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Xos (XOS) investor relations material
Xos Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary13 Nov, 2025
Executive summary
Delivered 130 vehicles and generated $16.5M in Q3 2025 revenue, with 140 units shipped including 10 chassis for future revenue recognition; major customers included UPS, FedEx ISPs, and Blue Bird, with continued fulfillment of the largest order in company history.
Achieved a 15.3% gross margin, up from 8.8% in Q2 2025, and posted a second consecutive quarter of positive free cash flow.
Net income for Q3 2025 was $2.1M, a significant improvement from a $10.5M net loss in Q3 2024, primarily due to a $9.4M gain from the termination of the Mesa Lease.
Operating expenses fell 24% year-over-year, reflecting strong cost discipline and operational improvements.
Expanded product mix with significant growth in powertrain and hub segments, including 18 powertrains delivered to Blue Bird and nearly 80 additional orders post-quarter.
Financial highlights
Q3 2025 revenue was $16.5M on 130 units, up 4% YoY from $15.8M on 94 units, but down from $18.4M on 135 units in Q2 2025.
Gross profit reached $2.5M, with non-GAAP gross profit at $2.6M; GAAP gross margin was 15.3%, up from 8.8% in Q2, but down from 18.1% YoY.
Operating loss was $7M (non-GAAP $4.8M), lowest since IPO, improved from $9.7M (non-GAAP $6.6M) YoY.
Net income for Q3 2025 was $2.1M, compared to a net loss of $10.5M in Q3 2024.
Ended Q3 with $14.1M in cash, up from $8.8M in Q2, and positive free cash flow of $3.1M.
Outlook and guidance
Reaffirmed full-year 2025 guidance: revenue $50.2M–$65.8M, non-GAAP operating loss $24.4M–$26.9M, unit deliveries 320–420.
Expect Q4 to be seasonally lighter due to customer peak periods, but anticipate growth resuming in Q1 and Q2 2026.
Margin improvement expected in 2026 due to higher mix of powertrain and hub products and reduced tariff impact.
Management continues to seek cost reductions and capital raising opportunities to address liquidity needs.
Substantial doubt remains about the ability to continue as a going concern over the next 12 months without additional capital or improved collections.
2026 margin improvement from product mix shift?
Tariff mitigation strategy effectiveness details.
Hub's expanded market opportunity beyond EV charging?
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Frequently asked questions
Xos, Inc. is a U.S.-based company specializing in the design and manufacturing of fully electric commercial vehicles. The company focuses on medium- and heavy-duty trucks for applications such as last-mile delivery, parcel logistics, and vocational fleets. Xos provides integrated solutions, including vehicles, battery systems, and fleet management software, to support sustainable transportation and reduce emissions. The company is headquartered in Los Angeles, California, and its shares are listed on the NASDAQ.
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