Press Release: Xos, Inc. delivers strong unit delivery and promising gross profit performance in the third quarter of 2024

Dow Jones11-14

(1) Shares for the three and nine months ended September 30, 2023 have been retrospectively adjusted for the 1-for-30 reverse stock split that occurred on December 6, 2023.

Reconciliation of Operating Cash Flow less CapEx (Free Cash Flow), Non-GAAP Operating Loss and Non-GAAP Gross Profit (Loss):

Operating Cash Flow less CapEx (Free Cash Flow): 

 
                                                            Three Months 
                 Three Months Ended    Nine Months Ended     Ended June 
                    September 30,         September 30,         30, 
                 -------------------  --------------------  ------------ 
(in thousands)     2024       2023      2024       2023       2024 
                             ------               -------    ------- 
Net cash used 
 in operating 
 activities      $(11,517)  $(8,613)  $(52,093)  $(38,655)  $(25,987) 
Purchase of 
 property and 
 equipment           (148)      190       (304)    (1,164)      (126) 
                  -------    ------    -------    -------    ------- 
Free-Cash Flow   $(11,665)  $(8,423)  $(52,397)  $(39,819)  $(26,113) 
                  -------    ------    -------    -------    -------

Non-GAAP Operating Loss: 

 
                                                            Three Months 
                 Three Months Ended    Nine Months Ended     Ended June 
                    September 30,         September 30,         30, 
                 -------------------  --------------------  ------------ 
(in thousands)     2024      2023       2024       2023       2024 
                            -------               -------    ------- 
Loss from 
 operations      $(9,691)  $(12,625)  $(31,302)  $(53,137)  $(11,368) 
Stock-based 
 compensation      2,247      2,242      5,887      6,308      1,634 
Inventory 
 reserves            424     (1,097)      (812)    (1,155)      (433) 
Physical 
 inventory and 
 other 
 adjustments         377        261        509        839        430 
                  ------    -------    -------    -------    ------- 
Non-GAAP 
 Operating 
 Loss            $(6,643)  $(11,219)  $(25,718)  $(47,145)  $ (9,737) 
                  ------    -------    -------    -------    -------

Non-GAAP Gross Profit (Loss): 

 
                                                        Three 
                   Three Months                         Months 
                 Ended September   Nine Months Ended  Ended June 
                       30,           September 30,       30, 
                 ----------------  -----------------  ---------- 
(in thousands)    2024     2023     2024      2023     2024 
                          ------             ------    ----- 
Gross profit 
 (loss)          $2,864  $ 1,985   $7,682   $(2,617)  $2,030 
Inventory 
 reserves           424   (1,097)    (812)   (1,155)    (433) 
Physical 
 inventory and 
 other 
 adjustments        377      261      509       839      430 
                  -----   ------    -----    ------    ----- 
Non-GAAP Gross 
 Profit (Loss)   $3,665  $ 1,149   $7,379   $(2,933)  $2,027 
                  -----   ------    -----    ------

(MORE TO FOLLOW) Dow Jones Newswires

November 13, 2024 16:25 ET (21:25 GMT)

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