The following is a summary of the Xos, Inc. (XOS) Q4 2023 Earnings Call Transcript:
Financial Performance:
Xos, Inc. reported revenues of $44.5 million for 2023, marking a 22% increase compared to 2022, with positive gross margins in the third and fourth quarters.
Q4 2023 reported revenue was $18.4 million, up from $16.7 million in the third quarter, while gross margin was $1.3 million, lower than the $2 million in Q3.
The company anticipates 2024 revenue to range from $66.7 million to $100.4 million with a non-GAAP operating loss of $48.7 million to $43.7 million.
Xos, Inc. lowered its quarterly operating expenses by 27% with $11.6 million in cash and equivalents remaining by the end of the year.
Business Progress:
Xos set new delivery records in Q3 and Q4 of 2023 after the release of the redesigned Stepvan platform, with over 90% of sales being direct.
The company has established a significant customer base, including UPS and Canada Post, and witnessed improved gross margins with the new platform.
The acquisition of ElectraMeccanica, due for completion on March 25, 2024, will afford Xos an additional $45 million in capital.
Xos anticipates that in 2024 its delivery volume will increase due to factors such as larger order sizes from existing customers, regulatory pressure, new state incentives for EV adoption, and stronger powertrain sales.
Xos is planning to increase its product offerings with new products in the school bus and recreational vehicle segments using Xos' technology in 2024.
Operational improvements in the previous year led to a 43% decrease in operating expenses from the peak in Q4 2021.
More details: Xos Inc IR
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