Quarterly ResultMay 14, 2026, 04:12 PM
Xos Achieves Record Q1 Gross Margin 38.6%, Operating Loss Down 49.5%
AI Summary
Xos, Inc. reported strong financial results for the first quarter ended March 31, 2026, achieving its highest quarterly gross margin and lowest operating loss since going public. The company delivered 95 units, including 63 powertrains, generating $11.2 million in revenue. Xos also highlighted platform milestones, including gigawatt-hours charged by Xos Hub units and millions of cumulative miles driven by customer fleets, alongside offering its electric truck chassis at a competitive price of $99,000. The company maintained its 2026 outlook for revenue and unit deliveries.
Key Highlights
- Q1 2026 gross margin reached a record 38.6%, up from 20.6% in Q1 2025.
- Operating loss improved to a record-low $4.7 million, a 49.5% reduction year-over-year.
- Non-GAAP operating loss was a record-low $2.6 million, down 67.2% year-over-year.
- Revenue increased to $11.2 million in Q1 2026, up from $5.9 million in Q1 2025.
- Delivered 95 units in Q1 2026, including 63 powertrains, more than triple Q1 2025.
- Operating expenses decreased by 14.0% year-over-year to $9.0 million.
- Adjusted EBITDA improved by 72.4% year-over-year to a loss of $2.0 million.
- Maintained 2026 revenue outlook of $40.0 million to $50.0 million.