Xos Q3 revenue falls 66.4% to $5.5M in 2026
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Filing Summary
Xos, Inc. reported third-quarter revenue of $5.5 million, up 17.0% sequentially but down 66.4% year over year. GAAP gross margin was 15.3%, versus 15.5% a year earlier; net loss was $7.6 million, compared with $2.1 million net income. Operating expenses fell 12.8% year over year to $8.3 million, while operating loss widened 7.0% to $7.5 million.
For the first nine months, revenue was $21.5 million, down 47.2%. GAAP gross margin rose to 26.9% from 13.3%; operating expenses fell 10.0% to $25.8 million, and operating loss narrowed 13.9% to $20.0 million. Adjusted EBITDA loss narrowed 26.9% to $12.0 million. Xos revised its 2026 outlook to revenue of $25 million to $35 million, non-GAAP operating loss of $(20.5) million to $(17.2) million, and 185 to 250 unit deliveries.
In Q3, Xos raised $2.8 million net of offering costs through its at-the-market program and repaid $1.5 million of convertible-note principal, leaving $14.0 million in outstanding convertible debt; quarter-end cash was $12.1 million. It shipped its first Hubs outside the U.S. for Waymo’s autonomous vehicle operations in London. Xos said its Hubs had delivered more than 5 GWh of energy to customers.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointNine-month gross margin rose to 26.9% from 13.3%.
- Moderate pointNine-month operating loss narrowed 13.9% to $20.0 million.
- Moderate pointAdjusted EBITDA loss narrowed 26.9% to $12.0 million over nine months.
Negative
- Major pointQ3 revenue fell 66.4% year over year to $5.5 million.
- Moderate pointQ3 operating loss widened 7.0% year over year to $7.5 million.
- Minor pointNine-month revenue fell 47.2% year over year to $21.5 million.
Filing Explained
At
8-K Event Classification
Key Figures
Key Terms
Adjusted EBITDA financial
Non-GAAP operating loss financial
at-the-market offering program financial
convertible debt financial
Clean Off-Road Equipment Voucher Incentive Project (CORE) regulatory
operating lease termination financial
Earnings Snapshot
Revised 2026 outlook: revenue of $25 million to $35 million; non-GAAP operating loss of $(20.5) million to $(17.2) million; 185 to 250 unit deliveries.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much revenue did XOS report for the third quarter of 2026?
What is XOS’s revised 2026 outlook?
Which XOS products are eligible for California CORE vouchers?
How many miles have XOS units driven?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
(Exact name of registrant as specified in its charter)
|
|
|||
(State or Other Jurisdiction of Incorporation) |
|
(Commission File Number) |
|
(I.R.S. Employer Identification No.) |
|
|
|
(Address of principal executive offices) |
|
(Zip Code) |
(
(Registrant’s telephone number, including area code)
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240-13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
|
Trading symbol(s) |
|
Name of each exchange on which registered |
|
|
|||
|
|
|
|
|
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On November 12, 2026, Xos, Inc. (the “Company”) issued a press release announcing its financial position as of September 30, 2026, results of operations for the three and nine months ended September 30, 2026 and other related information. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
In accordance with General Instruction B.2 of Form 8-K, the information included in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing made by the Company under the Exchange Act or the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.
|
|
|
|
|
|
Item 9.01. |
Financial Statements and Exhibits. |
||||
|
|
Description |
99.1 |
|
Press Release, dated November 12, 2026 |
104 |
|
iXBRL language is updated in the Exhibit Index |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: November 12, 2026
|
XOS, INC. |
|
|
|
|
|
By: |
/s/ Liana Pogosyan |
|
|
Liana Pogosyan |
|
|
Chief Financial Officer |
Exhibit 99.1
Xos Extends Gross Profit Streak, Highlighting Operational Efficiency
Recorded third consecutive quarter of positive GAAP gross profit: nine-month GAAP gross margin expanded to 26.9% from 13.3% in the prior year
Reduced nine-month operating expenses by 10.0%, narrowing nine-month GAAP and non-GAAP operating losses by 13.9% and 34.5%, respectively
Grew revenue 17.0% and improved adjusted EBITDA 15.6% sequentially
LOS ANGELES, CA -- November 12, 2026 -- Xos, Inc. (NASDAQ: XOS) ("Xos" or the "Company"), a leading energy storage and fleet electrification solutions provider, today reported financial results for the third quarter ended September 30, 2026. Building on a year of disciplined execution and consistent operational improvement, Xos recorded its third consecutive quarter of positive gross profit and reduced its operating expenses both year-over-year and sequentially, showcasing the durability of its operating model and its commitment to operational efficiency.
Third Quarter Highlights:
Nine Months Ended September 30, 2026 Highlights:
Platform and Product Milestones:
“Customers facing years-long waits for grid power need energy they can deploy now, and that is what Xos is building. During the quarter, the Xos Hub powered a hyperscaler’s data center construction project, another proof point that mobile storage solves a problem the grid cannot solve fast enough. We also began producing higher-capacity Hubs in Byrdstown and improved non-GAAP gross margin to 34.4%. Going into the fourth quarter, our priorities are clear: convert pipeline into deliveries, bring PowerHub rental and deployment partners online, and keep winning on reliability and economics,” said Dakota Semler, Chief Executive Officer of Xos.
“The first nine months of 2026 demonstrate the impact of the financial discipline we have embedded across Xos,” said Liana Pogosyan, Chief Financial Officer of Xos. “Year-over-year, we expanded GAAP gross
margin to 26.9% from 13.3%, reduced operating expenses by 10.0%, narrowed operating loss by 13.9%, and improved adjusted EBITDA by 26.9%.”
“We also continued to strengthen our balance sheet this year. Since year-end, we’ve reduced convertible debt by $4.5 million, or 24%, and brought inventory down by $3.1 million as we convert working capital to cash. In the third quarter, we raised $2.8 million through our at-the-market program and ended the quarter with $12.1 million in cash. Together with our lower operating expenses, that gives us a leaner cost base and a cleaner balance sheet as we execute against our revised full-year outlook.”
Third Quarter 2026 Financial Highlights
(in millions) |
September 30, 2026 |
June 30, 2026 |
December 31, 2025 |
Cash and cash equivalents |
$12.1 |
$13.2 |
$14.0 |
Inventories |
$21.8 |
$23.5 |
$25.0 |
|
Quarters ended |
||
(in millions) |
September 30, 2026 |
June 30, 2026 |
September 30, 2025 |
Revenues |
$5.5 |
$4.7 |
$16.5 |
Gross profit |
$0.9 |
$0.6 |
$2.6 |
Non-GAAP gross profit(1) |
$1.9 |
$0.3 |
$2.7 |
Net income (loss) |
$(7.6) |
$(6.9) |
$2.1 |
Loss from operations |
$(7.5) |
$(7.9) |
$(7.0) |
Non-GAAP operating loss(1) |
$(4.1) |
$(6.2) |
$(4.7) |
________________________
(1) For further information about how we calculate Non-GAAP financial measures, such as Non-GAAP gross profit, Non-GAAP operating loss, Adjusted EBITDA, and free cash flow, see below for the reconciliations of GAAP to non-GAAP financial measures provided in the tables included in this release.
2026 Outlook:
Xos is revising its outlook for 2026 due to results to date and changes in the expected product mix and volume expectations for the fourth quarter as a result of order revisions as follows:
|
Revenue |
$25 to $35 million |
Non-GAAP operating loss(1) |
$(20.5) million to $(17.2) million |
Unit deliveries (2) |
185 to 250 units |
____________________________
(1) This press release does not provide a forward-looking reconciliation from Non-GAAP operating loss to net loss, the most directly comparable GAAP measure, due to the uncertainty and the potential variability of inputs of the financial information. For the same reason, we are unable to address the probable significance of the unavailable information.
(2) Unit deliveries forecast includes our powertrain, Xos Hub products, stepvan and stripped chassis products.
Conference Call and Webcast Details
Date / Time: |
Thursday, November 12, 2026, at 4:30 p.m. EST / 1:30 p.m. PST |
|
Webcast: |
https://viavid.webcasts.com/starthere.jsp?ei=1779331&tp_key=4027fb8d71 |
|
U.S. Toll-Free Dial In: |
1-833-816-1411 |
|
International Dial In: |
1-412-317-0507 |
|
Conference ID: |
10212733 |
|
To access the call, please dial in approximately ten minutes before the start of the call.
For those unable to participate in the live call, an audio replay will be available following the call through midnight Thursday, November 26, 2026. To access the replay, please call 1-844-512-2921 or 1-412-317-6671 (International) and enter access code 10212733. A replay of the webcast will also be archived shortly after the call and can be accessed on the Company's website.
About Xos, Inc.
Xos is a leading energy storage and fleet electrification solutions provider. The Xos Hub is a proactive, movable power source delivering high-capacity output and high-speed charging in one. Xos vehicles and fleet management software are purpose-built for medium- and heavy-duty commercial vehicles that travel on last-mile, back-to-base routes. The Company leverages its proprietary technologies to provide a diverse customer base with rapid-deployment energy storage and charging solutions and commercial fleets with battery-electric vehicles that are easier to maintain and more cost-efficient on a total cost of ownership (TCO) basis than their internal combustion engine counterparts. For more information, please visit www.xostrucks.com.
Non-GAAP Financial Measures
The financial information in this press release has been presented in accordance with United States generally accepted accounting principles (“GAAP”) as well as on a non-GAAP basis to supplement Xos's unaudited condensed consolidated interim financial results. Xos's non-GAAP financial measures include operating cash flow less CapEx (Free Cash Flow), non-GAAP operating loss, non-GAAP gross profit and Adjusted EBITDA, which are defined below.
“Operating cash flow less CapEx (Free Cash Flow)” is defined as net cash provided by (used in) operating activities minus purchases of property and equipment.
“Non-GAAP operating loss” is defined as loss from operations adjusted for stock-based compensation, inventory reserve adjustments and physical inventory and other adjustments.
“Non-GAAP gross profit” is defined as gross profit (loss) adjusted for inventory reserve adjustments and physical inventory and other adjustments.
“Adjusted EBITDA” is defined as EBITDA (net (loss) income before other (expense) income, net, interest, taxes, depreciation and amortization) adjusted for change in fair value of derivatives, change in fair value of earn-out shares liability, gain on operating lease terminations, and stock-based compensation.
Xos believes that the use of operating cash flow less CapEx (Free Cash Flow), non-GAAP operating loss, non-GAAP gross profit, and Adjusted EBITDA reflects additional means for management and investors to use when evaluating Xos's ongoing operating results and trends. The presentation of these measures should not be construed as an inference that Xos's future results will be unaffected by unusual or non-recurring items. It is important to note Xos's computation of operating cash flow less CapEx (Free Cash Flow), non-GAAP operating loss, non-GAAP gross profit, and Adjusted EBITDA may not be comparable to other similarly titled measures computed by other companies, because not all companies may calculate operating cash flow less CapEx (Free Cash Flow), non-GAAP operating loss, non-GAAP gross profit, and Adjusted EBITDA in the same fashion. Non-GAAP information is not prepared under a comprehensive set of accounting rules and therefore, should only be read in conjunction with financial information reported under GAAP when understanding Xos's operating performance. A reconciliation between historical GAAP and non-GAAP financial information is provided in this press release.
Cautionary Statement Regarding Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements regarding projected financial and performance information; expectations and timing related to product deliveries and customer demand; sufficiency of existing cash reserves; customer acquisition and order metrics; ability to access additional capital and Xos’s long-term strategy and future growth. These forward-looking statements may be identified by the words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “future,” “intend,” “likely,” “may,” “might,” “opportunity,” “plan,” “possible,” “project,” “potential,” “predict,” “seek,” “seem,” “should,” “strategy,” “target,” “will,” “would,” and similar expressions and any other statements that
predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (i) Xos’s liquidity and access to capital when needed, including its ability to service its indebtedness; (ii) Xos’s ability to implement business plans, forecasts, and other expectations, and identify and realize additional opportunities; (iii) cost increases and delays in production due to supply chain shortages in the components needed for the production of Xos's products; (iv) Xos's ability to meet production milestones and fulfill backlog orders; (v) changes in the industries in which Xos operates; (vi) variations in operating performance across competitors; (vii) changes in laws and regulations affecting Xos's business, including changes to tax incentive policies; (viii) Xos's ability to implement its business plan or meet or exceed its financial projections; (ix) Xos's limited operating history; (x) Xos's ability to retain key personnel and hire additional personnel, particularly in light of current and potential labor shortages; (xi) the risk of downturns and a changing regulatory landscape in the highly competitive electric vehicle industry; (xii) macroeconomic and political conditions; and (xiii) the outcome of any legal proceedings that may be instituted against Xos. All forward-looking statements included in this press release are expressly qualified in their entirety by, and you should carefully consider, the foregoing factors and the other risks and uncertainties described under the heading “Risk Factors” included in Xos's most recently filed Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) and any subsequent Quarterly Reports on Form 10-Q filed with the SEC, copies of which may be obtained by visiting Xos's Investor Relations website at https://www.xostrucks.com/sec-filings or the SEC's website at www.sec.gov. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Xos assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Xos does not give any assurance that it will achieve its expectations.
Contacts
Xos Investor Relations
investors@xostrucks.com
Xos Media Relations
press@xostrucks.com
Xos, Inc. and Subsidiaries |
||||
Condensed Consolidated Balance Sheets |
||||
Unaudited |
||||
|
|
|
|
|
|
September 30, 2026 |
December 31, 2025(1) |
||
(in thousands, except par value per share) |
||||
Assets |
|
|
|
|
Cash and cash equivalents |
$ |
12,064 |
$ |
14,040 |
Accounts receivable, net |
|
4,639 |
|
6,035 |
Inventories |
|
21,840 |
|
24,961 |
Prepaid expenses and other current assets |
|
4,104 |
|
4,841 |
Total current assets |
|
42,647 |
|
49,877 |
Property and equipment, net |
|
3,465 |
|
4,320 |
Operating lease right-of-use assets, net |
|
1,304 |
|
1,534 |
Other non-current assets |
|
4,126 |
|
4,632 |
Total assets |
$ |
51,542 |
$ |
60,363 |
|
|
|
|
|
Liabilities and Stockholders’ Equity |
|
|
|
|
Accounts payable |
$ |
2,129 |
$ |
2,473 |
Convertible debt, current |
|
8,000 |
|
6,500 |
Other current liabilities |
|
14,372 |
|
14,011 |
Total current liabilities |
|
24,501 |
|
22,984 |
Common stock warrant liability |
|
- |
|
73 |
Other non-current liabilities |
|
948 |
|
1,345 |
Convertible debt, non-current |
|
6,000 |
|
12,000 |
Total liabilities |
|
31,449 |
|
36,402 |
Stockholders’ Equity |
|
|
|
|
Common stock $0.0001 par value per share, authorized 1,000,000 shares, 14,969 and 11,403 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively |
|
2 |
|
1 |
Preferred stock $0.0001 par value per share, authorized 10,000 shares, 0 shares issued and outstanding at September 30, 2026 and December 31, 2025 |
|
- |
|
- |
Additional paid-in capital |
|
267,575 |
|
252,026 |
Accumulated deficit |
|
(247,484) |
|
(228,066) |
Total stockholders’ equity |
|
20,093 |
|
23,961 |
Total liabilities and stockholders’ equity |
$ |
51,542 |
$ |
60,363 |
(1) Prior-period amounts have been revised to correct immaterial errors. See Note 19 – Revision of Previously Reported Information of the footnotes accompanying the unaudited condensed consolidated financial statements in our Form 10-Q for the quarter ended September 30, 2026 for more details.
Xos, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
Unaudited
(in thousands, except per share amounts) |
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||
|
2026 |
|
2025(1) |
|
2026 |
|
2025(1) |
|||||
Revenues |
|
$ |
5,546 |
|
$ |
16,500 |
|
$ |
21,511 |
|
$ |
40,772 |
Cost of goods sold |
|
|
4,696 |
|
|
13,948 |
|
|
15,717 |
|
|
35,347 |
Gross profit |
|
|
850 |
|
|
2,552 |
|
|
5,794 |
|
|
5,425 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative |
|
|
5,272 |
|
|
6,456 |
|
|
17,154 |
|
|
20,258 |
Research and development |
|
|
2,241 |
|
|
2,101 |
|
|
6,170 |
|
|
6,118 |
Sales and marketing |
|
|
797 |
|
|
968 |
|
|
2,517 |
|
|
2,329 |
Total operating expenses |
|
|
8,310 |
|
|
9,525 |
|
|
25,841 |
|
|
28,705 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from operations |
|
|
(7,460) |
|
|
(6,973) |
|
|
(20,047) |
|
|
(23,280) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on operating lease termination |
|
|
- |
|
|
9,394 |
|
|
54 |
|
|
9,394 |
Other (expense) income, net |
|
|
(224) |
|
|
(240) |
|
|
538 |
|
|
(1,496) |
Change in fair value of derivative instruments |
|
|
79 |
|
|
(39) |
|
|
73 |
|
|
(99) |
(Loss) income before provision for income taxes |
|
|
(7,605) |
|
|
2,142 |
|
|
(19,382) |
|
|
(15,481) |
Provision (benefit) for income taxes |
|
|
4 |
|
|
(2) |
|
|
36 |
|
|
23 |
Net (loss) income |
|
$ |
(7,609) |
|
$ |
2,144 |
|
$ |
(19,418) |
|
$ |
(15,504) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income per share |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.52) |
|
$ |
0.22 |
|
$ |
(1.50) |
|
$ |
(1.78) |
Diluted |
|
$ |
(0.52) |
|
$ |
0.22 |
|
$ |
(1.50) |
|
$ |
(1.78) |
Weighted average shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
14,545 |
|
|
9,688 |
|
|
12,913 |
|
|
8,690 |
Diluted |
|
|
14,545 |
|
|
9,753 |
|
|
12,913 |
|
|
8,690 |
(1) Prior-period amounts have been revised to correct immaterial errors. See Note 19 – Revision of Previously Reported Information of the footnotes accompanying the unaudited condensed consolidated financial statements in our Form 10-Q for the quarter ended September 30, 2026 for more details.
Reconciliation of Adjusted EBITDA, Operating Cash Flow less CapEx (Free Cash Flow), Non-GAAP Operating Loss and Non-GAAP Gross Profit:
Adjusted EBITDA Reconciliation:
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
Three Months Ended June 30, |
||||
(in thousands) |
2026 |
|
2025 |
|
2026 |
|
2025 |
|
2026 |
Net income (loss) |
$ (7,609) |
|
$ 2,144 |
|
$(19,418) |
|
$(15,504) |
|
$ (6,893) |
Other (expense) income, net |
224 |
|
240 |
|
(538) |
|
1,496 |
|
(1,096) |
Depreciation |
498 |
|
531 |
|
1,582 |
|
1,601 |
|
525 |
Provision (benefit) for income taxes |
4 |
|
(2) |
|
36 |
|
23 |
|
27 |
EBITDA |
(6,883) |
|
2,913 |
|
(18,338) |
|
(12,384) |
|
(7,437) |
Change in fair value of derivative instruments |
(79) |
|
39 |
|
(73) |
|
99 |
|
15 |
Gain on operating lease termination |
- |
|
(9,394) |
|
(54) |
|
(9,394) |
|
(54) |
Stock-based compensation |
2,330 |
|
2,125 |
|
6,437 |
|
5,222 |
|
1,988 |
Adjusted EBITDA |
$ (4,632) |
|
$ (4,317) |
|
$(12,028) |
|
$ (16,457) |
|
$ (5,488) |
Operating Cash Flow less CapEx (Free Cash Flow):
|
|
Three Months Ended |
|
Nine Months Ended |
|
Three Months Ended June 30, |
|||||||||
(in thousands) |
|
2026 |
|
|
2025 |
|
2026 |
|
|
2025 |
|
|
|
2026 |
|
Net cash (used in) provided by operating activities |
$ |
(2,503) |
|
$ |
3,077 |
|
$ |
(6,778) |
|
$ |
2,966 |
|
$ |
(2,687) |
|
Purchase of property and equipment |
|
(205) |
|
|
- |
|
(243) |
|
|
- |
|
|
(19) |
||
Free Cash Flow |
$ |
(2,708) |
|
$ |
3,077 |
|
$ |
(7,021) |
|
$ |
2,966 |
|
$ |
(2,706) |
|
Non-GAAP Operating Loss:
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
Three Months Ended June 30, |
||||
(in thousands) |
2026 |
|
2025 |
|
2026 |
|
2025 |
|
2026 |
Loss from operations |
$ (7,460) |
|
$ (6,973) |
|
$ (20,047) |
|
$ (23,280) |
|
$ (7,947) |
Stock-based compensation |
2,330 |
|
2,125 |
|
6,437 |
|
5,222 |
|
1,988 |
Inventory reserve adjustments |
782 |
|
128 |
|
(95) |
|
(2,078) |
|
(672) |
Physical inventory and other adjustments |
276 |
|
(26) |
|
835 |
|
497 |
|
441 |
Non-GAAP Operating Loss |
$ (4,072) |
|
$ (4,746) |
|
$(12,870) |
|
$(19,639) |
|
$ (6,190) |
Non-GAAP Gross Profit:
|
Three Months Ended |
|
Nine Months Ended |
|
Three Months Ended June 30, |
||||
(in thousands) |
2026 |
|
2025 |
|
2026 |
|
2025 |
|
2026 |
Gross profit |
$ 850 |
|
$ 2,552 |
|
$ 5,794 |
|
$ 5,425 |
|
$ 573 |
Inventory reserve adjustments |
782 |
|
128 |
|
(95) |
|
(2,078) |
|
(672) |
Physical inventory and other adjustments |
276 |
|
(26) |
|
835 |
|
497 |
|
441 |
Non-GAAP Gross Profit |
$ 1,908 |
|
$ 2,654 |
|
$ 6,534 |
|
$ 3,844 |
|
$ 342 |