XOS

MKT CAP:$16M

Xos, Inc.

Market Cap

$16M

Industrials·Agricultural - Machinery·🇺🇸 United States·NASDAQ

Industrials·Agricultural·🇺🇸·NASDAQ

Stock Price

$1.70-$0.27 (-13.71%)

Apr 24, 2026

Company Details

Xos, Inc., a mobility solutions company, manufactures and sells battery-electric commercial vehicles. It offers a range of services to facilitate the transition of fleets to electric vehicles, including charging infrastructure, vehicle main...

CEO

Dakota Semler

IPO Date

Dec 8, 2020

Website

www.xostrucks.com

Key Metrics TTM

Revenue

$52M

-16.9% YoY

Net Income

-$35M

EPS (Diluted)

-$4.31

Free Cash Flow

$6M

Revenue / Share

$5.36

Gross Margin

3.1%

Operating Margin

-72.6%

Net Margin

-66.1%

FCF Margin

12.0%

P/S

0.3x

P/E

—

Earnings Reports

Q4 2025

May 13, 2026

PENDING

FY 2025

Mar 30, 2026

$46M-17.8%EPS -$2.71

Q3 2025

Nov 13, 2025

$17M+4.5%EPS $0.22

Q2 2025

Aug 13, 2025

$18M+18.4%EPS -$0.91

Q1 2025

May 15, 2025

$6M-55.3%EPS -$1.26

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 21	$357.0K	-$61.0K	-$14M
Q4 21	$3M	-$2M	-$25M
Q1 22	$7M	-$6M	-$26M
Q2 22	$10M	-$5M	-$28M
Q3 22	$11M	-$11M	-$31M
Q1 23	$5M	-$877.0K	-$20M
Q2 23	$5M	-$4M	-$20M
Q3 23	$17M	$2M	-$13M
Q4 23	$18M	$1M	-$12M
Q1 24	$13M	$3M	-$10M
Q2 24	$16M	$2M	-$11M
Q3 24	$16M	$3M	-$10M
Q4 24	$11M	-$4M	-$15M
Q1 25	$6M	$1M	-$9M
Q2 25	$18M	$2M	-$7M
Q3 25	$17M	$3M	-$7M

Valuation

Quarter	P/S	P/E
Q3 21	230.6x	145.5x
Q4 21	93.0x	20.1x
Q1 22	43.7x	37.5x
Q2 22	16.0x	25.9x
Q3 22	5.8x	—
Q1 23	3.0x	—
Q2 23	1.3x	—
Q3 23	1.6x	—
Q4 23	1.1x	—
Q1 24	1.1x	—
Q2 24	0.7x	—
Q3 24	0.6x	—
Q4 24	0.5x	—
Q1 25	0.5x	—
Q2 25	0.5x	—
Q3 25	0.4x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 21	-$52M	-$55M
Q4 21	-$36M	-$37M
Q1 22	-$31M	-$34M
Q2 22	-$45M	-$51M
Q3 22	-$30M	-$32M
Q1 23	-$15M	-$16M
Q2 23	-$15M	-$16M
Q3 23	-$9M	-$8M
Q4 23	-$631.0K	-$852.0K
Q1 24	-$15M	-$15M
Q2 24	-$26M	-$26M
Q3 24	-$12M	-$12M
Q4 24	$3M	$3M
Q1 25	-$5M	-$5M
Q2 25	$5M	$5M
Q3 25	$3M	$3M

Capital Expenditures

Quarter	CapEx
Q3 21	$3M
Q4 21	$2M
Q1 22	$3M
Q2 22	$6M
Q3 22	$2M
Q1 23	$253.0K
Q2 23	$1M
Q3 23	$190.0K
Q4 23	$221.0K
Q1 24	$30.0K
Q2 24	$126.0K
Q3 24	$148.0K
Q4 24	$0
Q1 25	$0
Q2 25	$0
Q3 25	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 21	-68.3%	+247.7%
Q4 21	+250.2%	+382.8%
Q1 22	+786.6%	+425.9%
Q2 22	+1538.6%	+346.8%
Q3 22	+2983.5%	+187.4%
Q1 23	+42.2%	-14.0%
Q2 23	-32.4%	-24.3%
Q3 23	+71.0%	-22.3%
Q4 23	+66.9%	-28.3%
Q1 24	+180.2%	-5.3%
Q2 24	+226.8%	+6.6%
Q3 24	-5.4%	-13.1%
Q4 24	-37.6%	-13.8%
Q1 25	-55.3%	-35.3%
Q2 25	+18.4%	-5.3%
Q3 25	+4.5%	-7.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 21	$0	0.0%
Q4 21	$2M	50.1%
Q1 22	$1M	19.8%
Q2 22	$1M	11.0%
Q3 22	$1M	11.6%
Q1 23	$2M	42.8%
Q2 23	$2M	43.2%
Q3 23	$2M	13.4%
Q4 23	$2M	8.7%
Q1 24	$2M	15.2%
Q2 24	$2M	10.5%
Q3 24	$2M	14.2%
Q4 24	$2M	15.9%
Q1 25	$2M	25.9%
Q2 25	$2M	8.6%
Q3 25	$2M	12.9%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q3 21	$5M	$8M	$1M	—
Q4 21	$13M	$8M	$3M	—
Q1 22	$7M	$11M	$2M	—
Q2 22	$8M	$12M	$3M	—
Q3 22	$9M	$9M	$2M	—
Q1 23	$6M	$12M	$2M	—
Q2 23	$5M	$10M	$2M	—
Q3 23	$5M	$9M	$2M	—
Q4 23	$4M	$8M	$1M	—
Q1 24	$3M	$9M	$998.0K	—
Q2 24	$3M	$9M	$1M	—
Q3 24	$3M	$9M	$1M	—
Q4 24	$2M	$8M	$868.0K	—
Q1 25	$2M	$8M	$654.0K	—
Q2 25	$2M	$6M	$707.0K	—
Q3 25	$2M	—	—	$7M

Revenue Segments

Quarter	Powertrains	Stepvans And Vehicle Incentives	Fleet-As-A Service
Q3 21	$357.0K	—	—
Q4 21	$1M	$2M	—
Q1 24	$422.0K	$12M	$628.0K

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$12M	$90M	$102M
Q2 22	$4M	$65M	$69M
Q3 22	$46M	$60M	$106M
Q4 22	$36M	$51M	$86M
Q1 23	$36M	$28M	$64M
Q2 23	$28M	$13M	$41M
Q3 23	$23M	$0	$23M
Q4 23	$12M	$0	$12M
Q1 24	$46M	$0	$46M
Q2 24	$20M	$0	$20M
Q3 24	$8M	$0	$8M
Q4 24	$11M	$0	$11M
Q1 25	$5M	$0	$5M
Q2 25	$9M	$0	$9M
Q3 25	$14M	$0	$14M
Q4 25	$14M	$0	$14M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 21	4M	+57.2%	+57.4%
Q4 21	4M	-7.2%	+47.3%
Q1 22	5M	+54.6%	+125.5%
Q2 22	6M	+3.4%	+133.0%
Q3 22	6M	+3.2%	+53.0%
Q1 23	6M	-3.0%	+59.9%
Q2 23	6M	+1.3%	+4.8%
Q3 23	6M	+3.1%	+4.5%
Q4 23	6M	+1.0%	+2.2%
Q1 24	6M	+2.9%	+8.5%
Q2 24	8M	+28.7%	+38.0%
Q3 24	8M	+1.5%	+35.9%
Q4 24	8M	+0.6%	+35.4%
Q1 25	8M	+0.5%	+32.2%
Q2 25	8M	+2.6%	+5.4%
Q3 25	10M	+17.7%	+22.2%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 21	—	—
Q4 21	$11.4K	289
Q1 22	$24.3K	289
Q2 22	$33.8K	289
Q3 22	$38.1K	289
Q1 23	$17.3K	272
Q2 23	$17.5K	272
Q3 23	$61.4K	272
Q4 23	$114.1K	161
Q1 24	$81.8K	161
Q2 24	$96.5K	161
Q3 24	$98.1K	161
Q4 24	$105.3K	109
Q1 25	$53.9K	109
Q2 25	$168.7K	109
Q3 25	$151.4K	109

Revenue / Employee