Q2 2024 Xos Inc Earnings Call Transcript
Key Points
- Xos Inc (XOS) reported $15.5 million in revenue for Q2 2024, an 18% increase quarter-over-quarter and a 227% increase year-over-year.
- The company delivered 90 units in Q2 2024, primarily to major fleet customers like UPS and FedEx Ground contractors.
- Xos Inc (XOS) achieved its fourth consecutive quarter of positive gross margin.
- The company announced a new powertrain partnership with Blue Bird, enhancing its reputation in the EV sector.
- Strong sales activity for the Hub, Xos' mobile energy storage and charging product, indicating robust demand for flexible charging solutions.
- GAAP gross margin decreased to 13.1% in Q2 2024 from 21.2% in Q1 2024, impacted by lower average selling prices and inventory adjustments.
- Operating expenses remained high at $13.4 million, consistent with the previous quarter.
- The company reported a non-GAAP operating loss of $9.7 million and a GAAP operating loss of $11.4 million for Q2 2024.
- Cash and cash equivalents decreased significantly to $20.7 million from $47.3 million at the end of Q1 2024.
- Free cash flow was negative $26.1 million for the quarter, a substantial decrease from negative $14.6 million in the previous quarter.
Greetings, everyone, and welcome to Xos, Inc.'s second-quarter 2024 earnings call. (Operator Instructions) Please note, today's conference call is being recorded. At this time, I'd like to turn the floor over to the 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 second quarter 2024 earnings press release, which we will reference during the 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
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