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Primary reporting period: 2025-12-31 · Research updated Oct 13, 2026. A research update is not a new financial filing.
Who they are
Xos, Inc. designs, manufactures, and sells battery-electric commercial vehicles. The company provides class 5-6 medium duty rolling chassis, such as commercial stepvans and armored trucks, as well as engages in the Xos product development. It offers Xos provides mix-use powertrain solutions for off-highway, industrial and other commercial equipment, and specialty vehicles, such as school buses, medical and dental clinics, blood donation vehicles, and mobile command vehicles.
How they make money
Xos, Inc. generates revenue primarily through the design, manufacture, and sale of battery-electric commercial vehicles and powertrain systems. Additionally, the company provides charging infrastructure products, energy storage solutions, and fleet management software services to support the transition of commercial fleets to electric operations.
Products & services
Battery-electric commercial vehicles (Classes 5-8), rolling chassis, powertrain systems, Xos Hub charging stations, and the Xosphere fleet management software platform.
Brands & revenue mix
Xos
Primary brand for electric commercial vehicles and fleet solutions.
Separate brand revenue is not available in this research.Source
Xos Energy Solutions
Brand for charging infrastructure and energy storage products.
Separate brand revenue is not available in this research.Source
Revenue share is not unit sales or a best-seller ranking. Parent brands and included sub-brands can overlap; do not add overlapping rows.
Product / operating segments
No reconciled product or operating-segment revenue breakdown is available for the current research period. Company-wide revenue remains separate from segment disclosure.
Geographic revenue
No reconciled geographic revenue breakdown was confirmed for the current research period.
As of September 30, 2025, one customer accounted for 64% of the Company's accounts receivable.
Suppliers, materials & equipment
Battery cell and component manufacturers — The company relies on various third-party suppliers for critical components including battery cells, chassis parts, and electronic control units; specific supplier names are not disclosed.Source
Business relationships & partnerships
Blue Bird Corporation — Commercial collaboration involving the supply of powertrain systems for electric school buses.Source
Competitors
Rivian Automotive, Inc. — Competes in the electric commercial vehicle market.Source
Workhorse Group Inc. — Competes in the electric commercial vehicle market.Source
Strengths
Multi-product platform spanning vehicles, powertrains, and energy storageSource
Positive operating cash flow and free cash flow achieved in 2025Source
Risks
Dependence on a limited number of customers and suppliersSource
History of operating losses and potential need for additional capitalSource
These are saved observations about business performance, not predictions. Review the company filings alongside the interpretation below. Latest stored financial period end: 2026-06-30.
Quarterly revenue fell 74.2% versus the same quarter last year.
Check comparable business scope and currency, then separate volume, pricing and divestitures. One weaker quarter does not establish that the same decline will continue.
Diluted weighted-average shares increased 51.9% year over year.
Compare per-share results with total earnings and inspect the equity footnote. A change in weighted-average shares does not by itself establish the cause, the number of shares issued today, or the economic effect of a split.
Wall Street Score
Overall investment score · Quality, value, risk and opportunity
23
Poor
PoorElite
View category scores →
Company Quality
How good is the actual business—regardless of today’s stock price?
29
Poor
Financial Strength
53
Business Quality / Moat
25
Management
25
Growth Quality
0
Risk / Durability
20
Weak Company · Expensive Stock
Uses financial strength, moat, management, growth quality and durability. It excludes share price, P/E, market cap, intrinsic value and margin of safety.
Opportunity
Opportunity Score · How does the current price compare with estimated value?
18
Avoid
Based on current valuation, company quality, recent trends, and available market signals.
View score details →
Model Outlook
12-month model · What does the model think happens next?
25/100
Building Historical Record
Model Score 25/100 — estimates relative performance potential, distinct from the overall Wall Street Score and the separate Company Quality score.
Probability unavailable — the model has not produced a calibrated probability yet.
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WSS View
The quick read
The overall Wall Street Score is low across its combined quality, valuation and risk inputs. This can reflect an expensive share price, business weaknesses, or both; check Company Quality and the category breakdown before drawing a conclusion.
At today’s price, the WSS valuation framework currently reads as less attractive based on the available valuation and market data.
The model outlook is currently cautious.
What we like
•Balance-sheet / debt profile scores strongly
What to watch
•Valuation is a weaker part of the current profile
•Revenue fundamentals are weak
•Asset quality is a weaker factor
Company-specific research
Questions worth answering for XOS
Research inputs 100% complete
These questions are generated from this company's current financial and score data so the page adds context instead of treating the headline score as a stand-alone conclusion.
•What is driving XOS's revenue decline, and does the latest company filing suggest the weakness is temporary or structural?
•Is XOS's positive free cash flow repeatable, or is the current level being helped by temporary working-capital or spending changes?
•Does XOS's balance between cash and debt leave enough flexibility if business conditions weaken?
•What specifically needs to improve for XOS to reach sustainable profitability?
•What future growth or profitability would be needed to justify XOS's current valuation?
Two different market-behavior signals. Momentum measures direction and trend strength. Volatility measures how large and unstable the price moves are, regardless of direction.
A high momentum score means price has been trending upward with confirming short- and medium-term strength. A low score means downward or weakening momentum.
Volatility = How violently is it moving?
A high volatility score means larger, less stable price swings. It can happen while a stock is rising or falling, so high volatility is not automatically bullish or bearish.
Important: the volatility score above is based on realized price volatility. Implied volatility (IV) comes from options prices and represents the market's expected future movement. Wall Street Score will keep IV separate and will only display it when a verified options-chain feed is available.
Community Sentiment
0 active · 0 total calls
0% Bullish (0) 0% Bearish (0)
No personal call yet on XOS.
Potential upside factors
+Growth opportunities may come from revenue expansion, margin improvement, new products, market-share gains, and stronger cash flow.
+Multi-product platform spanning vehicles, powertrains, and energy storage.
+Positive operating cash flow and free cash flow achieved in 2025.
+Positive free cash flow may provide capacity to invest in growth.
Potential downside factors
−Key risks may include competition, margin pressure, debt levels, valuation risk, and changes in demand within the Auto - Manufacturers industry.
−Dependence on a limited number of customers and suppliers.
−History of operating losses and potential need for additional capital.
−Diluted weighted-average shares increased 51.9% year over year.
These research factors come from saved company research and financial data, not community votes. They are starting points to verify against filings, not buy or sell recommendations.
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Scores
Click any score for full breakdown
Wall Street Score
Very Weak23/ 100
Weak (0–50)Fair (51–71)Strong (72+)
Debt
Strong
78
Debt Cost—
Debt Reduction YoY48.9%
Debt / Equity0.94x
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Revenue
Poor
14
Revenue YoY-18.1%
Revenue CAGR1.6%
Net Margin-51.7%
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Asset
Fair
50
Asset Growth YoY-38.6%
Liquidation/Share$2.44
Net Assets/MCap1.18x
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Capital
Poor
0
Earnings Yield-63.6%
Buyback Yield0.0%
Debt Cost—
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Management
Poor
25
ROIC-118.8%
ROE-85.2%
ROA-35.8%
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Moat
Poor
25
EPS Growth—
FCF/Share Growth—
Rev/Share Growth9.1%
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Valuation
Poor
0
Intrinsic Value—
Value Reference—
MOS—
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Buffett
Poor
37
Revenue14
Moat25
Valuation0
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MOS
Poor
0
MOS %—
Value Reference—
Deep Discount Reference—
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Financial
Poor
14
Interest Coverage—
ROIC-118.8%
FCF Yield17.5%
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Master
Poor
16
Financial14
Valuation0
Debt78
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Resilience
Weak
44
Survival Years0.5 yrs
Current Ratio2.11x
FCF Margin11.7%
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Score Changes
2 historical score records available
Previous Score
26
Jul 24, 2026
Change
-2.5
points
Current Score
23
Oct 1, 2026
Category Changes
Revenue-19.3
Debt0
Assets-5.3
Capital0
Management0
Moat0
Valuation0
Buffett-4.6
XOS decreased 2.5 points because Revenue declined by 19.3 points, Asset declined by 5.3 points, Buffett declined by 4.6 points.
Negative Contributors
− Revenue declined by 19.3 points
− Asset declined by 5.3 points
− Buffett declined by 4.6 points
Projected Score
Projected Score
14
Projected Change
-9.6 points
Preliminary comparable-period financial changes suggest decline of approximately 9.6 points. This is a projected estimate, not the official WallStreetScore.
Price vs. Value
Valuation unavailable
Current Price
$2.65
Model Intrinsic Value
—
Difference
—
Margin of Safety
—
Value Reference: —
Deep Discount Reference: —
Intrinsic value is not currently available for this stock, so valuation can't be calculated.
Monetary values in USD. Share counts in raw units.
Income StatementBalance SheetCash Flow
AnnualQuarterlyTTM + Annual
All rows
Free includes 3 annual periods plus available TTM; Premium includes up to 10 annual periods. History depends on available company filings. Swipe the table horizontally to see older periods. A dash means unavailable, not zero.
Line Item
TTM
2025
2024
2023
2022
2021
2020
2019
2018
Revenue
$37.7M
$46.0M
$56.0M
$44.5M
····
····
····
····
····
Cost of Revenue
$32.9M
$43.3M
$52.0M
$45.8M
····
····
····
····
····
Gross Profit
$4.8M
$2.7M
$4.0M
-$1.3M
····
····
····
····
····
Research & Development
$7.9M
$8.0M
$10.6M
$19.6M
····
····
····
····
····
SG&A Expenses
$26.2M
$27.8M
$39.2M
$44.1M
····
····
····
····
····
Operating Expenses
$34.2M
$35.8M
$49.8M
$63.7M
····
····
····
····
····
EBITDA
-$19.6M
-$21.5M
-$44.8M
-$61.8M
····
····
····
····
····
Operating Income
-$29.4M
-$33.1M
-$45.9M
-$65.0M
····
····
····
····
····
Interest Expense
$0.00
$0.00
$214K
$9.1M
····
····
····
····
····
Income Before Tax
-$19.4M
-$25.3M
-$50.1M
-$75.8M
····
····
····
····
····
Income Tax Expense
$30K
$23K
$37K
$21K
····
····
····
····
····
Net Income
-$19.5M
-$25.3M
-$50.2M
-$75.8M
····
····
····
····
····
Basic EPS
$-1.62
$-2.71
$-6.69
$-13.11
····
····
····
····
····
Basic Shares
12.59M
9.36M
7.50M
5.79M
····
····
····
····
····
Diluted Shares
12.59M
9.36M
7.50M
5.79M
····
····
····
····
····
Upgrade to Premium for up to 10 annual periods, where available.
Debt and cash show percentage changes versus the comparison period; margin shows the change in percentage points (pp). These are company-wide changes, not per-share amounts.
Financial Changes Since Prior Period
What Improved
Cash position grew
Debt reduced
What Weakened
Margins contracted
Potential Score Impact
Positive indicators included cash levels, debt levels. Pressure indicators included revenue growth, EPS growth, net income margin. These factors may support or pressure the Revenue, Management, Financial, and Debt categories; this summary does not claim that the stored scores changed.
Stored Earnings Analysis
Revenue declined 74.2%. EPS declined 39.6%. Cash increased 50.7%. Total debt declined 56.7%. Net income margin declined by 104.6 percentage points.
Earnings-Call Transcript
Earnings-call transcript analysis is not currently available.
These results may influence future scores when the next evaluation is completed.
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Government disclosed trading activity is available on the Smart Money directory. Filings may be delayed and may not represent complete current holdings.
Dividend HistoryShare
Dividend History
Dividend data is not available yet. Missing data does not mean this company pays no dividend.
Predictions & Historical PerformanceShare
Conservative Projected Values
3 Years
$———.——
Premium
5 Years
$———.——
Premium
10 Years
$———.——
Premium
Conservative Projection Rate
——%
Premium
Conservative Projected Values — price projections derived from actual 10-year adjusted historical returns, conservatively adjusted and capped at 8% annually. These are distinct from the Outperformance Model Score and WallStreetScore.
Conservative Projected Values
Premium unlocks the 3-year, 5-year, and 10-year conservative projected values with full calculation breakdowns based on actual historical returns.
Premium includes stored forecasts and any available evaluated results. Completed results, win rates and calibrated probabilities are shown only when supported records exist; access does not create historical outcomes.