Xos Q1 revenue nearly doubles, gross margin hits record high

Xos

14/05/2026 21:27

Overview

US energy storage and fleet electrification firm's Q1 revenue nearly doubled year-over-year

Company achieved record-high gross margin and lowest operating loss since going public

Operating expenses and adjusted EBITDA loss improved significantly from prior year

Outlook

Xos maintains 2026 revenue outlook at $40 mln to $50 mln

Company expects 2026 non-GAAP operating loss of $11.9 mln to $13.3 mln

Xos forecasts 2026 unit deliveries between 350 and 500 units

Result Drivers

PRODUCT MIX SHIFT - Gross margin improvement was driven by a shift toward higher-margin powertrains and hubs

COST DISCIPLINE - Operating expenses fell 14% year-over-year due to cost control across the organization

UNIT DELIVERIES - Record Q1 deliveries of 95 units, including 63 powertrains for Blue Bird school buses, supported revenue growth

Company press release: ID:nGNX4k93FZ

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Revenue
Beat
$11.20 mln
$6.45 mln (1 Analyst)
Q1 Net Income
-$5 mln
Q1 Adjusted Operating Income
-$2.60 mln
Q1 Income From Operations
-$4.70 mln
Q1 Operating Expenses
$9.01 mln


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 1 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

The average consensus recommendation for the auto & truck manufacturers peer group is "buy"

Wall Street's median 12-month price target for Xos Inc is $4.00, about 97% above its May 13 closing price of $2.03

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)