Short answer
Xos, Inc. (XOS) filed its fiscal 2024 10-K annual report with the SEC on Mar 31, 2025. It reported revenue of $56M (+25.7% year over year) and net income of −$50M.
- Top risk flagged: Tariff recovery $2.7 million estimated from crushing SOLO vehicles, no tariff recovery received as of Dec 31, 2024
FY2024 key financial metrics · XBRL
- Revenue
- $56M
- +25.7% YoY
- Net income
- −$50M
- +33.9% YoY
- Operating margin
- -82.0%
- +63.9 pp YoY
- Gross margin
- 7.1%
- EPS (diluted)
- −$6.69
- +49.0% YoY
- ROE
- -149.2%
- +18.6 pp YoY
- Operating cash flow
- −$49M
- −24.2% YoY
Source: XBRL data from the Xos, Inc. (XOS) FY2024 10-K on SEC EDGAR. USD.
Xos, Inc. FY2024 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Designs and manufactures Class 5-8 battery-electric commercial vehicles with integrated charging and fleet management solutions
- New addition: Acquisition of ElectraMeccanica in March 2024, adding new electric vehicle technology and expanding product portfolio
- Strategic emphasis: Launched next-gen Xos Hub™ in Jan 2024 with 280kWh storage, 320kW charging, supporting rapid fleet electrification without permanent infrastructure
- Quantitative metric: Three customers accounted for 34% of revenue in 2024 (13%, 11%, 10%), indicating customer concentration and scaling fleet sales
- Noteworthy fact: Proprietary X-Platform chassis designed at Class 7 robustness level, enabling modular use across diverse commercial fleet applications
Management Discussion & Analysis
- Three customers accounted for 34% of revenue in 2024: 13%, 11%, 10% each, indicating revenue concentration risk
- No YoY revenue, profitability, or margin figures disclosed in the section provided
- Significant operational risks from product delays, reliance on single/specialized suppliers, and high capital expenditures for manufacturing scale
- Capital allocation details (cash flow, buybacks, dividends, capex) not disclosed in this section
- Management highlights key risks: customer concentration, competitive pressure, evolving EV market, supply chain and manufacturing challenges, and retention of key personnel
Risk Factors
- Tariff recovery $2.7 million estimated from crushing SOLO vehicles, no tariff recovery received as of Dec 31, 2024
- Warranty reserve uncertainty due to short sales history, product warranty typically 2 to 5 years with potential material reserve changes
- Earn-out shares liability classified as Level 3 financial instrument, tied to VWAP targets and change of control within five years
- Convertible debt fair value affected by embedded features under ASC 815 and ASU 2020-06 with amortized discounts and issuance costs
- No material contractual obligations or off-balance sheet arrangements as of Dec 31, 2024 per SEC disclosure
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