XOS Xos, Inc.

Overview and Growth

Xos, Inc. generated $45.99M of revenue in fiscal 2025, with net loss of $25.32M and an operating cash inflow of $5.37M. The $45.99M revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. Revenue was 17.8% below fiscal 2024 revenue of $55.96M, marking a top-line contraction. Diluted earnings per share were -$2.71, translating the period’s attributable earnings into the amount reported for each diluted share. The diluted weighted-average share count was 9.36M, linking total earnings with the per-share result received by shareholders. Total assets stood at $60.36M, showing the scale of resources supporting revenue, earnings, liquidity, and financing. Asset turnover was 0.76x, relating the company’s annual revenue directly to the total assets reported at the period end.

Profitability

The first profit layer was $2.72M of gross profit, the amount available after reported direct revenue costs to absorb operating expenses. Gross margin was 5.9%, so that share of each revenue unit remained after the cost of revenue reported for the period. The company recorded an operating loss of $33.08M after the reported operating expense base. The operating loss equaled 71.9% of revenue, showing the scale of the operating deficit relative to sales. The bottom-line result was a net loss of $25.32M after operating, financing, tax, and other recognized items. Net margin was -55.1%, reflecting a loss equal to 55.1% of reported revenue. EBITDA was negative $30.88M, showing a deficit before interest, taxes, depreciation, and amortization. The pretax result was a loss of $25.30M, establishing the deficit before tax effects. Pretax margin was -55.0%, reflecting a pre-tax loss equal to 55.0% of revenue. The company recognized $23.00K of income tax for the period, completing the transition from pretax income to net income. Relative to period-end equity, the net loss represented 108.7%. The net loss equaled 41.9% of period-end assets, showing the deficit relative to the asset base. Compared with a $50.16M net loss in fiscal 2024, the current loss improved to $25.32M.

Liquidity and Capital Structure

The company held $60.36M of assets against $37.08M of liabilities and $23.29M of equity, revealing how the asset base was financed. The near-term balance sheet paired $49.88M of current assets with $23.66M of current liabilities at the reporting date. Current assets covered current liabilities by 2.11x, leaving a positive buffer for near-term obligations. Cash and equivalents totaled $14.04M, identifying the most liquid reported component available within the broader current-asset balance. Cash and equivalents represented 59.3% of current liabilities, showing the portion of near-term obligations matched by reported cash alone. The equity-to-assets relationship was 38.6%, placing book capital against the total resource base. Liabilities represented 61.4% of total assets, quantifying the liability-funded share of the company’s resource base. Cash and equivalents equaled 23.3% of total assets, showing the liquid cash component within the company’s broader resource base. Total assets were 38.6% lower than fiscal 2024 assets of $98.33M, measuring the company’s own balance-sheet change. Reported equity changed 30.7% from $33.61M in fiscal 2024, placing the current capital base lower year over year. Compared with $11.00M in fiscal 2024, the current cash balance moved 27.7% and finished higher.

Cash Flow and Earnings Quality

Cash flow from operations was $5.37M, a reported cash inflow that can be compared directly with net income and capital spending. Free cash flow came to $5.37M, leaving a positive amount after capital expenditures. Free cash flow represented 11.7% of revenue, linking post-investment cash generation with the company’s operating scale. Free cash flow equaled 8.9% of total assets, relating post-investment cash generation to the company’s resource base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.