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Xos (XOS) investor relations material
Xos Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved record Q2 2025 revenue of $18.4M and deliveries of 135 units, the highest in company history, with major shipments to UPS and FedEx ISP customers.
Posted lowest operating loss since going public at $7.1M, with operating expenses down 35% year-over-year due to cost controls.
Generated positive free cash flow of $4.6M, marking a major financial milestone.
Expanded product strategy to include higher-margin powertrain systems and charging infrastructure, reducing customer concentration and enhancing profitability.
Demonstrated adaptability in response to supply chain disruptions and tariffs, maintaining operational efficiency.
Financial highlights
Q2 2025 revenue reached $18.4M on 135 units, up from $15.5M on 90 units a year ago; gross profit was $1.6M, up from a $2.0M loss in Q2 2024.
GAAP gross margin was 8.8% in Q2 2025, down from 20.6% in Q1 and 13.1% a year ago, mainly due to product mix and tariffs.
Operating loss for Q2 2025 was $7.1M, improving from $9.3M in Q1 and $11.4M a year ago; net loss was $7.5M, compared to $9.7M in Q2 2024.
Operating expenses were $8.7M in Q2 2025, down 17% sequentially and 35% year-over-year.
Cash and equivalents stood at $8.8M at quarter end, up from $4.8M last quarter; inventory declined to $31M from $38M.
Outlook and guidance
Reaffirmed full-year 2025 guidance: revenue between $50.2M and $65.8M, unit deliveries between 320 and 420.
Revised non-GAAP operating loss guidance to $24.4M–$26.9M due to product mix changes and increased tariff costs.
Management expects continued pressure on operating losses in the second half of 2025 from tariffs and product mix.
The company is actively seeking additional capital through debt, equity, and asset-based financing, but access to the Standby Equity Purchase Agreement is currently unavailable.
If unable to secure new capital or collect receivables, the company may need to consider bankruptcy protection or liquidation.
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