Q1 2024 Xos Inc Earnings Call Transcript
Key Points
- Xos Inc (XOS) reported a significant year-over-year revenue increase of 180% in Q1 2024 compared to Q1 2023.
- Achieved record gross margins of 21.2% in Q1 2024, indicating improved profitability.
- Successfully closed the acquisition of ElectraMeccanica, enhancing Xos Inc (XOS)'s cash position by over $50 million net of costs.
- Introduced the updated Xos Hub, a rapidly deployable charging unit, which is expected to expedite fleet electrification and address infrastructure-related delays.
- Strong sales activity in the Stepvan segment, driven by regulatory pressures and economic incentives, continues to motivate customers to transition to EVs.
- Q1 2024 revenue of $13.2 million was lower than Q4 2023 revenue of $18.4 million, attributed to delays in customer infrastructure and body upfitter partners.
- Reported a non-GAAP operating loss of $9.3 million for Q1 2024, indicating ongoing challenges in reaching operational profitability.
- Experienced delays in vehicle deliveries due to infrastructure and upfitter constraints, causing revenue recognition to be pushed from Q1 to Q2.
- Despite improvements, the company still faces challenges with supply chain and production scalability to meet customer demand.
- Operating cash flow was negative $14.6 million for the quarter, reflecting continued financial strain from operational activities.
Greetings and welcome to Xos Inc's first quarter 2024 earnings call. (Operator Instructions) Please note this conference is being recorded. At this time, I would like to turn the conference over to General Counsel of Xos, Christen Romero. Thank you. You may begin.
Thank you, everyone, for joining us today. Hosting the call with me are Chief Executive Officer, Dakota Semler; Chief Operating Officer, Giordano Sordoni; and Acting Chief Financial Officer, Liana Pogosyan. Ahead of this call, Xos issued its first quarter 2024 earnings press release, which we will reference during this call. This can be found on the Investor Relations section of our website at investors.xostrucks.com.
On this call, management will be making forward-looking statements based on current expectations and assumptions which are subject to risks and uncertainties. Actual results could differ materially from our forward-looking statements if any of our key assumptions are incorrect because of factors discussed in today's earnings
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