Revenue growth remains highly erratic, with a recent 17.81% year-over-year decline and gross margins that have swung from a negative 50.5% in 2025Q4 to 38.6% in 2026Q1.
| Sales/Revenue | 51.34M | 45.99M | 55.96M | 44.52M | 36.38M | 5.05M | 2.64M | 1.15M | 308K |
| Revenue Growth % | 5.46% | -17.81% | 25.69% | 22.4% | 620.6% | 91.14% | 130.25% | 272.4% | - |
| Cost of Goods Sold | 45.49M | 43.27M | 52M | 45.81M | 66.41M | 7.41M | 2.34M | 806K | 92K |
| COGS % of Revenue | - | 94.08% | 92.91% | 102.9% | 182.55% | 146.79% | 88.64% | 70.27% | 29.87% |
| Gross Profit | 5.85M | 2.72M | 3.96M | -1.29M | -30.03M | -2.36M | 300K | 341K | 216K |
| Gross Margin % | 11.39% | 5.92% | 7.09% | -2.9% | -82.55% | -46.79% | 11.36% | 29.73% | 70.13% |
| Gross Profit Growth % | - | -31.3% | 407.36% | 95.7% | -1171.34% | -887.33% | -12.02% | 57.87% | - |
| Operating Expenses | 34.34M | 35.81M | 49.84M | 63.67M | 81.32M | 50.79M | 12.17M | 4.71M | 3.81M |
| OpEx % of Revenue | - | 77.85% | 89.06% | 143.02% | 223.55% | 1006.2% | 460.89% | 411.07% | 1237.99% |
| Selling, General & Admin | 26.24M | 27.81M | 39.21M | 44.09M | 50.64M | 30.72M | 5.16M | 4.11M | 2.15M |
| SG&A % of Revenue | - | 60.46% | 70.07% | 99.02% | 139.21% | 608.48% | 195.27% | 358.67% | 697.4% |
| Research & Development | 8.1M | 8M | 10.63M | 19.59M | 30.68M | 20.08M | 7.01M | 362K | 1.54M |
| R&D % of Revenue | - | 17.39% | 18.99% | 44% | 84.34% | 397.72% | 265.62% | 31.56% | 501.3% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 239K | 0 |
| Operating Income | -28.49M | -33.08M | -45.87M | -64.97M | -111.35M | -53.16M | -11.87M | -4.37M | -3.6M |
| Operating Margin % | -55.5% | -71.93% | -81.97% | -145.91% | -306.1% | -1052.99% | -449.53% | -381.34% | -1167.86% |
| Operating Income Growth % | - | 27.88% | 29.39% | 41.66% | -109.48% | -347.73% | -171.42% | -21.6% | - |
| EBITDA | -26.98M | -33.08M | -40.73M | -60.09M | -107.72M | -52.42M | -11.58M | -4.13M | -3.48M |
| EBITDA Margin % | -52.55% | -71.93% | -72.79% | -134.96% | -296.12% | -1038.41% | -438.32% | -360.51% | -1128.57% |
| EBITDA Growth % | 32.83% | 18.78% | 32.21% | 44.22% | -105.49% | -352.82% | -179.95% | -18.96% | - |
| D&A (Non-Cash Add-back) | 1.51M | 0 | 5.14M | 4.88M | 3.63M | 736K | 296K | 239K | 121K |
| EBIT | -28.49M | -33.08M | -45.87M | -64.97M | -111.35M | -53.16M | -11.87M | -4.37M | -3.6M |
| Net Interest Income | -500K | 0 | -214K | -9.1M | -3.33M | 38K | -3.29M | 559K | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 1.2M | 38K | 0 | 559K | 351K |
| Interest Expense | 500K | 0 | 214K | 9.1M | 4.54M | 0 | 3.29M | 0 | 0 |
| Other Income/Expense | 8.42M | 7.79M | -4.25M | -10.86M | 38.03M | 76.56M | -4.79M | -559K | -351K |
| Pretax Income | -20.07M | -25.3M | -50.12M | -75.82M | -73.32M | 23.4M | -16.67M | -4.93M | -3.95M |
| Pretax Margin % | -39.1% | -55% | -89.57% | -170.3% | -201.55% | 463.61% | -631.09% | -430.08% | -1281.82% |
| Income Tax | 16K | 23K | 37K | 21K | 8K | 2K | 0 | 0 | 0 |
| Effective Tax Rate % | -0.08% | -0.09% | -0.07% | -0.03% | -0.01% | 0.01% | 0% | 0% | 0% |
| Net Income | -20.09M | -25.32M | -50.16M | -75.84M | -73.33M | 23.4M | -16.67M | -4.93M | -3.95M |
| Net Margin % | -39.13% | -55.05% | -89.63% | -170.35% | -201.58% | 463.57% | -631.09% | -430.08% | -1281.82% |
| Net Income Growth % | 59.29% | 49.52% | 33.86% | -3.43% | -413.34% | 240.4% | -237.87% | -24.95% | - |
| Net Income (Continuing) | -20.09M | -25.32M | -50.16M | -75.84M | -73.33M | 23.4M | -16.67M | -4.93M | -3.95M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.74 | -2.71 | -6.69 | -13.11 | -13.32 | 6.60 | -6.94 | -4.17 | -5.02 |
| EPS Growth % | 67.91% | 59.49% | 48.97% | 1.58% | -301.82% | 195.1% | -66.43% | 16.93% | - |
| EPS (Basic) | - | -2.71 | -6.69 | -13.11 | -13.32 | 6.65 | -6.94 | -4.17 | -5.02 |
| Diluted Shares Outstanding | 11.57M | 9.36M | 7.5M | 5.79M | 5.81M | 3.59M | 2.4M | 1.18M | 787K |
| Basic Shares Outstanding | 11.57M | 9.36M | 7.5M | 5.79M | 5.51M | 3.55M | 2.4M | 1.18M | 787K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Liquidity and scaling constraints
As evidenced by the quarterly data, Xos has experienced significant revenue volatility, with a recent 17.81% year-over-year decline highlighting the difficulty in maintaining consistent delivery volumes within the competitive commercial electric vehicle market, suggesting that the company's growth trajectory remains highly sensitive to fleet procurement cycles.
The erratic revenue performance suggests that the company struggles with predictable backlog conversion, likely exacerbated by the project-based nature of its sales. Investors should monitor whether this instability reflects a structural limitation in demand or merely the lumpy nature of early-stage fleet adoption.
Based on reported financial statements, gross margins have fluctuated wildly, ranging from a negative 50.5% in 2025Q4 to a peak of 38.6% in 2026Q1, indicating that the company has yet to establish a stable, cost-efficient manufacturing process capable of absorbing variable input price pressures.
The lack of consistent margin expansion suggests that Xos is currently unable to leverage its modular chassis architecture to achieve meaningful economies of scale. This volatility implies that the company remains highly vulnerable to fluctuations in battery component costs and potential pricing concessions required to secure fleet contracts.
According to the income statement, operating expenses continue to dwarf gross profit, with operating margins consistently deep in negative territory, suggesting that the company's current overhead structure is not yet aligned with its revenue-generating capacity, thereby limiting the potential for near-term operational self-sufficiency.
The persistent decoupling of SG&A and R&D from revenue growth indicates that the company is still in a heavy investment phase that has not yet yielded the expected operational efficiencies. This structure warrants further investigation into whether management can effectively scale the business without incurring unsustainable levels of additional operating expense.
Based on the provided figures, the company's reliance on external capital to fund persistent operating losses, combined with a cash balance of approximately $14 million, suggests that the current business model may face significant liquidity risks if revenue growth does not accelerate rapidly in the coming quarters.
Short-term observers may focus on the potential for further equity dilution, which appears likely given the current burn rate and the absence of a clear path to positive operating cash flow. The market may be correctly pricing in the risk that the company's niche focus is insufficient to overcome the capital-intensive nature of vehicle manufacturing.
Quick answers to the most common questions about buying XOS stock.
For fiscal year 2025, Xos, Inc. (XOS) reported total revenue of $46.0M. This represents a 14832.5% increase compared to $0.3M in 2018.
Xos, Inc. (XOS) reported a net loss of $25.3M for the fiscal year ending 2025.
Xos, Inc. (XOS) reported an operating income of $-33.1M, resulting in an operating profit margin of -71.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Xos, Inc. (XOS) generated $2.7M in gross profit for the year, representing a gross profit margin of 5.9%. This demonstrates the company's core pricing power and production efficiency.