WeTheMarket
4 weeks ago
Xos, Inc. Powers Crown Linen Service, Inc.’s Energy Initiatives with Battery-Electric Stepvans
November 22 2024
https://ih.advfn.com/stock-market/NASDAQ/xos-XOS/stock-news/94972730/xos-inc-powers-crown-linen-service-inc-s-ener
Xos, Inc. (NASDAQ: XOS), a leader in the electrification of fleets, is excited to announce a purchase order from Crown Linen Service, Inc., a leading provider of linen and uniform rental services. Crown Linen has ordered two fully electric 22' stepvans, reflecting its commitment to sustainability and reducing its environmental impact.
“We are thrilled to partner with XOS, Inc. in our journey towards a greener future,” said Plato Spilios, Co-President of Crown Linen Service, Inc. “Integrating electric vehicles into our fleet is a crucial part of our strategy to provide environmentally responsible services to our customers while maintaining the highest standards of efficiency and reliability.”
The Xos SV stepvans, with zero tailpipe emissions, align with Crown Linen’s comprehensive energy efficiency and sustainability initiatives. In addition to contributing to cleaner air, these electric vehicles are engineered to deliver long-term total cost of ownership (TCO) savings, making them a smart choice for businesses.
“We’re proud to support Crown Linen’s sustainability goals,” said Dakota Semler, CEO and Co-Founder of Xos, Inc. “Our electric vehicles not only help reduce carbon tailpipe emissions but also provide cost savings and superior performance. We are confident that Crown Linen will experience the full range of benefits that come with switching to electric.”
Crown Linen Service, Inc. joins a growing list of businesses in the uniform and linen industry transitioning to Xos’ electric vehicles. By adopting electric stepvans, they advance their sustainability efforts while benefiting from efficient, reliable, and cost-effective operations.
About Xos, Inc.
Xos is a leading technology company, electric truck manufacturer, and fleet services provider for battery-electric fleets. Xos vehicles and fleet management software are purpose-built for medium- and heavy-duty commercial vehicles that travel on last-mile, back-to-base routes. The company leverages its proprietary technologies to provide commercial fleets with battery-electric vehicles that are easier to maintain and more cost-efficient on a total cost of ownership (TCO) basis than their internal combustion engine counterparts. For more information, visit www.xostrucks.com.
Contacts
Xos Media Relations
press@xostrucks.com
About Crown Linen Service, Inc
Founded in 1914, Crown Linen Service, Inc. has built a reputation for excellence in the linen and uniform rental industry, serving a diverse clientele with top-notch products and services. Family-owned and operated for over 100 years, the company proudly serves the healthcare, dental, industrial, and food and beverage industries, equipping them with the proper uniforms, apparel, linens, and floor care services to keep their teams and facilities safe, professional, and pristine.
Sustainability Initiatives:
Crown Linen Service, Inc. has implemented various sustainability initiatives to reduce its environmental impact:
Water and The Green / Ecofriendly Movement: Identifying opportunities to reduce waste, reuse materials, and recycle what cannot be reduced or reused.
Hanger Recycling Program: Collecting wire hangers, cleaning, and reusing them to prevent waste and reduce new hanger production.
Recycling Decommissioned Uniforms and Linens: Repurposing or donating linens and uniforms that no longer meet quality standards. Medical uniforms and lab coats are given to non-profits like the Red Cross and Doctors Without Borders.
Paper, Plastics, Metal Recycling: Implementing single-stream recycling and training staff to maximize recycling efforts.
Reusables in the Workplace: Transitioning from disposable cups and mugs to reusable ones, with "Mug Walls" installed for easy access and reuse.
Polybag Re-use and Recycling: Using recycled content poly-bags for hygienic delivery of medical garments and reducing their environmental impact.
Energy Efficiency Initiatives:
Green Transportation: Replacing the delivery fleet with "clean" diesel vehicles, upgrading the sales fleet to energy-efficient Toyota Priuses, instituting a route management system, and setting anti-idling policies.
Upgraded Lighting: Installing super-efficient T-5 and LED lighting, motion light sensors, automated timers for office electronics, and end-of-day office shutdown policies.
Solar Panels: Partnering with GE to install solar panels on the roof, providing 1/3 of the plant's electrical capacity.
Heat Reclamation System: Using wastewater heat for incoming water to reduce gas and energy costs and environmental pollution.
For more information about Crown Linen Service, Inc. and its sustainability initiatives, please visit www.crownuniform.com.
Contact:
Plato Spilios
Co-President
Crown Linen Service, Inc.
800-221-2725
www.crownuniform.com
WeTheMarket
1 month ago
Xos, Inc. delivers strong unit delivery and promising gross profit performance in the third quarter of 2024
November 13 2024
Link to Press Release https://api.kscope.io/ks-doc-view?key=89b2f999-30a9-11ee-acee-0ed29589fc89&content=benznews&docid=59c85a768a2839d7e10126153294cdbf16bd70d6
Link to Webcast https://viavid.webcasts.com/starthere.jsp?ei=1696121&tp_key=408c3c7d8a
Link to Previous (Q2 2024) Results https://investorshub.advfn.com/boards/read_msg.aspx?message_id=174916746
Xos, Inc. (NASDAQ: XOS) (“Xos” or the “Company”), a leading electric truck manufacturer and fleet services provider, today reported financial results for the third quarter ended September 30, 2024.
Third Quarter 2024 Highlights:
- Generated revenues of $15.8 million, up from $15.5 million last quarter and down from $16.7 million in the third quarter of 2023
- Delivered 94 units, up from 90 units last quarter and down from 105 units in the third quarter of 2023
- Achieved gross margins of 18.1%, up from 13.1% last quarter, and up from 11.9% in the third quarter of 2023
- Began serial production in Tennessee of Xos Hub, the company’s multi-EV mobile charger units
Dakota Semler, Chief Executive Officer of Xos, commented, “Xos’ focus on building strong relationships with leading fleets, suppliers, and partners has positioned us to win. We continue to focus on liquidity through margin expansion, focused cost management and alternative sources of liquidity. Our strategic partnerships with Blue Bird, Winnebago, and large fleet customers like UPS and FedEx Ground, who continue to expand their electric fleets with Xos vehicles quarter over quarter, underscore the reliability, efficiency, and value that Xos brings to the commercial EV market. Additionally, we’re incredibly excited about the initiation of serial production of the Xos Hub. The rapid-deployment, multi-EV mobile charger addresses the urgent need for charging infrastructure and eliminates charging infrastructure bottlenecks for all types of electric vehicles. Several large utility customers and fleets have already seen the value of the Xos Hub, with NextEra, Duke Energy, and Xcel Energy having already deployed Hubs to support their mobile charging needs.”
Third Quarter 2024 Financial Highlights
2024 Outlook:
Liana Pogosyan, Acting Chief Financial Officer of Xos, added, “This quarter, we continued on our path to building the first self-sustaining commercial EV company in the U.S. by growing gross margins.”
The outlook provided above is based on management beliefs and expectations as of the date of this press release. The results are based on assumptions that are believed to be reasonable as of this date, but may be materially affected by many factors, as discussed below in our “Cautionary Statement Regarding Forward-Looking Statements” disclaimer. Actual results may vary from the outlook above and the variations may be material. The Company undertakes no intent or obligation to publicly update or revise any of these projections, whether as a result of new information, future events or otherwise, except as required by law.
Conference Call and Webcast Details
Date / Time: Wednesday, November 13, 2024, at 4:30 p.m. EST / 1:30 p.m. PST
Webcast: https://viavid.webcasts.com/starthere.jsp?ei=1696121&tp_key=408c3c7d8a
U.S. Toll-Free Dial In: 1-833-816-1411
International Dial In: 1-412-317-0507
To Receive a Phone Call: https://callme.viavid.com/?$Y2FsbG1lPXRydWUmcGFzc2NvZGU9JmluZm89Y29tcGFueSZyPXRydWUmYj0xNg== (Use Passcode: 2964835)
To access the call, please dial in approximately ten minutes before the start of the call.
For those unable to participate in the live call, an audio replay will be available following the call through midnight Wednesday, November 27, 2024. To access the replay, please call 1-844-512-2921 or 1-412-317-6671 (International) and enter access code 10194262. A replay of the webcast will also be archived shortly after the call and can be accessed on the Company's website.
About Xos, Inc.
Xos is a leading technology company, electric truck manufacturer, and fleet services provider for battery-electric fleets. Xos vehicles and fleet management software are purpose-built for medium- and heavy-duty commercial vehicles that travel on last-mile, back-to-base routes. The company leverages its proprietary technologies to provide commercial fleets with battery-electric vehicles that are easier to maintain and more cost-efficient on a total cost of ownership (TCO) basis than their internal combustion engine counterparts. For more information, please visit www.xostrucks.com.
WeTheMarket
4 months ago
Xos, Inc. delivers strong unit delivery, sales growth and promising operating profit performance in the second quarter of 2024
Tue, 13 Aug 2024
Link to Press Release https://api.kscope.io/ks-doc-view?key=89b2f999-30a9-11ee-acee-0ed29589fc89&content=benznews&docid=6d918cebe5504a98cafcca8bd2705b883403317f
Link to Webcast https://viavid.webcasts.com/starthere.jsp?ei=1680171&tp_key=e31c8254cd
Link to Previous (Q1 2024) Results https://investorshub.advfn.com/boards/read_msg.aspx?message_id=174425433
Achieved 45% quarter-over-quarter and 137% year-over-year growth in unit deliveries
Achieved 18% quarter-over-quarter and 227% year-over-year revenue growth
Delivered fourth consecutive quarter of positive gross margins
Reaffirming annual guidance of the remainder of the year
LOS ANGELES, Aug. 13, 2024 (GLOBE NEWSWIRE) -- Xos, Inc. (NASDAQ:XOS) ("Xos" or the "Company"), a leading electric truck manufacturer and fleet services provider, today reported financial results for the second quarter ended June 30, 2024.
Second Quarter 2024 Highlights:
- Generated revenues of $15.5 million, up from $13.2 million last quarter and $4.8 million in the second quarter of 2023
- Delivered 90 units, up from 62 units last quarter and 38 units in the second quarter of 2023
- Achieved gross margins of 13.1%, down from 21.2% last quarter, due to product mix shift and inventory adjustments, and up from negative 78.4% in the second quarter of 2023
- Announced strategic powertrain partnership with Blue Bird, a prominent school bus manufacturer leading the charge in EVs
Dakota Semler, Chief Executive Officer of Xos, commented, "Xos' focus on building strong relationships with leading fleets, suppliers, and partners has positioned us to win. We are leveraging our first-mover advantage to grow our deliveries, maintain strong margins, and build a self-sustaining business. Our strategic partnerships with Blue Bird and Winnebago are a critical part of realizing these goals and a testament to the reliability, efficiency, and innovation that Xos is bringing to the commercial electric vehicle market."
2024 Outlook:
Xos' outlook for 2024 is as follows:
Revenue $66.7 to $100.4 million
Non-GAAP operating loss $48.7 to $43.7 million
Unit Deliveries (1) 400 to 600 units
____________________________
(1) Unit deliveries forecast includes stepvans and our powertrain and Xos Hub products.
Liana Pogosyan, Acting Chief Financial Officer of Xos, added, "This quarter, we continued on our path to building the first self-sustaining commercial EV company in the U.S. by growing our revenues and maintaining strong gross margins. We expect to see further improvement in the second half of the year as delivery volumes increase."
The outlook provided above is based on management beliefs and expectations as of the date of this press release. The results are based on assumptions that are believed to be reasonable as of this date, but may be materially affected by many factors, as discussed below in our "Cautionary Statement Regarding Forward-Looking Statements" disclaimer. Actual results may vary from the outlook above and the variations may be material. The Company undertakes no intent or obligation to publicly update or revise any of these projections, whether as a result of new information, future events or otherwise, except as required by law.
Conference Call and Webcast Details
Date / Time: Tuesday, August 13, 2024, at 4:30 p.m. EDT / 1:30 p.m. PDT
Webcast: https://viavid.webcasts.com/starthere.jsp?ei=1680171&tp_key=e31c8254cd
U.S. Toll-Free Dial In: 1-866-816-1411
International Dial In: 1-412-317-0507
Conference ID: 10190972
To access the call, please dial in approximately ten minutes before the start of the call.
For those unable to participate in the live call, an audio replay will be available following the call through midnight Tuesday, August 27, 2024. To access the replay, please call 1-844-512-2921 or 1-412-317-6671 (International) and enter access code 10190972. A replay of the webcast will also be archived shortly after the call and can be accessed on the Company's website.
About Xos, Inc.
Xos is a leading technology company, electric truck manufacturer, and fleet services provider for battery-electric fleets. Xos vehicles and fleet management software are purpose-built for medium- and heavy-duty commercial vehicles that travel on last-mile, back-to-base routes. The company leverages its proprietary technologies to provide commercial fleets with battery-electric vehicles that are easier to maintain and more cost-efficient on a total cost of ownership (TCO) basis than their internal combustion engine counterparts. For more information, please visit www.xostrucks.com.
WeTheMarket
5 months ago
Xos, Inc. Reschedules Second Quarter 2024 Earnings Release Date and Conference Call
August 08 2024
https://ih.advfn.com/stock-market/NASDAQ/xos-XOS/stock-news/94348328/xos-inc-reschedules-second-quarter-2024-earnings
Xos, Inc. (NASDAQ: XOS), a leading electric truck manufacturer and fleet services provider, announced it is rescheduling the release of its second quarter 2024 operating results to Tuesday, August 13, 2024 after the close of the U.S. financial markets.
Management will host a conference call to discuss these financial results at 4:30 p.m. Eastern Daylight Time / 1:30 p.m. Pacific Daylight Time that same day.
Conference Call and Webcast Details
Date / Time: Tuesday, August 13, 2024, at 4:30 p.m. EDT / 1:30 p.m. PDT
Webcast: https://viavid.webcasts.com/starthere.jsp?ei=1680171&tp_key=e31c8254cd
U.S. Toll-Free Dial In: 1-833-816-1411
International Dial In: 1-412-317-0507
Conference ID: 10190972
To access the call, please dial in approximately ten minutes before the start of the call.
For those unable to participate in the live call, an audio replay will be available following the call through midnight Tuesday, August 27, 2024. To access the replay, please call 1-844-512-2921 or 1-412-317-6671 (International) and enter access code 10190972. A replay of the webcast will also be archived shortly after the call and can be accessed on the Company's website.
About Xos, Inc.
Xos is a leading technology company, electric truck manufacturer, and fleet services provider for battery-electric fleets. Xos vehicles and fleet management software are purpose-built for medium- and heavy-duty commercial vehicles that travel on last-mile, back-to-base routes. The company leverages its proprietary technologies to provide commercial fleets with battery-electric vehicles that are easier to maintain and more cost-efficient on a total cost of ownership (TCO) basis than their internal combustion engine counterparts. For more information, please https://www.xostrucks.com/.
Contacts
Xos Investor Relations
investors@xostrucks.com
Xos Media Relations
press@xostrucks.com
WeTheMarket
7 months ago
Capital Injection and Robust Margins Position Xos, Inc. for a Strong 2024
Wed, 15 May 2024
Link to Press Release https://api.kscope.io/ks-doc-view?key=89b2f999-30a9-11ee-acee-0ed29589fc89&content=benznews&docid=86beb3b3b440af91f5cf7d7a3bcb981a2b64a863
Link to Webcast https://viavid.webcasts.com/starthere.jsp?ei=1667727&tp_key=3b0fe355e3
Link to Previous (Q4/FY 2023) Results https://investorshub.advfn.com/boards/read_msg.aspx?message_id=174090817
Improved cash position with $50 million from acquisition of ElectraMeccanica
Delivered 180% year-over-year revenue growth
Achieved industry-leading 21% gross margins
LOS ANGELES, CA / ACCESSWIRE / May 15, 2024 / Xos, Inc. (NASDAQ:XOS) ("Xos" or the "Company"), a leading electric truck manufacturer and fleet services provider, today reported financial results for the first quarter ended March 31, 2024.
First Quarter 2024 Highlights:
- Completed acquisition of ElectraMeccanica, adding approximately $50.2 million (excluding certain costs paid at closing) to Xos' cash balance
- Launched the updated Xos Hub mobile charging solution
- Delivered 62 units and generated revenues of $13.2 million
- Achieved gross margins of 21.2%
Dakota Semler, Chief Executive Officer of Xos, commented, "The $50 million that we secured this quarter and our industry-leading gross margins position Xos for a strong future. As regulatory pressure on fleets to adopt EVs grows, we are benefiting from stronger demand for our proven and profitable truck, powertrain, and mobile charging infrastructure products."
WeTheMarket
8 months ago
The 2024 Xos SV Stepvan Now Available for Incentives on the HVIP Vehicle Catalog
May 02 2024
https://ih.advfn.com/stock-market/NASDAQ/xos-XOS/stock-news/93766222/the-2024-xos-sv-stepvan-now-available-for-incentiv
Xos, Inc. (NASDAQ: XOS), an industry-leading commercial electric vehicle manufacturer, has received official approval from the California Air Resources Board (CARB) for the 2024 Xos SV Battery Electric Stepvan to be listed on the Clean Truck and Bus Voucher Incentive Program (HVIP) catalog. The HVIP incentive, starting at a base amount of $85,000, offers Xos a significant opportunity to provide their innovative 2024 Xos SV Battery-Electric Stepvan at a reduced upfront cost to customers.
2024 Xos SV Stepvan
Xos is committed to delivering cost-effective electrification solutions and views the HVIP incentive as an essential tool in breaking down the barriers to entry for businesses transitioning to cleaner, electric fleets. With a base HVIP incentive of $85,000 per vehicle, customers stand to make substantial savings on their purchase of a new Xos SV.
"The renewal of the 2024 model of our Xos SV in HVIP is an exciting milestone that underlines our commitment to make electrification more cost-effective for our customers," said Clare Bachman, Manager of Funding and Incentives at Xos. "Since the program first launched, we have a demonstrated track record of assisting our customers in benefitting from the available funding. We are keen to continue to help our customers take advantage of these incentive dollars."
The 2024 Xos SV is designed to be the optimal battery-electric vehicle for key use cases, including parcel delivery, linen and textile services trucks, utility and repair trucks, and armored transport. Its modularity allows for customization to suit a variety of fleet routes and needs.
This HVIP approval reduces the upfront costs of the Xos SV Stepvan, lowering the total cost of ownership and enhancing financial returns for small business owners. Xos’s small business customers with 20 or fewer medium and heavy-duty vehicles in their fleet and an annual revenue cap of $15 million may be eligible to receive a cash on-the-hood discount of around $170,000 or more towards purchasing a 2024 Xos SV. The small fleet base voucher adjustment through HVIP helps position the SV as an increasingly viable option for smaller businesses and contractors seeking to bring the cost of a commercial electric vehicle closer to parity with a diesel alternative.
For more information on how Xos is making electrification more attainable, or to inquire about the HVIP incentive, please visit www.xostrucks.com/incentives.
ABOUT XOS, INC.
Xos is a leading technology company, electric truck manufacturer, and fleet services provider for battery-electric fleets. Xos vehicles and fleet management software are purpose-built for medium- and heavy-duty commercial vehicles that travel on last-mile, back-to-base routes. The company leverages its proprietary technologies to provide commercial fleets with battery-electric vehicles that are easier to maintain and more cost-efficient on a total cost of ownership (TCO) basis than their internal combustion engine counterparts. For more information, visit www.xostrucks.com.
Contacts:
Xos Media Relations
press@xostrucks.com
WeTheMarket
9 months ago
Xos, Inc. Unveils Upgraded 2024 Xos SV Stepvan with Enhanced Features for Fleet Operators
Thu, 04 Apr 2024
https://api.kscope.io/ks-doc-view?key=89b2f999-30a9-11ee-acee-0ed29589fc89&content=benznews&docid=643ecce94f62ee207060f03bcfb505ce09e80f91
LOS ANGELES, April 04, 2024 (GLOBE NEWSWIRE) -- Xos, Inc. (NASDAQ:XOS), a leading electric truck manufacturer and fleet electrification services provider, is excited to announce the release of the 2024 Xos SV Stepvan. This latest model boasts a range of new features and improvements, making it the most advanced and versatile stepvan from Xos to date.
"We are constantly striving to improve and innovate our designs to meet the needs and comfort of our customers and drivers," said Xos CEO, Dakota Semler. "The 2024 Xos SV Stepvan is a testament to our commitment to providing top-of-the-line electric commercial vehicles."
One of the key changes for the 2024 model year is the addition of ABS with hill hold, providing drivers with enhanced control on the road. The Stepvan also now comes equipped with low-speed noise generators, to alert pedestrians and other vehicles of the vehicle's presence.
In addition to these enhancements, the 2024 Xos SV Stepvan also offers improved driver comfort. The new tilt and telescoping steering column allows for a more personalized driving experience, while additional heater and AC configurations cater to extreme weather conditions.
Fleet operators will also have the option to choose from lift-gate-ready kits and multiple tire options to suit the specific needs of their fleet best. This customization allows for a more tailored operation, ensuring the 2024 Xos SV Stepvan is the perfect fit for any fleet.
"We are thrilled to offer these new features and improvements for the 2024 Xos SV Stepvan," said Semler. "We are confident that these updates will enhance the overall driving experience and make our stepvan even more versatile for a variety of businesses."
The 2024 Xos SV Stepvan is now available for purchase. For more information, visit Xos' website or contact a local dealer. Xos is committed to decarbonizing the commercial vehicle industry, and the 2024 Xos SV Stepvan is just one example of its dedication to innovation and customer satisfaction.
About Xos, Inc.
Xos is a leading technology company, electric truck manufacturer, and fleet services provider for battery-electric fleets. Xos vehicles and fleet management software are purpose-built for medium- and heavy-duty commercial vehicles that travel on last-mile, back-to-base routes. The company leverages its proprietary technologies to provide commercial fleets with battery-electric vehicles that are easier to maintain and more cost-efficient on a total cost of ownership (TCO) basis than their internal combustion engine counterparts. For more information, visit www.xostrucks.com.
Contacts
Xos Media Relations
press@xostrucks.com
WeTheMarket
9 months ago
XOS shares upgraded to buy by DA Davidson
Published 2024-04-01
https://ca.investing.com/news/stock-market-news/xos-shares-upgraded-to-buy-by-da-davidson-93CH-3329067
On Monday, DA Davidson shifted its stance on XOS Inc. (NASDAQ: XOS), upgrading the stock from Neutral to Buy, while maintaining a price target of $17.00. The upgrade follows XOS's fourth-quarter results for 2023, which have contributed to a more optimistic outlook for the electric vehicle (EV) truck manufacturer.
The firm's decision comes on the heels of the company's recent acquisition of SOLO, completed last week, which has significantly improved XOS's financial outlook. The analyst noted that the acquisition might enable XOS to eliminate the "going concern" provision from its financial statements, indicating a more stable financial position.
XOS's recent deal to supply powertrains to a leading electric bus provider was also highlighted as a key factor behind the upgrade. This development is seen as a strong endorsement of XOS's technology and its potential within the EV industry.
The analyst expressed confidence in the company's trajectory, citing the return of customers and their increasing orders for more trucks. This customer loyalty and growing demand are viewed as positive indicators for XOS's performance in the competitive EV market.
DA Davidson's maintained price target of $17.00 reflects a steady outlook for XOS's share value, underpinned by recent strategic moves and partnerships that could position the company favorably in the evolving EV landscape.
InvestingPro Insights
Following DA Davidson's upgrade, real-time data from InvestingPro provides a deeper look into XOS Inc.'s financial health and market performance. With a market capitalization of $61.14 million, XOS shows a significant revenue growth of 22.4% in the last twelve months as of Q4 2023. This growth trajectory is underscored by an impressive quarterly revenue growth of 114.4% in Q4 2023, signaling potential in the company's operational expansion and market penetration.
Despite these promising signs, XOS faces challenges highlighted by InvestingPro Tips. The company's stock price has experienced substantial volatility, and analysts are not expecting profitability this year, which is reflected in the negative P/E ratio of -0.8. Additionally, with a gross profit margin of -2.9%, XOS is grappling with weak gross profit margins, emphasizing the need for improved cost management and operational efficiency.
Investors may take note of the company's ability to maintain liquidity, as indicated by liquid assets exceeding short-term obligations. This aspect of XOS's financial position could provide some reassurance amidst the high price volatility of its stock.
WeTheMarket
9 months ago
Xos, Inc. Accelerates Growth with Strategic Acquisition of ElectraMeccanica
March 26 2024
https://ih.advfn.com/stock-market/NASDAQ/xos-XOS/stock-news/93550980/xos-inc-accelerates-growth-with-strategic-acquis
Xos, Inc. (NASDAQ: XOS), a leading electric truck manufacturer and fleet electrification services provider, today announced that it has closed its acquisition of ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO) (“ElectraMeccanica”), a designer and assembler of electric vehicles. Terms of the acquisition were first announced on January 11, 2024.
The all-stock transaction is expected to add approximately $48 million to Xos’ balance sheet and provide growth capital for the company.
“The growth capital received in the transaction, combined with our reduction of cash burn, provides an important pathway to profitability as we scale deliveries over the next several quarters,” said Dakota Semler, CEO and Co-Founder of Xos, Inc. “Xos is gross margin positive and has now charted our course to being free cash flow positive.”
Xos delivered a company record 110 units to fleet customers in the fourth quarter of 2023. The company’s customers in 2023 included FedEx Ground, UPS, Loomis, Canada Post, UniFirst, and Penske, showcasing strong demand for its electric commercial vehicles. With the addition of ElectraMeccanica's cash balance, Xos is well-positioned to continue its growth and meet the increasing demand for zero-emission commercial vehicles.
"We are confident that this acquisition will further strengthen Xos' commitment to operational excellence, customer-focused vehicles, and efficient capital deployment," said Giordano Sordoni, COO and Co-Founder of Xos, Inc.
The consideration received by ElectraMeccanica shareholders pursuant to the acquisition (the “Arrangement”) was 0.0143739 shares of Xos common stock for each common share of ElectraMeccanica held immediately prior to the consummation of the Arrangement. As a result, following the close of the Arrangement, former shareholders of ElectraMeccanica own approximately 21.0% of Xos.
With the completion of the Arrangement, the common shares of ElectraMeccanica will be delisted from Nasdaq on or about March 26, 2024. Xos will also cause ElectraMeccanica to surrender its reporting issuer status in British Columbia.
Required Early Warning Report Information
Following completion of the Arrangement, Xos has beneficial ownership and control over 100% of the issued and outstanding common shares of ElectraMeccanica. Prior to the Arrangement, Xos held no common shares of ElectraMeccanica.
This press release is being issued, in part, pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues which requires a report to be filed under ElectraMeccanica’s profile on SEDAR+ (www.sedarplus.ca) containing additional information respecting the foregoing matters. You may also contact Michael Lukas at (818) 316-1890 to obtain a copy of the report.
About Xos, Inc.
Xos is a leading technology company, electric truck manufacturer, and fleet services provider for battery-electric fleets. Xos vehicles and fleet management software are purpose-built for medium- and heavy-duty commercial vehicles that travel on last-mile, back-to-base routes. The company leverages its proprietary technologies to provide commercial fleets with battery-electric vehicles that are easier to maintain and more cost-efficient on a total cost of ownership (TCO) basis than their internal combustion engine counterparts. For more information, visit www.xostrucks.com.
Contacts
Xos Investor Relations
investors@xostrucks.com
Xos Media Relations
press@xostrucks.com
WeTheMarket
9 months ago
Market Leader Xos Positioned for Strong 2024 by Gross Margin Improvement and Pending Acquisition
Thu, 21 Mar 2024
Link to Press Release https://api.kscope.io/ks-doc-view?key=89b2f999-30a9-11ee-acee-0ed29589fc89&content=benznews&docid=3abdde7a47be3a2f117d67f23312a44dfeb49cca
Link to webcast https://viavid.webcasts.com/starthere.jsp?ei=1655220&tp_key=d4e9555402
Full Year Revenue increased 22% year-over-year
Strong positive gross margins in the third and fourth quarters of 2023
Entered into a definitive agreement to acquire ElectraMeccanica and significantly strengthen Xos' balance sheet
LOS ANGELES, CA / ACCESSWIRE / March 21, 2024 / Xos, Inc. (NASDAQ:XOS) ("Xos" or the "Company"), a leading electric truck manufacturer and fleet services provider, today reported financial results for the fourth quarter and year ended December 31, 2023.
Full Year 2023 Highlights:
- 2023 revenue improved significantly to $44.5 million from $36.4 million in 2022
- Achieved positive gross margins in the third and fourth quarters of 2023, supported by the release of an updated stepvan platform
- Bolstered position as the EV stepvan market leader with deliveries of 283 units to the largest fleets in North America, including FedEx Ground, UPS, Loomis, Canada Post, UniFirst, and Penske
- Reduced quarterly operating expenses by 43% in two years
- Subsequent to year end, entered into a definitive arrangement agreement to acquire ElectraMeccanica in an all-stock transaction that is expected to include over $45 million in cash to support Xos' ongoing operations
- Subsequent to year end, announced the updated Xos Hub™, a rapidly deployable charging unit designed to help expedite the electrification of fleets with 280kWh of energy capacity and charging rates of up to 160kW
Dakota Semler, Chief Executive Officer of Xos, commented, "Last year was a year of positive milestones for Xos. Our customers continued to demonstrate robust demand for Xos EVs, which resulted in record back-to-back quarters in the second half of 2023. Importantly, we achieved our goal to deliver positive gross margins while substantially reducing operating expenses. Finally, we positioned Xos to strengthen its liquidity through the planned acquisition of ElectraMeccanica."
____________________________
(1) For further information about how we calculate Non-GAAP gross profit (loss) and Non-GAAP operating loss, see below for the reconciliations of GAAP to non-GAAP financial measures provided in the tables included in this release.
(2) Includes cash, cash equivalents, restricted cash, and marketable debt securities, available-for-sale (for the year-ended December 31, 2022).
2024 Outlook:
Xos' outlook for 2024 is as follows:
- Revenue $66.7 to $100.4 million
- Non-GAAP operating loss $48.7 to $43.7 million
- Unit Deliveries (1) 400 to 600 units
____________________________
(1) Unit deliveries forecast includes stepvans and our powertrain and Xos Hub products.
Liana Pogosyan, Acting Chief Financial Officer of Xos, added, "Launching our gross margin positive stepvan, setting delivery records in the third and fourth quarter, and securing meaningful capital via our expected acquisition of ElectraMeccanica have each strengthened Xos' position. These accomplishments provide me with confidence that we will continue to deliver on our targets in 2024 and beyond. As a result, we expect to deliver strong revenue growth of approximately 88% year-over-year at the midpoint of our guidance range."
The outlook provided above is based on management beliefs and expectations as of the date of this press release. The results are based on assumptions that are believed to be reasonable as of this date, but may be materially affected by many factors, as discussed below in "Cautionary Statement Regarding Forward-Looking Statements." Actual results may vary from the outlook above and the variations may be material. The Company undertakes no intent or obligation to publicly update or revise any of these projections, whether as a result of new information, future events or otherwise, except as required by law.
Conference Call and Webcast Details
Date / Time: Thursday, March 21, 2024, at 4:30 p.m. EDT / 1:30 p.m. PDT
Webcast: https://viavid.webcasts.com/starthere.jsp?ei=1655220&tp_key=d4e9555402
U.S. Toll-Free Dial In: 1-833-816-1411
International Dial In: 1-412-317-0507
Conference ID: 10186286
To access the call, please dial in approximately ten minutes before the start of the call.
For those unable to participate in the live call, an audio replay will be available following the call through midnight Thursday, April 4, 2024. To access the replay, please call 1-844-512-2921 or 1-412-317-6671 (International) and enter access code 10186286. A replay of the webcast will also be archived shortly after the call and can be accessed on the Company's website.
About Xos, Inc.
Xos is a leading technology company, electric truck manufacturer, and fleet services provider for battery-electric fleets. Xos vehicles and fleet management software are purpose-built for medium- and heavy-duty commercial vehicles that travel on last-mile, back-to-base routes. The company leverages its proprietary technologies to provide commercial fleets with battery-electric vehicles that are easier to maintain and more cost-efficient on a total cost of ownership (TCO) basis than their internal combustion engine counterparts. For more information, please visit www.xostrucks.com.
WeTheMarket
9 months ago
Xos, Inc. Announces Fourth Quarter and Full Year 2023 Earnings Release Date and Conference Call
March 14 2024
https://ih.advfn.com/stock-market/NASDAQ/xos-XOS/stock-news/93492185/xos-inc-announces-fourth-quarter-and-full-year-2
Xos, Inc. (NASDAQ: XOS), a leading electric truck manufacturer and fleet services provider, announced it will release its fourth quarter and full year 2023 operating results on Thursday, March 21, 2024 after the close of the U.S. financial markets.
Management will host a conference call to discuss these financial results at 4:30 p.m. Eastern Daylight Time / 1:30 p.m. Pacific Daylight Time that same day.
Conference Call and Webcast Details
Date / Time: Thursday, March 21, 2024, at 4:30 p.m. EDT / 1:30 p.m. PDT
Webcast: https://viavid.webcasts.com/starthere.jsp?ei=1655220&tp_key=d4e9555402
U.S. Toll-Free Dial In: 1-833-816-1411
International Dial In: 1-412-317-0507
Conference ID: 10186286
To access the call, please dial in approximately ten minutes before the start of the call.
For those unable to participate in the live call, an audio replay will be available following the call through midnight Thursday, April 4, 2024. To access the replay, please call 1-844-512-2921 or 1-412-317-6671 (International) and enter access code 10186286. A replay of the webcast will also be archived shortly after the call and can be accessed on the Company's website.
About Xos, Inc.
Xos is a leading technology company, electric truck manufacturer, and fleet services provider for battery-electric fleets. Xos vehicles and fleet management software are purpose-built for medium- and heavy-duty commercial vehicles that travel on last-mile, back-to-base routes. The company leverages its proprietary technologies to provide commercial fleets with battery-electric vehicles that are easier to maintain and more cost-efficient on a total cost of ownership (TCO) basis than their internal combustion engine counterparts. For more information, please https://www.xostrucks.com/.
Contacts
Xos Investor Relations
investors@xostrucks.com
Xos Media Relations
press@xostrucks.com
WeTheMarket
10 months ago
Xos, Inc. Secures Purchase Order from Mission Linen Supply for New 22’ Stepvan Option
February 29 2024
https://ih.advfn.com/stock-market/NASDAQ/xos-XOS/stock-news/93388988/xos-inc-secures-purchase-order-from-mission-line
Xos, Inc. (NASDAQ: XOS), a leading provider of medium-duty electric vehicles, charging infrastructure, and fleet management software, is pleased to announce that it has received a purchase order from Mission Linen Supply, a leading provider of products and services to hospitality, healthcare, and industrial businesses, for 22’ stepvans.
Mission Linen Supply is a commercial laundry Company that was founded in 1930 and services the healthcare, hospitality, and industrial markets as well as many others. Mission Linen Supply has been a leader in the industry in terms of preserving natural resources and operating in a sustainable manner. Mission is excited to incorporate Xos' 100% battery-electric stepvans into their fleet.
"We are thrilled to partner with Mission Linen Supply on this significant step toward electric fleet adoption," said Dakota Semler, Chief Executive Officer of Xos. "Mission Linen Supply's commitment to sustainability aligns perfectly with Xos' mission. Our electric stepvans are setting new standards for the textile and linen industries, and we are confident that they will bring immense value to Mission Linen Supply's operations."
The order is for twelve Xos SV Stepvans, ideally suited for a variety of applications such as parcel delivery and linen services. Mission Linen’s delivery of stepvans will be some of the first 22’ body stepvans from Xos, further expanding use case options for the Xos SV platform.
“Mission Linen Supply has always been at the forefront of incorporating sustainable practices in our business model, and integrating Xos' electric vehicles is a natural extension of our commitment to provide environmentally friendly goods and services," explained Tony Mancuso, Vice President, Corporate Services at Mission Linen Supply.
ABOUT XOS, INC.
Xos is a leading technology company, electric truck manufacturer, and fleet services provider for battery-electric fleets. Xos vehicles and fleet management software are purpose-built for medium- and heavy-duty commercial vehicles that travel on last-mile, back-to-base routes. The company leverages its proprietary technologies to provide commercial fleets with battery-electric vehicles that are easier to maintain and more cost-efficient on a total cost of ownership (TCO) basis than their internal combustion engine counterparts. For more information, visit www.xostrucks.com.
Contacts:
Xos Media Relations
press@xostrucks.com
ABOUT MISSION LINEN SUPPLY
Mission Linen Supply is a family-owned, privately held company and a leading provider of products and services to hospitality, healthcare, and industrial businesses. Founded in 1930 by George “Ben” Page, the company has grown from a one-man operation into a leading player in the linen rental and uniform business. With more than 90 years of industry knowledge and an experienced workforce, Mission is widely recognized for its ability to understand, anticipate, and meet its customers’ needs while providing environmentally friendly goods and services. Headquartered in Santa Barbara, California, the company employs more than 2,500 people in five western states.
WeTheMarket
10 months ago
Xos, Inc., Winnebago Announce Partnership and Development of Fully Electric Specialty Vehicle Chassis
February 22 2024
https://ih.advfn.com/stock-market/NASDAQ/xos-XOS/stock-news/93337702/xos-inc-winnebago-announce-partnership-and-deve
Xos, Inc. (NASDAQ: XOS), a leading manufacturer of electric commercial vehicles, and Winnebago®, the flagship brand of outdoor lifestyle product manufacturer Winnebago Industries (NYSE: WGO), are pleased to announce an exciting partnership and development of a fully electric chassis for Winnebago’s Specialty Vehicles division. This chassis utilizes proven Xos battery and electronics technology and is customized for Winnebago’s unique commercial applications.
“We constantly seek new ways to enhance our customers’ mission, and our partnership with Xos is an important next step in our efforts,” said Robert Kim, director for Winnebago’s Specialty Vehicles division. “The near-term demand for zero-emission vehicle options from our Specialty Vehicle division continues to grow and we look forward to extending our leadership position using an Xos chassis designed to integrate seamlessly into our manufacturing processes.”
With the delivery of the first chassis, this partnership brings together two industry leaders to provide innovative, fully-electric solutions for the specialty vehicle market. Winnebago’s Specialty Vehicles division has been providing commercial vehicles for over 50 years and has led the market with zero-emissions vehicle solutions, with their first electric vehicle introduced in 2018.
"We are thrilled to partner with Winnebago to move the industry forward," said Dakota Semler, CEO and Co-Founder of Xos, Inc. "This is a testament to the quality and reliability of our products, and to the customer-centered design approach of Winnebago’s Specialty Vehicle team. This partnership combines the strengths of both companies and positively impacts the communities these vehicles serve."
The specialized chassis for Winnebago will utilize Xos' proven SV platform technology allowing for quick scalability, dependable access to parts, continued software improvements, and scalable service support. The chassis is also compatible with Xosphere, Xos' fleet management software, providing end-users with a comprehensive support system. The use cases for this platform can include but are not limited to, mobile child advocacy centers, medical and dental clinics, blood donation vehicles, and mobile command vehicles. Xos' electric chassis will underpin Winnebago’s zero-emissions commercial vehicle shells, available in 33’ and 38’ lengths. With an estimated driving range up to 200 miles, this new vehicle eliminates tailpipe emissions, reduces noise, and reduces overall operating costs.
“Our approach to innovation is rooted in embracing change and collaborating across our businesses to create the best possible experiences for our customers,” said Jamie Sorenson, director in Winnebago Industries’ Advanced Technology Group, a project partner. “We are constantly monitoring evolving customer needs and technology solutions and our partnership with Xos represents a significant milestone in our journey into the future of electric specialty vehicles.”
About Xos, Inc.
Xos is a leading technology company, electric truck manufacturer, and fleet services provider for battery-electric fleets. Xos vehicles and fleet management software are purpose-built for medium- and heavy-duty commercial vehicles that travel on last-mile, back-to-base routes. The company leverages its proprietary technologies to provide commercial fleets with battery-electric vehicles that are easier to maintain and more cost-efficient on a total cost of ownership (TCO) basis than their internal combustion engine counterparts. For more information, visit www.xostrucks.com.
About Winnebago
Winnebago brand RVs have been a part of the American outdoor experience since pioneering the category in 1958. Winnebago offers legendary innovation, quality and service across a full spectrum of towable travel trailers and motorhomes ranging from camper vans to luxury Class A diesel pushers. For more information, visit www.winnebago.com. Winnebago is a wholly owned subsidiary of Winnebago Industries (NYSE:WGO), a manufacturer of premium leisure travel and outdoor recreation products under the five brands: Winnebago, Grand Design, Chris-Craft, Newmar and Barletta. For access to Winnebago Industries’ investor relations material or to add your name to an automatic email list for Company news releases, visit http://investor.wgo.net.
About Winnebago Specialty Vehicles
Winnebago Specialty Vehicles is a division of Winnebago, working for over 55 years to develop unique and customized specialty vehicle applications in diverse domains like mobile medical, mobile opioid clinics and other mobile business applications. Winnebago Specialty Vehicles also designs and develops diverse vehicles for customers with accessibility challenges. With manufacturing operations in Forest City, IA and a nationwide sales and service network, Winnebago Specialty Vehicles specializes in high-performance applications. The division has designed, built and delivered multiple all-electric vehicles to customers across the USA since 2018.
Contacts
Xos Investor Relations
investors@xostrucks.com
Xos Media Relations
press@xostrucks.com
Winnebago Industries Investor Relations
IR@winnebagoind.com
Winnebago Industries Media Relations
Media@winnebagoind.com
WeTheMarket
11 months ago
Repost from Stocktwits:
- Calculated current number of XOS shares based on initial merger PR stating that XOS management owns 3.23 million shares, representing 49.5% of all outstanding XOS shares, so XOS outstanding shares = 3.23/0.495 = 6.5 million.
- After the merger XOS will own 79% of the shares in the combined company, which can be estimated by 6.5/0.79 = 8, or 8 million shares.
- SOLO shares = 8 - 6.5 = 1.5 million
- There are currently 119 outstanding SOLO shares, so exchange ratio = 1.5/119 = 0.01261
- Assuming a combined company worth of $100 million, XOS shares would be worth 100/8=12, or $12 a share at time of merger, SOLO shares at time of merger would be worth 0.21x$100=$21 million/119 million oustanding shares = $0.18
The share information in the initial merger announcement PR, was given only to show the likelihood of the merger being approved. A 2/3 majority of votes from both shareholders is needed. XOS management, owning 50% of outstanding shares, pretty much guarantees approval. However, SOLO management only owns 2-3% of outstanding shares, so not a guarantee. Since only voted shares count, it should increase the likelihood that the merger is approved by shareholders of both companies.
WeTheMarket
11 months ago
The Xos Hub™ Gets Major Upgrades and a Purchase Order from Xcel Energy
January 31 2024 - 07:24AM
https://ih.advfn.com/stock-market/NASDAQ/xos-XOS/stock-news/93174846/the-xos-hub-gets-major-upgrades-and-a-purchase-or
Xos, Inc. (NASDAQ: XOS), a leader in the electrification of fleets, today announced the next generation of their mobile charging unit, The Xos Hub™. This rapidly deployable charging unit is designed to help expedite the electrification of fleets. Xcel Energy, a leading clean energy provider, has signed a purchase order securing two of the new Hubs to use at its remote worksites.
Xos Hub™ Charging Passenger Vehicles
The new generation of the Xos Hub offers 280kWh of energy capacity and is notably more powerful than previous generations, with charging capability up to 160kW. This is up to four times the charge rate compared to previous iterations.
The Xos Hub has four standard CCS1 charge heads and weighs less than 10,000 lbs, eliminating the need for a commercial driver's license to transport the Hub. This version of the Xos Hub is also substantially more affordable at a lower starting price compared to previous iterations.
The Hub can be powered by existing power infrastructure at depots or facilities without the need for upgrades. Alternatively, the Hub can also be charged by a CCS1 inlet from a DC fast charging station onsite or in the field. This makes the Hub a more versatile solution for several applications, including stopgap charging for EV fleets, remote and rescue charging, semi-permanent charging, or backup power during grid outages.
“The Xos Hub is a game changer for fleets looking to electrify,” said Xos CEO, Dakota Semler. “It’s a cost-effective solution that can be deployed quickly and easily. With the lower weight and smaller footprint, it's an even more flexible system for mobile charging.”
With the ability to be charged from the grid during off-peak hours, in some locations the Xos Hub can save customers up to 40% on electricity costs compared to standard DC Fast Chargers, especially in the summer months when peak rates are typically higher. This combined with lower installation costs makes the Xos Hub a significantly more affordable charging solution for EV fleet operators in some applications.
To help achieve its clean transportation vision, Xcel Energy plans to use temporary charging at construction sites where zero-emission vehicles are deployed. Temporary charging will serve as a remote operating base for electric vehicles, enabling the electrification of worksites. Xcel has signed a purchase order for two new Xos Hubs to use for these applications.
The Xos Hub can power electrified construction equipment for more than one shift, eliminating the need to transport offsite for charging. Another innovative use of the Xos Hub is as a rescue vehicle for EVs that run out of charge, saving the time and cost of towing. By bringing the Hub to the site, the vehicle can be charged then and there, introducing a new level of convenience and efficiency in EV operations.
“By 2050, Xcel Energy is committed to delivering zero-carbon fuel for all vehicles in the states we serve, and a key part of that vision is electrifying our own fleet,” said Jeff Savage, Xcel Energy’s senior vice president, chief audit and financial services officer. "We’re excited about our clean transportation future, and the ability to charge our electrified equipment at remote worksites is another step we’re pursuing to reduce carbon emissions."
Xos is committed to helping fleets make the transition to electric vehicles easier and more cost-effective. With the new generation of the Xos Hub™, fleets can now take advantage of an even more powerful and affordable mobile charging solution.
About Xos, Inc.
Xos is a leading technology company, electric truck manufacturer, and fleet services provider for battery-electric fleets. Xos vehicles and fleet management software are purpose-built for medium- and heavy-duty commercial vehicles that travel on last-mile, back-to-base routes. The company leverages its proprietary technologies to provide commercial fleets with battery-electric vehicles that are easier to maintain and more cost-efficient on a total cost of ownership (TCO) basis than their internal combustion engine counterparts. For more information, visit www.xostrucks.com.
Contacts
Xos Investor Relations
investors@xostrucks.com
Xos Media Relations
press@xostrucks.com
About Xcel Energy
Xcel Energy (NASDAQ: XEL) provides the energy that powers millions of homes and businesses across eight Western and Midwestern states. Headquartered in Minneapolis, the company is an industry leader in responsibly reducing carbon emissions and producing and delivering clean energy solutions from a variety of renewable sources at competitive prices. For more information, visit xcelenergy.com or follow us on X, formerly known as Twitter, and Facebook.
WeTheMarket
11 months ago
Xos, Inc. Ranked Number 51 Fastest-Growing Company in North America on the 2023 Deloitte Technology Fast 500™
January 23 2024
https://ih.advfn.com/stock-market/NASDAQ/xos-XOS/stock-news/93113225/xos-inc-ranked-number-51-fastest-growing-company
Xos, Inc. (Nasdaq: XOS) today announced it ranked #51 on the Deloitte Technology Fast 500™, a ranking of the fastest-growing technology, media, telecommunications, life sciences, fintech, and energy tech companies in North America, now in its 29th year. Xos’s ranking was based on revenue growth of 3,071% from 2019 to 2022.
Xos’s Chief Executive Officer, Dakota Semler, said, "We are proud to be recognized by Deloitte for our well-earned successes. We have continued to produce great results in 2023 and are proud of the work it took all of our teams to achieve positive gross margins on our newest 2023 SV stepvan model."
“Each year we look forward to reviewing the progress and innovations of our Technology Fast 500 winners. This year is especially celebratory as we expand the number of winners to better represent just how many companies are developing new ideas to progress our society and the world, especially during a slow economy,” said Paul Silverglate, vice chair, Deloitte LLP and U.S. technology sector leader. “While software and services and life sciences continue to dominate the top 10, we are encouraged to see other categories making their mark. Congratulations to all the winners who show us how creativity, hard work and perseverance can lead to success.”
“As for growing companies, it’s always rewarding to be recognized for the ongoing commitment it takes to navigate obstacles, transform when necessary and ultimately create a thriving business,” said Christie Simons, partner, Deloitte & Touche LLP and industry leader for technology, media and telecommunications within Deloitte’s audit and assurance practice. “Over the nearly 30 years we’ve been compiling the Technology Fast 500, we’ve seen new categories emerge, growth rates explode, and certain regional markets shine from the bright talent they attract. We are proud of all the winners for achieving this well-deserved honor.”
Xos previously ranked 102 as a Technology Fast 500 award winner for 2022.
Overall, the 2023 Technology Fast 500 companies achieved revenue growth ranging from 201% to 222,189% over the three-year time frame from 2019 to 2022, with an average growth rate of 1,934% and a median growth rate of 497%.
Now in its 29th year, the Deloitte Technology Fast 500 provides a ranking of the fastest-growing technology, media, telecommunications, life sciences, fintech, and energy tech companies — both public and private — in North America. Technology Fast 500 award winners are selected based on percentage fiscal year revenue growth from 2019 to 2022.
In order to be eligible for Technology Fast 500 recognition, companies must own proprietary intellectual property or technology that is sold to customers in products that contribute to a majority of the company’s operating revenues. Companies must have base-year operating revenues of at least US$50,000, and current-year operating revenues of at least US$5 million. Additionally, companies must be in business for a minimum of four years and be headquartered within North America.
About Xos, Inc.
Xos is a leading technology company, electric truck manufacturer, and fleet services provider for battery-electric fleets. Xos vehicles and fleet management software are purpose-built for medium- and heavy-duty commercial vehicles that travel on last-mile, back-to-base routes. The company leverages its proprietary technologies to provide commercial fleets with battery-electric vehicles that are easier to maintain and more cost-efficient on a total cost of ownership (TCO) basis than their internal combustion engine counterparts. For more information, visit www.xostrucks.com.
Contacts
Xos Investor Relations
investors@xostrucks.com
Xos Media Relations
press@xostrucks.com
About Deloitte
Deloitte provides industry-leading audit, consulting, tax and advisory services to many of the world’s most admired brands, including nearly 90% of the Fortune 500® and more than 8,500 U.S.-based private companies. At Deloitte, we strive to live our purpose of making an impact that matters by creating trust and confidence in a more equitable society. We leverage our unique blend of business acumen, command of technology, and strategic technology alliances to advise our clients across industries as they build their future. Deloitte is proud to be part of the largest global professional services network serving our clients in the markets that are most important to them. Bringing more than 175 years of service, our network of member firms spans more than 150 countries and territories. Learn how Deloitte’s approximately 457,000 people worldwide connect for impact at www.deloitte.com.
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as “Deloitte Global”) does not provide services to clients. In the United States, Deloitte refers to one or more of the US member firms of DTTL, their related entities that operate using the “Deloitte” name in the United States and their respective affiliates. Certain services may not be available to attest clients under the rules and regulations of public accounting. Please see www.deloitte.com/about to learn more about our global network of member firms.
WeTheMarket
11 months ago
ElectraMeccanica and Xos Host Joint Investor Call to Provide Shareholder Update
January 22 2024
https://ih.advfn.com/stock-market/NASDAQ/xos-XOS/stock-news/93105400/electrameccanica-and-xos-host-joint-investor-call
Xos, Inc. (NASDAQ: XOS) (“Xos”), a leading electric truck manufacturer and fleet electrification services provider, and ElectraMeccanica (NASDAQ: SOLO) (“ElectraMeccanica”), a designer and assembler of electric vehicles, are pleased to announce a joint conference call for shareholders that will take place on Wednesday, January 24, at 9:15am ET.
During the webcast, ElectraMeccanica CEO Susan E. Docherty and Xos CEO Dakota Semler will provide further information for investors about their proposed business combination that was announced on January 11th, 2024.
Interested parties can register for the event up to 15 minutes before it begins using the following link: https://app.webinar.net/nlWDgOmx3PK. A recording of the call will be available after the event at: ir.emvauto.com.
About Xos, Inc.
Xos is a leading technology company, electric truck manufacturer, and fleet services provider for battery-electric fleets. Xos vehicles and fleet management software are purpose-built for medium- and heavy-duty commercial vehicles that travel on last-mile, back-to-base routes. The company leverages its proprietary technologies to provide commercial fleets with battery-electric vehicles that are easier to maintain and more cost-efficient on a total cost of ownership (TCO) basis than their internal combustion engine counterparts. For more information, please visit www.xostrucks.com.
About ElectraMeccanica
ElectraMeccanica (NASDAQ: SOLO) is a designer and assembler of environmentally efficient electric vehicles that will enhance the urban driving experience, including commuting, delivery and shared mobility.
Additional Information and Where to Find It
In connection with the proposed transaction, Xos and ElectraMeccanica intend to file with the U.S. Securities and Exchange Commission (the “SEC”) joint preliminary and definitive proxy statements, including management information circulars, and other relevant documents relating to the proposed transaction. Promptly after filing the joint definitive proxy statement with the SEC, Xos and ElectraMeccanica will mail the joint definitive proxy statement, including management information circular, and a proxy card to Xos’ stockholders and ElectraMeccanica’s shareholders as of a record date to be established for voting on the matters related to the proposed transaction and any other matters to be voted on at the special meetings of Xos’ stockholders and ElectraMeccanica’s shareholders, respectively. BEFORE MAKING ANY VOTING DECISION, INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE JOINT PROXY STATEMENTS AND MANAGEMENT INFORMATION CIRCULARS (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO), AS APPLICABLE, AND ANY OTHER DOCUMENTS THAT XOS AND ELECTRAMECCANICA WILL FILE WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION, OR INCORPORATE BY REFERENCE IN THE JOINT PROXY STATEMENTS AND MANAGEMENT INFORMATION CIRCULARS, AS APPLICABLE, WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Security holders may obtain free copies of the joint preliminary and definitive proxy statements and management information circulars (including any amendments or supplements thereto) and any other relevant documents filed by Xos and ElectraMeccanica with the SEC in connection with the proposed transaction (when they become available) on the SEC’s website at www.sec.gov, on the Canadian System for Electronic Document Analysis and Retrieval+ website at https://www.sedarplus.ca/, on Xos’ website at www.xostrucks.com, by contacting Xos’ investor relations via email at investors@xostrucks.com, on ElectraMeccanica’s website at https://ir.emvauto.com, or by contacting ElectraMeccanica’s Investor Relations via email at IR@emvauto.com, as applicable.
Participants in the Solicitation
Xos and its directors and certain of its executive officers, consisting of Stuart Bernstein, Burt Jordan, Alice K. Jackson, George N. Mattson and Ed Rapp, who are the non-employee members of the board of directors of Xos, Dakota Semler, Chief Executive Officer and a director of Xos, Giordano Sordoni, Chief Operating Officer and a director of Xos, Liana Pogosyan, Vice President of Finance and Acting Chief Financial Officer of Xos, and Christen Romero, General Counsel of Xos, are participants in the solicitation of proxies from the stockholders of Xos in connection with matters related to the proposed transaction and any other matters to be voted on at the special meeting of stockholders of Xos. Information regarding Xos’ directors and certain of its executive officers, including a description of their direct or indirect interests, by security holdings or otherwise, can be found under the captions “Security Ownership of Certain Beneficial Owners and Management,” “Executive Compensation-Outstanding Equity Awards at 2022 Fiscal Year-End,” and “Executive Compensation-Director Compensation” contained in Xos’ definitive proxy statement on Schedule 14A for its 2023 annual meeting of the stockholders (the “2023 Xos Proxy Statement”), which was filed with the SEC on April 20, 2023. To the extent that Xos’ directors and executive officers and their respective affiliates have acquired or disposed of security holdings since the applicable “as of” date disclosed in the 2023 Xos Proxy Statement, such transactions have been or will be reflected on Statements of Changes in Beneficial Ownership on Form 4 filed with the SEC. Other information regarding the participants in the proxy solicitation and a description of their interests will be contained in the joint preliminary and definitive proxy statements and management information circulars for Xos’ special meeting of stockholders and other relevant materials to be filed with the SEC in respect of the proposed transaction when they become available.
ElectraMeccanica and its directors and certain of its executive officers, consisting of Luisa Ingargiola, Dietmar Ostermann, Michael Richardson, Steven Sanders, David Shemmans and Joanne Yan, who are the non-employee members of the board of directors of ElectraMeccanica, Susan Docherty, Chief Executive Officer, Interim Chief Operating Officer and a director of ElectraMeccanica, Kim Brink, Chief Revenue Officer of ElectraMeccanica, Michael Bridge, General Counsel and Secretary of ElectraMeccanica, and Stephen Johnston, Chief Financial Officer of ElectraMeccanica, are participants in the solicitation of proxies from the shareholders of ElectraMeccanica in connection with matters related to the proposed transaction and any other matters to be voted on at the special meeting of the shareholders of ElectraMeccanica. Information regarding ElectraMeccanica’s directors and certain of its executive officers, including a description of their direct or indirect interests, by security holdings or otherwise, can be found under the captions “Security Ownership of Certain Beneficial Owners and Management,” “Executive Compensation,” and “Director Compensation” contained in ElectraMeccanica’s definitive proxy statement on Schedule 14A for its 2023 annual general meeting of shareholders (the “2023 ElectraMeccanica Proxy Statement”), which was filed with the SEC and applicable Canadian securities regulatory authorities on November 22, 2023. To the extent that ElectraMeccanica’s directors and executive officers and their respective affiliates have acquired or disposed of security holdings since the applicable “as of” date disclosed in the 2023 ElectraMeccanica Proxy Statement, such transactions have been or will be reflected on Statements of Changes in Beneficial Ownership on Form 4 filed with the SEC, including the Form 4s filed with the SEC on March 24, 2023 with respect to Michael Bridge, and on January 5, 2024 with respect to Stephen Johnston. Other information regarding the participants in the proxy solicitation and a description of their interests will be contained in the joint preliminary and definitive proxy statements and management information circulars for ElectraMeccanica’s special meeting of shareholders and any other relevant materials to be filed with the SEC and applicable Canadian securities regulatory authorities in respect of the proposed transaction when they become available.
These documents are available free of charge from the sources described in the preceding section titled “Additional Information and Where to Find It.”
Non-Solicitation
This communication will not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities, nor will there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
WeTheMarket
11 months ago
Form 8-K
January 11, 2024
https://ih.advfn.com/stock-market/NASDAQ/xos-XOS/stock-news/93020796/xos-and-electrameccanica-announce-proposed-combina
Item 1.01. Entry into a Material Definitive Agreement.
Arrangement Agreement
On January 11, 2024, Xos, Inc., a Delaware corporation (“Xos”), and ElectraMeccanica Vehicles Corp., a corporation existing under the laws of the Province of British Columbia (“ElectraMeccanica”), entered into an arrangement agreement (the “Arrangement Agreement”), pursuant to which Xos will acquire all of the issued and outstanding common shares of ElectraMeccanica (the “ElectraMeccanica Shares”) pursuant to a plan of arrangement (the “Plan of Arrangement”) under the Business Corporations Act (British Columbia) (the “Arrangement”). The board of directors of each of Xos and ElectraMeccanica have unanimously approved the Arrangement and the Arrangement Agreement.
Consideration
Subject to the terms and conditions set forth in the Arrangement Agreement and the Plan of Arrangement, each ElectraMeccanica Share outstanding immediately prior to the effective time of the Arrangement (the “Effective Time”) (other than the shares held by ElectraMeccanica shareholders who have exercised rights of dissent in respect of the Arrangement) will be transferred to Xos in exchange for such number of shares of Xos common stock, $0.0001 par value per share (the “Consideration Shares”), as is provided for in the Arrangement Agreement. Upon completion of the Arrangement, Xos stockholders and ElectraMeccanica shareholders will own approximately 79% and 21% of the combined company, respectively, subject to certain adjustments set forth in the Arrangement Agreement. The exact number of Consideration Shares to be issued to ElectraMeccanica shareholders will be determined prior to the closing of the Arrangement.
At the Effective Time, (i) each ElectraMeccanica deferred share unit, performance share unit and restricted share unit that is outstanding immediately prior to the Effective Time will vest and be settled by ElectraMeccanica in exchange for one ElectraMeccanica Share, subject to applicable withholdings; (ii) each ElectraMeccanica option to purchase ElectraMeccanica Shares that is in-the-money and outstanding immediately prior to the Effective Time, will be cancelled in exchange for a number of ElectraMeccanica Shares equal to the in-the-money value of such option, as calculated in accordance with the Plan of Arrangement, subject to applicable withholdings; (iii) each ElectraMeccanica option to purchase ElectraMeccanica Shares that is out-of-the-money and outstanding immediately prior to the Effective Time will be cancelled without any payment therefor; and (iv) each outstanding purchase warrant to acquire ElectraMeccanica Shares will remain outstanding following the closing of the Arrangement and will remain exercisable pursuant to the terms and conditions of the warrant certificates representing such ElectraMeccanica warrants.
Governance
The Arrangement Agreement provides that Xos will take all necessary action to ensure that immediately following the Effective Time, (i) if at such time the Xos board of directors is comprised of eight or fewer directors, two of such directors will be individuals who currently serve as directors of ElectraMeccanica who are identified by ElectraMeccanica to Xos; and (ii) if at such time the Xos board of directors is comprised of nine or 10 directors, three of such directors will be individuals who currently serve as directors of ElectraMeccanica who are identified by ElectraMeccanica to Xos.
Conditions to the Arrangement
The obligations of Xos and ElectraMeccanica to consummate the Arrangement are subject to customary conditions, including, but not limited to, (i) obtaining the required approvals of Xos’ stockholders and ElectraMeccanica’s shareholders, (ii) obtaining an interim order and final order (the “Final Order”) from the Supreme Court of British Columbia approving the Arrangement, (iii) the issuance of the Consideration Shares being exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”) pursuant to Section 3(a)(10) thereof and the prospectus requirements of applicable securities laws in Canada, (iv) the Consideration Shares being listed on Nasdaq, (v) the absence of any law or order prohibiting or making illegal the consummation of the Arrangement or any of the other transactions contemplated by the Arrangement Agreement, (vi) the absence of any pending or threatened proceeding that would reasonably likely to prevent or materially delay the consummation of the Arrangement, (vii) the determination of the amount of net cash of ElectraMeccanica pursuant to the Arrangement Agreement, (viii) subject to certain materiality exceptions, the accuracy of the representations and warranties of each party, (ix) the performance in all material respects by each party of its obligations under the Arrangement Agreement, (x) no material adverse effect having occurred that is continuing, (xi) the number of ElectraMeccanica Shares in respect of which ElectraMeccanica shareholders have validly exercised dissent rights not exceeding 7.5% of the ElectraMeccanica Shares issued and outstanding and (xii) certain consents being obtained.
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WeTheMarket
1 year ago
EV stocks - 3 EV Stocks Still Flying Under Wall Street’s Radar
12 hrs ago
https://investorplace.com/2023/11/3-ev-stocks-still-flying-under-wall-streets-radar/
Electric vehicles (EVs) are reshaping the automotive landscape, and the hunt for under-the-radar EV stocks to buy remains as thrilling as ever. Amidst the bustling EV realm, many businesses are vying for a slice of the future. The real gems are those lesser-known players making major strides. These under-the-radar companies, often overshadowed by industry giants, are efficiently ramping up production, building on their technology, and steadily growing their revenue base.
The EV sector, fiercely competitive and rapidly evolving, is fraught with startups that promise the moon yet falter under financial turmoil. However, certain under-the-radar firms are navigating the challenges adeptly amidst this landscape, moving steadily towards a more promising future.
Xos (NASDAQ:XOS) is a rising star in the EV sector, a specialist in manufacturing Class 5 to Class 8 battery-electric commercial vehicles while offering fleet services and software solutions. A significant aspect of their business involves building commercial vehicles for notable clients, including Loomis, a prominent cash transportation company.
Moreover, Xos has recently introduced its mobile fleet management application, Xoshere Go, building on fleet performance and health monitoring for customers and authorized dealers on the move.
In a recent financial update, Xos reported a third-quarter GAAP EPS of negative eight cents, surpassing expectations by two cents. The company’s revenue stood at an impressive $16.7 million, marking a 51.8% year-over-year increase while exceeding forecasts by $4.75 million. A key highlight for Xos in the third quarter of 2023 was the delivery of 105 units to end customers, the highest in any quarter to date.
The new Xos 2023 step van is engineered to substantially build on traditional diesel trucks’ performance metrics, propelling the firm toward positive free cash flows. Acting CFO Liana Pogosyan anticipates sustained and improving margins as demand for medium-duty EVs escalates. This optimistic outlook and the company’s spectacular recent achievements make Xos a compelling long-term option for investors eyeing the commercial EV sphere.
WeTheMarket
1 year ago
Stock Surges 40% Followed By Bullish Price Targets From This Finance Firm
XOS Inc: A Dynamic Player in the Electric Vehicle Market.
NOV 15, 2023
https://stockregion.app/p/stock-surges-40-followed-by-bullish
In the dynamic world of the stock market, certain developments inevitably catch the eye of investors and industry observers. One such development is the recent surge in the stock price of XOS Inc. (NASDAQ: XOS), an electric vehicle manufacturer. The company's stock shot up by 40% in a single day to .4721, following a bullish price target of .75 set by Northland Capital last week.
XOS Inc., a Los Angeles-based company that designs and manufactures electric vehicles for commercial fleets, has been gaining traction in the stock market. The recent surge is primarily attributed to the optimistic price target set by Northland Capital, a respected institution in the financial sector.
Northland Capital's prediction seems to have ignited interest among investors, leading to the impressive 40% jump in the company's stock price. The firm's analysts base their forecasts on several factors, including market trends, economic indicators, and the company's potential growth.
The Market's Response and Future Outlook
The response to this surge from the market has been overwhelmingly positive. Investors are showing keen interest, which is evident from the increased trading volume. Several other institutions and market analysts have also shared optimistic forecasts for XOS Inc., further bolstering investor confidence.
As governments worldwide are promoting the use of cleaner energy and aiming to reduce carbon emissions, the future looks promising for electric vehicle manufacturers like XOS Inc. If the company continues its growth trajectory and capitalizes on the increasing demand for electric vehicles, it might well reach the .75 price target set by Northland Capital.
Why It Matters to You
As an investor or someone interested in the stock market, these developments are crucial. The electric vehicle market is booming, and XOS Inc., with its recent surge, presents a potential opportunity for investment. However, like any investment, it's essential to do your due diligence and consider the risks involved.
Conclusion
In conclusion, XOS Inc.'s recent stock performance is a noteworthy development in the stock market. The company's potential growth prospects, coupled with the bullish forecast from Northland Capital, make it a stock worth watching for investors and industry observers alike.
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