Xos, Inc. (XOS) Earnings
Xos, Inc. is expected to report next earnings on August 12, 2026 (in NaN days), with a consensus EPS estimate of $-0.69. XOS has beaten EPS estimates in 7 of its last 11 reported quarters (average surprise +35.3% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 14, 2026 | $-0.72 | $-0.43 | +40.3% | $11M | +80.3% |
| Mar 26, 2026 | $-0.60 | $-0.86 | -43.3% | $5M | -54.6% |
| Nov 13, 2025 | $-0.73 | $0.22 | +130.1% | $17M | +43.5% |
| Aug 13, 2025 | $-1.06 | $-0.91 | +14.2% | $18M | +1.9% |
| Mar 28, 2025 | $-1.13 | $-2.36 | -108.8% | $11M | -35.5% |
| May 15, 2024 | $-2.19 | $-1.80 | +17.8% | $13M | -16.3% |
| Mar 21, 2024 | $-2.40 | $-2.33 | +2.9% | $18M | +16.9% |
| Nov 9, 2023 | $-3.00 | $-2.40 | +20.0% | $17M | -4.2% |
| Aug 10, 2023 | $-3.30 | $-4.20 | -27.3% | $5M | -55.6% |
| Mar 8, 2023 | — | $-2.65 | — | $11M | — |
| May 5, 2022 | $-3.60 | $-3.90 | -8.3% | $3M | -37.4% |
| Nov 11, 2021 | $-2.70 | $-2.40 | +11.1% | $357000 | -10.0% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 14, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Financial Milestones and Capital Structure • Achieved full year 2025 positive free cash flow of $5.4 million, a $54.5 million swing from negative $49.1 million in 2024, marking the third consecutive quarter of positive free cash flow and fourth positive quarter since going public. • Narrowed full year operating loss by 28% to $33.1 million, the lowest operating loss since the company went public; achieved 28% total reduction in operating expenses to $35.8 million from $49.8 million in 2024. • Posted second consecutive full year of positive GAAP (5.9%) and non-GAAP (8.8%) gross margins; Q4 2025 non-GAAP gross margin was positive at 5.2%, marking the 10th consecutive quarter of positive non-GAAP gross margins. • Strengthened balance sheet, ending 2025 with $14 million in cash (up from $11 million at end-2024), reduced accounts receivable from $26.9 million to $6 million, and cut inventory from $36.6 million to $25 million. • Amended the convertible note repayment schedule with largest shareholder Algema Automotive, extending quarterly installments through February 2028 to improve financial flexibility; terminated the unused Mesa, Arizona facility lease for $20.7 million in total future cash savings. - Operational and Product Progress • Expanded manufacturing capacity at the Tennessee facility, adding a dedicated production line for Bluebird powertrain kits and initiating a new production line for the next-generation EXOS hub, enabling multi-variant production at scale for 2026. • Reduced labor hours per vehicle, reaching a peak production rate of three units per day to support large fleet orders, while driving 28% overall operating expense reduction through structural efficiency improvements. • Engineered product quality improvements including galvanized frame rails for better corrosion resistance, developed five distinct powertrain variants for Bluebird school buses, and launched the new 3-variant EXOS hub line with energy storage ranging from 210 to 630 kWh. • Navigated 2025 tariff volatility via strategic stockpiling, shared-risk supplier agreements, battery sourcing diversification with a top-tier global supplier locked in at pre-tariff pricing through 2026, and geographic/dual sourcing of critical components to reduce supply risk. • Improved working capital management with a new annual procurement and inventory planning process to boost forecast accuracy and align spending with production needs. - Strategic Direction • Explicitly shifted from a single-product (step van) focus to a diversified portfolio including higher-margin powertrains and the EXOS hub mobile energy platform, expanding the total addressable market beyond electric commercial vehicles to stationary and mobile industrial energy solutions. • Targeted secular growth markets for electrification regardless of policy cycles or incentive changes, with deepening large fleet customer relationships and repeat large orders as the foundation for scalable long-term growth.
Guidance
- For full year 2026, management guides total revenue in the range of $40 million to $50 million. - Management guides total unit deliveries between 350 and 500 units in 2026. - 2026 non-GAAP operating loss is guided to a range of $11.9 million to $13.3 million, representing a meaningful improvement from the 2025 non-GAAP operating loss of $24.3 million. - Management expects high double-digit to triple-digit percentage growth for the hub and powertrain segments in 2026, outpacing step van growth and leading to a pronounced product mix shift toward these new higher-margin segments. - No changes to the previously announced launch timeline for the new 2026 EXOS hub variants, which remain on track for general availability starting in April 2026.
Segment performance
Full year 2025 total company revenue was $46 million (down from $56 million in 2024) on 328 total units delivered, which was an increase from 297 units delivered in 2024. The revenue decline came from a product mix shift to lower average selling price strip chassis and powertrain products. Directionally for full year 2025, the majority of units and revenue came from step vans, with powertrains and the EXOS hub mobile energy platform making up the remaining volume. In Q4 2025, total revenue was $5.2 million on 34 units, with powertrains and hubs driving the majority of Q4 volume, while step van volume was less significant. The powertrain segment delivered 15 units to Bluebird Corporation in Q4 2025, with nearly 100 total orders received between Q2 2025 and Q1 2026. The step van segment was dominated by a 200+ unit large fleet order for UPS, with the vast majority of these units already shipped and recognized in 2025, with just a small number remaining to be recognized in Q1 2026. Hubs had an expanding deployment base in 2025 across utilities, fleet operators and industrial users, with a new three-variant product line launching in 2026.
Risks & headwinds
- Ongoing tariff policy volatility and changes remain a material headwind to gross margins and input costs, requiring ongoing supply chain restructuring and negotiated cost sharing with suppliers. - Grid constraints and supply chain disruptions for key industrial inputs (including batteries) could impact production scaling and delivery timelines. - Continued access to capital on favorable terms is required to fund growth plans, and the company’s small size and current stock price create dilution risks if it accesses capital via its ATM program. - Macro economic downturns and trade policy instability could reduce fleet customer demand for electric vehicles and energy solutions. - New product segments (powertrains and hubs) require ongoing engineering investment that may impact near-term margins even as they drive long-term growth, and market adoption of new use cases for these products is unproven at scale.
Analyst Q&A
Q: What non-EV charging use cases exist for the new 3-variant EXOS hub product line, and how does the new lineup address these opportunities?
A: The hub already serves diverse off-charging use cases today, including mobile remote power for utility field work, disaster preparedness and backup power during grid outages, and off-grid power for construction projects. The new 2026 lineup adds three sizes: a low-capacity entry variant for light fleets priced competitively against conventional DC fast chargers, a mid-tier flagship 420 kWh variant that adds 40% more capacity at the same price point as the previous 280 kWh model (and remains under 10,000 lbs for easy non-CDL deployment), and a large 630 kWh variant for heavy-duty on-highway and off-highway applications. Additional hub product updates targeting new larger markets will be announced in Q2 and Q3 2026.
Q: How will the 2026 product mix shift to more powertrains and hubs impact overall gross margins, after 2025's margin decline?
A: 2025 gross margin declines were driven by one-time non-recurring items (inventory write-downs and reserves from a commercialization strategy shift) that will not repeat in 2026. Hubs are the highest-margin segment, while powertrain margins are comparable to step van margins, as new product development costs are amortized across growing volume. Tariff volatility has stabilized, and 2026 pricing already accounts for known tariff impacts, with transparent cost sharing agreements in place with large customers to absorb any remaining unexpected changes. The mix shift will support overall margin improvement in 2026.
Q: What is the current status of the large 200+ unit UPS step van program, and how much Bluebird powertrain demand has been fulfilled so far?
A: The vast majority of the UPS program units have already been shipped and recognized, with only a small number of units remaining to be recognized in Q1 2026, and most delivered units are already in operation across major U.S. states. Roughly 100 Bluebird powertrain orders have been secured since Q2 2025, with 25 already shipped across Q3 and Q4 2025; volume fluctuates quarter-to-quarter based on Bluebird's production schedule, but management expects high double-digit to triple-digit percentage growth in powertrain volume in 2026.
Q: Can additional working capital improvements be realized in 2026, after the large 2025 working capital gains?
A: There is still room for improvement: the company holds $25 million in inventory, and management is focused on speeding up inventory turns, moving to a build-to-order model, and cutting long lead times to free up additional cash. The 2026 product mix shift, which favors finished powertrain and hub units (recognized on delivery, versus partial step chassis deliveries that take months to recognize) will also speed up cash conversion. The company will selectively use its existing ATM facility for capital raising without excessive dilution, and will continue to gradually reduce operating expenses to support cash flow.