NASDAQ: XOS
Xos, Inc.CIK 0001819493 · SIC 3714 · Motor Vehicle Parts & Accessories
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Xos launches at-the-market offering to sell up to $8.78M of common stock at $3.38/share
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Xos raises $6M through registered direct offering at $5.50 per share
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XOS: revenue $11.2M, net income -$5.0M. 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: revenue $46.0M, net income -$25.3M. Xos narrows loss 50% but internal control weaknesses expand; debt restructured to 2028
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Latest financial statements
From 10-Q filed Aug 13, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Condensed Consolidated Statements of Operations (Unaudited)
(in thousands, except per share amounts)
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| Revenues | 4,740 | 18,393 | 15,965 | 24,272 |
| Cost of goods sold | 4,167 | 16,756 | 11,021 | 21,399 |
| Gross profit | 573 | 1,637 | 4,944 | 2,873 |
| Operating expenses | ||||
| General and administrative | 5,817 | 5,906 | 11,882 | 13,802 |
| Research and development | 1,899 | 2,087 | 3,929 | 4,017 |
| Sales and marketing | 804 | 707 | 1,720 | 1,361 |
| Total operating expenses | 8,520 | 8,700 | 17,531 | 19,180 |
| Loss from operations | (7,947) | (7,063) | (12,587) | (16,307) |
| Other income (expense), net | 1,096 | (405) | 816 | (1,256) |
| Change in fair value of derivative instruments | (15) | (6) | (6) | (60) |
| Loss before provision for income taxes | (6,866) | (7,474) | (11,777) | (17,623) |
| Provision for income taxes | 27 | 13 | 32 | 25 |
| Net loss | (6,893) | (7,487) | (11,809) | (17,648) |
| Net loss per share | ||||
| Basic | (0.55) | (0.90) | (0.98) | (2.16) |
| Diluted | (0.55) | (0.90) | (0.98) | (2.16) |
| Weighted average shares outstanding | ||||
| Basic | 12,591 | 8,287 | 12,084 | 8,182 |
| Diluted | 12,591 | 8,287 | 12,084 | 8,182 |
Condensed Consolidated Balance Sheets (Unaudited)
(in thousands, except par value)
| Description | June 30, 2026 | December 31, 2025 |
|---|---|---|
| Assets | ||
| Cash and cash equivalents | 13,235 | 14,040 |
| Accounts receivable, net | 4,485 | 6,035 |
| Inventories | 23,533 | 24,961 |
| Prepaid expenses and other current assets | 3,713 | 4,841 |
| Total current assets | 44,966 | 49,877 |
| Property and equipment, net | 3,579 | 4,320 |
| Operating lease right-of-use assets, net | 1,726 | 1,534 |
| Other non-current assets | 4,177 | 4,632 |
| Total assets | 54,448 | 60,363 |
| Liabilities and Stockholders’ Equity | ||
| Accounts payable | 1,378 | 2,473 |
| Convertible debt, current | 7,500 | 6,500 |
| Other current liabilities | 13,601 | 14,011 |
| Total current liabilities | 22,479 | 22,984 |
| Common stock warrant liability | 79 | 73 |
| Other non-current liabilities | 1,033 | 1,345 |
| Convertible debt, non-current | 8,000 | 12,000 |
| Total liabilities | 31,591 | 36,402 |
| Commitments and contingencies (Note 13) | ||
| Stockholders’ Equity | ||
| Common stock $0.0001 par value per share, authorized 1,000,000 shares, 14,146 and 11,403 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively | 2 | 1 |
| Preferred stock $0.0001 par value per share, authorized 10,000 shares, 0 shares issued and outstanding at June 30, 2026 and December 31, 2025 | — | — |
| Additional paid-in capital | 262,730 | 252,026 |
| Accumulated deficit | (239,875) | (228,066) |
| Total stockholders’ equity | 22,857 | 23,961 |
| Total liabilities and stockholders’ equity | 54,448 | 60,363 |
Condensed Consolidated Statements of Cash Flows (Unaudited)
(in thousands, unaudited)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| OPERATING ACTIVITIES: | ||
| Net loss | (11,809) | (17,648) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Depreciation | 1,084 | 1,070 |
| Amortization of right-of-use assets | 868 | 818 |
| Amortization of debt discounts and issuance costs | — | 24 |
| Amortization of insurance premiums | 1,013 | 1,325 |
| Inventory reserve | (877) | (2,206) |
| Impairment of property and equipment | 61 | 401 |
| Change in fair value of derivative instruments | 6 | 60 |
| Gain on lease termination | (54) | — |
| Stock-based compensation expense | 4,107 | 3,097 |
| Allowance for credit losses | (110) | (36) |
| Other non-cash items | (46) | 75 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | 1,660 | 8,817 |
| Inventories | 1,935 | 7,471 |
| Prepaid expenses and other current assets | (197) | (2,262) |
| Other assets | 455 | 300 |
| Accounts payable | (1,084) | (3,999) |
| Other liabilities | (1,287) | 2,582 |
| Net cash used in operating activities | (4,275) | (111) |
| INVESTING ACTIVITIES: | ||
| Proceeds from the disposal of assets held for sale and other assets | 350 | — |
| Purchase of property and equipment | (38) | — |
| Net cash provided by investing activities | 312 | — |
| FINANCING ACTIVITIES: | ||
| Payments on convertible notes | (3,000) | — |
| Payment for short-term insurance financing note | (1,289) | (1,887) |
| Taxes paid related to net share settlement of stock-based awards | (1,038) | (688) |
| Principal payment of equipment leases | (152) | (1,200) |
| Proceeds from short-term insurance financing note | 1,001 | 1,675 |
| Proceeds from issuance of common stock in at-the-market offering, net | 2,248 | — |
| Proceeds from issuance of common stock in registered direct offering, net | 5,388 | — |
| Stock options exercised | — | — |
| Net cash provided by (used in) financing activities | 3,158 | (2,100) |
| Net decrease in cash and cash equivalents | (805) | (2,211) |
| Cash and cash equivalents, beginning of period | 14,040 | 10,996 |
| Cash and cash equivalents, end of period | 13,235 | 8,785 |
Amounts as printed on the EDGAR/iXBRL face — (in thousands, except per share amounts); (in thousands, except par value); (in thousands, unaudited). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗