Xos Inc
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
We found at least one documented issue that threatens the company itself — regardless of how the stock is currently valued.
Why this colour
Red, because there is a documented risk to the substance of the business — and not one we inferred, but one the company itself reports. The quarterly report for June 30, 2026 states substantial doubt about the ability to continue as a going concern and describes proceedings under Chapters 7 or 11 as a possible outcome if receivable collections, new capital or replacement financing fail to materialize. The figures fit: $13.2 million of cash against $7.5 million of current convertible debt, an accumulated deficit of $239.9 million and a core business whose quarterly revenue fell 97 percent. Explicitly not relevant to this rating are the points you might expect here: that the stock looks cheap at a price-to-sales ratio of about 0.9, that the price swung sharply between July and August 2026, or that the free float is small. Those are price arguments; they would neither justify red nor rule out green. Fairness requires the other side too: cost discipline is documented, gross profit rose in absolute terms, the powertrain business is growing and one dilution item from the SPAC era expired worthless on August 20, 2026. That does not change the color. As long as the going-concern statement stands in the report, the substance of the business is the open question. Green or yellow would only come back into view once a quarterly report appears without it. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Xos shows two pictures in the same report. The first is a company that has learned to economize: operating expenses cut from $49.8 million to $35.8 million, gross profit raised from $2.873 million to $4.944 million despite lower revenue, a growing powertrain business with Blue Bird and a battery storage product with a real market. The second is a truck maker that sold only $0.581 million of vehicles in the second quarter of 2026 instead of $17.087 million, that cut its full-year unit target by 29 percent on August 13, 2026, and whose quarterly report names Chapters 7 and 11 outright. With $13.2 million of cash, $7.5 million of current convertible debt and a share count up 24 percent in seven months, this stock is a bet on the next twelve months. Not investment advice.
Going concern
The quarterly report for June 30, 2026 states substantial doubt about the company's ability to continue as a going concern and explicitly names proceedings under Chapters 7 or 11 of the U.S. Bankruptcy Code as a possible outcome. Cash stood at $13.2 million at the balance sheet date against $7.5 million of current convertible debt; the accumulated deficit is $239.9 million.
Core business
Stepvans and vehicle incentives generated $0.581 million in the second quarter of 2026, down from $17.087 million a year earlier (a 97 percent decline); deliveries fell from 135 units to 30. Powertrains and hubs grew from $2.522 million to $12.584 million over the half year but do not fill the gap: total revenue fell from $24.3 million to $16.0 million.
Cost discipline
Operating expenses fell from $49.8 million (2024) to $35.8 million (2025) and in the first half of 2026 to $17.5 million from $19.2 million. The net loss halved from $50.2 million to $25.3 million in 2025 and came in at $11.8 million versus $17.6 million in the first half of 2026. Gross profit rose from $2.873 million to $4.944 million despite lower revenue.
Dilution
Shares outstanding rose from 11.403 million (December 31, 2025) to 14,217,852 (August 7, 2026), up 24 percent. Shares were issued at $6.71 and $5.50 while the company's own prospectus supplement cites a price of $3.385 for June 17, 2026. The note's conversion price fell from $71.451 to $12.00 on May 8, 2026, and a new shelf registration for up to $100 million has been effective since June 22, 2026.
Guidance reliability
On May 14, 2026 Xos explicitly maintained its full-year targets of $40 million to $50 million in revenue and 350 to 500 units. On August 13, 2026 the same lines read $35 million to $43 million and 250 to 350 units — the midpoint of the unit range fell from 425 to 300, down 29 percent. The company describes the shortfall as deferrals rather than cancellations.
Product and market
The Xos Hub addresses a genuine bottleneck: the 2025 annual report names AI data centers and construction sites among its applications, in the second quarter of 2026 a Hub supported a data center construction project according to the earnings release, and more than 250 megawatt-hours are deployed across North America. At the same time the U.S. federal credit for electric commercial vehicles expired on September 30, 2025 and the customer base remains narrow (four customers at 27, 15, 14 and 13 percent of quarterly revenue).
Worth Noting
Xos reached our research list through the Reddit mention scanner (as of September 9, 2026), not through a quality or valuation filter. That scanner measures attention in retail forums, not substance — and at a company with roughly $42.7 million of market value, attention moves the price faster than any business figure.
All price and share-count figures in this analysis come exclusively from mandatory SEC filings, so that they stay verifiable: the share count of 14,217,852 from the 10-Q cover page (as of August 7, 2026), the $3.00 valuation anchor from the Form 4 insider filing of September 4, 2026, and the $7.46 and $3.385 prices from the 424B5 prospectus supplement of June 23, 2026.
Easily confused: the Form 25-NSE of August 19, 2026 covers only the warrants that expired on August 20, 2026 (XOSWW), not the common stock, which continues to trade on the Nasdaq Capital Market. Also not to be confused: "XOS" is likewise the name of a vehicle operating system from a Chinese manufacturer; this analysis is about Xos, Inc. with SEC identifier CIK 0001819493.
Stock Watch
This analysis is as of September 9, 2026. Stock Watch will tell you what's changed at XOS since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 1.60 $ to 7.50 $ · Last price: 2.60 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Farm & Heavy Construction Machinery
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Xos Inc XOS | 0.0 | – | -0.8 | 12.7 | – | -17.8 | -1.5 |
| Caterpillar Inc CAT | 382.8 | 37.9 | 24.6 | 29.7 | 18.2 | 4.3 | 78.8 |
| Deere & Company DE | 187.6 | 38.6 | 20.2 | 25.2 | 17.5 | -11.6 | 48.0 |
| PACCAR Inc PCAR | 61.8 | 25.4 | 19.5 | 13.7 | 10.4 | -15.5 | 19.2 |
| CNH Industrial N.V. CNH | 17.5 | 43.3 | 18.5 | 17.8 | 2.7 | -8.8 | 26.1 |
| Oshkosh Corporation OSK | 9.2 | 16.2 | 9.1 | 15.9 | 3.6 | -2.9 | 9.9 |
| AGCO Corporation AGCO | 8.8 | 11.7 | 9.8 | 25.3 | 3.9 | -13.6 | 12.4 |
| Federal Signal Corporation FSS | 6.9 | 25.8 | 15.2 | 29.2 | 16.0 | 17.1 | -8.5 |
| Terex Corporation TEX | 6.7 | 27.6 | 14.5 | 16.8 | -3.9 | 5.7 | 11.3 |
| Median of companies shown | 9.2 | 26.7 | 15.2 | 17.8 | 7.1 | -8.8 | 12.4 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2018 | 0 | -4 | -4 | -5.02 | -3 | -6 | 2 |
| 2019 | 1 | -4 | -5 | -4.17 | -2 | -11 | 3 |
| 2020 | 3 | -12 | -17 | -6.94 | -12 | -27 | 14 |
| 2021 | 5 | -53 | 23 | 6.51 | -89 | 174 | 229 |
| 2022 | 36 | -111 | -73 | -12.62 | -128 | 112 | 190 |
| 2023 | 45 | -65 | -76 | -13.11 | -39 | 45 | 94 |
| 2024 | 56 | -46 | -50 | -6.69 | -49 | 34 | 98 |
| 2025 | 46 | -33 | -25 | -2.71 | 5 | 23 | 60 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | -1.38 | – | 12 | -37.60 | -165.40 | 3 | 3 |
| 2025: Q1 | -0.74 | – | 6 | -55.30 | -173.30 | -5 | -5 |
| 2025: Q2 | -0.55 | – | 18 | 18.40 | -40.80 | 5 | 5 |
| 2025: Q3 | 0.15 | – | 17 | 4.50 | 12.90 | 3 | 3 |
| 2025: Q4 | -0.71 | – | 5 | -54.50 | -186.80 | 2 | 2 |
| 2026: Q1 | -0.43 | – | 11 | 90.90 | -44.10 | -2 | -2 |
| 2026: Q2 | -0.55 | 0.00 | 5 | -74.50 | -146.80 | -3 | -3 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 2 of our scanner strategies — each hit links to the scanner.
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | -1.99 | -1.99 – -1.99 | 40 | – | 1 |
| 12/31/2027 | -1.93 | -1.93 – -1.93 | 54 | – | 1 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly 13.3% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $1.2M |
|---|---|
| Market cap | $35.0M |
| Free cash flow in year ten | $4.0M |
| Terminal value as a share of market value | 60.8% |
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Xos verkauft keine KI und belegt in den ausgewerteten Berichten auch keinen eigenen KI-Einsatz — der einzige KI-Bezug ist, dass der mobile Batteriespeicher Xos Hub unter anderem als Stromquelle für KI-Rechenzentren vermarktet wird; das macht Xos zum Zulieferer der KI-Infrastruktur, nicht zum KI-Anbieter, KI-Nutzer oder KI-Bedrohten.
View the full file — quotes, sources, reviewed filings
„As a modular architecture that scales as customer needs grow, the Xos Hub ensures mission-critical reliability, suitable for powering everything from AI data centers and construction sites to utilities, major events, and more."
Als modulare Architektur, die mit dem Bedarf der Kunden wächst, sichert der Xos Hub geschäftskritische Zuverlässigkeit und eignet sich für die Stromversorgung von KI-Rechenzentren und Baustellen über Versorger bis hin zu Großveranstaltungen und mehr.
10-K · 2026-03-30 · View SEC filing
„The Company also offers Xosphere™, its fleet management software platform. … The Xosphere suite of tools allows fleet operators to (i) monitor vehicle and charging performance in real-time with in-depth telematics; (ii) reduce charging cost; (iii) optimize energy usage; and (iv) manage maintenance and service support with a single software tool."
Das Unternehmen bietet außerdem Xosphere™ an, seine Software-Plattform für das Flottenmanagement. … Die Xosphere-Werkzeuge erlauben es Flottenbetreibern, (i) Fahrzeug- und Ladeleistung in Echtzeit mit ausführlicher Telematik zu überwachen, (ii) Ladekosten zu senken, (iii) den Energieeinsatz zu optimieren und (iv) Wartung und Service mit einem einzigen Software-Werkzeug zu steuern.
10-K · 2026-03-30 · View SEC filing
Filings Reviewed: 10-Q 2026-08-13 · 10-Q 2026-05-14 · 10-K 2026-03-30 · 10-Q 2025-11-13 · 10-Q 2025-08-13 · 10-K 2025-03-31
Rated on September 9, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 8.1%
- More than 10% revenue growth is expected for the coming year 15.4%
- Share count grows by less than 3% a year 17.2%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") -6.2%
- Gross margin at 40% or higher and without meaningful erosion 5.9%
- Goodwill from acquisitions does not grow faster than revenue 0.0%
- Net debt below twice EBITDA failed
- Operating cash flow covers the profits of the last three years 69 m
- Return on capital at 15% or higher, or up versus two years ago -90.1%
- Insiders hold at least 10% or are net buyers 44.3%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
4/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 104.3%
- Exp. sales growth 3Y > 5% 8.7%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% 8.7%
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight 0
- Max. EBIT decline < 50% –
- Return on equity > 15% -108.7%
- ROCE > 15% -90.1%
- Expected return > 10% 25.3%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Sep 10, 2026 | Pogosyan Liana | Chief Financial Officer | Other | 411,549 | 0.00 | – |
| Sep 10, 2026 | Pogosyan Liana | Chief Financial Officer | Other | 3,165 | 2.79 | 8,830 |
| Sep 10, 2026 | Sordoni Giordano | Chief Operating Officer | Other | 1,388,293 | 0.00 | – |
| Sep 10, 2026 | Sordoni Giordano | Chief Operating Officer | Other | 13,662 | 2.79 | 38,117 |
| Sep 10, 2026 | Semler Dakota | Chief Executive Officer | Other | 1,388,293 | 0.00 | – |
| Sep 10, 2026 | Semler Dakota | Chief Executive Officer | Other | 14,538 | 2.79 | 40,561 |
| Sep 4, 2026 | Ostermann Dietmar | Director | Sell | 5,000 | 3.00 | 15,000 |
| Sep 2, 2026 | Ostermann Dietmar | Director | Sell | 10,000 | 3.02 | 30,220 |
| Aug 20, 2026 | Sordoni Giordano | Chief Operating Officer | Sell | 49,370 | 4.00 | 197,549 |
| Aug 20, 2026 | Ostermann Dietmar | Director | Sell | 10,000 | 3.49 | 34,913 |
The company
About the Company
Xos, Inc. entwirft, fertigt und verkauft batterieelektrische Nutzfahrzeuge.
- Employees
- 99
- Headquarters
- Los Angeles, CA
- Address
- 3550 Tyburn Street, 90065 Los Angeles, United States
- Phone
- 818 316 1890
- Website
- xostrucks.com
- IPO Date
- 08/20/2021
- ISIN
- US98423B3069
- Stock Split
- 1:30 on 12/07/2023
Management
| Name | Title | Birth Year |
|---|---|---|
| Dakota Semler | Co-Founder, CEO & Chairman | 1992 |
| Giordano Sordoni | Co-Founder, COO & Director | 1992 |
| Liana Pogosyan CPA | Chief Financial Officer | 1984 |
| David M. Zlotchew J.D. | General Counsel & Secretary | – |
| Steve Ivsan | Head of Program Management | 1974 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 08/13/2026 Xos, Inc. (XOS): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.