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Xos
(NASDAQ:XOS)
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Rating:53Neutral
Price Target:
$4.00
▲(13.64% Upside)
Action:Reiterated
Date:08/21/26
The score is held back primarily by weak financial performance (contracting revenue and large ongoing losses) and an unfavorable earnings-based valuation (negative P/E). These are partly offset by improving balance-sheet leverage and modestly positive TTM cash flow, plus supportive technicals with the stock trading above key moving averages. The latest earnings call adds a moderately positive tilt via improved margin outlook and liquidity, but is tempered by delivery deferrals, negative near-term free cash flow, and execution/financing risk.
Positive Factors
Sustained Margin Improvement
The sustained expansion in gross margins indicates that product mix and cost initiatives are improving unit economics. If maintained as volumes scale, this can reduce losses and support a more durable path toward profitability.
Negative Factors
Contracting Revenue and Deep Losses
Revenue contraction combined with a deeply negative net margin shows that scale and operating leverage remain insufficient. Persistent losses can consume liquidity and make future profitability dependent on substantial execution and volume improvement.
Read all positive and negative factors
Positive Factors
Negative Factors
Sustained Margin Improvement
The sustained expansion in gross margins indicates that product mix and cost initiatives are improving unit economics. If maintained as volumes scale, this can reduce losses and support a more durable path toward profitability.
Read all positive factors
Xos (XOS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$51.18M
Dividend YieldN/A
Average Volume (3M)220.12K
Price to Earnings (P/E)―
Beta (1Y)0.34
Revenue Growth-26.88%
EPS Growth72.36%
CountryUS
Employees100
SectorIndustrials
Sector Strength72
IndustryAuto - Manufacturers
Share Statistics
EPS (TTM)-1.62
Shares Outstanding14,217,852
10 Day Avg. Volume87,964
30 Day Avg. Volume220,123
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)-2.08
Revenue Forecast (FY)$49.10M
Xos Business Overview & Revenue Model
Company Description
Xos, Inc. designs, manufactures, and sells battery-electric commercial vehicles. The company provides class 5-6 medium duty rolling chassis, such as commercial stepvans and armored trucks, as well as engages in the Xos product development. It offe...
How the Company Makes Money
Xos makes money primarily by selling commercial battery-electric vehicles (medium- and heavy-duty trucks) to fleet customers, recognizing revenue when vehicles are delivered/accepted under customer contracts. In addition to vehicle sales, the comp...
Xos Earnings Call Summary
Earnings Call Date:Aug 13, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 05, 2026
Earnings Call Sentiment Positive
The call reflects a constructive, product-led pivot: management highlights meaningful structural improvements (material YoY gross margin expansion, record hub production, PowerHub launch, reduced operating expenses, and a stronger cash position) while acknowledging near-term execution and timing challenges (notably significant quarter-over-quarter revenue and delivery shortfalls, sequential margin pressure, and negative free cash flow). Many issues are framed as timing-related (customer deferrals) rather than permanent demand loss, and management points to a robust pipeline and certifications/capabilities that should drive second-half recovery.Positive Updates
PowerHub Launch and Product Expansion
Launched the PowerHub in June: a containerized 3.1 MWh unit delivering 1.5 MW continuous power (intermodal container form factor). Product combines battery, power conversion and control in one system enabling faster deployment for data centers, defense and public sector applications.
Negative Updates
Significant Revenue and Delivery Shortfall
Q2 revenue declined to $4.7M on 30 units vs $18.4M on 135 units in Q2 2025 and vs $11.2M on 95 units in Q1 2026. First half revenue was $16M vs $24.3M in H1 2025 — decline driven by customer delays and shifted orders.
Read all updates
Q2-2026 Updates
Positive
Negative
PowerHub Launch and Product Expansion
Launched the PowerHub in June: a containerized 3.1 MWh unit delivering 1.5 MW continuous power (intermodal container form factor). Product combines battery, power conversion and control in one system enabling faster deployment for data centers, defense and public sector applications.
Read all positive updates
Company Guidance
Management revised full‑year 2026 guidance to revenue of $35 million to $43 million, unit deliveries of 250–350 units, and a non‑GAAP operating loss of roughly $11.4–$14.7 million, while saying full‑year 2026 gross margins should be meaningfully better than 2025. They noted the bulk of deliveries is weighted to the second half (the majority of the year’s deliveries are ahead), expect deferred orders to be fulfilled over the next year, and pointed to H1 results that underpin the outlook (H1 revenue $16.0M on 125 units, GAAP gross margin 31%, non‑GAAP operating loss improved to $8.8M H1 and adjusted EBITDA loss $7.5M H1). To support the plan they closed Q2 with $13.2M cash (up ~35% from $9.8M), raised ~$7.6M net in the quarter, reported free cash flow (OpCF less CapEx) of negative $4.3M for H1, and continue to target improved inventory and AR metrics as catalysts for cash generation.Xos Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
46
Neutral
Cash Flow
38
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 37.69M | 45.99M | 55.96M | 44.52M | 36.38M | 5.05M |
| Gross Profit | 4.80M | 2.72M | 3.96M | -1.29M | -30.03M | -2.36M |
| EBITDA | -19.58M | -21.45M | -44.77M | -61.84M | -65.15M | 24.14M |
| Net Income | -19.48M | -25.32M | -50.16M | -75.84M | -73.33M | 23.40M |
Balance Sheet | ||||||
| Total Assets | 54.45M | 60.36M | 98.33M | 93.68M | 189.94M | 228.71M |
| Cash, Cash Equivalents and Short-Term Investments | 13.23M | 14.04M | 11.00M | 11.64M | 86.28M | 110.84M |
| Total Debt | 18.21M | 21.97M | 43.01M | 30.52M | 62.95M | 2.08M |
| Total Liabilities | 31.59M | 37.08M | 64.72M | 48.49M | 77.86M | 54.31M |
| Stockholders Equity | 22.86M | 23.29M | 33.61M | 45.20M | 112.08M | 174.39M |
Cash Flow | ||||||
| Free Cash Flow | 1.16M | 5.37M | -49.10M | -40.67M | -142.07M | -93.81M |
| Operating Cash Flow | 1.20M | 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 | 2.88M | -2.38M | -3.02M | -38.38M | 64.75M | 252.85M |
Xos Technical Analysis
Positive
3.52
Price Trends
2.70
Positive
2.54
Positive
2.36
Positive
Market Momentum
0.30
Negative
57.06
Neutral
53.79
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 3.52 is above the 20-day moving average (MA) of 2.93, above the 50-day MA of 2.70, and above the 200-day MA of 2.36, indicating a bullish trend. The MACD of 0.30 indicates Negative momentum. The RSI at 57.06 is Neutral, neither overbought nor oversold. The STOCH value of 53.79 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 |
|---|---|---|---|---|---|---|---|
80 Outperform | $279.23M | 16.45 | 7.08% | ― | -6.39% | -1.99% | |
72 Outperform | $9.72B | 17.83 | 12.32% | 1.39% | 1.93% | -12.16% | |
64 Neutral | $7.47B | 32.43 | 4.30% | 0.97% | 29.17% | -27.70% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
56 Neutral | $701.41M | 33.95 | 2.92% | ― | 8.86% | -55.83% | |
54 Neutral | $509.62M | -6.89 | -22.27% | 2.40% | -17.26% | 19.39% | |
53 Neutral | $51.18M | -2.18 | -80.31% | ― | -26.88% | 72.36% |
* Industrials Sector Average
XOS
Xos
3.53
0.54
18.06%
GENC
Gencor
19.08
2.68
16.34%
MTW
Manitowoc Company
19.01
8.94
88.78%
OSK
Oshkosh
156.71
15.76
11.18%
TEX
Terex
64.54
13.02
25.26%
WNC
Wabash National
13.22
2.44
22.67%
Xos Corporate Events
Business Operations and StrategyExecutive/Board ChangesPrivate Placements and FinancingShareholder Meetings
Xos Shareholders Approve Key Proposals at 2026 Meeting
Neutral
Jun 25, 2026
On June 23, 2026, Xos, Inc. held its 2026 annual meeting of stockholders, where holders of 52.57% of outstanding common shares were represented, establishing a quorum. Stockholders elected three Class II directors to serve until the 2029 annual me...
Private Placements and FinancingRegulatory Filings and Compliance
Xos Raises Capital Through Registered Direct Share Offering
Neutral
Jun 5, 2026
On June 4, 2026, Xos, Inc. entered into a securities purchase agreement with institutional investors and a placement agency agreement with Roth Capital Partners for a registered direct offering of 1,090,910 common shares at $5.50 per share. The co...
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.