XOS Reports Decrease in Revenue of 51.4% for Q2 2023
August 18, 2023
🌥️Earnings Overview
On August 10 2023, XOS ($NASDAQ:XOS) reported total revenue of USD 4.8 million for the second quarter of the fiscal year ending June 30 2023, representing a decrease of 51.4% year over year. Net income for this period was USD -23.6 million, compared to -9.6 million in the same quarter of the prior year.
Analysis
GoodWhale conducted an analysis of XOS’s wellbeing and found that it is a high risk investment when considering both financial and business aspects. According to the Risk Rating, there are two risk warnings in the balance sheet and cashflow statement for this company. GoodWhale encourages interested parties to register on their website to take a closer look at the data provided and further understand the potential risks associated with investing in XOS. Furthermore, GoodWhale also offers a range of services which can help investors make better-informed decisions about their investments. Ultimately, GoodWhale’s analysis can help investors understand the risks of investing in XOS so they can make informed decisions. xos&utm_title=XOS_Reports_Decrease_in_Revenue_of_51.4_for_Q2_2023″>More…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Xos. xos&utm_title=XOS_Reports_Decrease_in_Revenue_of_51.4_for_Q2_2023″>More…
| Total Revenues | Net Income | Net Margin |
| 29.03 | -87.56 | -348.8% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Xos. xos&utm_title=XOS_Reports_Decrease_in_Revenue_of_51.4_for_Q2_2023″>More…
| Operations | Investing | Financing |
| -111.98 | 82.71 | 64.75 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Xos. xos&utm_title=XOS_Reports_Decrease_in_Revenue_of_51.4_for_Q2_2023″>More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 134.49 | 65.23 | 0.39 |
Key Ratios Snapshot
Some of the financial key ratios for Xos are shown below. xos&utm_title=XOS_Reports_Decrease_in_Revenue_of_51.4_for_Q2_2023″>More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| – | – | -336.1% |
| FCF Margin | ROE | ROA |
| -424.9% | -76.7% | -45.3% |
Peers
In the electric vehicle market, Xos Inc is up against some stiff competition from The Lion Electric Co, Lightning eMotors Inc, and Nikola Corp. All three companies are working hard to develop the best electric vehicles and batteries to stay ahead in this rapidly growing industry. While Xos Inc has made great strides in recent years, its competitors are not far behind and are constantly innovating to improve their products. It will be interesting to see how this competition plays out in the coming years as the electric vehicle market continues to grow.
– The Lion Electric Co ($TSX:LEV)
Lion Electric Co is a manufacturer of electric vehicles, including buses, trucks and utility vehicles. The company has a market cap of 714.41M as of 2022 and a Return on Equity of 30.94%. The company’s products are used in a variety of applications, including public transportation, school and university fleets, commercial fleets, and industrial and construction sites.
– Lightning eMotors Inc ($NYSE:ZEV)
Lightning eMotors Inc is an American manufacturer of electric vehicles headquartered in Loveland, Colorado. The company was founded in 2009, and its products include medium-duty trucks, school buses, and shuttles. As of 2022, Lightning eMotors has a market cap of 110.08M and a ROE of 24.31%. The company’s products are used in a variety of applications, including package delivery, food and beverage delivery, and public transportation.
– Nikola Corp ($NASDAQ:NKLA)
Nikola Corporation is an American electric vehicle and clean energy company founded in 2014. It is headquartered in Phoenix, Arizona. The company’s name is derived from Nikola Tesla.
Nikola Corporation designs and manufactures electric vehicles, vehicle components, energy storage systems, and electric vehicle drivetrains. The company also develops hydrogen and hydrogen infrastructure.Its products include the Nikola One and Nikola Two electric semi-trucks, the Nikola Tre electric truck, the Nikola Zero electric UTV, and the Nikola WAV marine vessel.
The company has a market capitalization of 1.4 billion as of 2022 and a return on equity of -76.12%. Nikola Corporation has faced criticism for its lack of profitability and for allegedly misrepresenting its technology.
Summary
XOS‘s financial performance in the second quarter of its fiscal year 2023 (ending June 30 2023) was not encouraging, with total revenue decreasing by 51.4% compared to the same quarter of the prior year. Net income for this period was USD -23.6 million, significantly worse than the loss of -9.6 million in the same quarter of the prior year. This signals that shareholders and potential investors should take caution before investing in XOS. It remains to be seen whether the company can turn around its performance in the coming quarters, and whether such a turnaround is sustainable.
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