Xos (XOS) Q1 2026 revenue jumps to $11.2M with record 38.6% margin
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Xos, Inc. reported strong Q1 2026 results, with revenue of $11.2 million and gross margin of 38.6%, its highest since going public. The company delivered 95 units versus 29 a year earlier and cut operating loss to $4.7 million from $9.3 million. Net loss narrowed to $5.0 million from $10.2 million. Cash and cash equivalents were $9.8 million as of March 31, 2026. Xos reaffirmed its 2026 outlook, targeting revenue of $40–$50 million, non‑GAAP operating loss of $11.9–$13.3 million, and 350–500 unit deliveries.
Positive
- Record profitability metrics: Q1 2026 gross margin reached 38.6% and operating loss improved to $4.7 million from $9.3 million, with Adjusted EBITDA loss shrinking to $2.0 million, indicating significant structural margin improvement.
- Strong growth and reaffirmed outlook: Revenue rose to $11.2 million from $5.9 million with unit deliveries more than tripling to 95, and management reaffirmed 2026 targets of $40–$50 million revenue and 350–500 unit deliveries.
Negative
- None.
Insights
Xos showed rapid Q1 growth, record margins, but remains loss-making.
Xos nearly doubled Q1 2026 revenue to $11.2 million while lifting gross margin to a record 38.6%, driven by a higher mix of powertrains and hubs. Deliveries rose to 95 units, including 63 powertrains for Blue Bird school buses.
Loss from operations improved to $4.7 million from $9.3 million, and Adjusted EBITDA loss narrowed to $2.0 million. Cash stood at $9.8 million with total liabilities of $34.6 million, including current and non-current convertible debt.
The company maintained 2026 guidance for revenue of $40–$50 million, non-GAAP operating loss of $11.9–$13.3 million, and 350–500 unit deliveries. Actual outcomes will depend on execution of its multi-product strategy and demand for electric trucks, powertrains, and Xos Hub energy storage.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Q1 2026 Revenue: $11.2 million
Q1 2026 Gross Margin: 38.6%
Q1 2026 Loss from Operations: $4.7 million
+5 more
8 metrics
Q1 2026 Revenue
$11.2 million
Three months ended March 31, 2026
Q1 2026 Gross Margin
38.6%
Record company gross margin in Q1 2026
Q1 2026 Loss from Operations
$4.7 million
Down from $9.3 million in Q1 2025
Q1 2026 Net Loss
$4.953 million
Three months ended March 31, 2026
Cash and Cash Equivalents
$9.849 million
Balance sheet as of March 31, 2026
Convertible Debt Total
$17.0 million
Current and non-current as of March 31, 2026
2026 Revenue Outlook
$40.0–$50.0 million
Full-year 2026 guidance maintained
2026 Unit Deliveries Outlook
350–500 units
Full-year 2026 guidance for deliveries
Key Terms
Adjusted EBITDA, Non-GAAP gross profit, Non-GAAP operating loss, Free Cash Flow, +2 more
6 terms
Adjusted EBITDA financial
"Adjusted EBITDA improved by $5.2 million, or 72.4% year-over-year."
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
Non-GAAP gross profit financial
"Non-GAAP gross margins also reached a record 37.8%, compared to 15.0% in Q1 2025."
Non-GAAP gross profit is a way companies measure how much money they make from selling their products or services, excluding some expenses that are usually included in standard calculations. It matters because it can give a clearer picture of the company's core earning ability, helping investors understand its performance without certain accounting adjustments.
Non-GAAP operating loss financial
"Non-GAAP operating loss of $2.6 million in Q1 2026, compared to $8.1 million in Q1 2025."
Non-GAAP operating loss is a company's reported operating loss after management removes certain items they consider unusual, one-time, or not part of regular business (for example, restructuring charges, stock-based compensation, or asset write-downs). Investors care because it reflects management’s view of the business’s ongoing operating performance—like looking at a car’s speed after smoothing out bumps—but it can be shaped differently by each company and so is less standardized than GAAP figures.
Free Cash Flow financial
"“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."
Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.
Convertible debt financial
"Convertible debt, current | 7,000 | | | 6,500 |"
A convertible debt is a loan a company takes that gives the lender the option to swap the owed money for a set number of the company’s shares instead of getting cash back. It matters to investors because it can change who owns the company and how much their shares are worth: if lenders convert, existing shareholders can be diluted, but conversion can also signal confidence and reduce a company’s cash pressure — like getting a coupon that can be redeemed for store ownership rather than a refund.
Xos Hub technical
"The Xos Hub is a proactive, movable power source delivering high-capacity output and high-speed charging in one."
Earnings Snapshot
Revenue: $11.2 million · Guidance included
Q1 2026
Revenue
$11.2 million
Gross Margin
38.6%
Net Loss
$4.953 million
Guidance
Maintains 2026 outlook for revenue of $40.0–$50.0 million, non-GAAP operating loss of $11.9–$13.3 million, and 350–500 unit deliveries.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 14, 2026
(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) | |||||||
(818 ) 316-1890
(Registrant’s telephone number, including area 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 May 14, 2026 , Xos, Inc. (the “Company”) issued a press release announcing its financial position as of March 31, 2026, results of operations for the three months ended March 31, 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. | ||||
Exhibit No. | Description | |||||||
99.1 | Press Release, dated May 14, 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: May 14, 2026
| XOS, INC. | ||||||||
| By: | /s/ Liana Pogosyan | |||||||
| Liana Pogosyan | ||||||||
| Chief Financial Officer | ||||||||
Exhibit 99.1
Xos Reports Record Gross Margin and Lowest Operating Loss in Company History since Going Public, Anchored by Multi-Product Business Lines
Record-lows in operating loss and non-GAAP operating loss since going public, achieving reductions of nearly 50% and 67.2% year-over-year, respectively.
Generated quarterly gross margin of $4.3 million, expanding margins to 38.6%
Delivered a Q1 record of 95 units, including 63 powertrains for Blue Bird school buses, more than 3 times the prior-year quarter
LOS ANGELES, CA – May 14, 2026 – Xos, Inc. (NASDAQ: XOS) (“Xos” or the “Company”), a leading energy storage and fleet electrification solutions provider, today reported financial results for the first quarter ended March 31, 2026. Building on a year of disciplined execution and consistent operational improvement, Xos opened 2026 with its highest quarterly gross margin and lowest operating loss in Company history, reinforcing the durability of its operating model and the strength of its multi-product platform spanning vehicles, powertrains, and energy storage.
First Quarter Highlights:
•Xos delivered 95 units, including leases, and generated $11.2 million in revenue in the first quarter, compared to 29 units and $5.9 million in Q1 2025, as the Company executed its strategic focus on powertrain and hubs production.
•Gross margins improved to a record-high 38.6%, compared to 20.6% in Q1 2025. Non-GAAP gross margins also reached a record 37.8%, compared to 15.0% in Q1 2025. The increase was driven by a shift in product mix towards high-margin powertrains and hubs.
•Xos reported record-lows in operating loss and non-GAAP operating loss since going public, achieving reductions of 49.5% and 67.2% year-over-year, respectively. Operating loss improved to $4.7 million, compared to $9.3 million in Q1 2025, and non-GAAP operating loss of $2.6 million in Q1 2026, compared to $8.1 million in Q1 2025.
•Operating expenses decreased by $1.5 million, or 14.0% year-over-year. First quarter operating expenses fell to $9.0 million compared to $10.5 million in Q1 2025, driven by cost discipline across the organization.
•EBITDA improved by $4.7 million, or 53.4% year-over-year. First quarter EBITDA was a loss of $4.1 million compared to a loss of $8.8 million in Q1 2025. Adjusted EBITDA improved by $5.2
million, or 72.4% year-over-year. First quarter adjusted EBITDA was a loss of $2.0 million compared to a loss of $7.2 million in the first quarter of 2025.
Platform and Product Milestones:
•Xos Hub™ energy storage proving reliability at scale. Xos Hub units deployed across customer fleets have now charged gigawatt-hours of energy in the aggregate, and the most active individual units have completed thousands of charge cycles each, proving the reliability and durability of Xos's mobile energy storage technology in demanding real-world conditions.
•Next-generation Hub variants in development. The Company launched the Xos Hub 210 kWh, Xos Hub 420 kWh and Xos Hub 630 kWh models; the 420 kWh option began production during the quarter. These next-generation variants expand the addressable market for the Xos Hub across a broader range of fleet sizes and charging use cases.
•During the first quarter of 2026, multiple Xos customer fleets surpassed millions of cumulative miles driven on their Xos vehicles, a milestone that validates the long-term reliability, performance, and total cost of ownership advantage of the Xos platform.
•Last year Xos announced the industry's most competitive electric truck chassis, priced below $100,000. During the first quarter of 2026, Xos began offering its electric truck chassis at $99,000, making it the most competitively priced battery-electric commercial vehicle chassis on the market. This pricing positions Xos to capture accelerating demand as fleet operators evaluate electrification on pure economics, regardless of the evolving incentive landscape.
“Q1 was a defining proof point for this team. We delivered the highest gross margin in our history as a public company and the lowest operating loss since going public. Our Hubs have now charged gigawatt-hours of energy. Our customers have logged millions of miles. Our powertrains are powering Blue Bird school buses operating around the country. And we’re now selling the most competitively priced electric truck chassis in the industry, for under $100,000. These results reflect the strength of our engineering team, the discipline of our supply chain team, and the execution of our sales organization. Xos is building a multi-product platform that wins on reliability, wins on economics, and wins regardless of where the incentive landscape goes, and that is exactly the company we set out to build,” said Dakota Semler, Chief Executive Officer of Xos.
“The first quarter reflects disciplined execution of the operating framework we’ve put in place over the past year,” said Liana Pogosyan, Chief Financial Officer. “We delivered record gross margins of 38.6% and significantly reduced operating loss, with GAAP operating loss improving by nearly 50% and non-GAAP operating loss by 67% year-over-year, while continuing to scale revenue. Importantly, these results are driven by structural improvements across sourcing, inventory management, and cost control—not one-time actions. Our focus going forward is unchanged — sustaining the momentum, scaling efficiently, and delivering consistent margin expansion and operating leverage.”
First Quarter 2026 Financial Highlights
| Quarters Ended | |||||||||||
| (in millions) | 31 Mar 2026 | 31 Dec 2025 | 31 Mar 2025 | ||||||||
| Revenues | $ | 11.2 | $ | 5.2 | $ | 5.9 | |||||
| Gross profit (loss) | $ | 4.3 | $ | (2.6) | $ | 1.2 | |||||
Non-GAAP gross profit (1) | $ | 4.2 | $ | 0.3 | $ | 0.9 | |||||
| Net Loss | $ | (5.0) | $ | (9.8) | $ | (10.2) | |||||
| Loss from operations | $ | (4.7) | $ | (9.7) | $ | (9.3) | |||||
Non-GAAP operating loss(1) | $ | (2.6) | $ | (4.6) | $ | (8.1) | |||||
Inventories | $ | 23.7 | $ | 25.0 | $ | 38.0 | |||||
Cash and cash equivalents | $ | 9.8 | $ | 14.0 | $ | 4.8 | |||||
____________________________
(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 maintaining its outlook for 2026 as follows:
Revenue | $40.0 to $50.0 million | ||||
Non-GAAP operating loss (1) | $11.9 to $13.3 million | ||||
Unit Deliveries (2) | 350 to 500 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 and Xos Hub products, stepvan and stripped chassis.
The outlook provided above is based on management beliefs and expectations as of the date of this press release. The results are based on assumptions that are believed to be reasonable as of this date, but may be materially affected by many factors, as discussed below in our “Cautionary Statement Regarding Forward-Looking Statements” disclaimer. Actual results may vary from the outlook above and the variations may be material. The Company undertakes no intent or obligation to publicly update or revise any of these projections, whether as a result of new information, future events or otherwise, except as required by law.
Conference Call and Webcast Details
Date / Time: Thursday, May 14, 2026, at 4:30 p.m. EDT / 1:30 p.m. PDT
Webcast: https://viavid.webcasts.com/starthere.jsp?ei=1760926&tp_key=9d43fc8f14
U.S. Toll-Free Dial In: 1-833-816-1411
International Dial In: 1-412-317-0507
Conference ID: 10208874
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, May 28, 2026. To access the replay, please call 1-833-816-1411 or 1-412-317-0507 (International) and enter access code 10208874. 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 write-downs and physical inventory and other adjustments.
“Non-GAAP gross profit” is defined as gross profit (loss) minus inventory write-downs and physical inventory and other adjustments.
“Adjusted EBITDA” is defined as EBITDA (earnings before interest, taxes, depreciation & amortization) minus change in fair value of derivatives, change in fair value of earn-out shares liability, 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 Investors 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
Condensed Consolidated Balance Sheets
Unaudited
(in thousands, except par value per share) | March 31, 2026 | December 31, 2025 | |||||||||
| Assets | |||||||||||
| Cash and cash equivalents | $ | 9,849 | $ | 14,040 | |||||||
Accounts receivable, net | 7,398 | 6,035 | |||||||||
Inventories | 23,664 | 24,961 | |||||||||
| Prepaid expenses and other current assets | 4,353 | 4,841 | |||||||||
| Total current assets | 45,264 | 49,877 | |||||||||
| Property and equipment, net | 3,809 | 4,320 | |||||||||
| Operating lease right-of-use assets, net | 1,104 | 1,534 | |||||||||
Other non-current assets | 4,240 | 4,632 | |||||||||
| Total assets | $ | 54,417 | $ | 60,363 | |||||||
Liabilities and Stockholders’ Equity | |||||||||||
| Accounts payable | $ | 1,941 | $ | 2,473 | |||||||
Convertible debt, current | 7,000 | 6,500 | |||||||||
| Other current liabilities | 14,993 | 14,685 | |||||||||
| Total current liabilities | 23,934 | 23,658 | |||||||||
Common stock warrant liability | 64 | 73 | |||||||||
| Convertible debt, non-current | 10,000 | 12,000 | |||||||||
Other non-current liabilities | 629 | 1,345 | |||||||||
| Total liabilities | 34,627 | 37,076 | |||||||||
Stockholders’ Equity | |||||||||||
| Common stock $0.0001 par value per share, authorized 1,000,000 shares, 11,983 and 11,403 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively | 1 | 1 | |||||||||
Preferred stock $0.0001 par value per share, authorized 10,000 shares, 0 shares issued and outstanding at March 31, 2026 and December 31, 2025 | — | — | |||||||||
Additional paid-in capital | 253,482 | 252,026 | |||||||||
| Accumulated deficit | (233,693) | (228,740) | |||||||||
Total stockholders’ equity | 19,790 | 23,287 | |||||||||
| Total liabilities and stockholders’ equity | $ | 54,417 | $ | 60,363 | |||||||
Xos, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
Unaudited
Condensed Consolidated Statements of Operations
Unaudited
| Three Months Ended March 31, | ||||||||||||||
(in thousands, except per share amounts) | 2026 | 2025 | ||||||||||||
| Revenues | $ | 11,225 | $ | 5,879 | ||||||||||
Cost of goods sold | 6,891 | 4,668 | ||||||||||||
Gross profit | 4,334 | 1,211 | ||||||||||||
Operating expenses | ||||||||||||||
General and administrative | 6,065 | 7,896 | ||||||||||||
Research and development | 2,030 | 1,930 | ||||||||||||
Sales and marketing | 916 | 654 | ||||||||||||
Total operating expenses | 9,011 | 10,480 | ||||||||||||
Loss from operations | (4,677) | (9,269) | ||||||||||||
Other expense, net | (280) | (851) | ||||||||||||
Change in fair value of derivative instruments | 9 | (54) | ||||||||||||
Loss before provision for income taxes | (4,948) | (10,174) | ||||||||||||
Provision for income taxes | 5 | 12 | ||||||||||||
Net loss | $ | (4,953) | $ | (10,186) | ||||||||||
Net loss per share | ||||||||||||||
Basic | $ | (0.43) | $ | (1.26) | ||||||||||
Diluted | $ | (0.43) | $ | (1.26) | ||||||||||
| Weighted average shares outstanding | ||||||||||||||
| Basic | 11,572 | 8,076 | ||||||||||||
| Diluted | 11,572 | 8,076 | ||||||||||||
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 March 31, | Three Months Ended December 31, | ||||||||||||||||
| (in thousands) | 2026 | 2025 | 2025 | ||||||||||||||
| Net loss | $ | (4,953) | $ | (10,186) | $ | (9,752) | |||||||||||
| Other expense, net | 280 | 851 | 641 | ||||||||||||||
| Depreciation | 559 | 506 | 582 | ||||||||||||||
| Provision for income taxes | 5 | 12 | — | ||||||||||||||
| EBITDA | (4,109) | (8,817) | (8,529) | ||||||||||||||
| Change in fair value of derivatives | (9) | 54 | (147) | ||||||||||||||
| Gain on operating lease termination | — | — | (481) | ||||||||||||||
| Stock based compensation | 2,119 | 1,523 | 2,185 | ||||||||||||||
| Adjusted EBITDA | $ | (1,999) | $ | (7,240) | $ | (6,972) | |||||||||||
Operating Cash Flow less CapEx (Free Cash Flow):
Three Months Ended March 31, | Three Months Ended December 31, | ||||||||||||||||
| (in thousands) | 2026 | 2025 | 2025 | ||||||||||||||
| Net cash (used in) provided by operating activities | $ | (1,588) | $ | (4,756) | $ | 2,399 | |||||||||||
Purchase of property and equipment | (19) | — | — | ||||||||||||||
| Free-Cash Flow | $ | (1,607) | $ | (4,756) | $ | 2,399 | |||||||||||
Non-GAAP Operating Loss:
Three Months Ended March 31, | Three Months Ended December 31, | ||||||||||||||||
| (in thousands) | 2026 | 2025 | 2025 | ||||||||||||||
| Loss from operations | $ | (4,677) | $ | (9,269) | $ | (9,739) | |||||||||||
| Stock-based compensation | 2,119 | 1,523 | 2,185 | ||||||||||||||
| Inventory reserves | (205) | (517) | 1,815 | ||||||||||||||
| Physical inventory and other adjustments | 118 | 187 | 1,096 | ||||||||||||||
| Non-GAAP Operating Loss | $ | (2,645) | $ | (8,076) | $ | (4,643) | |||||||||||
Non-GAAP Gross Profit:
Three Months Ended March 31, | Three Months Ended December 31, | ||||||||||||||||
| (in thousands) | 2026 | 2025 | 2025 | ||||||||||||||
Gross profit (loss) | $ | 4,334 | $ | 1,211 | $ | (2,637) | |||||||||||
| Inventory reserves | (205) | (517) | 1,815 | ||||||||||||||
| Physical inventory and other adjustments | 118 | 187 | 1,096 | ||||||||||||||
| Non-GAAP Gross Profit | $ | 4,247 | $ | 881 | $ | 274 | |||||||||||
FAQ
How did Xos (XOS) perform financially in Q1 2026?
Xos reported Q1 2026 revenue of $11.2 million, up from $5.9 million a year earlier, with gross profit of $4.3 million. Net loss narrowed to $5.0 million from $10.2 million, reflecting improved margins and lower operating expenses.
What were Xos (XOS) margins and operating losses in Q1 2026?
Xos achieved a record gross margin of 38.6% in Q1 2026, compared with 20.6% in Q1 2025. Loss from operations improved to $4.7 million from $9.3 million, while non-GAAP operating loss improved to $2.6 million from $8.1 million.
What 2026 outlook did Xos (XOS) provide for revenue and deliveries?
Xos maintained its 2026 outlook, guiding for $40.0–$50.0 million in revenue and 350–500 unit deliveries. The unit forecast spans powertrains, Xos Hub products, stepvans, and stripped chassis, reflecting expectations for continued scaling across its multi-product platform.
How is Xos (XOS) using its Xos Hub and powertrain business lines?
Xos highlighted its Xos Hub energy storage units and powertrains as key growth drivers. Hubs have charged gigawatt-hours of energy and thousands of cycles, while 63 powertrains delivered in Q1 2026 are powering Blue Bird school buses in real-world fleet operations.
What is Xos (XOS) saying about non-GAAP metrics like Adjusted EBITDA?
Xos reported Q1 2026 Adjusted EBITDA loss of $2.0 million, improved from $7.2 million a year earlier. It defines Adjusted EBITDA as EBITDA minus changes in derivative fair value, earn-out share liability changes, and stock-based compensation, aiming to show underlying operating performance.
What does the balance sheet for Xos (XOS) look like as of March 31, 2026?
As of March 31, 2026, Xos had $9.8 million in cash and cash equivalents, $23.7 million in inventories, and total assets of $54.4 million. Total liabilities were $34.6 million, including $17.0 million of current and non-current convertible debt.