In an effort to reduce emissions, U.S. states, such as California contracted Xos Inc. (NASDAQ: XOS), as a vendor. This now allows California state and local agencies to easily purchase electric step vans from Xos using a streamlined state contract. After all, according to RMI, “electrifying vans and step vans would avoid about 43.5 million tons of CO2 emissions annually, equivalent to removing nearly 5 billion gallons of gasoline from our economy per year.” Not only could that news have a positive impact on Xos Inc., but also companies, like Tesla (NASDAQ: TSLA), Workhorse Group (NASDAQ: WKHS), United Parcel Service (NYSE: UPS), and GreenPower Motors (NASDAQ: GP) (TSXV: GPV). Better, according to Fortune Business Insights, the global electric van market could be worth $127.07 billion by 2030 from $16.7 billion today.”
Xos, Inc. (NASDAQ: XOS) is Already Benefiting from Strong Demand
Xos, Inc., a leading electric truck manufacturer and fleet services provider, today reported financial results for the third quarter ended September 30, 2023.
Third Quarter 2023 Highlights:
– Quarterly deliveries of 105 units, marking a 176% quarter-over-quarter increase and the highest quarterly delivery volume to date.
– GAAP gross margins of 11.9% and up to 20% gross margins on a per unit basis.
– Revenues of $16.7 million, compared to $4.8 million in the second quarter of 2023.
– Net loss was $14.1 million, loss from operations was $12.6 million, and non-GAAP operating loss(1) for the quarter was $11.2 million.
(1) For further information about how we calculate non-GAAP operating loss, see below for the reconciliations of GAAP to non-GAAP financial measures provided in the tables included in this release.
“Delivering both positive gross margins and record volumes shows how far ahead of the competition Xos is,” said Dakota Semler, Chief Executive Officer of Xos. “We are making money on EVs, and demonstrating our ability to do so at scale by accomplishing build rates in excess of 700 stepvans per annum.”
Liana Pogosyan, Acting Chief Financial Officer of Xos, added, “Achieving positive GAAP gross margins, strong delivery numbers, and decreased operating expenses this quarter is very encouraging and is aiding efforts to secure additional funding.”
(1) Includes cash, cash
equivalents, restricted cash,
and marketable debt securities, available-for-sale.
(2) For further information about how we calculate non-GAAP gross profit (loss) and non-GAAP operating loss, see below for the reconciliations of GAAP to non-GAAP financial measures provided in the tables included in this release.
The outlook provided above is based on management beliefs and
expectations as of the date of this press release. The results are based on
assumptions that are believed to be reasonable as of this date, but may be
materially affected by many factors, as discussed below in “Cautionary
Statement Regarding Forward-Looking Statements.” Actual results may vary from
the outlook above and the variations may be material. The Company undertakes no
intent or obligation to publicly update or revise any of these projections,
whether as a result of new information, future events or otherwise, except as
required by law.
Conference Call and Webcast Details
Date / Time: Thursday, November 9, 2023, at 4:30 p.m. EST / 1:30 p.m. PST
U.S. Toll-Free Dial In: 1-833-816-1411
International Dial In: 1-412-317-0507
Conference ID: 10182517
To access the call, please dial in approximately ten minutes before the start of the call.
For those unable to participate in the live call, an audio replay will be available following the call through midnight Thursday, November 23, 2023. To access the replay, please call 1-844-512-2921 or 1-412-317-6671 (International) and enter access code 10182517. A replay of the webcast will also be archived shortly after the call and can be accessed on the Company’s website.
Other related developments from around the markets include:
BP just announced a deal in which BP pulse, BP’s EV charging business, will acquire ultra-fast charging hardware units from Tesla for $100 million. The investment will facilitate the expansion of the BP pulse public network across the US, while also enabling support for EV fleet customers by deploying chargers at their private depots. The introduction of Tesla’s chargers to the BP pulse network is the first time the hardware will be purchased for an independent EV charging network. The roll-out is planned to begin in 2024 and locations will include key sites across the BP family of brands, including TravelCenters of America, Thorntons, and Amoco, as well as at BP pulse’s large-scale Gigahub charging sites in major metropolitan areas.
Workhorse Group, an American technology company focused on pioneering the transition to zero emission commercial vehicles, announced that, in light of a scheduling issue, it has rescheduled its third quarter earnings conference call to Tuesday, November 14th at 8:00 a.m. Eastern time (5:00 a.m. Pacific time). Workhorse will discuss financial results for the third quarter ended September 30, 2023 as well as the Company’s plans and outlook. Financial results will also be issued in a press release prior to the call. Workhorse management will host a presentation, followed by a question-and-answer period.
United Parcel Service announced its regular quarterly dividend of $1.62 per share on all outstanding Class A and Class B shares. The dividend is payable November 30, 2023, to shareowners of record on November 13, 2023. Commitment to the dividend is one of UPS’s core principles and a hallmark of the company’s financial strength. UPS has either maintained or increased its dividend each year since going public in 1999.
GreenPower Motors, a leading manufacturer and distributor of purpose-built, all-electric, zero-emission medium and heavy-duty vehicles serving the cargo and delivery market, shuttle and transit space and school bus sector, unveiled the Mega BEAST. This newest version of GreenPower’s all-electric Type D school bus provides double the range with the same functionality as GreenPower’s trusted and reliable BEAST all-electric school bus that is deployed in school bus fleets across the country.
Legal Disclaimer / Except for the historical information presented herein, matters discussed in this article contains forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Winning Media is not registered with any financial or securities regulatory authority and does not provide nor claims to provide investment advice or recommendations to readers of this release. For making specific investment decisions, readers should seek their own advice. Winning Media is only compensated for its services in the form of cash-based compensation. Pursuant to an agreement Winning Media has been paid three thousand five hundred dollars for advertising and marketing services for Xos, Inc. by Xos, Inc. We own ZERO shares of Xos, Inc. Please click here for full disclaimer.