NASDAQ: XOS
Xos, Inc.CIK 0001819493 · Consumer Discretionary · SIC 3714 · Motor Vehicle Parts & Accessories
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Xos raises $6M through registered direct offering at $5.50 per share
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Xos Q1 revenue surges 91% on powertrain pivot; control weaknesses expand, remediation pushed to 2026
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Xos announces Q1 2026 financial results in routine earnings release
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Xos slashes convertible note price 83% to $12/share, adds forced conversion at $16
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Xos finalizes $110K separation deal with former General Counsel 15 months after departure
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Xos narrows loss 50% but internal control weaknesses expand; debt restructured to 2028
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Latest financial statements
From 10-Q filed May 14, 2026 (period ending Mar 31, 2026). SEC XBRL (companyfacts) — not generated by the model.
Consolidated Statements of Operations (Unaudited)
| Description | Q1 ended Mar 31, 2026 | Q1 ended Mar 31, 2025 |
|---|---|---|
| Revenue: | ||
| Total revenue / net sales | 11.2 | 5.9 |
| Cost of revenue / cost of sales | 6.9 | 4.7 |
| Gross profit | 4.3 | 1.2 |
| Operating expenses: | ||
| Sales and marketing | 0.9 | 0.7 |
| Research and development | 2.0 | 1.9 |
| General and administrative | 6.1 | 7.9 |
| Total operating expenses | 9.0 | 10.5 |
| Operating income | (4.7) | (9.3) |
| Other income/(expense), net | (0.3) | (0.9) |
| Income before income taxes | (4.9) | (10.2) |
| Income tax expense/(benefit) | 0.01 | 0.01 |
| Net income | (5.0) | (10.2) |
| Basic earnings per share | (0.43) | (1.26) |
| Diluted earnings per share | (0.43) | (1.26) |
Consolidated Balance Sheets (Unaudited)
| Description | Mar 31, 2026 | Mar 31, 2025 |
|---|---|---|
| Current assets: | ||
| Cash and equivalents | 9.8 | 4.8 |
| Accounts receivable, net | 7.4 | 22.2 |
| Inventories | 23.7 | 38.0 |
| Prepaid expenses and other current assets | 4.4 | 8.1 |
| Total current assets | 45.3 | 73.1 |
| Operating lease right-of-use assets, net | 1.1 | 2.8 |
| Deferred income taxes and other assets | 4.2 | 6.6 |
| Other long-term assets | 3.8 | 5.2 |
| TOTAL ASSETS | 54.4 | 87.7 |
| Current liabilities: | ||
| Line of credit | 0.3 | 0.5 |
| Accounts payable | 1.9 | 6.5 |
| Current portion of operating lease liabilities | 1.4 | 3.1 |
| Accrued liabilities | 8.0 | 2.7 |
| Deferred revenue, current | 0.2 | 0.2 |
| Other current liabilities | 12.1 | 32.2 |
| Total current liabilities | 23.9 | 45.4 |
| Operating lease liabilities | 0.2 | 15.9 |
| Deferred income taxes and other liabilities | 0.6 | 17.3 |
| Other long-term liabilities | 9.9 | (15.7) |
| Total liabilities | 34.6 | 62.9 |
| Shareholders' equity: | ||
| Common stock | — | — |
| Capital in excess of stated value | 253.5 | 238.4 |
| Retained earnings (deficit) | (233.7) | (213.6) |
| Total shareholders' equity | 19.8 | 24.8 |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 54.4 | 87.7 |
Consolidated Statements of Cash Flows (Unaudited)
| Description | Q1 ended Mar 31, 2026 | Q1 ended Mar 31, 2025 |
|---|---|---|
| Operating Activities: | ||
| Net cash from operating activities | (1.6) | (4.8) |
| Investing Activities: | ||
| Net cash from investing activities | 0.3 | — |
| Financing Activities: | ||
| Net cash from financing activities | (2.9) | (1.5) |
| Net increase/(decrease) in cash | (4.2) | (6.2) |
Amounts in millions USD; EPS as reported. Line labels are presentation-friendly mappings of filer XBRL tags — not a re-audit of the full statements. Use EDGAR for interactive notes and detail. Interactive statements & notes on EDGAR ↗