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

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