Xos (XOS) Q1 2026 earnings summary

Executive summary

• Q1 2026 delivered record revenue of $11.2 million, up 91% year-over-year, driven by diversification into trucks, mobile energy infrastructure (Hub), and powertrain systems for other OEMs.

• Delivered 95 units: 63 powertrain systems (including tripled deliveries to Blue Bird), 10 stripped chassis, and approximately 22 Hubs, with strong demand from commercial and municipal customers.

• Achieved record gross margin of 38.6% and the lowest operating loss since going public, with non-GAAP operating loss down 67.2% year-over-year.

• Net loss narrowed by 51% to $5.0 million, reflecting improved gross profit and reduced operating expenses.

• The company remains in early-stage commercialization, with ongoing net losses and negative cash flows, and faces substantial doubt about its ability to continue as a going concern.

Financial highlights

• Revenue reached $11.2 million, nearly double Q1 2025 ($5.9 million) and up from $5.2 million in Q4 2025.

• GAAP gross margin was $4.3 million (38.6%), up from $1.2 million (20.6%) in Q1 2025.

• Net loss narrowed to $5.0 million from $10.2 million year-over-year.

• Operating expenses decreased 14% year-over-year to $9.0 million.

• Cash and equivalents at quarter end totaled $9.8 million.

• Free cash flow was -$1.6 million, a significant improvement from -$4.8 million in Q1 2025.

Outlook and guidance

• Reaffirmed full-year 2026 revenue guidance of $40–$50 million and unit deliveries of 350–500 units.

• Non-GAAP operating loss expected in the range of $11.9–$13.3 million for 2026.

• Management expects continued cost pressures from tariffs and supply chain disruptions.

• Ongoing need for additional capital to fund operations and commercialization; substantial doubt remains about ability to continue as a going concern.