Xos (XOS)
NASDAQ:XOS
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Xos
(NASDAQ:XOS)
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Rating:63Neutral
Price Target:
$5.50
▲(223.53% Upside)
Action:Reiterated
Date:06/05/26
The score is driven primarily by improving financial fundamentals (notably the swing to positive operating/free cash flow and lower leverage) and strong technical momentum. These positives are tempered by still-meaningful operating/net losses with thin margins, a negative P/E (loss-making profile), and earnings-call risks around tariffs, customer concentration, and near-term margin/mix pressure.
Positive Factors
Free Cash Flow Turnaround
A sustained swing to positive operating and free cash flow materially improves the company's ability to fund operations, reduce reliance on dilutive financing, and execute growth initiatives. Durable cash generation supports runway and strategic investments even while profitability normalizes.
Negative Factors
Weak Profitability and Thin Margins
Persistently low gross margins and deep net losses mean the business still consumes capital and depends on continued cost reductions or higher-margin mix to reach sustainable profitability. Until margins widen, scale increases may not translate into durable earnings improvement.
Read all positive and negative factors
Positive Factors
Negative Factors
Free Cash Flow Turnaround
A sustained swing to positive operating and free cash flow materially improves the company's ability to fund operations, reduce reliance on dilutive financing, and execute growth initiatives. Durable cash generation supports runway and strategic investments even while profitability normalizes.
Read all positive factors
Xos (XOS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$90.44M
Dividend YieldN/A
Average Volume (3M)23.57K
Price to Earnings (P/E)―
Beta (1Y)1.09
Revenue Growth5.46%
EPS Growth68.00%
CountryUS
Employees109
SectorIndustrials
Sector Strength72
IndustryAgricultural - Machinery
Share Statistics
EPS (TTM)-1.98
Shares Outstanding12,122,736
10 Day Avg. Volume35,025
30 Day Avg. Volume23,567
Financial Highlights & Ratios
PEG Ratio0.01
Price to Book (P/B)0.73
Price to Sales (P/S)0.37
P/FCF Ratio3.16
Enterprise Value/Market Cap0.26
Enterprise Value/Revenue0.46
Enterprise Value/Gross Profit4.02
Enterprise Value/Ebitda-0.87
Forecast
1Y Price Target
$4.00Price Target Upside135.29% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)-2.76
Revenue Forecast (FY)$47.02M
Xos Business Overview & Revenue Model
Company Description
Xos, Inc., a mobility solutions company, manufactures and sells battery-electric commercial vehicles. It offers a range of services to facilitate the transition of fleets to electric vehicles, including charging infrastructure, vehicle maintenance...
How the Company Makes Money
Xos generates revenue primarily by selling battery-electric commercial trucks to fleet operators and other customers, recognizing vehicle sales revenue upon delivery under customer purchase orders or sales contracts (where applicable). A secondary...
Xos Earnings Call Summary
Earnings Call Date:Mar 26, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 06, 2026
Earnings Call Sentiment Positive
The call emphasized a clear operational turnaround: record unit deliveries, a major swing to positive free cash flow, meaningful reductions in operating losses, and product diversification into hubs and powertrains. Management highlighted several structural improvements (cost reductions, supply-chain actions, dealer/OEM relationships, and new product shipments) and provided 2026 guidance. Offsetting these positives are a YoY revenue decline driven by lower ASPs, tariff-related margin headwinds, concentration with a few large customers, and some one-time accounting and timing items that affected Q4 results. On balance the company portrayed sustainable progress and momentum despite near-term mix- and tariff-related pressures.Positive Updates
Record Unit Deliveries and Revenue Mix
Full year 2025 delivered a company record of 328 units (up ~10.4% vs 297 in 2024) and $46.0M in revenue. Management emphasized expanded customer programs (200+ unit UPS program) and growing repeat orders from national fleets.
Negative Updates
Year-over-Year Revenue Decline
Full year revenue fell to $46.0M from $56.0M in 2024 (down ~$10M, approximately -17.9% YoY), driven by lower average selling prices from a higher mix of strip chassis and powertrain/hub products.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Unit Deliveries and Revenue Mix
Full year 2025 delivered a company record of 328 units (up ~10.4% vs 297 in 2024) and $46.0M in revenue. Management emphasized expanded customer programs (200+ unit UPS program) and growing repeat orders from national fleets.
Read all positive updates
Company Guidance
Management guided 2026 to revenue of $40–50 million, unit deliveries of 350–500, and non‑GAAP operating loss of $11.9–$13.3 million, while noting hub and powertrain businesses are expected to grow at high double‑digit to potentially triple‑digit rates (with step vans continuing to contribute). For context, 2025 results the guidance builds on include $46 million revenue on 328 units, GAAP gross margin 5.9% (non‑GAAP gross margin 8.8%), operating loss $33.1 million, adjusted EBITDA loss $23.5 million, positive free cash flow of $5.4 million (vs. –$49.1M in 2024), year‑end cash $14 million, accounts receivable $6 million, and inventory $25 million.Xos Financial Statement Overview
Summary
Income Statement
24
Negative
Balance Sheet
43
Neutral
Cash Flow
62
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 51.34M | 45.99M | 55.96M | 44.52M | 36.38M | 5.05M |
| Gross Profit | 5.85M | 2.72M | 3.96M | -1.29M | -30.03M | -2.36M |
| EBITDA | -26.98M | -33.08M | -40.73M | -60.09M | -107.72M | -52.42M |
| Net Income | -20.09M | -25.32M | -50.16M | -75.84M | -73.33M | 23.40M |
Balance Sheet | ||||||
| Total Assets | 54.42M | 60.36M | 98.33M | 93.68M | 189.94M | 228.71M |
| Cash, Cash Equivalents and Short-Term Investments | 9.85M | 14.04M | 11.00M | 11.64M | 86.28M | 110.84M |
| Total Debt | 10.00M | 18.50M | 43.01M | 30.52M | 62.95M | 2.08M |
| Total Liabilities | 34.63M | 37.08M | 64.72M | 48.49M | 77.86M | 54.31M |
| Stockholders Equity | 19.79M | 23.29M | 33.61M | 45.20M | 112.08M | 174.39M |
Cash Flow | ||||||
| Free Cash Flow | 8.51M | 5.37M | -49.10M | -40.67M | -142.07M | -93.81M |
| Operating Cash Flow | 8.53M | 5.37M | -48.80M | -39.29M | -127.96M | -88.89M |
| Investing Cash Flow | 373.00K | 61.00K | 51.18M | 50.63M | 82.71M | -155.14M |
| Financing Cash Flow | -3.81M | -2.38M | -3.02M | -38.38M | 64.75M | 252.85M |
Xos Technical Analysis
Positive
1.70
Price Trends
2.05
Positive
2.14
Positive
2.32
Positive
Market Momentum
0.68
Negative
68.51
Neutral
69.05
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For XOS, the sentiment is Positive. The current price of 1.7 is below the 20-day moving average (MA) of 2.51, below the 50-day MA of 2.05, and below the 200-day MA of 2.32, indicating a bullish trend. The MACD of 0.68 indicates Negative momentum. The RSI at 68.51 is Neutral, neither overbought nor oversold. The STOCH value of 69.05 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for XOS.
Xos Risk Analysis
Xos disclosed 80 risk factors in its most recent earnings report. Xos reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Xos Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | $8.36B | 14.47 | 12.85% | 1.56% | -0.92% | -4.01% | |
66 Neutral | $7.16B | 38.42 | 3.93% | 1.24% | 17.03% | -43.69% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
63 Neutral | $90.44M | -3.04 | -103.90% | ― | 5.46% | 68.00% | |
60 Neutral | $210.63M | 14.27 | 7.08% | ― | -11.11% | 9.18% | |
50 Neutral | $438.82M | 59.20 | 1.09% | ― | 5.14% | -83.42% | |
43 Neutral | $321.73M | -5.05 | -17.32% | 3.59% | -19.16% | -5.54% |
* Industrials Sector Average
XOS
Xos
5.28
2.21
71.99%
GENC
Gencor
14.83
0.69
4.88%
MTW
Manitowoc Company
12.45
1.61
14.85%
OSK
Oshkosh
133.13
24.73
22.81%
TEX
Terex
62.67
17.52
38.79%
WNC
Wabash National
8.01
-0.65
-7.48%
Xos Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Xos Lowers Note Conversion Price in Amended Agreement
Neutral
May 13, 2026
On May 8, 2026, Xos and Aljomaih Automotive Co. amended their existing $20 million convertible promissory note, cutting the conversion price from $71.451 per share, adjusted for a prior reverse stock split, to $12.00 per share of common stock. The...
Business Operations and StrategyExecutive/Board Changes
Xos Finalizes Separation Agreement With Former General Counsel
Neutral
Apr 29, 2026
Xos, Inc. disclosed that its former General Counsel and Secretary, Christen T. Romero, who resigned effective January 10, 2025, entered into a Confidential Separation Agreement and General Release with the company on April 24, 2026. The agreement ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.