$XOS

Xos, Inc.

CIK:0001819493|SEC Filings

Condensed Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

Income Statement [Abstract]

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)

(60)

Loss before provision for income taxes

(6,866)

(7,474)

(11,777)

(17,623)

Provision for income taxes

Net loss

$ (6,893)

$ (7,487)

$ (11,809)

$ (17,648)

Net loss per share

Basic

$ (0.55)

$ (0.9)

$ (0.98)

$ (2.16)

Diluted

$ (0.55)

$ (0.9)

$ (0.98)

$ (2.16)

Weighted average shares outstanding

Basic

12,591

8,287

12,084

8,182

Diluted

^[1]

12,591

8,287

12,084

8,182

[1]

Net loss attributable to common stockholders, diluted during both the three and six months ended June 30, 2026 and 2025, excludes adjustments related to the change in fair value of derivative liabilities, interest expense and amortization of discounts and issuance costs related to Convertible Note. These adjustments were excluded from the calculation of diluted net loss per share as they would have an antidilutive effect (see Note 8 — Convertible Notes).

Condensed Consolidated Statements of Cash Flows Unaudited - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
OPERATING ACTIVITIES:
Net Income (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	0	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)	0
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	0
Purchase of property and equipment	(38)	0
Net cash provided by investing activities	312	0
FINANCING ACTIVITIES:
Payments on convertible notes	(3,000)	0
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	0
Proceeds from issuance of common stock in registered direct offering, net	5,388	0
Stock options exercised	0	0
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
Supplemental disclosure of cash flow information
Cash paid for income taxes	18	24
Supplemental disclosure of non-cash activities
Operating lease termination	(54)	0
Right-of-use assets obtained in exchange for operating lease liabilities	$ 1,060	$ 0

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 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
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	0	0
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