Xos (XOS) AI Stock Analysis

• Market Cap: $22.86M
• Dividend Yield: N/A
• Average Volume (3M): 99.42K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.49
• Revenue Growth: -19.18%
• EPS Growth: 24.68%
• Country: US
• Employees: 109
• Sector: Industrials
• Sector Strength: 72
• Industry: Agricultural - Machinery
• EPS (TTM): -0.91
• Shares Outstanding: 8,690,583
• 10 Day Avg. Volume: 65,421
• 30 Day Avg. Volume: 99,420
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: 2.55
• Enterprise Value/Revenue: 1.20
• Enterprise Value/Gross Profit: 24.41
• Enterprise Value/Ebitda: -1.40
• 1Y Price Target: $3.00
• Price Target Upside: 11.11% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 1

• Rating: 51 Neutral
• Price Target: $3.00 ▲(11.11% Upside)

Xos's overall score reflects strong revenue growth and positive strategic initiatives, tempered by ongoing profitability challenges and mixed technical indicators. The recent earnings call and corporate events provide a positive outlook, but financial performance and valuation concerns weigh on the score.

Xos Business Overview & Revenue Model

Company Description

Xos, Inc. is a technology company focused on the development and manufacturing of fully electric commercial vehicles. The company primarily operates in the transportation sector, offering sustainable solutions to reduce carbon emissions in the logistics and delivery industries. Xos designs and produces electric trucks that cater to the needs of fleet operators, providing a viable alternative to traditional fossil-fuel vehicles.

How the Company Makes Money

Xos makes money primarily through the sale of its electric commercial vehicles to fleet operators and other businesses seeking sustainable transportation solutions. The company's revenue streams include direct sales of its electric trucks, leasing options for customers who prefer not to purchase outright, and providing aftermarket services and support. Additionally, Xos may engage in strategic partnerships with other companies to expand its market reach and enhance its product offerings, contributing further to its revenue. These partnerships can include collaborations with technology firms for integrating advanced features or with logistics companies to streamline deployment of their vehicles.

Xos Financial Statement Overview

Summary

Xos shows strong revenue growth but faces challenges with ongoing operational losses and negative cash flows. The balance sheet reflects moderate leverage and stable equity, but profitability remains a critical area for improvement.

Income Statement

Xos has shown significant revenue growth over recent years, with a notable increase from $4.5 million in 2023 to $55.9 million in 2024, indicating a robust growth trajectory. However, the company continues to operate at a loss, with both EBIT and EBITDA margins being negative. The net profit margin remains deeply in the red at -89.6% for 2024, reflecting ongoing challenges in achieving profitability.

Balance Sheet

Xos's balance sheet shows a stable equity position with stockholders' equity at $33.6 million in 2024, compared to total liabilities of $64.7 million. The company has a favorable debt position with total debt at zero, but the return on equity is negative due to net losses. The equity ratio stands at 34.2%, suggesting moderate leverage.

Cash Flow

The cash flow statement reveals negative free cash flow, with significant operating cash outflows of -$48.8 million in 2024. The free cash flow to net income ratio is concerning as it is negative, indicating challenges in generating cash relative to accounting profits. However, investing and financing activities have provided cash inflows, partially offsetting operating cash outflows.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	48.68M	55.96M	44.52M	36.38M	5.05M	2.64M
Gross Profit	2.39M	3.96M	-1.29M	-30.03M	-2.36M	300.00K
EBITDA	-41.49M	-40.73M	-60.09M	-107.72M	-52.42M	-11.58M
Net Income	-49.34M	-50.16M	-75.84M	-73.33M	23.40M	-16.67M
Balance Sheet
Total Assets	87.68M	98.33M	93.68M	189.94M	228.71M	13.77M
Cash, Cash Equivalents and Short-Term Investments	4.76M	11.00M	11.64M	86.28M	110.84M	10.36M
Total Debt	0.00	43.01M	30.52M	62.95M	2.08M	18.70M
Total Liabilities	62.87M	64.72M	48.49M	77.86M	54.31M	40.97M
Stockholders Equity	24.81M	33.61M	45.20M	112.08M	174.39M	-27.20M
Cash Flow
Free Cash Flow	-39.24M	-49.10M	-40.67M	-142.07M	-93.81M	-12.74M
Operating Cash Flow	-38.96M	-48.80M	-39.29M	-127.96M	-88.89M	-12.34M
Investing Cash Flow	-149.00K	51.18M	50.63M	82.71M	-155.14M	-407.00K
Financing Cash Flow	-3.41M	-3.02M	-38.38M	64.75M	252.85M	23.09M

Xos Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 2.70
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For XOS, the sentiment is Negative. The current price of 2.7 is above the 20-day moving average (MA) of 2.59, below the 50-day MA of 2.93, and below the 200-day MA of 3.34, indicating a neutral trend. The MACD of -0.03 indicates Negative momentum. The RSI at 47.02 is Neutral, neither overbought nor oversold. The STOCH value of 21.20 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for XOS.

Xos Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
MTW	63 Neutral	$351.05M	7.96	6.59%	―	-1.96%	423.46%
TWI	58 Neutral	$490.08M	-24.03	-3.87%	―	-1.29%	-171.86%
XOS	51 Neutral	$22.86M	―	-121.68%	―	-19.18%	24.68%
WNC	51 Neutral	$406.11M	-4.07	-28.52%	3.24%	-25.02%	-171.64%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%

Xos Corporate Events

Xos Finalizes Lease Termination Agreement for Facility

On August 21, 2025, Xos, Inc. entered into a Lease Termination Agreement for its manufacturing facility in Mesa, Arizona, which was acquired through ElectraMeccanica Vehicles Corp. in March 2024. The agreement involves terminating the lease contingent on a new lessee, with Xos making payments totaling $2.7 million over 18 months and paying $1.3 million in leasing commissions, while the landlord retains a $1.2 million security deposit. The termination is not expected to impact Xos’s operations as they will continue using other facilities. Additionally, on August 8, 2025, Xos amended a Note Purchase Agreement with Aljomaih Automotive Company, converting $6.0 million of accrued interest into 1,803,262 shares of common stock, issued on August 25, 2025, under exemptions from the Securities Act of 1933.

Xos Expands Board with New Director Appointment

On August 18, 2025, Xos, Inc. expanded its board of directors by appointing John F. Smith as a Class I director, increasing the board size from eight to nine members. Smith, a former Group Vice President at General Motors with extensive experience in strategy and governance, will also join the Audit Committee. His appointment is expected to bolster Xos’s efforts in scaling production and expanding market reach, particularly in medium-duty applications and flexible charging solutions. This strategic move underscores Xos’s commitment to enhancing its operational capabilities and strengthening its market position.

Xos Amends Note Purchase Agreement with Aljomaih

On August 8, 2025, Xos, Inc. and Aljomaih Automotive Co. amended their Note Purchase Agreement and Convertible Promissory Note, imposing a limit on the issuance of common stock as interest payments. The agreement, effective August 14, 2025, restricts the issuance of shares to 1,737,247, representing 19.99% of Xos’s outstanding shares as of August 8, 2025, with excess interest payable by August 11, 2026, or upon shareholder approval.

Xos Enters Sales Agreement with Roth Capital Partners

On August 14, 2025, Xos, Inc. entered into a Sales Agreement with Roth Capital Partners, LLC to offer and sell up to $20 million in common stock, with an initial cap of $5,367,542. The proceeds from this offering will be used for working capital, debt servicing, and general corporate purposes, potentially impacting the company’s financial flexibility and market operations.

Xos Appoints New CFO Amid Record-Breaking Q2 Results

In a significant leadership transition effective July 1, 2025, Dietmar Ostermann assumed the role of lead independent director of Xos, Inc.’s board, while Liana Pogosyan was appointed as the Chief Financial Officer and Treasurer on August 10, 2025. Xos reported a record-breaking second quarter in 2025, achieving its highest revenue and deliveries, along with a positive net cash flow, despite challenges in the electric vehicle industry. The company delivered 135 units, generating $18.4 million in revenue, and reduced operating expenses by $4.7 million year-over-year, marking a pivotal moment in its operational efficiency and growth strategy.

Xos Fleet Updates Executive Employment Agreements

On June 26, 2025, Xos Fleet, Inc., a subsidiary of Xos, Inc., entered into new Executive Employment Agreements with its CEO Dakota Semler and COO Giordano Sordoni, replacing previous agreements from 2016. These agreements maintain similar employment terms but include specific severance benefits in case of termination without cause or other defined circumstances. Additionally, Xos, Inc. held its 2025 annual stockholders meeting on June 24, 2025, where stockholders elected two directors, ratified the appointment of Grant Thornton LLP as auditors, and approved an amendment to increase shares under the 2021 Equity Incentive Plan.