Xos reports record 2024 revenue $56M, positive GAAP gross margin 7.1%, first positive free cash flow quarter

Xos, Inc.

FY 2024 revenue $56.0M, up 26% from $44.5M; GAAP gross margin improved to +7.1% from -2.9%.
Non-GAAP gross margin 18% vs -5.2%; net loss narrowed to $50.2M from $75.8M.
Delivered 297 units (up from 283); largest customer order from UPS for 193 units expected in 2025.
Q4 2024 net cash from operations $3.3M, first quarter of positive free cash flow.
Operating expenses reduced $13.8M (-21.7% YoY); cash and restricted cash $11.0M at year-end.

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