Xos, Inc.
For the period ended Dec 31, 2024. Filed Mar 31, 2025.
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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.
FY2024 · Filed Mar 31, 2025
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, | ||
|---|---|---|
| 2024 | 2023 | |
| Operating Activities: | ||
| Net loss | $(50,159) | $(75,843) |
| Adjustments to reconcile net loss to net cash used in operating activities | ||
| Depreciation | 3,343 | 3,314 |
| Amortization of right-of-use assets | 1,798 | 1,564 |
| Amortization of debt discounts and issuance costs | 50 | 6,201 |
| Amortization of insurance premiums | 2,834 | 4,353 |
| Inventory (recoveries) write-downs | 2,940 | (1,876) |
| Impairment of property and equipment and assets held-for-sale | 4,823 | 1,591 |
| Change in fair value of derivative instruments | (274) | (671) |
| Change in fair value of earn-out shares liability | (39) | (519) |
| Net realized losses on marketable debt securities, available-for-sale | — | 91 |
| Stock-based compensation expense | 7,710 | 7,906 |
| Bad debt expense | 962 | 78 |
| Other non-cash items | (148) | 56 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | (12,690) | (6,982) |
| Inventories | (1,558) | 22,049 |
| Prepaid expenses and other current assets | (1,562) | (4,244) |
| Other assets | (2,654) | (739) |
| Accounts payable | 5,406 | (133) |
| Other liabilities | (9,577) | 4,518 |
| Net cash used in operating activities | (48,795) | (39,286) |
| Investing Activities: | ||
| Purchases of property and equipment | (304) | (1,385) |
| Proceeds from the disposal of assets held for sale | 125 | 1,295 |
| Proceeds from sales and maturities of marketable debt securities, available-for-sale | — | 50,720 |
| Net cash acquired in acquisition of ElectraMeccanica Vehicles Corp | 51,355 | — |
| Net cash provided by investing activities | 51,176 | 50,630 |
| Financing Activities: | ||
| Principal payment for equipment leases | (2,347) | (3,026) |
| Proceeds from short-term insurance financing note | 3,107 | 3,770 |
| Payment for short-term insurance financing note | (2,830) | (4,832) |
| Payments of convertible notes | — | (32,800) |
| Payments of prepayment premiums | — | (1,640) |
| Stock option exercises | 10 | 8 |
| Taxes paid related to net share settlement of stock-based awards | (1,012) | (1,060) |
| Proceeds from issuance of Common Stock under Standby Equity Purchase Agreement | 47 | 1,201 |
| Net cash used in financing activities | (3,025) | (38,379) |
| Net decrease in cash, cash equivalents and restricted cash | (644) | (27,035) |
|---|---|---|
| Cash, cash equivalents and restricted cash, beginning of year | 11,640 | 38,675 |
| Cash, cash equivalents and restricted cash, end of year | $10,996 | $11,640 |
| Reconciliation of Cash, Cash Equivalents and Restricted Cash to Consolidated Balance Sheets: | ||
| Cash and cash equivalents | $10,996 | $11,640 |
| Total cash, cash equivalents and restricted cash | $10,996 | $11,640 |
| Supplemental disclosure of cash flow information | ||
| Cash paid for interest | $— | $1,524 |
| Cash paid for income taxes | $17 | $— |
| Supplemental disclosure of non-cash investing and financing activities | ||
| Purchase of property and equipment in accounts payable, net | $(35) | $7 |
| Conversion of interest payable on convertible notes | $— | $12 |
| Conversion of convertible notes | $— | $200 |
| Net assets acquired in acquisition of ElectraMeccanica Vehicles Corp. | $54,630 | $— |
| Xos common stock issued in exchange for ElectraMeccanica Vehicles Corp. | $(31,856) | $— |
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