% | $50.2M+150.3% | $20.1M |
| Long-Term Debt | $17.0M | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $19.8M-15.0% | $23.3M-25.0% | $31.1M+69.5% | $18.3M-26.1% | $24.8M-26.2% | $33.6M-33.9% | $50.8M-14.2% | $59.2M |
| Retained Earnings | -$233.7M-2.2% | -$228.7M-4.5% | -$219.0M+1.0% | -$221.1M-3.5% | -$213.6M-5.0% | -$203.4M-10.3% | -$184.4M-6.0% | -$173.9M |
XOS Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$1.6M-165.2% | $2.4M-20.9% | $3.1M-33.8% | $4.6M+197.7% | -$4.8M-244.2% | $3.3M+128.6% | -$11.5M+55.7% | -$26.0M |
| Capital Expenditures | $19K | $0 | $0 | $0 | $0 | $0-100.0% | $148K+17.5% | $126K |
| Free Cash Flow | -$1.6M-166.0% | $2.4M-20.9% | $3.1M-33.8% | $4.6M+197.7% | -$4.8M-244.2% | $3.3M+128.3% | -$11.7M+55.3% | -$26.1M |
| Investing Cash Flow | $312K+1633.3% | $18K-58.1% | $43K | $0 | $0 | $0+100.0% | -$23K+81.7% | -$126K |
| Financing Cash Flow | -$2.9M-19.3% | -$2.4M-213.0% | $2.2M+449.7% | -$618K+58.3% | -$1.5M+0.4% | -$1.5M-3820.0% | $40K+108.3% | -$484K |
| 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 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 38.6%+89.1pp | -50.5%-65.9pp | 15.3%+6.5pp | 8.8%-11.8pp | 20.6%+53.0pp | -32.4%-50.5pp | 18.1%+5.1pp | 13.1% |
| Operating Margin | -41.7%+144.9pp | -186.6%-144.2pp | -42.4%-3.9pp | -38.5%+119.2pp | -157.7%-30.7pp | -127.0%-65.6pp | -61.4%+11.8pp | -73.2% |
| Net Margin | -44.1%-342.4pp | 298.2%+285.4pp | 12.9%+53.7pp | -40.8%+132.5pp | -173.3%-445.0pp | 271.7%+338.3pp | -66.6%-4.4pp | -62.2% |
| Return on Equity | -25.0%-91.9pp | 66.8%+60.0pp | 6.8%+47.8pp | -40.9%+0.1pp | -41.1%-133.8pp | 92.8%+113.4pp | -20.7%-4.4pp | -16.3% |
| Return on Assets | -9.1%-34.9pp | 25.8%+22.9pp | 2.9%+12.2pp | -9.3%+2.3pp | -11.6%-43.3pp | 31.7%+40.4pp | -8.7%-0.9pp | -7.8% |
| Current Ratio | 1.89-0.2 | 2.11-0.3 | 2.41+0.2 | 2.22+0.6 | 1.61-0.2 | 1.76-0.2 | 1.94-3.0 | 4.99 |
| Debt-to-Equity | 1.75+0.2 | 1.59+0.2 | 1.38-2.0 | 3.38+0.8 | 2.53+0.6 | 1.93+0.6 | 1.37+0.3 | 1.08 |
| FCF Margin | -14.3%-60.9pp | 46.6%+28.0pp | 18.6%-6.6pp | 25.3%+106.2pp | -80.9%-109.6pp | 28.7%+102.6pp | -73.9%+94.2pp | -168.1% |
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Frequently Asked Questions
What is Xos Inc's annual revenue?
Xos Inc (XOS) reported $46.0M in total revenue for fiscal year 2025. This represents a -17.8% 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 declined by 17.8% year-over-year, from $56.0M to $46.0M in fiscal year 2025.
Is Xos Inc profitable?
No, Xos Inc (XOS) reported a net income of -$25 in fiscal year 2025, with a net profit margin of 0.0%.
What is Xos Inc's EBITDA?
Xos Inc (XOS) had EBITDA of -$30.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Xos Inc's gross margin?
Xos Inc (XOS) had a gross margin of 5.9% in fiscal year 2025, 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 -71.9% in fiscal year 2025, 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 0.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Xos Inc's return on equity (ROE)?
Xos Inc (XOS) has a return on equity of 0.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Xos Inc's free cash flow?
Xos Inc (XOS) generated $5.4M in free cash flow during fiscal year 2025. This represents a 111.0% 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 $5.4M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Xos Inc's total assets?
Xos Inc (XOS) had $60.4M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Xos Inc's capital expenditures?
Xos Inc (XOS) invested $0 in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Xos Inc spend on research and development?
Xos Inc (XOS) invested $8.0M in research and development during fiscal year 2025.
What is Xos Inc's current ratio?
Xos Inc (XOS) had a current ratio of 2.11 as of fiscal year 2025, which is generally considered healthy.
What is Xos Inc's debt-to-equity ratio?
Xos Inc (XOS) had a debt-to-equity ratio of 1.59 as of fiscal year 2025, 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 0.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Xos Inc's Altman Z-Score?
Xos Inc (XOS) has an Altman Z-Score of -5.25, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Xos Inc's Piotroski F-Score?
Xos Inc (XOS) has a Piotroski F-Score of 5 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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 -213438.74x, considered mixed quality. 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 56 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.