---
schema_version: "secwatch.filing_event.v1"
accession: "0001819493-23-000049"
form_type: "8-K"
ticker: "XOS"
cik: "0001819493"
company_name: "Xos, Inc."
filed_at: "2023-03-08T23:59:59+00:00"
generated_at: "2026-06-18T08:41:57.757354+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Xos restates Q1-Q3 2022 financials due to inventory and derivative accounting errors

## Summary
- Cost of goods sold understated by $2.8M for three, six, and nine months ended March/June/Sept 2022 due to inventory count errors.
- Duplicate inventory receipts and prepaid inventory errors caused line-item misstatements (e.g., prepaid expenses overstated by up to $4.4M).
- Derivative liability on convertible debentures not bifurcated; convertible debt net overstated by $7.1M and derivative liabilities understated by $3.8M as of Sept 30, 2022.
- Material weakness identified in internal control over financial reporting related to inventory management; disclosure controls and procedures ineffective.
- No expected impact on reported cash balances or liquidity; company plans to file Form 10-Q/A for each restated quarter.

## SEC filing metadata
- accession: 0001819493-23-000049
- form_type: 8-K
- ticker: XOS
- cik: 0001819493
- company_name: Xos, Inc.
- filed_at: 2023-03-08T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 4.02
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1819493/000181949323000049/0001819493-23-000049-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1819493/000181949323000049/xos-20230308.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001819493-23-000049
- JSON: https://secwatch.observer/filing/0001819493-23-000049.json
- Plain text: https://secwatch.observer/filing/0001819493-23-000049.txt

## Key facts
- Auditor Changes
  Xos, Inc. reported that prior financial statements should not be relied upon.
  - Action: non reliance
  source text: On March 8, 2023, the audit committee (the "Audit Committee") of the Board of Directors of Xos, Inc. (the "Company"), after discussion with the Company's management, concluded that the Company's previously issued unaudited condensed consolidated financial statements as of and for the quarters ended March 31, 2022, June 30, 2022 and September 30, 2022 (collectively, the "Restated Financials"), each as previously filed with the Securities and Exchange Commission (the "SEC"), should no longer be relied upon and should be restated
  evidence_url: https://www.sec.gov/Archives/edgar/data/1819493/000181949323000049/0001819493-23-000049-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.