Earnings Releases·Nov 12, 2026, 4:23 PM ET

Xos, Inc. — Third Quarter 2026 Earnings Summary

Q3 2026 revenue was $5.5 million, up 17.0% sequentially but down 66.4% year-over-year; nine-month revenue fell 47.2% to $21.5 million, while GAAP gross margin expanded to 15.3% in Q3 and 26.9% for the nine-month period.
Operating losses narrowed sequentially and year-over-year, with Q3 Non-GAAP operating loss improving 34.2% to $4.1 million and nine-month Adjusted EBITDA improving 26.9% to $(12.0) million.
Management revised 2026 guidance downward to revenue of $25–$35 million, Non-GAAP operating loss of $(17.2)–$(20.5) million, and unit deliveries of 185–250 units, citing order revisions and expected product mix changes.
Strategic progress included shipping the first Xos Hubs internationally to Waymo in London, initiating production of higher-capacity Hubs, and raising $2.8 million via at-the-market offerings while repaying $1.5 million of convertible debt.
Liquidity remains tight with cash and cash equivalents at $12.1 million as of September 30, 2026, down from $14.0 million at year-end 2025, though inventory and convertible debt balances also decreased.