Xos, Inc. reported a total revenue of $45.99 million for the fiscal year ending December 31, 2025, a decrease of 18% from $55.96 million in the previous year. The decline in revenue was primarily attributed to a shift in product mix, with a higher proportion of lower-priced stripped chassis and powertrain units sold compared to complete stepvans. Despite delivering 259 vehicles and 69 powertrains and Hubs in 2025, the average selling price fell, impacting overall revenue. The company also recognized a gain of $9.88 million from the termination of an operating lease, which contributed to a net loss of $25.32 million, a 50% improvement from the previous year's loss of $50.16 million.
In terms of operational changes, Xos completed the acquisition of ElectraMeccanica on March 26, 2024, which added approximately $50.2 million in cash to its balance sheet. This acquisition was part of Xos's strategy to enhance its product offerings and market presence. The company has also implemented cost-cutting measures, including a reduction in workforce by approximately 26% and temporary salary reductions for senior executives, aimed at improving liquidity and managing cash flow amid ongoing economic challenges.
As of December 31, 2025, Xos had approximately $14.04 million in cash and cash equivalents, down from $10.99 million the previous year. The company reported a significant decrease in accounts receivable, which fell to $6.04 million from $26.87 million, indicating improved cash collection efforts. However, inventory levels also decreased to $24.96 million from $36.57 million, reflecting a strategic shift in production and sales focus.
Xos's workforce consisted of 101 employees as of the end of 2025, a reduction from 114 employees the previous year. The company continues to face challenges related to supply chain disruptions and fluctuating tariffs, which have affected its cost structure and procurement strategies. Despite these challenges, Xos remains focused on expanding its market presence and product offerings, particularly in the electric vehicle sector, which is expected to grow as demand for sustainable transportation solutions increases.
Looking ahead, Xos has expressed substantial doubt about its ability to continue as a going concern without raising additional capital. The company plans to explore various funding strategies, including an at-the-market offering and other financing options, to support its operations and growth initiatives. The management's ability to secure necessary funding will be critical in determining the company's future trajectory in the competitive electric vehicle market.
About Xos, Inc.
Xos designs and manufactures Class 5-8 battery-electric commercial vehicles for last-mile delivery and fleet operations. The company offers modular chassis, powertrain solutions, charging infrastructure, and fleet management software to support electric fleet transitions. Serving fleet operators and OEMs, Xos emphasizes durability, cost-efficiency, and integrated energy solutions to accelerate commercial vehicle electrification. Its business model combines vehicle manufacturing, energy infrastructure, and software services.
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