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Xos Inc. Warrants (XOS+2.15%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports total revenues of $15.8 million for the quarter, a decrease from $16.7 million in the same period the previous year. The decrease is attributed to a reduction in unit sales and ancillary revenue.
Cost of goods sold for the quarter was $12.9 million, compared to $14.7 million in the previous year, reflecting a decrease in direct materials and dealer return reserves.
The company reported a gross profit of $2.9 million for the quarter, up from $2.0 million in the previous year, with the increase attributed to higher average selling prices.
General and administrative expenses increased slightly to $8.9 million, primarily due to higher facility expenses and professional fees.
Research and development expenses decreased to $2.6 million, reflecting lower headcount and fewer projects in development.
Sales and marketing expenses decreased to $1.0 million, primarily due to reduced personnel costs and marketing activities.
The company reported a net loss of $10.5 million for the quarter, compared to a net loss of $14.1 million in the previous year.
Net cash used in operating activities was $52.1 million for the nine months ended September 30, 2024, primarily due to higher accounts receivable and inventory.
Xos completed the acquisition of ElectraMeccanica Vehicles Corp. in March 2024, which contributed approximately $50.2 million in net cash acquired.
The company acknowledges substantial doubt about its ability to continue as a going concern due to ongoing net losses and cash outflows.
Xos is taking measures to improve liquidity, including a reduction in workforce and temporary salary reductions for senior executives.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Xos Inc. Warrants quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.