The following is a summary of the Xos, Inc. (XOS) Q1 2024 Earnings Call Transcript:
Financial Performance:
Xos reported Q1 revenue of $13.2 million, marking an increase of 180% from Q1 2023, driven by delivering 62 units and achieving gross margins of 21.2%.
Quarter revenue was impacted by delays in customer infrastructure and partner upfitter bottlenecks.
Operating expenses saw a modest decrease to $13 million from the $13.2 million in the prior quarter.
The company achieved a GAAP gross margin profit of $2.8 million, a substantial gain from $1.3 million or 7.2% in the previous quarter.
The cash and cash equivalents at the end of the quarter stood at $46.2 million, significantly improved from $11.6 million at the end of Q4 2023.
Xos expects revenue for full-year 2024 to be in the range of $66.7 to $100.4 million, while predicting to deliver 400 to 600 units.
Business Progress:
Xos successfully finalized the acquisition of ElectraMeccanica, enhancing the company's liquidity by over $50 million.
The company has launched the updated Xos Hub, a rapidly deployable charging unit directed towards accelerating electrification efforts for fleets.
Xos plans to ramp up production rates of the Xos Hub to 8 hubs/month in H2 2024.
Initial deliveries of Stepvan-based powertrains to new customers were fulfilled during the quarter.
The company's future focus will remain on the growth of its core businesses - the Stepvan, Xos Hub, and powertrain units.
High fuel costs and regulatory directives for clean fleet transition have spurred interest in Xos' products, increasing sales orders for Q2 in comparison to Q1.
The company's strategic approach to deal with production bottlenecks ensures operations and revenue generation continue, with subassembly building as a key measure.
Xos is planning to package charging hubs and vehicles together as a unique proposition to facilitate customers' transition to EVs.
More details: Xos Inc IR
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