Xos (XOS) investor relations material

Executive summary

• Achieved third consecutive quarter of positive operating and free cash flow, ending 2025 with $14.0 million in cash, up 28% year-over-year.

• Delivered first production powertrains for Blue Bird school buses, expanding into the school bus market.

• Shifted product mix toward powertrains and stripped chassis, impacting revenue per unit but supporting platform expansion.

Financial highlights

• Q4 2025 revenue was $5.2 million from 34 units, down from $11.5 million and 51 units in Q4 2024.

• Full-year 2025 revenue was $46.0 million from 328 units, compared to $56.0 million and 297 units in 2024.

• Q4 operating loss reduced to $9.7 million (non-GAAP: $4.6 million), a 27.1% YoY improvement in non-GAAP terms.

• Full-year operating loss narrowed to $33.1 million (non-GAAP: $24.3 million), a 24.1% YoY improvement in non-GAAP operating loss.

• Q4 EBITDA loss improved to $8.5 million (adjusted: $7.0 million) from $13.4 million (adjusted: $12.0 million) YoY.

• Full-year EBITDA loss cut by more than half to $21.0 million (adjusted: $23.5 million) from $42.2 million (adjusted: $34.8 million) in 2024.

• Gross margin for 2025 was 5.9% (non-GAAP: 8.8%), down from 7.1% (non-GAAP: 18.0%) in 2024.

• Q4 gross margin was negative 50.5% (non-GAAP: 5.2%), impacted by inventory and warranty reserves.

Outlook and guidance

• 2026 revenue guidance: $40.0–$50.0 million.

• 2026 non-GAAP operating loss expected between $11.9–$13.3 million.

• 2026 unit deliveries forecast: 350–500 units, including powertrain, Xos Hub, stepvans, and stripped chassis.