Xos reports FY2023 revenue up 22% to $44.5M; enters deal to acquire ElectraMeccanica for cash infusion

Xos, Inc.

Full year 2023 revenue $44.5M, up 22% YoY; GAAP gross loss $(1.3)M vs $(30.0)M in 2022.
Net loss $(75.8)M vs $(73.3)M in 2022; cash and securities $11.6M at Dec 31, down from $89.3M.
Entered definitive all-stock agreement to acquire ElectraMeccanica, expected to add over $45M cash.
Delivered 283 EVs to fleets including FedEx, UPS, Loomis; operating expenses reduced 43% in 2 years.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Xos, Inc. reported fourth quarter and year ended December 31, 2023 results: revenue $44.5 million, net income $(75.8) million.

Period: fourth quarter and year ended December 31, 2023
Revenue: $44.5 million
Net income: $(75.8) million
Result: reported results

Exact text from the filing

services provider, today reported financial results for the fourth quarter and year ended December 31, 2023. Full Year 2023 Highlights: ● 2023 revenue improved significantly to $44.5 million from $36.4 million in 2022 ● Achieved positive gross margins in the third and fourth quarters of 2023, supported by the release of an updated stepvan platform ● Bolstered

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Source: SEC EDGAR

accession 0001819493-24-000038

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