Xos, Inc. (XOS) Earnings
Xos, Inc. is expected to report next earnings on November 12, 2026 (in NaN days), with a consensus EPS estimate of $-0.45. XOS has beaten EPS estimates in 6 of its last 11 reported quarters (average surprise +30.8% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 13, 2026 | $-0.53 | $-0.55 | -3.8% | $5M | -66.9% |
| May 14, 2026 | $-0.72 | $-0.43 | +40.3% | $11M | +80.3% |
| Mar 26, 2026 | $-0.60 | $-0.86 | -43.3% | $5M | -54.6% |
| Nov 13, 2025 | $-0.73 | $0.22 | +130.1% | $17M | +43.5% |
| Aug 13, 2025 | $-1.06 | $-0.91 | +14.2% | $18M | +1.9% |
| Mar 28, 2025 | $-1.13 | $-2.36 | -108.8% | $11M | -35.5% |
| May 15, 2024 | $-2.19 | $-1.80 | +17.8% | $13M | -16.3% |
| Mar 21, 2024 | $-2.40 | $-2.33 | +2.9% | $18M | +16.9% |
| Nov 9, 2023 | $-3.00 | $-2.40 | +20.0% | $17M | -4.2% |
| Aug 10, 2023 | $-3.30 | $-4.20 | -27.3% | $5M | -55.6% |
| Mar 8, 2023 | — | $-2.65 | — | $11M | — |
| May 5, 2022 | $-3.60 | $-3.90 | -8.3% | $3M | -37.4% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q2 FY2026 · August 13, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
### Strategic & Product Launch Highlights - Launched the Power Hub, a new containerized 3.1 megawatt hour mobile battery energy storage system designed to deliver fast, deployable power for data centers, industrial sites, and military applications, entering the large-scale U.S. power infrastructure buildout for the AI economy. - Gained traction in the public/defense sector: selected as one of 17 finalists for the U.S. Air Force Global Strike Command Commercial Capabilities Showcase, and demonstrated products at the Government Fleet Expo for municipal, state, and federal fleet buyers. - Cumulative business milestones: over 100 powertrain orders launched, over 1,000 total EXOS units in operation today, and more than 250 megawatt hours of energy storage already deployed across North America, with existing customer deployments with Caltrans, Duke Energy, Xcel Energy, Waymo, UPS, and FedEx ISPs. ### Operational & Manufacturing Highlights - Q2 2026 was the highest production quarter for Hubs to date, with 29 units produced, reflecting process improvements and the flexibility of the company's shared operating model (all product lines share underlying technology, supply chain, engineering, and manufacturing infrastructure). - Completed substantial UL testing and certification work for new hub configurations, a requirement for broader grid and customer integration; also made strong progress on the production launch of AC export hub variants that add direct AC power output, expanding the hub's addressable applications to backup power, industrial use, and data center power support. - Began delivering vehicle-to-grid capable powertrain kits to Bluebird, allowing customers to use powertrains as grid-connected energy assets. - Reduced inventory to $23.5 million as of Q2 end 2026, down from $25 million at end 2025 and $31 million at Q2 end 2025; also improved accounts receivable turnover, with net receivables declining to $4.5 million from $6 million at end 2025, after collecting nearly $50 million over the past four quarters. ### Financial Discipline Highlights - Achieved the highest first half GAAP gross margin (31%) and lowest operating loss in company history, with 12 consecutive quarters of positive non-GAAP gross margins. - Strengthened the balance sheet: ended Q2 2026 with $13.2 million in cash, up 35% sequentially, after raising $7.6 million in net capital via ATM and registered direct offerings during the quarter. - Reduced first half 2026 operating expenses by 9% year-over-year, with operating loss improving 23% year-over-year to $12.6 million, reflecting ongoing cost discipline amid growth investment.
Guidance
- Management revised full year 2026 guidance downward to reflect order delays that shifted deliveries into future quarters, updating key targets as follows: - Revenue guidance revised to a range of $35 million to $43 million - Total unit delivery guidance revised to a range of 250 to 350 units - Non-GAAP operating loss guidance revised to a range of $11.4 million to $14.7 million - Management maintained expectation that full year 2026 gross margins will be meaningfully higher than 2025 gross margins, driven by structural improvements including a higher mix of higher-margin Hub and Powertrain products, lower product costs, and lean operations. - Management expects most full year 2026 deliveries to occur in the second half of the year, weighted toward the higher-demand, higher-margin Hub and Powertrain product lines, and that all delayed Q2 orders will be fulfilled within the next 12 months.
Segment performance
EXOS reports across three core product segments: Commercial Vehicles/Trucks, Powertrain Systems, and Energy Storage Hubs. For Q2 2026, total company revenue was $4.7 million from 30 total units. Deliveries were dominated by the Hub and Powertrain segments, with Truck/chassis deliveries accounting for the majority of the unit shortfall versus planned volumes. For the first half of 2026, total company revenue was $16 million from 125 total units, with Hubs and Powertrains representing the majority of deliveries and driving margin expansion. Hubs, the highest-margin segment, produced a record 29 units in Q2 2026, accounting for the majority of the quarter's production and a large share of revenue, with gross margins in the 30%+ range for the first half of 2026 due to favorable product mix. Powertrain segments had over 100 cumulative orders as of Q2 2026, with deliveries to Bluebird continuing through the quarter and representing a growing share of higher-margin revenue. Commercial vehicles/trucks had lower deliveries in Q2 2026 due to order delays, contributing the smallest share of revenue and units in the quarter. For the first half of 2026, combined GAAP gross margin across all segments was 31%, up from 11.8% year-over-year, driven by the higher mix of margin-accretive Hub and Powertrain products.
Risks & headwinds
- Order timing risk: Customer order delays and acceptance hold-ups led to lower-than-planned Q2 2026 deliveries and revenue, and further delays could push out revenue recognition to future periods. - Liquidity and capital access risk: Management notes forward-looking statements are subject to uncertainty related to the company's ability to access sufficient capital to fund growth and continue as a going concern. - Supply chain and input cost risk: Potential disruptions from trade policies, tariffs, international conflicts, and shortages of key inputs including energy, oil, and battery components could impact operations and costs. - Product certification risk: While UL certification is not currently gating near-term deliveries, completion of all required system-level certifications is pushed into 2027 for some standards, and delays could impact broader customer adoption long-term. - Execution risk: The company is entering a new, larger addressable market for utility/AI data center power infrastructure, and successful conversion of existing demand into sustained deliveries and revenue is not guaranteed.
Analyst Q&A
Q: The 29 hubs produced in Q2 – were these all delivered, or just produced? What is the status of UL certification for new hub variants, and will all work be done by year-end?
A: The 29 is a production number, not a delivery number; some units are already paid for but remain at the factory waiting for customer pickup. UL component-level approval is already complete, with system-level testing ongoing. One key standard will receive approval in a couple of weeks, while another will take longer and may push into next year. Certification work is not gating current customer deliveries, and many customers will accept units with the current level of completed testing.
Q: Is the Q2 unit shortfall mostly driven by delays to truck/chassis orders? What is the impact of Bluebird's recent Ford chassis acquisition on EXOS?
A: The shortfall included powertrain order delays and a few small truck order delays, but all delayed orders are still expected to be fulfilled over the next year. Bluebird's acquisition is viewed as a complementary growth opportunity: Bluebird uses EXOS powertrains for zero-emission commercial chassis, a product Ford does not currently offer. The acquired facility has ~20,000 units of annual capacity, creating large potential volume upside for EXOS as a powertrain supplier.
Q: How does the Power Hub differentiate from competing large-scale systems like Ford's offering, and what is EXOS' battery cell sourcing strategy for this product?
A: Most competing systems are DC-only blocks that require separate, costly external power conversion systems and extensive site engineering before deployment. The EXOS Power Hub integrates the battery, power conversion system, and controller into one enclosure that outputs AC power, allowing plug-and-play deployment in days directly connected to existing conventional generators. The primary cell supplier is Goshen, which manufactures cells and packs domestically in Illinois to meet US content requirements for defense and public sector customers, while remaining cost competitive.
Q: Inventory has declined consistently even in this soft quarter – what is the outlook for further inventory reduction and cash release?
A: Continued improvement is expected. The product mix shift toward higher volume of hubs and powertrains, which transfer title immediately when leaving the factory, will naturally accelerate inventory turnover compared to completed step vans, which can be held for months during upfitting. EXOS is also prioritizing build-to-order production and reducing demo/loaner inventory to optimize holding levels, with domestic cell production further supporting improved inventory efficiency.