XOS · Xos, Inc.

Xos, Inc. delivered a standout Q1 2026, posting record gross margins of 38.6% on $11.2 million revenue from 95 units, including 63 powertrains for Blue Bird school buses—more than triple prior-year volume. This margin expansion, up from 20.6% in Q1 2025, stemmed from a strategic shift to high-margin powertrains and Xos Hubs, underscoring the multi-product platform's strength. Operating loss halved to $4.7 million, with non-GAAP at $2.6 million (down 67%), fueled by 14% lower operating expenses at $9.0 million through organization-wide cost discipline. EBITDA losses narrowed 53% to $4.1 million, reflecting operational leverage. Balance sheet shows inventories down to $23.7 million and cash at $9.8 million as of March 31. Product milestones include Xos Hubs charging gigawatt-hours with thousands of cycles, new 210-630 kWh variants entering production, customer fleets exceeding millions of miles, and electric truck chassis priced at $99,000 for competitive TCO. CEO Dakota Semler highlighted engineering, supply chain, and sales execution building a reliable, economic platform independent of incentives. CFO Liana Pogosyan emphasized structural improvements in sourcing and inventory for sustained margin expansion. The unchanged 2026 outlook of $40-50 million revenue and 350-500 units signals confidence in scaling efficiently amid fleet electrification demand.