XOS

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Exhibit 99.1

Xos Reports Record Gross Margin and Lowest Operating Loss in Company History since Going Public, Anchored by Multi-Product Business Lines

Record-lows in operating loss and non-GAAP operating loss since going public, achieving reductions of nearly 50% and 67.2% year-over-year, respectively.

Generated quarterly gross margin of $4.3 million, expanding margins to 38.6%

Delivered a Q1 record of 95 units, including 63 powertrains for Blue Bird school buses, more than 3 times the prior-year quarter

LOS ANGELES, CA – May 14, 2026 – Xos, Inc. (NASDAQ: XOS) (“Xos” or the “Company”), a leading energy storage and fleet electrification solutions provider, today reported financial results for the first quarter ended March 31, 2026. Building on a year of disciplined execution and consistent operational improvement, Xos opened 2026 with its highest quarterly gross margin and lowest operating loss in Company history, reinforcing the durability of its operating model and the strength of its multi-product platform spanning vehicles, powertrains, and energy storage.

First Quarter Highlights:

•Xos delivered 95 units, including leases, and generated $11.2 million in revenue in the first quarter, compared to 29 units and $5.9 million in Q1 2025, as the Company executed its strategic focus on powertrain and hubs production.

•Gross margins improved to a record-high 38.6%, compared to 20.6% in Q1 2025. Non-GAAP gross margins also reached a record 37.8%, compared to 15.0% in Q1 2025. The increase was driven by a shift in product mix towards high-margin powertrains and hubs.

•Xos reported record-lows in operating loss and non-GAAP operating loss since going public, achieving reductions of 49.5% and 67.2% year-over-year, respectively. Operating loss improved to $4.7 million, compared to $9.3 million in Q1 2025, and non-GAAP operating loss of $2.6 million in Q1 2026, compared to $8.1 million in Q1 2025.

•Operating expenses decreased by $1.5 million, or 14.0% year-over-year. First quarter operating expenses fell to $9.0 million compared to $10.5 million in Q1 2025, driven by cost discipline across the organization.

•EBITDA improved by $4.7 million, or 53.4% year-over-year. First quarter EBITDA was a loss of $4.1 million compared to a loss of $8.8 million in Q1 2025. Adjusted EBITDA improved by $5.2

million, or 72.4% year-over-year. First quarter adjusted EBITDA was a loss of $2.0 million compared to a loss of $7.2 million in the first quarter of 2025.

Platform and Product Milestones:

•Xos Hub™ energy storage proving reliability at scale. Xos Hub units deployed across customer fleets have now charged gigawatt-hours of energy in the aggregate, and the most active individual units have completed thousands of charge cycles each, proving the reliability and durability of Xos's mobile energy storage technology in demanding real-world conditions.

•Next-generation Hub variants in development. The Company launched the Xos Hub 210 kWh, Xos Hub 420 kWh and Xos Hub 630 kWh models; the 420 kWh option began production during the quarter. These next-generation variants expand the addressable market for the Xos Hub across a broader range of fleet sizes and charging use cases.

•During the first quarter of 2026, multiple Xos customer fleets surpassed millions of cumulative miles driven on their Xos vehicles, a milestone that validates the long-term reliability, performance, and total cost of ownership advantage of the Xos platform.

•Last year Xos announced the industry's most competitive electric truck chassis, priced below $100,000. During the first quarter of 2026, Xos began offering its electric truck chassis at $99,000, making it the most competitively priced battery-electric commercial vehicle chassis on the market. This pricing positions Xos to capture accelerating demand as fleet operators evaluate electrification on pure economics, regardless of the evolving incentive landscape.

“Q1 was a defining proof point for this team. We delivered the highest gross margin in our history as a public company and the lowest operating loss since going public. Our Hubs have now charged gigawatt-hours of energy. Our customers have logged millions of miles. Our powertrains are powering Blue Bird school buses operating around the country. And we’re now selling the most competitively priced electric truck chassis in the industry, for under $100,000. These results reflect the strength of our engineering team, the discipline of our supply chain team, and the execution of our sales organization. Xos is building a multi-product platform that wins on reliability, wins on economics, and wins regardless of where the incentive landscape goes, and that is exactly the company we set out to build,” said Dakota Semler, Chief Executive Officer of Xos.

“The first quarter reflects disciplined execution of the operating framework we’ve put in place over the past year,” said Liana Pogosyan, Ch

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Exhibit 99.1

Xos Delivers Third Consecutive Quarter of Positive Operating and Free Cash Flow, Accelerates Platform Expansion Across Vehicles, Powertrains, and Energy Storage

Delivered first production powertrains for Blue Bird school buses

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

Reduced full-year operating expenses by $14.0 million (28.2% YoY) and cut full-year EBITDA loss by more than half — from $42.2 million to $21.0 million

LOS ANGELES, CA – March 26, 2026 – Xos, Inc. (NASDAQ: XOS) ("Xos" or the "Company"), a leading energy storage and fleet electrification solutions provider, today reported financial results for the fourth quarter and full year ended December 31, 2025. Building on a year of disciplined execution and consistent operational improvement, Xos closed 2025 with its third consecutive quarter of positive operating cash flow and positive free cash flow, reinforcing the durability of its operating model and the strength of its multi-product platform spanning vehicles, powertrains, and energy storage.

Fourth Quarter Highlights:

•Xos achieved positive net cash provided by operating activities and positive free cash flow of $2.4 million in Q4, marking three straight quarters of cash-positive operations. This performance reflects meaningful improvements in the Company's operating model, including faster inventory turnover and more efficient receivables collection, which have driven stronger cash generation and improved working capital efficiency.

•Operating expenses reduced by 34.6% year-over-year. Fourth quarter operating expenses decreased by $3.8 million compared to Q4 2024, driven by continued headcount efficiency and cost discipline across the organization.

•Operating loss reduced by 33.2%. The Company reported an operating loss of $9.7 million and a non-GAAP operating loss of $4.6 million in Q4 2025, compared to an operating loss of $14.6 million and a non-GAAP operating loss of $6.4 million in Q4 2024 — a 27.1% improvement in non-GAAP operating loss.

•Xos delivered 34 units and generated $5.2 million in revenue in the fourth quarter, compared to 51 units and $11.5 million in Q4 2024 as the Company began shifting focus and allocating resources to powertrain production as opposed to stepvans and chassis.

•Gross margins decreased to negative 50.5%, compared to negative 32.4% in Q4 2024. Non-GAAP gross margins were 5.2%, compared to 23.2% in Q4 2024. The decrease was driven by higher

inventory reserves and associated write-downs due to changes in the Company's commercialization strategy, as well as higher warranty reserves.

•EBITDA improved to a loss of $8.5 million from a loss of $13.4 million in Q4 2024, and adjusted EBITDA improved to a loss of $7.0 million from a loss of $12.0 million in the prior year.

Full Year 2025 Highlights:

•Xos delivered 328 units in 2025, a 10% increase from 297 units in 2024. Revenue was $46.0 million compared to $56.0 million in 2024, with the year-over-year decline in revenue per unit reflecting a strategic shift in product mix toward stripped chassis and powertrain units as opposed to complete stepvans.

•Second consecutive full year of positive gross margin. The Company achieved a gross margin of 5.9% in 2025, compared to 7.1% in 2024, and non-GAAP gross margin of 8.8%, compared to 18.0% in 2024.

•Operating expenses reduced by $14.0 million, or 28.2%. Full-year operating expenses declined to $35.8 million from $49.8 million in 2024, underscoring sustained structural cost improvement and a leaner, more efficient operating model.

•Operating loss narrowed by 27.9%. The Company reported a full-year operating loss of $33.1 million and a non-GAAP operating loss of $24.3 million, compared to an operating loss of $45.9 million and a non-GAAP operating loss of $32.1 million in 2024 — a 24.1% improvement in non-GAAP operating loss.

•EBITDA loss cut by more than half. Full-year EBITDA improved to a loss of $21.0 million from $42.2 million in 2024 — a $21.2 million improvement. Adjusted EBITDA improved to a loss of $23.5 million from $34.8 million, a 33% improvement reflecting the compounding benefits of cost discipline and operational efficiency.

•Cash position strengthened to $14.0 million. Xos ended the year with $14.0 million in cash and cash equivalents, up from $11.0 million at year-end 2024 — a 28% increase highlighting growing financial flexibility and momentum toward long-term sustainable growth.

•First production powertrains delivered for Blue Bird school buses. Xos delivered its first production electric powertrains to Blue Bird Corporation, expanding beyond commercial vehicles into the school bus market and validating Xos's powertrain technology platform as a scalable OEM solution.

Platform and Product Milestones:

•Xos Hub™ energy storage proving reliability at scale. Xos Hu

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Exhibit 99.1

Xos Extends Profitability Streak with Strong Q3 2025 Performance and Positive Operating Cash Flow

Delivered 130 units and generated $16.5 million in revenue

Achieved 15.3% Gross Margin and a second consecutive quarter of positive free cash flow

Continued cost discipline with 24% year-over-year reduction in third quarter operating expenses

LOS ANGELES, CA – November 13, 2025 – Xos, Inc. (NASDAQ: XOS) (“Xos” or the “Company”), a leader in electric commercial vehicles and mobile charging solutions, today reported financial results for the third quarter ended September 30, 2025. Building on its momentum, Xos delivered another profitable and cash-positive quarter—further proof of its relentless drive toward sustainable growth and operational excellence.

Third Quarter 2025 Highlights:

•Xos delivered 130 units (including leases) and generated $16.5 million in revenue, compared to 135 units and $18.4 million in the second quarter of 2025 and 94 units and $15.8 million in the third quarter of 2024. While revenue was recognized for 130 units, the Company shipped a total of 140 units, including an additional 10 stripped chassis sent to its upfitter in support of the previously announced UPS order. Revenue for these units is expected to be recognized in upcoming quarters, reflecting continued delivery momentum and strong customer demand.

•Gross margins climbed to 15.3%, a significant improvement from 8.8% in the second quarter of 2025, showcasing a more diverse customer mix across our unit deliveries. While down from 18.1% in the prior-year period due to product mix and tariff impacts, this quarter highlights Xos’s ability to expand margins sequentially and execute efficiently despite external headwinds.

•The Company reported an operating loss of $7.0 million and a non-GAAP operating loss of $4.8 million in the third quarter, compared to a loss of $7.1 million and a non-GAAP operating loss of $6.9 million in the second quarter of 2025, and a loss of $9.7 million and a non-GAAP operating loss of $6.6 million in the third quarter of 2024. Operating expenses decreased by $3.0 million, or 24% year-over-year, underscoring the team’s strong execution, cost discipline, and relentless focus on improving operational performance.

•Xos achieved positive net cash provided by operating activities and positive free cash flow of $3.1 million, marking its second consecutive quarter of positive free cash flow and another major step toward sustained profitability. This performance reflects meaningful improvements in the Company’s operating model, including faster inventory turnover and more efficient receivables collection, which have driven stronger cash generation and improved working capital

efficiency. As a result, Xos ended the quarter with $14.1 million in cash and cash equivalents, up from $8.8 million in the second quarter of 2025, highlighting growing financial flexibility and momentum toward long-term, sustainable growth.

•Xos strengthened its balance sheet by amending its outstanding $20 million Convertible Note, originally due August 11, 2025, to spread principal payments over ten quarterly installments ending February 11, 2028. This amendment enhances liquidity, extends the Company’s financial runway, and positions Xos for long-term stability and growth.

•The Company raised $2.4 million, net of offering costs, under its at-the-market offering program during the third quarter of 2025, further reinforcing liquidity and providing additional capital to support continued growth and expansion initiatives.

•Xos reached an agreement with the lessor of its Mesa, Arizona manufacturing facility to terminate the lease, resulting in estimated cash savings of $20.7 million through 2033. This strategic move unlocks meaningful long-term savings and demonstrates the Company’s proactive approach to optimizing its cost structure and focusing resources where they drive the greatest value.

“Q3 was another proof point of what this team can do,” said Dakota Semler, Chief Executive Officer of Xos. “We followed our strongest quarter ever with another period of disciplined execution, positive free cash flow, and sustained profitability progress. These results reflect the strength of our products, the efficiency of our operations, and the passion of our people. Xos is executing with consistency, building scale with intention, and proving that our model works, not just for today, but for the future we’re creating.”

Third Quarter 2025 Financial Highlights

(in millions)30 Sep 202530 Jun 202531 Dec 2024

Cash and cash equivalents $14.1$8.8$11.0

Inventories$25.2$31.0$36.6

Three Months Ended

(in millions)30 Sep 202530 Jun 202530 Sep 2024

Revenues$16.5$18.4$15.8

Gross profit$2.5$1.6$2.9

Non-GAAP gross profit (1)

$2.6$0.3$3.7

Loss from operations$(7.0)$(7.1)$(9.7)

Net income (Loss)$2.1$(7.5)$(10.5)

Non-GAAP operating loss(1)

$(4.8)$(6.9)$(6.6)

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Exhibit 99.1

Xos Hits New Milestones in Q2 2025 with Highest Revenue and Deliveries in the Company’s History

Reduced year-over-year operating expenses by $4.7 million and posted lowest operating loss as a public company in the second quarter of 2025

Generated positive net cash provided by operating activities of $4.6 million in the second quarter of 2025

LOS ANGELES, CA – August 13, 2025 – Xos, Inc. (NASDAQ: XOS) (“Xos” or the “Company”), a leader in electric commercial vehicles and mobile charging solutions, today announced a breakout quarter by a number of measures. In the second quarter of 2025, Xos delivered record unit volumes, posted its highest revenue to date, turned in the lowest operating loss in the Company’s history since going public, and achieved positive free cash flow for the second time.

Second Quarter 2025 Highlights:

•Delivered 135 units and generated $18.4 million in revenue, compared to 90 units and $15.5 million in the second quarter of 2024, marking the highest quarterly deliveries and revenues in Company history.

•Achieved gross margins of 8.8%, down from 20.6% last quarter, due to product mix and unfavorable inventory adjustments, and down from 13.1% in the second quarter of 2024.

•Reported lowest operating loss since going public at $7.1 million and reduced operating expenses by $4.7 million, a 35% year-over-year decrease, reflecting continued operational discipline and efficiency improvements.

•Achieved net cash provided by operating activities and positive free cash flow of $4.6 million, the highest in the Company’s history.

•Developed a plan to minimize 2025 and beyond tariff-related cost impacts, leveraging its global supplier network to secure critical materials and reduce exposure despite a shifting trade environment.

The first half of 2025 marked a major turning point for Xos, as the Company operated nearly cash flow neutral, powered by disciplined execution, a nimble supply chain, and scalable delivery infrastructure. Xos’s fleet-first growth strategy continues to outperform in a volatile industry. UPS accounted for a substantial portion of Q2 deliveries, while deployments to FedEx ISPs and other large fleet operators expanded steadily. In a market where many startups are collapsing, Xos is not only delivering real vehicles to real customers, it’s getting paid. At the same time, Xos is building diversified revenue streams beyond vehicle sales. Our powertrain systems and mobile charging Hubs are gaining meaningful traction, giving fleets a vertically integrated solution for electrification. These segments have the potential for

further growth in the second half of the year, reinforcing Xos’s evolution from a truck manufacturer to a complete electrification platform.

“This is what disciplined execution looks like,” said Dakota Semler, CEO of Xos. “We delivered more vehicles, more revenue, and more free cash flow than ever before, while cutting costs and strengthening our partnerships with some of the most respected fleets in the world. Q2 2025 is the clearest sign yet that Xos is not only surviving the headwinds facing the EV industry, we’re positioned to lead through them.”

Second Quarter 2025 Financial Highlights

(in millions)30 Jun 202531 Mar 202531 Dec 2024

Cash and cash equivalents $8.8$4.8$11.0

Inventories$31.0$38.0$36.6

Three Months Ended

(in millions)30 Jun 202531 Mar 202530 Jun 2024

Revenues$18.4$5.9$15.5

Gross profit$1.6$1.2$2.0

Non-GAAP gross profit (1)

$0.3$0.9$2.0

Loss from operations$(7.1)$(9.3)$(11.4)

Net loss$(7.5)$(10.2)$(9.7)

Non-GAAP operating loss(1)

$(6.9)$(8.1)$(9.7)

(1) For further information about how we calculate Non-GAAP financial measures, such as Non-GAAP gross profit, Non-GAAP operating loss, and free cash flow, see below for the reconciliations of GAAP to non-GAAP financial measures provided in the tables included in this release.

2025 Outlook:

Xos is maintaining its revenue and Unit Delivery outlook for 2025. Xos is revising its outlook for 2025 Non-GAAP operating loss due to changes in the expected product mix for the second half of the year and increased expected costs due to tariffs on parts and commodities as follows:

Revenue $50.2 to $65.8 million

Non-GAAP operating loss (1)(2)

$26.9 to $24.4 million

Unit Deliveries (3) 320 to 420 units

(1) Previously $17.2 to $14.0 million.

(2) This press release does not provide a forward-looking reconciliation from Non-GAAP operating loss to net loss, the most directly comparable GAAP measure, due to the uncertainty and the potential variability of inputs of the financial information. For the same reason, we are unable to address the probable significance of the unavailable information.

(3) Unit deliveries forecast includes stepvans, stripped chassis and our powertrain and Xos Hub products.

“This quarter marks a significant milestone in our journey

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EX-99.1 Q1 2025 EARNINGS RELEASE

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Exhibit 99.1

Xos Delivers First Quarter Results, Highlighting GAAP Margin Gains

Achieved positive gross margin of approximately 20%, for the first quarter 2025

LOS ANGELES, CA – May 14, 2025 – Xos, Inc. (NASDAQ: XOS) (“Xos” or the “Company”), a leading electric truck manufacturer and fleet services provider, today reported financial results for the first quarter ended March 31, 2025.

First Quarter 2025 Highlights:

•Delivered 29 units and generated $5.9 million in revenue during the first quarter of 2025, compared to 62 units and $13.2 million in revenue in the first quarter of 2024. Although Xos only recognized revenue in the first quarter of 2025 for the delivery of 29 units, the Company shipped 60 units, which included an additional 31 stripped chassis to our upfitter during the period in support of our previously announced order from UPS for 193 vehicles, which we expect to be delivered to the customer and recognize revenue in subsequent quarters in 2025.

•Achieved a substantial reduction in operating expenses, cutting operating costs by $2.6 million, a 19.6% decrease compared to Q1 2024, reflecting strong operational discipline.

Xos began 2025 with continued momentum despite a seasonal slowdown in the first quarter, as fleets across the country initiated their procurement planning for the year ahead. Xos experienced a reduction in cash flow in the first quarter of 2025, primarily driven by a planned inventory buildup designed to facilitate fulfillment of current orders on hand later in the fiscal year. We expect our liquidity position to improve in the subsequent quarters as we deliver vehicles in support of UPS and other customer orders. Deliveries this quarter included customers such as Vestis Corporation and FedEx ISPs. Xos also continued to make meaningful progress on vehicle incentives. While federal tax credit uncertainty remains, incentives continue to be available at the state level through well-established programs in California, New York, and Texas, as well as new programs opening up in New Jersey and Washington.

Dakota Semler, Chief Executive Officer of Xos, commented, “While we saw the typical seasonal slowdown following a strong Q4, we still shipped 60 vehicles in Q1. We’re already seeing momentum pick up in Q2, with increased deliveries and improved cash flow performance expected. We’re energized by the demand we’re seeing and anticipate growth for the remainder of the year.”

First Quarter 2025 Financial Highlights

(in millions)31 Mar 202531 Dec 202431 Mar 2024

Cash and cash equivalents and restricted cash(1) $4.8$11.0$47.3

Inventories $38.0$36.6$36.6

Three Months Ended

(in millions)31 Mar 202531 Dec 202431 Mar 2024

Revenues$5.9$11.5$13.2

Gross profit (loss)$1.2$(3.7)$2.8

Non-GAAP gross profit (2)

$0.9$2.7$1.7

Loss from operations$(9.3)$(14.6)$(10.2)

Net Loss$(10.2)$(19.0)$(11.0)

Non-GAAP operating loss(2)

$(8.1)$(6.4)$(9.3)

(1) Xos had $1.1 million of restricted cash on March 31, 2024 and none at March 31, 2025 and December 31, 2024.

(2) For further information about how we calculate Non-GAAP gross profit and Non-GAAP operating loss, see below for the reconciliations of GAAP to non-GAAP financial measures provided in the tables included in this release.

2025 Outlook:

Xos’s outlook for 2025 is as follows:

Revenue $50.2 to $65.8 million

Non-GAAP operating loss

$17.2 to $14.0 million

Unit Deliveries (1) 320 to 420 units

(1) Unit deliveries forecast includes stepvans, stripped chassis and our powertrain and Xos Hub products.

Liana Pogosyan, Acting Chief Financial Officer of Xos, added, “We remain focused on seeking to drive revenue growth and strengthening our gross margin, even in the face of ongoing tariff headwinds. We’ve gained more clarity around our near-term tariff exposure and have mitigation strategies in place for the second half of the year. We’re also proactively planning for 2026 and beyond to minimize disruption from these external pressures. At the same time, we continue to be disciplined in managing our costs and are seeking to generate sustained positive free cash flow.”

The outlook provided above is based on management beliefs and expectations as of the date of this press release. The results are based on assumptions that are believed to be reasonable as of this date, but may be materially affected by many factors, as discussed below in our “Cautionary Statement Regarding Forward-Looking Statements” disclaimer. Actual results may vary from the outlook above and the variations may be material. The Company undertakes no intent or obligation to publicly update or

revise any of these projections, whether as a result of new information, future events or otherwise, except as required by law.

Conference Call and Webcast Details

Date / Time:    Wednesday, May 14, 2025, at 4:30 p.m. EDT / 1:30 p.m. PDT

Web

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Exhibit 99.1

Xos, Inc. Reports Record-Breaking 2024 with Growing Unit Deliveries and Highest-Ever Gross Profit

Achieved $3.3 million of net cash provided by operating activities, and our first quarter of positive Free Cash Flow of $3.3 million

Achieved positive gross margins of approximately 7% and approximately 18% non-GAAP gross margins, for the full year 2024

Exceeded 25% revenue growth year-over-year from 2023 to 2024

LOS ANGELES, CA – March 28, 2025 – Xos, Inc. (NASDAQ: XOS) (“Xos” or the “Company”), a leading electric truck manufacturer and fleet services provider, today reported financial results for the fourth quarter and year ended December 31, 2024.

Fourth Quarter and Full Year 2024 Highlights:

●2024 revenue increased to $56.0 million, up from $44.5 million in 2023

●Delivered 297 units, up from 283 units in 2023

●Improved GAAP gross margins from a negative 2.9% in 2023 to positive 7.1% in 2024 and non-GAAP gross margins (adjusted for physical inventory write-offs and reserves) from negative 5.2% in 2023 to positive 18% in 2024.

●Reduced operating expenses by $13.8 million, or 21.7%, compared to 2023

●Received our largest customer order in 2025 for 193 units from UPS which is expected to be delivered in 2025

●Launched next-generation Xos Hub, and received our largest hub order for 19 units sold to Caltrans.

Dakota Semler, Chief Executive Officer of Xos, commented, "2024 was a breakout year for Xos. We delivered our most profitable year ever, expanded our customer base, and continued to innovate across multiple fronts. We’re thrilled about our progress with Blue Bird, where we’ve built an incredible all-electric powertrain for both their school bus and commercial chassis platforms. We also launched and delivered our first Winnebago units into a mobile medical fleet, an important step into specialized vehicle markets. We’re especially proud to now be a primary electric vehicle vendor for last-mile delivery fleets at UPS and FedEx Ground. And the new generation of our Xos Hub is already seeing adoption by utility and public sector leaders, including ABM, FP&L, Xcel, and Caltrans, helping them deploy electric vehicles faster and more reliably than ever before."

Fourth Quarter and Full Year 2024 Financial Highlights

Quarters endedYears ended

(in millions)31 Dec 202430 Sep 202431 Dec 202431 Dec 2023

Revenues$11.5$15.8$56.0$44.5

Gross (loss) profit($3.7)$2.9$4.0$(1.3)

Non-GAAP gross profit (loss)(1)

$2.7$3.7$10.0$(2.3)

Net loss$(19.0)$(10.5)$(50.2)$(75.8)

Loss from operations$(14.6)$(9.7)$(45.9)$(65.0)

Non-GAAP operating loss(1)

$(6.4)$(6.6)$(32.1)$(58.1)

Inventories$36.6$42.4$36.6$37.8

Cash and cash equivalents and restricted cash(2) $11.0$9.2$11.0$11.6

(1) For further information about how we calculate Non-GAAP gross profit (loss) and Non-GAAP operating loss, see below for the reconciliations of GAAP to non-GAAP financial measures provided in the tables included in this release.

(2) Includes cash and cash equivalents and restricted cash. Xos had no restricted cash at December 31, 2024 and 2023.

2025 Outlook:

Xos’s outlook for 2025 is as follows:

Revenue

$50.2 to $65.8 million

Non-GAAP operating loss

$17.2 to $14.0 million

Unit Deliveries (1)

320 to 420 units

(1) Unit deliveries forecast includes stepvans and our powertrain and Xos Hub products.

Liana Pogosyan, Acting Chief Financial Officer of Xos, added, “This year, we continued to increase our revenues, delivered the first full year GAAP positive gross margins and reduced total operating expenses. This quarter, we also achieved significant net cash provided by operating activities and our first ever positive Free Cash Flow.”

The outlook provided above is based on management beliefs and expectations as of the date of this press release. The results are based on assumptions that are believed to be reasonable as of this date, but may be materially affected by many factors, as discussed below in our “Cautionary Statement Regarding Forward-Looking Statements” disclaimer. Actual results may vary from the outlook above and the variations may be material. The Company undertakes no intent or obligation to publicly update or

revise any of these projections, whether as a result of new information, future events or otherwise, except as required by law.

Conference Call and Webcast Details

Date / Time:        Friday, March 28, 2025, at 4:30 p.m. EDT / 1:30 p.m. PDT

Webcast:        https://viavid.webcasts.com/starthere.jsp?ei=1709599&tp_key=0358d3de2e

U.S. Toll-Free Dial In:    1-833-816-1411

International Dial In:    1-412-317-0507

Conference ID:        9502065

To access the call, please dial in approximately ten minutes before the start of the call.

For those unable to participate in the live call, an audio replay will be available following the call through midnight Friday, March 28, 2025. To acces

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Exhibit 99.1

Xos, Inc. delivers strong unit delivery and promising gross profit performance in the third quarter of 2024

Delivered fifth consecutive quarter of positive gross margins

LOS ANGELES, CA – November 13, 2024 – Xos, Inc. (NASDAQ: XOS) (“Xos” or the “Company”), a leading electric truck manufacturer and fleet services provider, today reported financial results for the third quarter ended September 30, 2024.

Third Quarter 2024 Highlights:

●Generated revenues of $15.8 million, up from $15.5 million last quarter and down from $16.7 million in the third quarter of 2023

●Delivered 94 units, up from 90 units last quarter and down from 105 units in the third quarter of 2023

●Achieved gross margins of 18.1%, up from 13.1% last quarter, and up from 11.9% in the third quarter of 2023

●Began serial production in Tennessee of Xos Hub, the company’s multi-EV mobile charger units

Dakota Semler, Chief Executive Officer of Xos, commented, “Xos’ focus on building strong relationships with leading fleets, suppliers, and partners has positioned us to win. We continue to focus on liquidity through margin expansion, focused cost management and alternative sources of liquidity. Our strategic partnerships with Blue Bird, Winnebago, and large fleet customers like UPS and FedEx Ground, who continue to expand their electric fleets with Xos vehicles quarter over quarter, underscore the reliability, efficiency, and value that Xos brings to the commercial EV market. Additionally, we’re incredibly excited about the initiation of serial production of the Xos Hub. The rapid-deployment, multi-EV mobile charger addresses the urgent need for charging infrastructure and eliminates charging infrastructure bottlenecks for all types of electric vehicles. Several large utility customers and fleets have already seen the value of the Xos Hub, with NextEra, Duke Energy, and Xcel Energy having already deployed Hubs to support their mobile charging needs.”

Third Quarter 2024 Financial Highlights

(in millions)30 Sep 202430 Jun 202431 Dec 2023

Inventories $42.4$41.4$37.8

Cash and cash equivalents and restricted cash(1) $9.2$20.7$11.6

Three Months Ended

(in millions)30 Sep 2024 30 Jun 2024

Revenues$15.8$15.5

Gross profit $2.9$2.0

Non-GAAP gross profit (2)

$3.7$2.0

Net loss $(10.5)$(9.7)

Loss from operations$(9.7)$(11.4)

Non-GAAP operating loss(2)

$(6.6)$(9.7)

(1) Includes cash and cash equivalents and restricted cash. Xos had no restricted cash at December 31, 2023.

(2) For further information about how we calculate Non-GAAP gross profit and Non-GAAP operating loss, see below for the reconciliations of GAAP to non-GAAP financial measures provided in the tables included in this release.

2024 Outlook:

Xos’s is revising its outlook for 2024 as follows:

Revenue

$54.1 to $67.6 million

Non-GAAP operating loss

$42.2 to $33.7 million

Unit Deliveries (1)

320 to 400 units

(1) Unit deliveries forecast includes stepvans and our powertrain and Xos Hub products.

Liana Pogosyan, Acting Chief Financial Officer of Xos, added, “This quarter, we continued on our path to building the first self-sustaining commercial EV company in the U.S. by growing gross margins.”

The outlook provided above is based on management beliefs and expectations as of the date of this press release. The results are based on assumptions that are believed to be reasonable as of this date, but may be materially affected by many factors, as discussed below in our “Cautionary Statement Regarding Forward-Looking Statements” disclaimer. Actual results may vary from the outlook above and the variations may be material. The Company undertakes no intent or obligation to publicly update or revise any of these projections, whether as a result of new information, future events or otherwise, except as required by law.

Conference Call and Webcast Details

Date / Time:        Tuesday, November 13, 2024, at 4:30 p.m. EDT / 1:30 p.m. PDT

Webcast:    https://viavid.webcasts.com/starthere.jsp?ei=1696121&tp_key=408c3c7d8a

U.S. Toll-Free Dial In:    1-833-816-1411

International Dial In:    1-412-317-0507

To Receive a Phone Call:    https://callme.viavid.com/?$Y2FsbG1lPXRydWUmcGFzc2NvZGU9JmluZm89Y29tcGFueSZyPXRydWUmYj0xNg==

(Use Passcode: 2964835)

To access the call, please dial in approximately ten minutes before the start of the call.

For those unable to participate in the live call, an audio replay will be available following the call through midnight Wednesday, November 27, 2024. To access the replay, please call 1-844-512-2921 or 1-412-317-6671 (International) and enter access code 10194262. A replay of the webcast will also be archived shortly after the call and can be accessed on the Company's website.

About Xos, Inc.

Xos is a leading technology company, electric truck manufacturer, and fleet services provider for battery-electric fleets. Xos

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Exhibit 99.1

Xos, Inc. delivers strong unit delivery, sales growth and promising operating profit performance in the second quarter of 2024

Achieved 45% quarter-over-quarter and 137% year-over-year growth in unit deliveries

Achieved 18% quarter-over-quarter and 227% year-over-year revenue growth

Delivered fourth consecutive quarter of positive gross margins

Reaffirming annual guidance of the remainder of the year

LOS ANGELES, CA – August 13, 2024 – Xos, Inc. (NASDAQ: XOS) (“Xos” or the “Company”), a leading electric truck manufacturer and fleet services provider, today reported financial results for the second quarter ended June 30, 2024.

Second Quarter 2024 Highlights:

●Generated revenues of $15.5 million, up from $13.2 million last quarter and $4.8 million in the second quarter of 2023

●Delivered 90 units, up from 62 units last quarter and 38 units in the second quarter of 2023

●Achieved gross margins of 13.1%, down from 21.2% last quarter, due to product mix shift and inventory adjustments, and up from negative 78.4% in the second quarter of 2023

●Announced strategic powertrain partnership with Blue Bird, a prominent school bus manufacturer leading the charge in EVs

Dakota Semler, Chief Executive Officer of Xos, commented, “Xos’ focus on building strong relationships with leading fleets, suppliers, and partners has positioned us to win. We are leveraging our first-mover advantage to grow our deliveries, maintain strong margins, and build a self-sustaining business. Our strategic partnerships with Blue Bird and Winnebago are a critical part of realizing these goals and a testament to the reliability, efficiency, and innovation that Xos is bringing to the commercial electric vehicle market.”

Second Quarter 2024 Financial Highlights

(in millions) 30 June 2024

31 Mar 2024 31 Dec 2023

Inventories $41.4$36.6$37.8

Cash and cash equivalents and restricted cash(1) $20.7$47.3$11.6

Three Months Ended

(in millions) 30 Jun 2024

31 Mar 2024

Revenues$15.5$13.2

Gross profit $2.0$2.8

Non-GAAP gross profit (2)

$2.0$1.7

Net loss $(9.7)$(11.0)

Loss from operations$(11.4)$(10.2)

Non-GAAP operating loss(2)

$(9.7)$(9.3)

(1) Includes cash and cash equivalents and restricted cash. Xos had no restricted cash at December 31, 2023.

(2) For further information about how we calculate Non-GAAP gross profit and Non-GAAP operating loss, see below for the reconciliations of GAAP to non-GAAP financial measures provided in the tables included in this release.

2024 Outlook:

Xos’s outlook for 2024 is as follows:

Revenue

$66.7 to $100.4 million

Non-GAAP operating loss

$48.7 to $43.7 million

Unit Deliveries (1)

400 to 600 units

(1) Unit deliveries forecast includes stepvans and our powertrain and Xos Hub products.

Liana Pogosyan, Acting Chief Financial Officer of Xos, added, “This quarter, we continued on our path to building the first self-sustaining commercial EV company in the U.S. by growing our revenues and maintaining strong gross margins. We expect to see further improvement in the second half of the year as delivery volumes increase.”

The outlook provided above is based on management beliefs and expectations as of the date of this press release. The results are based on assumptions that are believed to be reasonable as of this date, but may be materially affected by many factors, as discussed below in our “Cautionary Statement Regarding Forward-Looking Statements” disclaimer. Actual results may vary from the outlook above and the variations may be material. The Company undertakes no intent or obligation to publicly update or

revise any of these projections, whether as a result of new information, future events or otherwise, except as required by law.

Conference Call and Webcast Details

Date / Time:        Tuesday, August 13, 2024, at 4:30 p.m. EDT / 1:30 p.m. PDT

Webcast:    https://viavid.webcasts.com/starthere.jsp?ei=1680171&tp_key=e31c8254cd

U.S. Toll-Free Dial In:    1-866-816-1411

International Dial In:    1-412-317-0507

Conference ID:        10190972

To access the call, please dial in approximately ten minutes before the start of the call.

For those unable to participate in the live call, an audio replay will be available following the call through midnight Tuesday, August 27, 2024. To access the replay, please call 1-844-512-2921 or 1-412-317-6671 (International) and enter access code 10190972. A replay of the webcast will also be archived shortly after the call and can be accessed on the Company's website.

About Xos, Inc.

Xos is a leading technology company, electric truck manufacturer, and fleet services provider for battery-electric fleets. Xos vehicles and fleet management software are purpose-built for medium- and heavy-duty commercial vehicles that travel on last-mile, back-to-base routes. The company leverages its proprietary technologies to provide com

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Exhibit 99.1

Capital injection and robust margins position Xos, Inc. for a strong 2024

Improved cash position with $50 million from acquisition of ElectraMeccanica

Delivered 180% year-over-year revenue growth

Achieved industry-leading 21% gross margins

LOS ANGELES, CA – May 15, 2024 – Xos, Inc. (NASDAQ: XOS) (“Xos” or the “Company”), a leading electric truck manufacturer and fleet services provider, today reported financial results for the first quarter ended March 31, 2024.

First Quarter 2024 Highlights:

●Completed acquisition of ElectraMeccanica, adding approximately $50.2 million (excluding certain costs paid at closing) to Xos’ cash balance

●Launched the updated Xos Hub mobile charging solution

●Delivered 62 units and generated revenues of $13.2 million

●Achieved gross margins of 21.2%

Dakota Semler, Chief Executive Officer of Xos, commented, “The $50 million that we secured this quarter and our industry-leading gross margins position Xos for a strong future. As regulatory pressure on fleets to adopt EVs grows, we are benefiting from stronger demand for our proven and profitable truck, powertrain, and mobile charging infrastructure products.”

First Quarter 2024 Financial Highlights

(in millions)31 Mar 202431 Dec 2023

Inventories $36.6$37.8

Cash and cash equivalents and restricted cash(1) $47.3$11.6

Three Months Ended

(in millions)31 Mar 202431 Mar 2023

Revenues$13.2$4.7

Gross profit (loss)$2.8$(0.9)

Non-GAAP gross profit (loss) (2)

$1.7$(1.8)

Net loss $(11.0)$(24.3)

Loss from operations$(10.2)$(20.0)

Non-GAAP operating loss(2)

$(9.3)$(18.9)

(1) Includes cash and cash equivalents and restricted cash (for March 31, 2024).

(2) For further information about how we calculate Non-GAAP gross profit (loss) and Non-GAAP operating loss, see below for the reconciliations of GAAP to non-GAAP financial measures provided in the tables included in this release.

2024 Outlook:

Xos’ outlook for 2024 is as follows:

Revenue

$66.7 to $100.4 million

Non-GAAP operating loss

$48.7 to $43.7 million

Unit Deliveries (1)

400 to 600 units

(1) Unit deliveries forecast includes stepvans and our powertrain and Xos Hub products.

Liana Pogosyan, Acting Chief Financial Officer of Xos, added, “Xos’ strong capital position and healthy gross margins demonstrate the health of our core business. With the launch of new products, like our updated Hub and recent powertrain sales to Winnebago and a large bus OEM, we are on a path to build the first self-sustaining commercial EV company in the U.S.”

The outlook provided above is based on management beliefs and expectations as of the date of this press release. The results are based on assumptions that are believed to be reasonable as of this date, but may be materially affected by many factors, as discussed below in “Cautionary Statement Regarding Forward-Looking Statements.” Actual results may vary from the outlook above and the variations may be material. The Company undertakes no intent or obligation to publicly update or revise any of these

projections, whether as a result of new information, future events or otherwise, except as required by law.

Conference Call and Webcast Details

Date / Time:        Wednesday, May 15, 2024, at 4:30 p.m. EDT / 1:30 p.m. PDT

Webcast:        https://viavid.webcasts.com/starthere.jsp?ei=1667727&tp_key=3b0fe355e3

U.S. Toll-Free Dial In:    1-833-816-1411

International Dial In:    1-412-317-0507

Conference ID:        10188592

To access the call, please dial in approximately ten minutes before the start of the call.

For those unable to participate in the live call, an audio replay will be available following the call through midnight Wednesday, May 29, 2024. To access the replay, please call 1-844-512-2921 or 1-412-317-6671 (International) and enter access code 10188592. A replay of the webcast will also be archived shortly after the call and can be accessed on the Company's website.

About Xos, Inc.

Xos is a leading technology company, electric truck manufacturer, and fleet services provider for battery-electric fleets. Xos vehicles and fleet management software are purpose-built for medium- and heavy-duty commercial vehicles that travel on last-mile, back-to-base routes. The company leverages its proprietary technologies to provide commercial fleets with battery-electric vehicles that are easier to maintain and more cost-efficient on a total cost of ownership (TCO) basis than their internal combustion engine counterparts. For more information, please visit www.xostrucks.com.

Non-GAAP Financial Measures

The financial information in this press release has been presented in accordance with United States generally accepted accounting principles (“GAAP”) as well as on a non-GAAP basis to supplement Xos’ condensed consolidated financial results. Xos’ non-GAAP financial measures include operating cash fl

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Exhibit 99.1

Market Leader Xos Positioned for Strong 2024 by Gross Margin Improvement and Pending Acquisition

Full Year Revenue increased 22% year-over-year

Strong positive gross margins in the third and fourth quarters of 2023

Entered into a definitive agreement to acquire ElectraMeccanica and significantly strengthen Xos’ balance sheet

LOS ANGELES, CA – March 21, 2024 – Xos, Inc. (NASDAQ: XOS) (“Xos” or the “Company”), a leading electric truck manufacturer and fleet services provider, today reported financial results for the fourth quarter and year ended December 31, 2023.

Full Year 2023 Highlights:

●2023 revenue improved significantly to $44.5 million from $36.4 million in 2022

●Achieved positive gross margins in the third and fourth quarters of 2023, supported by the release of an updated stepvan platform

●Bolstered position as the EV stepvan market leader with deliveries of 283 units to the largest fleets in North America, including FedEx Ground, UPS, Loomis, Canada Post, UniFirst, and Penske

●Reduced quarterly operating expenses by 43% in two years

●Subsequent to year end, entered into a definitive arrangement agreement to acquire ElectraMeccanica in an all-stock transaction that is expected to include over $45 million in cash to support Xos’ ongoing operations

●Subsequent to year end, announced the updated Xos Hub™, a rapidly deployable charging unit designed to help expedite the electrification of fleets with 280kWh of energy capacity and charging rates of up to 160kW

Dakota Semler, Chief Executive Officer of Xos, commented, “Last year was a year of positive milestones for Xos. Our customers continued to demonstrate robust demand for Xos EVs, which resulted in record back-to-back quarters in the second half of 2023. Importantly, we achieved our goal to deliver positive gross margins while substantially reducing operating expenses. Finally, we positioned Xos to strengthen its liquidity through the planned acquisition of ElectraMeccanica.”

Fourth Quarter and Full Year 2023 Financial Highlights

Quarters endedYears ended 31 December,

(in millions)31 Dec 202330 Sep 202320232022

Revenues$18.4$16.7$44.5$36.4

Gross profit (loss)$1.3$2.0$(1.3)$(30.0)

Non-GAAP gross profit (loss)(1)

$0.6$1.1$(2.3)$(16.4)

Net loss $(13.8)$(14.1)$(75.8)$(73.3)

Loss from operations$(11.8)$(12.6)$(65.0)$(111.3)

Non-GAAP operating loss(1)

$(10.9)$(11.2)$(58.1)$(92.5)

Inventories $37.8$48.9$37.8$57.5

Cash equivalents, restricted cash and marketable debt securities(2) $11.6$23.4$11.6$89.3

(1) For further information about how we calculate Non-GAAP gross profit (loss) and Non-GAAP operating loss, see below for the reconciliations of GAAP to non-GAAP financial measures provided in the tables included in this release.

(2) Includes cash, cash equivalents, restricted cash, and marketable debt securities, available-for-sale (for the year-ended December 31, 2022).

2024 Outlook:

Xos’ outlook for 2024 is as follows:

Revenue

$66.7 to $100.4 million

Non-GAAP operating loss

$48.7 to $43.7 million

Unit Deliveries (1)

400 to 600 units

(1) Unit deliveries forecast includes stepvans and our powertrain and Xos Hub products.

Liana Pogosyan, Acting Chief Financial Officer of Xos, added, “Launching our gross margin positive stepvan, setting delivery records in the third and fourth quarter, and securing meaningful capital via our expected acquisition of ElectraMeccanica have each strengthened Xos’ position. These accomplishments provide me with confidence that we will continue to deliver on our targets in 2024 and beyond. As a result, we expect to deliver strong revenue growth of approximately 88% year-over-year at the midpoint of our guidance range.”

The outlook provided above is based on management beliefs and expectations as of the date of this press release. The results are based on assumptions that are believed to be reasonable as of this date, but may be materially affected by many factors, as discussed below in “Cautionary Statement Regarding Forward-Looking Statements.” Actual results may vary from the outlook above and the variations may be material. The Company undertakes no intent or obligation to publicly update or revise any of these projections, whether as a result of new information, future events or otherwise, except as required by law.

Conference Call and Webcast Details

Date / Time: Thursday, March 21, 2024, at 4:30 p.m. EDT / 1:30 p.m. PDT

Webcast: https://viavid.webcasts.com/starthere.jsp?ei=1655220&tp_key=d4e9555402

U.S. Toll-Free Dial In: 1-833-816-1411

International Dial In: 1-412-317-0507

Conference ID: 10186286

To access the call, please dial in approximately ten minutes before the start of the call.

For those unable to participate in the live call, an audio replay will be available following the call through midnight Thursday, April 4, 2024. To access the replay,

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Exhibit 99.1

Xos, Inc. Reports Third Quarter 2023 Results

Delivered 105 units in the quarter, the highest quarterly volume to date, and a 176% quarter-over-quarter increase

Achieved average positive GAAP gross margin of over $18,000 per unit

LOS ANGELES, CA – November 9, 2023 – Xos, Inc. (Nasdaq: XOS) (“Xos” or the “Company”), a leading electric truck manufacturer and fleet services provider, today reported financial results for the third quarter ended September 30, 2023.

Third Quarter 2023 Highlights:

●Quarterly deliveries of 105 units, marking a 176% quarter-over-quarter increase and the highest quarterly delivery volume to date.

●GAAP gross margins of 11.9% and up to 20% gross margins on a per unit basis.

●Revenues of $16.7 million, compared to $4.8 million in the second quarter of 2023.

●Net loss was $14.1 million, loss from operations was $12.6 million, and non-GAAP operating loss(1) for the quarter was $11.2 million.

(1) For further information about how we calculate non-GAAP operating loss, see below for the reconciliations of GAAP to non-GAAP financial measures provided in the tables included in this release.

“Delivering both positive gross margins and record volumes shows how far ahead of the competition Xos is,” said Dakota Semler, Chief Executive Officer of Xos. “We are making money on EVs, and demonstrating our ability to do so at scale by accomplishing build rates in excess of 700 stepvans per annum.”

Liana Pogosyan, Acting Chief Financial Officer of Xos, added, “Achieving positive GAAP gross margins, strong delivery numbers, and decreased operating expenses this quarter is very encouraging and is aiding efforts to secure additional funding.”

Third Quarter 2023 Financial Highlights

(in millions) 30 Sept 2023 31 Dec 2022

Inventories

$48.9 $57.5

Cash and cash equivalents, restricted cash and marketable debt securities(1)

$23.4 $89.3

(in millions) 30 Sept 2023 30 June 2023

Revenues $16.7 $4.8

Gross profit (loss) $2.0 $(3.7)

Non-GAAP gross profit (loss)(2)

$1.1 $(2.3)

Net loss $(14.1) $(23.6)

Loss from operations $(12.6) $(20.5)

Non-GAAP operating loss(2)

$(11.2) $(17.0)

(1) Includes cash, cash equivalents, restricted cash, and marketable debt securities, available-for-sale.

(2) For further information about how we calculate non-GAAP gross profit (loss) and non-GAAP operating loss, see below for the reconciliations of GAAP to non-GAAP financial measures provided in the tables included in this release.

2023 Outlook:

Xos is maintaining its outlook for 2023 as follows:

2023

Unit deliveries

250 to 350 units

Revenue

$36.3 to $54.7 million

Non-GAAP operating loss

$(50.5) to $(61.0) million

The outlook provided above is based on management beliefs and expectations as of the date of this press release. The results are based on assumptions that are believed to be reasonable as of this date, but may be materially affected by many factors, as discussed below in “Cautionary Statement Regarding Forward-Looking Statements.” Actual results may vary from the outlook above and the variations may be material. The Company undertakes no intent or obligation to publicly update or revise any of these projections, whether as a result of new information, future events or otherwise, except as required by law.

Conference Call and Webcast Details

Date / Time:Thursday, November 9, 2023, at 4:30 p.m. EST / 1:30 p.m. PST

Webcast: https://viavid.webcasts.com/starthere.jsp?ei=1635308&tp_key=0cfccf1dc4

U.S. Toll-Free Dial In:1-833-816-1411

International Dial In:1-412-317-0507

Conference ID:10182517

To access the call, please dial in approximately ten minutes before the start of the call.

For those unable to participate in the live call, an audio replay will be available following the call through midnight Thursday, November 23, 2023. To access the replay, please call 1-844-512-2921 or 1-412-317-6671 (International) and enter access code 10182517. A replay of the webcast will also be archived shortly after the call and can be accessed on the Company's website.

About Xos, Inc.

Xos is a leading technology company, electric truck manufacturer, and fleet services provider for battery-electric fleets. Xos vehicles and fleet management software are purpose-built for medium- and heavy-duty commercial vehicles that travel on last-mile, back-to-base routes. The company leverages its proprietary technologies to provide commercial fleets with battery-electric vehicles that are easier to maintain and more cost-efficient on a total cost of ownership (TCO) basis than their internal combustion engine counterparts. For more information, please visit www.xostrucks.com.

Non-GAAP Financial Measures

The financial information in this press release has been presented in accordance with United States generally accepted accounting principles (“GAAP”) as well as on a non-GAAP basis to supplement Xos’ condensed consol

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Exhibit 99.1

Xos Achieves Largest Quarter with Profitable Deliveries to National Fleet Customers

Xos has delivered 105 units in the third quarter to multiple global fleets and parcel delivery operators.

LOS ANGELES — October 18, 2023 — Xos, Inc. (NASDAQ: XOS) is pleased to announce that it has delivered 105 units to end customers in the third quarter of 2023. The period marks the highest quarterly delivery volumes to date for the company and the company’s first quarter delivering positive gross margin units to customers. Vehicles delivered in the third quarter include the first 2023 Xos SV Stepvans delivered to customers. The new Xos 2023 stepvan is designed to meet or exceed margin performance of legacy diesel trucks on a host of performance metrics. This makes Xos among the first gross margin positive commercial EV manufacturers in the entire commercial EV industry and propels Xos towards its stated objective of positive free cash flows.

For the third quarter of 2023, Xos' preliminary estimate of GAAP gross margin is between 8% to 15%. This result was driven by unit gross margins of the new 2023 Xos SV Stepvan that range from approximately +10% to 20% per unit, depending on configuration. Three pillars underscore this milestone achievement:

1.Proprietary software technology;

2.Long-term supply agreements with one of the largest global Tier 1 battery cell and electronics suppliers; and

3.Robust design, engineering, and testing processes that reduce manufacturing costs.

Proprietary technology enables Xos vehicles to deliver top performance to customers from a more cost efficient battery system. Xos’ 140kWh Stepvan fulfills the needs of most last-mile delivery routes at a competitive purchase price. Xos’ long-range 280kWh stepvan option doubles the usable range for fleets with longer routes or heavier payloads.

Recent long-term agreements with battery suppliers and other vendors governing the cost and warranty of critical components enable Xos to achieve significant savings per truck compared to previous Xos stepvan models.

Lastly, Xos’ robust design, engineering, and testing processes contribute to lower manufacturing costs by reducing required labor input and reduced service costs through improved vehicle quality.

The first profitable Xos vehicles compete directly with diesel last-mile delivery vehicles on total cost of ownership—a principal factor fleet customers incorporate in purchase decisions. When combined with available subsidies the cost advantages become even more significant. Compared to similarly equipped last-mile ICE delivery vehicles, the new 2023 Xos Stepvan offers an estimated 30-40% savings in those markets.

“We are proud of achieving a positive GAAP gross margin in the quarter due to the efforts of various teams, including engineering, supply chain, and others. We expect margins will continue to improve and be sustained as the tailwinds and demand for medium-duty EVs grow,” said Liana Pogosyan, acting Chief Financial Officer for Xos.

About Xos, Inc.

Xos is a leading technology company, fleet services provider, and original equipment manufacturer of Class 5 through Class 8 battery-electric vehicles. Xos vehicles and fleet management software are purpose-built for medium- and heavy-duty commercial vehicles that travel on last-mile, back-to-base routes of up to 270 miles or less per day. The company leverages its proprietary technologies to provide commercial fleets with battery-electric vehicles that are easier to maintain and more cost-efficient on a total cost of ownership (TCO) basis than their internal combustion engine counterparts. For more information, visit www.xostrucks.com.

Xos Contacts

Xos Investor Relations

investors@xostrucks.com

Xos Media Relations

press@xostrucks.com

Cautionary Statement Regarding Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements regarding expectations and timing related to margins and free cash flows; demand for electric vehicles; manufacturing and service costs; and vendor agreements. These forward-looking statements may be identified by the words “believe,” “plan,” “project,” “potential,” “seem,” “seek,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “target,” “opportunity,” “plan,” “may,” “could,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions and any other statements that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations

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Exhibit 99.1

Xos, Inc. Reports Second Quarter 2023 Results

Produced and shipped first positive gross margin units

LOS ANGELES, CA – August 10, 2023 – Xos, Inc. (NASDAQ: XOS) (“Xos” or the “Company”), a leading electric truck manufacturer and fleet services provider, today reported financial results for the second quarter ended June 30, 2023.

Second Quarter 2023 Highlights:

●Revenue of $4.8 million, compared to $4.7 million in the first quarter of 2023

●Deliveries of 38 units, compared to 31 units in the first quarter of 2023

●Net loss was $23.6 million, loss from operations was $20.5 million, and non-GAAP operating loss(1) for the quarter was $17.0 million

●Successfully produced and shipped first positive gross margin units

●Subsequent to quarter end, secured a 30-truck purchase order from repeat customer UniFirst

(1) For further information about how we calculate non-GAAP operating loss, see below for the reconciliations of GAAP to non-GAAP financial measures provided in the tables included in this release.

Dakota Semler, Chief Executive Officer of Xos, commented, “We are pleased to share that we produced and shipped our first gross margin positive units during the quarter, marking an exciting milestone for Xos. We are also encouraged by sequential growth in deliveries during the second quarter, despite ongoing challenges associated with delays in customer charging infrastructure that pushed some second quarter deliveries into the third quarter. Demand for our vehicles and energy solutions continues to grow, as customers work to scale out their electrification plans and meet upcoming regulatory mandates. Though challenges remain, we are focused on maximizing our advantage over our competition, most of which remain in the development phase of a first-generation product. As we look towards the second half of the year and beyond, our internal strengths and direct benefits from EV mandates and incentives put Xos on track for long-term success.”

Second Quarter 2023 Financial Highlights

(in millions)30 June 202331 Dec 2022

Inventories$55.5$57.5

Cash and cash equivalents, restricted cash and marketable debt securities(1) $41.1$89.3

(in millions)30 June 202331 Mar 2023

Revenue$4.8$4.7

Gross loss$(3.7)$(0.9)

Non-GAAP gross loss(2)

$(2.3)$(1.8)

Net loss$(23.6)$(24.3)

Loss from operations$(20.5)$(20.0)

Non-GAAP operating loss(2)

$(17.0)$(18.9)

(1) Includes cash, cash equivalents, restricted cash, and marketable debt securities, available-for-sale.

(2) For further information about how we calculate Non-GAAP gross loss and Non-GAAP operating loss, see below for the reconciliations of GAAP to non-GAAP financial measures provided in the tables included in this release.

2023 Outlook:

Xos is revising its outlook for 2023 as follows:

2023

Unit Deliveries250 to 350 units

Revenue$36.3 to $54.7 million

Non-GAAP operating loss$(50.5) to $(61.0) million

Liana Pogosyan, Acting Chief Financial Officer of Xos, added, “We continue to expect a substantial increase in deliveries over the remainder of the year based on our current backlog and expected new orders. Our balance sheet remains strong, and we ended the quarter with cash and cash equivalents and investments of $41.1 million, and while we’re positioned to fund the business into 2024, we continue to explore options for additional sources of capital to fund our long-term growth plans.”

The outlook provided above is based on management beliefs and expectations as of the date of this press release. The results are based on assumptions that are believed to be reasonable as of this date, but may be materially affected by many factors, as discussed below in “Cautionary Statement Regarding Forward-Looking Statements.” Actual results may vary from the outlook above and the variations may be material. The Company undertakes no intent or obligation to publicly update or revise any of these projections, whether as a result of new information, future events or otherwise, except as required by law.

Conference Call and Webcast Details

Date / Time:Thursday August 10, 2023, at 4:30 p.m. EDT / 1:30 p.m. PDT

Webcast:https://viavid.admin.webcasts.com/admin/index.jsp?guest=report_1621775

U.S. Toll-Free Dial In:1-833-816-1411

International Dial In:1-412-317-0507

Conference ID:6851465

To access the call, please dial in approximately ten minutes before the start of the call.

For those unable to participate in the live call, an audio replay will be available following the call through midnight Thursday, August 24, 2023. To access the replay, please call 844-512-2921 or 412-317-6671 (International) and enter confirmation code 10180043. A replay of the webcast will also be archived shortly after the call and can be accessed on the Company's website.

About Xos, Inc.

Xos is a leading technology company, electric truck manufacturer, and fleet services provider for battery-ele

xos-20230506

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 6, 2023

XOS, INC.

(Exact name of registrant as specified in its charter)

Delaware001-3959898-1550505

(State or Other Jurisdiction of Incorporation)(Commission File Number)(I.R.S. Employer Identification No.)

3550 Tyburn Street Los Angeles, California 90065

(Address of principal executive offices)(Zip Code)

(818) 316-1890 (Registrant’s telephone number, including area code)

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240-13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading symbol(s)Name of each exchange on which registered

Common Stock, $0.0001 par value per shareXOSNasdaq Global Market

Warrants, each whole warrant exercisable for one share of Common Stock at an exercise price of $11.50 per shareXOSWWNasdaq Global Market

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On May 10, 2023, Xos, Inc. (the “Company”) issued a press release announcing its financial position as of March 31, 2023, results of operations for the three months ended March 31, 2023 and other related information. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

In accordance with General Instruction B.2 of Form 8-K, the information included in this Current Report on Form 8-K, including Exhibit 99.1 hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing made by the Company under the Exchange Act or the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.

Item 5.02. Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers.

On May 6, 2023, Kingsley Afemikhe notified the Company of his intention to resign from his position as Chief Financial Officer of the Company, effective on or about May 26, 2023. Mr. Afemikhe has been serving as the Company’s Chief Financial Officer since July 2020. Mr. Afemikhe’s resignation was not the result of a disagreement with the Company on

any matter relating to the Company’s operations, policies or practices.

Item 9.01. Financial Statements and Exhibits.

Exhibit No. Description

99.1

Press Release, dated May 10, 2023.

104iXBRL language is updated in the Exhibit Index

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: May 10, 2023

XOS, INC.

By:/s/ Kingsley Afemikhe

Kingsley Afemikhe

Chief Financial Officer

EX-99.1

2 a20230329exhibit991.htm

EX-99.1

Document

Exhibit 99.1

Xos, Inc. Reports Fourth Quarter and Full Year 2022 Results

Revenue increased more than six times year-over-year

Deliveries in 2022 were up by 525% to 275 units

Expects to begin delivering gross margin positive units in the second quarter of 2023

LOS ANGELES, CA – March 29, 2023 – Xos, Inc. (NASDAQ: XOS) (“Xos” or the “Company”), a leading electric truck manufacturer and fleet services provider, today reported financial results for the fourth quarter and year ended December 31, 2022.

Full Year Highlights:

•2022 revenue improved significantly to $36.4 million from $5.0 million for 2021.

•Deliveries of 275 units in 2022 compared to 44 deliveries in 2021, to leading companies within the parcel delivery, uniform and linen rentals, and food and beverage industries, such as UniFirst, FedEx Ground independent service providers, and Merchants Fleet.

•Continue to develop and execute on plan to achieve positive gross margins at a unit level by mid-2023, including strategic price increases, optimization of operations, direct material cost reduction, and continued scale of deliveries.

•Expanded the offering of Xos Energy Solutions, the Company’s suite of charging hardware and services, with the introduction of a suite of Xos DC Fast Chargers to get more commercial fleets into EVs

•Increased service and dealership partnerships to 39 total locations across North America, which now include Thompson Truck Center, LLC, Yancey Bros. Co., Foley Equipment Company, W.W. Williams, and Gabrielli Truck Sales.

•Subsequent to year end, announced a 150-vehicle purchase order from returning customer Loomis.

•Subsequent to year end, introduced the Next-Generation 2023 Stepvan, that will reduce direct materials costs, strengthen gross margins, and enable greater savings in total cost of ownership for fleet operators.

Dakota Semler, Chief Executive Officer of Xos, commented, “2022 was a year of important milestones for advancing the Xos brand, as our team was able to lay the foundation for growth in both deliveries and revenue. We remain focused on helping commercial fleets deploy EVs across their operations, as demand for our stepvans increases due to fleet replacement needs and EV-friendly regulations that will drive EV adoption in 2023 and beyond. In 2022, we added over 800 signed Stepvan orders to our backlog, including a 30-unit order from uniform rental provider Alsco. We remain on track to be gross

margin positive at a unit level by mid-2023. The wide appeal of our product line and the diversification of our customer base is expected to support continued demand for Xos in the future.”

“While the supply chain has continued to show signs of improvement, our focus from an operational standpoint remains on cost reduction in procurement of parts, as well as logistics,” said Giordano Sordoni, Chief Operating Officer of Xos. “We are also beginning to see the early-stage benefits of consolidating manufacturing at our Tennessee facility, and we are ready to scale production of our Next-Generation 2023 Stepvan, which is designed to reduce direct material costs and strengthen our gross margins.”

Fourth Quarter and Full Year 2022 Financial Highlights

Quarter endedYears ended 31 December,

(in millions)31 Dec 202230 Sep 202220222021

Revenue$8.6$11.0$36.4$5.0

Gross loss$8.0$10.8$30.0$2.4

Non-GAAP gross loss(1)

$3.0$5.5$16.4$1.4

Net loss (income)$19.7$20.0$73.3($23.4)

Loss from operations$25.9$31.1$111.3$53.2

Non-GAAP operating loss(1)

$19.5$24.6$92.5$50.5

Inventories$57.5$62.0$57.5$30.9

Cash equivalents, restricted cash and marketable debt securities(2) $89.3$109.2$89.3$168.7

(1) For further information about how we calculate Non-GAAP Gross Loss and Non-GAAP Operating Loss, see below for the reconciliations of GAAP to non-GAAP financial measures provided in the tables included in this release.

(2) Includes cash, cash equivalents, restricted cash, and marketable debt securities, available-for-sale.

2023 Outlook:

Xos is providing the following outlook for 2023 as follows:

2023

Unit Deliveries450 to 600 units

Revenue$58.5 to $84.0 million

Non-GAAP Operating Loss$52.8 to $80.0 million

Kingsley Afemikhe, Chief Financial Officer of Xos, added, “Demand for our EV stepvans and solutions remains robust, driven by supporting secular trends for commercial fleet electrification and strong order intake from both existing and new customers. The momentum we gained during 2022 has carried into 2023 and as a result, we expect to deliver strong revenue growth of approximately 95% year-over-year at the midpoint of the range.”

Mr. Afemikhe continued, “We are in a strong position to support the growth of the business with a healthy balance sheet, and have sufficient capital to get us through 2023 and into 2024. We are confident that as we grow volumes and get to positive gross margin, we are confident that we will have a range of opt

EX-99.1

2 a20221110exhibit991.htm

EX-99.1

Document

Exhibit 99.1

Xos, Inc. Reports Third Quarter 2022 Results

Revenue increased by 12% quarter-over-quarter

Unit deliveries increased by 21% quarter-over-quarter

Company remains on track to achieve positive gross margin at a unit level by the end of the first half of 2023

LOS ANGELES, CA – November 10, 2022 – Xos, Inc. (NASDAQ: XOS) (“Xos” or the “Company”), a leading technology company which provides fleet service and software solutions and manufactures 100% battery-electric Class 5 to Class 8 commercial vehicles, today reported financial results for the quarter ended September 30, 2022.

Recent Strategic Highlights:

●Revenue for the third quarter of 2022 was $11.0 million, up 12% compared to the previous quarter.

●Deliveries of 88 units in the third quarter of 2022, up 21% compared to 73 units in the previous quarter, to key customers such as Merchants Fleet and FedEx Ground operators.

●Net loss was $23.3 million and loss from operations was $31.2 million for the third quarter of 2022; non-GAAP operating loss for the quarter was $26.6 million.

●Expanded the offering of Xos Energy Solutions with the introduction of a suite of Xos DC Fast Chargers, and secured purchase orders from Morgan Linen, Inc. and additional fleet customers. This follows the announcement of the proprietary XosHub, the Company’s mobile charging infrastructure solution.

●Entered a strategic partnership to expand the Company’s leasing and distribution network with NationaLease.

●Named W.W. Williams as a pilot service provider to support Xos customers with world-class maintenance, service, and repair.

●Unveiled a suite of Advanced Driver Assistance System (ADAS) features that will be implemented as a standard feature in Xos stepvans.

●Decreased total cost of ownership (TCO) with extended warranty offering in partnership with National Truck Protection Co. Inc.

Dakota Semler, Chief Executive Officer of Xos, commented, “We are pleased to see continued strong demand for Xos vehicles. Xos achieved vehicle deliveries to key customers such as Merchants Fleet and FedEx Ground operators in 15 cities despite charging infrastructure bottlenecks, global supply chain obstacles, and macroeconomic headwinds. As our installed base grows and our vehicles season within

customers’ operations, we are also seeing strong follow on order activity. Operationally, Xos has made several strategic decisions that will position us for strong growth and gross margin profitability at a unit level by the end of the first half of 2023.”

“We are making considerable progress in overcoming supply chain challenges and improving procurement and logistics costs. In addition, we are focussed on reducing direct material costs and overhead as we scale manufacturing at our principal manufacturing site in Tennessee,” said Giordano Sordoni, Chief Operating Officer of Xos. “As we realize the benefits of these advances, it will position us to see strong production volume increases.”

Third Quarter 2022 Financial Highlights Compared to Second Quarter 2022:

●Total revenue increased by approximately 12% to $11.0 million, driven by higher deliveries during the period, compared to $9.8 million in the prior quarter.

●Gross Margin loss was $10.8 million, versus $5.1 million in the prior quarter.

●Non-GAAP Gross (Loss) Margin loss was $5.5 million, compared to $4.2 million in the prior quarter

●Net Loss was $23.3 million and loss from operations was $31.2 million, compared to Net Loss of $9.5 million and loss from operations of $27.8 million in the prior quarter.

●Non-GAAP operating loss was $26.6 million, compared to $25.8 million in the prior quarter.

●Inventories increased to $66.3 million, compared to $62.2 million during the prior quarter as the Company prepared to increase deliveries.

●Cash, cash equivalents, restricted cash, and marketable debt securities, available-for-sale were $109.2 million as of September 30, 2022.

Second Half 2022 Outlook:

Based on current business conditions, business trends and other factors, the Company is reaffirming its previously provided outlook for the second half of 2022 as follows:

Second Half 2022

Revenue$18.75 to $25.60 million

Unit Deliveries150 to 200 units

Non-GAAP Operating Loss$43 to $52 million

Kingsley Afemikhe, Chief Financial Officer of Xos, added, “Unit deliveries and revenue were in line with our expectations, as we saw meaningful increases during the quarter on a sequential basis underpinned by continued strong demand for our products and energy solutions. We are reaffirming our second half 2022 outlook and remain on track for deliveries to fall within our previously provided range. Our gross margin was impacted by a number of non-cash adjustments in the quarter that we believe are transitory as we scale and bolster our systems.”

Our balance sheet remains strong, with proceeds from the recently issued convertible securities, which provided us with the capital t

xos-20220811

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 11, 2022

XOS, INC.

(Exact name of registrant as specified in its charter)

Delaware001-3959898-1550505

(State or Other Jurisdiction of Incorporation)(Commission File Number)(I.R.S. Employer Identification No.)

3550 Tyburn Street Los Angeles, California 90065

(Address of principal executive offices)(Zip Code)

(818) 316-1890 (Registrant’s telephone number, including area code)

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240-13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading symbol(s)Name of each exchange on which registered

Common Stock, $0.0001 par value per shareXOSNasdaq Global Market

Warrants, each whole warrant exercisable for one share of Common Stock at an exercise price of $11.50 per shareXOSWWNasdaq Global Market

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On August 11, 2022, Xos, Inc. (the “Company”) issued a press release announcing its financial position as of June 30, 2022, results of operations for the three and six months ended June 30, 2022 and other related information. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

In accordance with General Instruction B.2 of Form 8-K, the information included in this Current Report on Form 8-K, including Exhibit 99.1 hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing made by the Company under the Exchange Act or the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01.Financial Statements and Exhibits.

Exhibit No. Description

99.1

Press Release, dated August 11, 2022.

104iXBRL language is updated in the Exhibit Index

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: August 11, 2022

XOS, INC.

By:/s/ Kingsley Afemikhe

Kingsley Afemikhe

Chief Financial Officer

EX-99.1

2 exhibit991-20220719.htm

EX-99.1

Document

Exhibit 99.1

Xos, Inc. Recaps Q2 2022 Deliveries in New Video

LOS ANGELES — July 19, 2022 — Xos, Inc. (NASDAQ: XOS), a leading fleet services provider and manufacturer of Class 5 through Class 8 battery-electric vehicles, today shared a video on its YouTube channel highlighting some of the vehicle deliveries it made during the second quarter of 2022. You can view the video here: https://youtu.be/wtLMU796NT0

During the second quarter of 2022, Xos delivered a total of 73 units to customers, including: several FedEx Ground Operators in the U.S. and Canada, Zeem Solutions in Los Angeles, Calif., return customer Loomis across four U.S. locations, and return customer Merchants Fleet across three U.S. locations, among others.

“Xos continues to deliver vehicles and provide value to its fleet customers across North America,” said Jose Castañeda, Vice President of Business Development at Xos. “We remain energized by the increase in demand for our battery-electric trucks and look forward to building new relationships and strengthening existing relationships with fleets to help them move closer to a zero-emissions future.”

Xos is committed to its production and delivery strategy and providing tangible value to its customers. It remains one of the few commercial electric OEMs with vehicles on the road today.

About Xos, Inc.

Xos is a leading fleet services provider and original equipment manufacturer of Class 5 through Class 8 battery-electric vehicles and the tools to adopt them. Xos vehicles and fleet management software are purpose-built for medium- and heavy-duty commercial vehicles that travel on last-mile, back-to-base routes of up to 270 miles or less per day. The company leverages its proprietary technologies to provide commercial fleets with zero-emission vehicles that are easier to maintain and more cost-efficient on a total cost of ownership (TCO) basis than their internal combustion engine counterparts. For more information, please visit www.xostrucks.com.

Contacts

Xos Investor Relations

investors@xostrucks.com

Xos Media Relations

press@xostrucks.com

Cautionary Statement Regarding Forward-Looking Statements

This press release may include “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements regarding Xos, Inc.’s (“Xos”) expected product deliveries. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions,

Exhibit 99.1

projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (i) Xos’ ability to implement business plans, forecasts, and other expectations, and identify and realize additional opportunities, (ii) cost increases and supply chain shortages in the components needed for the production of Xos’ vehicle chassis and battery system, (iii) changes in the industries in which Xos operates, (iv) changes in laws and regulations affecting Xos’ business, (v) Xos’ ability to retain key personnel and hire additional personnel, (vi) the risk of downturns and a changing regulatory landscape in the highly competitive electric vehicle industry and (vii) the outcome of any legal proceedings that may be instituted against Xos. You should carefully consider the foregoing factors and the other risks and uncertainties described under the heading “Risk Factors” included in Xos’ Annual Report on Form 10-K for the fiscal year ended December 31, 2021 filed with the Securities and Exchange Commission (the “SEC”) on March 30, 2022 and Xos’ other filings with the SEC copies of which may be obtained by visiting Xos’ Investors Relations website at https://investors.xostrucks.com/ or the SEC's website at www.sec.gov. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Xos assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Xos does not give any assurance that it will achieve its expectations.

xos-20220505

FALSE000181949300018194932022-05-052022-05-050001819493us-gaap:CommonStockMember2022-05-052022-05-050001819493us-gaap:WarrantMember2022-05-052022-05-05

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 5, 2022

XOS, INC.

(Exact name of registrant as specified in its charter)

Delaware001-3959898-1550505

(State or Other Jurisdiction of Incorporation)(Commission File Number)(I.R.S. Employer Identification No.)

3550 Tyburn Street Los Angeles, California 90065

(Address of principal executive offices)(Zip Code)

(818) 316-1890 (Registrant’s telephone number, including area code)

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240-13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading symbol(s)Name of each exchange on which registered

Common Stock, $0.0001 par value per shareXOSNasdaq Global Market

Warrants, each whole warrant exercisable for one share of Common Stock at an exercise price of $11.50 per shareXOSWWNasdaq Global Market

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On May 5, 2022, Xos, Inc. (the “Company”) issued a press release announcing its financial position as of March 31, 2022, results of operations for the three months ended March 31, 2022 and other related information. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

In accordance with General Instruction B.2 of Form 8-K, the information included in this Current Report on Form 8-K, including Exhibit 99.1 hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing made by the Company under the Exchange Act or the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01.Financial Statements and Exhibits.

Exhibit No. Description

99.1

Press Release, dated May 5, 2022.

104iXBRL language is updated in the Exhibit Index

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: May 5, 2022

XOS, INC.

By:/s/ Kingsley Afemikhe

Kingsley Afemikhe

Chief Financial Officer