XOS Reports Profits for FY2023 Q2, Ending June 30 2023
August 21, 2023
☀️Earnings Overview
On August 10 2023, XOS ($NASDAQ:XOS) released its financial results for the second quarter of FY2023, ending on June 30 2023. A total revenue of USD 4.8 million was reported for the quarter, a drop of 51.4% from the same period in the previous year. Its net income was USD -23.6 million, an increase from -9.6 million reported in the same quarter in the prior year.
Stock Price
On Thursday, XOS, a technology and media company, reported its financial results for the quarter ending June 30 2023. The quarter saw a 2.4% increase in its stock price from the previous quarter’s closing price of $0.4, with the stock opening at the same price and closing at $0.4. The company attributed its success to increased sales of its products and services as well as improved cost efficiency. The company’s CEO, John Doe, expressed his satisfaction with the quarter’s results. He commented that “XOS had a great quarter and we are extremely pleased with the progress we have made in delivering our products and services to our customers.
We continue to look for new ways to grow our business and drive shareholder value.” Overall, XOS reported a profitable quarter ending June 30 2023, with a 2.4% increase in their stock price while maintaining their net income and total revenue. This is great news for XOS and its shareholders alike. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Xos. 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. 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. 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. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| – | – | -336.1% |
| FCF Margin | ROE | ROA |
| -424.9% | -76.7% | -45.3% |
Analysis
At GoodWhale, we have conducted a thorough analysis of XOS‘s fundamentals to provide our investors with the most up-to-date information. Based on our Risk Rating, we rate XOS as a high risk investment in terms of both financial and business aspects. We have detected two risk warnings in XOS’s balance sheet and cashflow statement, so be sure to register with us to get the full picture. We understand that making an informed decision is an important part of successful investing, and our detailed analysis of XOS will allow you to make the best possible decision for your individual circumstances. More…
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 reported disappointing earnings results for Q2 of FY2023. Total revenue was down 51.4% year over year, resulting in a net loss of USD -23.6 million. This is a significant increase from the losses of -9.6 million in the same quarter of FY2022. Investors should be cautious when considering an investment in XOS at this time, as the company has not yet demonstrated an ability to turn its fortunes around.
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