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 for 2024; 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' long-term strategy and future growth. These forward-looking statements may be identified by the words "believe," "plan," "project," "potential," "seem, " "seek," "expect," "anticipate," "estimate," "intend," "strategy," "future," "target," "opportunity," "plan," "may," "could," "should," "will," "would," "will be," "will continue," "will likely result," 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' ability to implement business plans, forecasts, and other expectations, and identify and realize additional opportunities, (ii) Xos' limited operating history, (iii) cost increases and delays in production due to supply chain shortages in the components needed for the production of Xos' vehicle chassis and battery system, (iv) Xos' 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' business, (viii) Xos' ability to implement its business plan or meet or exceed its financial projections, (ix) Xos' ability to retain key personnel and hire additional personnel, particularly in light of current and potential labor shortages, (x) the risk of downturns and a changing regulatory landscape in the highly competitive electric vehicle industry, (xi) Xos' ability to service its indebtedness, (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' Annual Report on Form 10-K for the year ended December 31, 2023 filed with the U.S. Securities and Exchange Commission (the "SEC") on March 29, 2024, Xos' Quarterly Report on Form 10-Q for the quarter ended June 30, 2024 filed with the SEC on August 14, 2024, and Xos' other filings with the SEC, copies of which may be obtained by visiting Xos' Investors Relations website at https://investors.xostrucks.com/ 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, December 31,
(in thousands, except par value) 2024 2023
------------------------------------ --------------- ----------------
Assets
Cash and cash equivalents $ 8,432 $ 11,640
Restricted cash 754 -
Accounts receivable, net 36,441 15,142
Inventories 42,398 37,843
Prepaid expenses and other current
assets 9,552 7,070
---------- ---------
Total current assets 97,577 71,695
Property and equipment, net 12,480 14,660
Operating lease right-of-use assets,
net 3,762 4,991
Other non-current assets 6,694 2,338
---------- ---------
Total assets $ 120,513 $ 93,684
---------- ---------
Liabilities and Stockholders' Equity
Accounts payable $ 8,920 $ 2,756
Convertible debt, current 19,957 -
Other current liabilities 21,310 16,817
---------- ---------
Total current liabilities 50,187 19,573
Convertible debt, non-current - 19,920
Earn-out shares liability 6 39
Common stock warrant liability 542 395
Other non-current liabilities 18,937 8,561
---------- ---------
Total liabilities 69,672 48,488
Stockholders' Equity
Common Stock $0.0001 par value per
share, authorized 1,000,000 shares,
8,025 and 5,941 shares issued and
outstanding at September 30, 2024
and December 31, 2023, respectively 1 1
Preferred Stock $0.0001 par value
per share, authorized 10,000 shares,
0 shares issued and outstanding at
September 30, 2024 and December 31,
2023 - -
Additional paid-in capital 235,279 198,456
Accumulated deficit (184,439) (153,261)
Total stockholders' equity 50,841 45,196
---------- ---------
Total liabilities and stockholders'
equity $ 120,513 $ 93,684
---------- ---------
Xos, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations and
Comprehensive Loss
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
------------------- -------------------- ----------------------
(in thousands,
except per share
amounts) 2024 2023 2024 2023
------------------- -------- -------- -------- --------
Revenues $ 15,790 $ 16,696 $ 44,487 $ 26,147
Cost of goods sold 12,926 14,711 36,805 28,764
------- ------- ------- -------
Gross profit (loss) 2,864 1,985 7,682 (2,617)
------- ------- ------- -------
Operating expenses
General and
administrative 8,897 8,546 27,032 29,961
Research and
development 2,619 4,516 8,691 15,446
Sales and marketing 1,039 1,548 3,261 5,113
------- ------- ------- -------
Total operating
expenses 12,555 14,610 38,984 50,520
------- ------- ------- -------
Loss from operations (9,691) (12,625) (31,302) (53,137)
Other income
(expense), net (710) (1,726) 251 (9,840)
Change in fair value
of derivative
instruments (107) 315 (147) 525
Change in fair value
of earn-out shares
liability - (68) 33 443
------- ------- ------- -------
Loss before
provision for
income taxes (10,508) (14,104) (31,165) (62,009)
Provision for income
taxes 4 3 13 7
------- ------- ------- -------
Net loss $(10,512) $(14,107) $(31,178) $(62,016)
------- ------- ------- -------
Other comprehensive
income (loss)
Marketable debt
securities,
available-for-sale
Change in net
unrealized gain,
net of tax of
$0, for the
three and nine
months ended
September 30,
2024 and 2023 - 56 - 739
Total comprehensive
loss $(10,512) $(14,051) $(31,178) $(61,277)
------- ------- ------- -------
Net loss per share
(1)
Basic $ (1.32) $ (2.40) $ (4.26) $ (10.81)
Diluted $ (1.32) $ (2.40) $ (4.26) $ (10.81)
Weighted average
shares outstanding
(1)
Basic 7,984 5,876 7,321 5,738
Diluted 7,984 5,876 7,321 5,738
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