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Xos Inc. (XOS-2.18%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing an increase in revenue to $55,961,000 from $44,523,000 in the previous year. This increase was driven by higher deliveries of stepvans, powertrains, and hubs.
Cost of goods sold for the year was $51,996,000, compared to $45,813,000 in the previous year, resulting in a gross profit of $3,965,000, up from a gross loss of $1,290,000.
General and administrative expenses decreased to $35,083,000 from $37,698,000, primarily due to reductions in professional fees and personnel costs.
Research and development expenses also decreased significantly to $10,627,000 from $19,589,000, reflecting lower headcount and fewer projects in development.
Sales and marketing expenses were reduced to $4,129,000 from $6,388,000 due to lower personnel costs and reduced public relations and tradeshow expenses.
The company reported a net loss of $50,159,000, compared to a net loss of $75,843,000 in the previous year.
Cash used in operating activities was $48,795,000, while cash provided by investing activities was $51,176,000, primarily due to cash acquired from the acquisition of ElectraMeccanica.
Xos completed the acquisition of ElectraMeccanica Vehicles Corp., which contributed $50.2 million in cash to Xos's balance sheet.
The company continues to focus on expanding its product offerings and managing its supply chain to mitigate disruptions.
Xos identified substantial doubt about its ability to continue as a going concern over the next 12 months, citing the need for additional capital to fund operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Xos Inc. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.