Xos Inc
For the period ended Dec 31, 2023. Filed Mar 29, 2024.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Mar 29, 2024
XOS$2.29-3.8%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
(in thousands)
| Years Ended December 31, | ||
|---|---|---|
| 2023 | 2022 | |
| Operating Activities: | ||
| Net loss | $(75,843) | $(73,325) |
| Adjustments to reconcile net loss to net cash used in operating activities | ||
| Depreciation | 3,314 | 2,065 |
| Amortization of right-of-use assets | 1,564 | 1,566 |
| Amortization of debt discounts and issuance costs | 6,201 | 2,577 |
| Amortization of insurance premiums | 4,353 | 1,338 |
| Inventory (recoveries) write-downs | (1,876) | 5,661 |
| Impairment of assets held for sale | 1,591 | — |
| Change in fair value of derivative instruments | (671) | (14,184) |
| Change in fair value of earn-out shares liability | (519) | (28,682) |
| Net realized losses on marketable debt securities, available-for-sale | 91 | 147 |
| Stock-based compensation expense | 7,906 | 5,222 |
| Other non-cash items | 134 | 1,368 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | (6,982) | (4,942) |
| Inventories | 22,049 | (31,285) |
| Prepaid expenses and other current assets | (4,244) | 6,413 |
| Other assets | (739) | (1,093) |
| Accounts payable | (133) | (7,268) |
| Other liabilities | 4,518 | 6,462 |
| Net cash used in operating activities | (39,286) | (127,960) |
| Investing Activities: | ||
| Purchases of property and equipment | (1,385) | (14,113) |
| Proceeds from the disposal of assets held for sale | 1,295 | — |
| Proceeds from sales and maturities of marketable debt securities, available-for-sale | 50,720 | 96,823 |
| Net cash provided by investing activities | 50,630 | 82,710 |
| Financing Activities: | ||
| Proceeds from issuance of convertible notes | — | 54,300 |
| Debt issuance costs | — | (403) |
| Proceeds from short-term insurance financing note | 3,770 | 3,627 |
| Principal payment for short-term insurance financing note | (4,832) | (1,562) |
| Proceeds from equipment financing | — | 6,312 |
| Principal payment for equipment leases | (3,026) | (1,392) |
| Proceeds from stock option exercises | 8 | 6 |
| Payments of prepayment premiums | (1,640) | — |
| Payments of convertible notes | (32,800) | — |
| Taxes paid related to net share settlement of stock-based awards | (1,060) | (449) |
| Proceeds from issuance of Common Stock under Standby Equity Purchase Agreement | 1,201 | 4,310 |
| Net cash (used in) provided by financing activities | (38,379) | 64,749 |
| Net (decrease) increase in cash, cash equivalents and restricted cash | (27,035) | 19,499 |
|---|---|---|
| Cash, cash equivalents and restricted cash, beginning of year | 38,675 | 19,176 |
| Cash, cash equivalents and restricted cash, end of year | $11,640 | $38,675 |
| Reconciliation of Cash, Cash Equivalents and Restricted Cash to Consolidated Balance Sheets: | ||
| Cash and cash equivalents | $11,640 | $35,631 |
| Restricted cash | $— | $3,044 |
| Total cash, cash equivalents and restricted cash | $11,640 | $38,675 |
| Supplemental disclosure of cash flow information | ||
| Cash paid for interest | $1,524 | $— |
| Supplemental disclosure of non-cash investing and financing activities | ||
| Purchase of property and equipment in accounts payable | $7 | $42 |
| Recognition of right-of-use asset and lease liabilities upon ASC 842 adoption | $— | $7,682 |
| Right-of-use assets obtained in exchange for operating lease obligations | $— | $437 |
| Conversion of interest payable on convertible notes | $12 | $122 |
| Conversion of convertible notes | $200 | $2,000 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.