The following is a summary of the Xos, Inc. (XOS) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Xos reported Q1 revenue of $13.2 million, marking an increase of 180% from Q1 2023, driven by delivering 62 units and achieving gross margins of 21.2%.

• Quarter revenue was impacted by delays in customer infrastructure and partner upfitter bottlenecks.

• Operating expenses saw a modest decrease to $13 million from the $13.2 million in the prior quarter.

• The company achieved a GAAP gross margin profit of $2.8 million, a substantial gain from $1.3 million or 7.2% in the previous quarter.

• The cash and cash equivalents at the end of the quarter stood at $46.2 million, significantly improved from $11.6 million at the end of Q4 2023.

• Xos expects revenue for full-year 2024 to be in the range of $66.7 to $100.4 million, while predicting to deliver 400 to 600 units.

Business Progress:

• Xos successfully finalized the acquisition of ElectraMeccanica, enhancing the company's liquidity by over $50 million.

• The company has launched the updated Xos Hub, a rapidly deployable charging unit directed towards accelerating electrification efforts for fleets.

• Xos plans to ramp up production rates of the Xos Hub to 8 hubs/month in H2 2024.

• Initial deliveries of Stepvan-based powertrains to new customers were fulfilled during the quarter.

• The company's future focus will remain on the growth of its core businesses - the Stepvan, Xos Hub, and powertrain units.

• High fuel costs and regulatory directives for clean fleet transition have spurred interest in Xos' products, increasing sales orders for Q2 in comparison to Q1.

• The company's strategic approach to deal with production bottlenecks ensures operations and revenue generation continue, with subassembly building as a key measure.

• Xos is planning to package charging hubs and vehicles together as a unique proposition to facilitate customers' transition to EVs.

More details: Xos Inc IR

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