The company's financial position appears increasingly fragile, with total assets contracting significantly from $135.0 million in 2024Q1 to $54.4 million by 2026Q1.
| Total Current Assets | 45.26M | 49.88M | 82.3M | 71.69M | 163.2M | 165.96M | 12.69M | 1.78M | 1.18M |
| Cash & Short-Term Investments | 9.85M | 14.04M | 11M | 11.64M | 86.28M | 110.84M | 10.36M | 19K | 860K |
| Cash Only | 9.85M | 14.04M | 11M | 11.64M | 35.63M | 16.14M | 10.36M | 19K | 860K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 50.65M | 94.7M | 0 | 0 | 0 |
| Accounts Receivable | 7.4M | 6.04M | 29.23M | 15.95M | 8.53M | 3.35M | 408K | 179K | 0 |
| Days Sales Outstanding | 86.73 | 47.89 | 190.67 | 130.78 | 85.57 | 242.44 | 56.39 | 56.96 | - |
| Inventory | 23.66M | 24.96M | 36.57M | 37.84M | 57.54M | 30.88M | 1.87M | 1.57M | 317K |
| Days Inventory Outstanding | 210.34 | 210.57 | 256.69 | 301.5 | 316.27 | 1.52K | 291.1 | 710.53 | 1.26K |
| Other Current Assets | 4.35M | 4.84M | 4.78M | 4.51M | 8.48M | 10.8M | 0 | 16K | 0 |
| Total Non-Current Assets | 9.15M | 10.49M | 16.03M | 21.99M | 26.73M | 62.75M | 1.08M | 973K | 897K |
| Property, Plant & Equipment | 4.91M | 5.85M | 9.3M | 19.65M | 25.14M | 7.43M | 1.08M | 973K | 897K |
| Fixed Asset Turnover | 8.42x | 7.86x | 6.01x | 2.27x | 1.45x | 0.68x | 2.44x | 1.18x | 0.34x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 54.82M | 0 | 0 | 0 |
| Other Non-Current Assets | 4.24M | 4.63M | 6.73M | 2.34M | 1.6M | 506K | 0 | 0 | 0 |
| Total Assets | 54.42M | 60.36M | 98.33M | 93.68M | 189.94M | 228.71M | 13.77M | 2.76M | 2.07M |
| Asset Turnover | 0.76x | 0.76x | 0.57x | 0.48x | 0.19x | 0.02x | 0.19x | 0.42x | 0.15x |
| Asset Growth % | -150.21% | -38.61% | 4.96% | -50.68% | -16.95% | 1560.42% | 399.78% | 32.88% | - |
| Total Current Liabilities | 23.93M | 23.66M | 46.67M | 19.57M | 45.77M | 15.98M | 32.94M | 6.01M | 1.35M |
| Accounts Payable | 1.94M | 2.47M | 8.93M | 2.76M | 2.9M | 10.12M | 1.17M | 1.48M | 719K |
| Days Payables Outstanding | 28.5 | 20.86 | 62.69 | 21.96 | 15.92 | 498.59 | 182.11 | 669.32 | 2.85K |
| Short-Term Debt | 0 | 6.5M | 21.63M | 1.35M | 29.22M | 482K | 18.53M | 1.08M | 70K |
| Deferred Revenue (Current) | 1.56M | 0 | 1.53M | 3.05M | 914K | 899K | 731K | 0 | 0 |
| Other Current Liabilities | 21.99M | 14.69M | 740K | 1.31M | 1.5M | 177K | 8.22M | 2.21M | 98K |
| Current Ratio | 1.89x | 2.11x | 1.76x | 3.66x | 3.57x | 10.38x | 0.39x | 0.30x | 0.87x |
| Quick Ratio | 0.90x | 1.05x | 0.98x | 1.73x | 2.31x | 8.45x | 0.33x | 0.04x | 0.64x |
| Cash Conversion Cycle | 268.57 | 237.6 | 384.67 | 410.33 | 385.93 | 1.27K | 165.37 | 98.17 | - |
| Total Non-Current Liabilities | 10.69M | 13.42M | 18.05M | 28.91M | 32.09M | 38.33M | 8.03M | 7.28M | 6.61M |
| Long-Term Debt | 10M | 12M | 224K | 20.51M | 20.81M | 1.59M | 166K | 6.59M | 6.18M |
| Capital Lease Obligations | 15.4M | 0 | 17.07M | 4.98M | 9.27M | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 693K | 1.42M | 756K | 3.42M | 2.01M | 36.74M | 7.86M | 690K | 427K |
| Total Liabilities | 34.63M | 37.08M | 64.72M | 48.49M | 77.86M | 54.31M | 40.97M | 13.29M | 7.96M |
| Total Debt | 10M | 18.5M | 43.01M | 30.52M | 62.95M | 2.08M | 18.7M | 7.67M | 6.25M |
| Net Debt | 151K | 4.46M | 32.01M | 18.88M | 27.32M | -14.07M | 8.34M | 7.65M | 5.39M |
| Debt / Equity | 0.51x | 0.79x | 1.28x | 0.68x | 0.56x | 0.01x | - | - | - |
| Debt / EBITDA | -0.37x | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | -0.01x | - | - | - | - | - | - | - | - |
| Interest Coverage | -56.98x | - | -214.36x | -7.14x | -24.55x | - | -3.61x | - | - |
| Total Equity | 19.79M | 23.29M | 33.61M | 45.2M | 112.08M | 174.39M | -27.2M | -10.53M | -5.89M |
| Equity Growth % | -158.9% | -30.71% | -25.64% | -59.67% | -35.73% | 741.22% | -158.18% | -78.85% | - |
| Book Value per Share | 1.71 | 2.49 | 4.48 | 7.81 | 19.28 | 48.54 | -11.33 | -8.90 | -7.48 |
| Total Shareholders' Equity | 19.79M | 23.29M | 33.61M | 45.2M | 112.08M | 174.39M | -27.2M | -10.53M | -5.89M |
| Common Stock | 65K | 74K | 1K | 1K | 1K | 16K | 7K | 4K | 2K |
| Retained Earnings | -233.69M | -228.74M | -203.42M | -153.26M | -77.42M | -4.09M | -27.49M | -10.83M | -5.89M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | -739K | -381K | -7.86M | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and capital exhaustion
As reported in financial statements, Xos has seen its total assets decline from $135.0 million in 2024Q1 to $54.4 million by 2026Q1, a trend that suggests a significant reduction in operational scale and a weakening balance sheet trajectory as the company struggles to maintain its manufacturing footprint.
The consistent erosion of the asset base, coupled with a persistent accumulation of negative retained earnings, indicates that the company is consuming its capital base to fund ongoing operations. This trajectory implies that the business model has yet to achieve the necessary scale to stabilize its financial position, leaving the company increasingly reliant on external financing.
Based on the provided quarterly data, the company's debt-to-equity ratio has fluctuated significantly, reaching a peak of 2.29 in 2025Q2 before settling at 0.51 in 2026Q1, which suggests that leverage is being managed as a reactive measure to address immediate cash shortfalls rather than a strategic capital allocation.
The volatility in debt levels indicates that management is likely utilizing debt instruments to bridge liquidity gaps during periods of low revenue conversion. Investors should monitor whether these debt obligations can be serviced given the company's inability to generate consistent positive operating cash flow.
According to recent SEC filings, the company's cash position has dwindled to $9.8 million as of 2026Q1, down from a peak of $46.2 million in 2024Q1, which highlights a precarious liquidity buffer that may be insufficient to support sustained operations without further capital raises.
The current ratio of 1.89 provides a superficial appearance of liquidity, but the rapid depletion of cash reserves suggests that the company is burning through its working capital at an unsustainable rate. This liquidity profile warrants close investigation, as it may necessitate dilutive equity issuance to maintain going concern status.
As indicated by the financial data, the company's retained earnings have plummeted to -$233.7 million by 2026Q1, a figure that underscores the cumulative impact of years of operating losses and suggests that the core business model has yet to demonstrate a path toward long-term economic viability.
The sheer magnitude of the accumulated deficit relative to the current equity base of $19.8 million suggests that the company is effectively operating on the remaining capital provided by investors rather than internally generated value. This distortion makes the headline equity figure appear more stable than the underlying operational reality would otherwise imply.
Quick answers to the most common questions about buying XOS stock.
As of 2025, Xos, Inc. (XOS) had total assets of $60.4M including $49.9M in current assets.
Xos, Inc. (XOS) carries total debt of $18.5M, offset by $14.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Xos, Inc. (XOS) has total shareholders' equity (book value) of $23.3M ($2.49 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Xos, Inc. (XOS) reported a current ratio of 2.11x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.