Xos, Inc.
For the period ended Jun 30, 2025. Filed Aug 13, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 13, 2025
XOS$2.43+2.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-15.
0001819493-25-000081
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-13.
0001819493-25-000128
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 111 previous paragraphs and 126 current paragraphs.
82 unchanged; 25 reworded; 14 added; 3 removed; 1 previous and 5 current paragraphs rearranged.
Tables are not compared: 3 previous and 5 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (14)
Current report
Fluctuating tariff regimes—particularly those targeting imports of power electronics, battery components, and structural materials—have introduced significant volatility in the Company’s cost structure and procurement planning. The uncertainty around tariff implementation timelines and scope has necessitated frequent adjustments to sourcing strategies, supplier selection, and contract terms.
Current report
To mitigate these impacts, the Company has undertaken the following measures:
Current report
•diversification of supply base to include alternate suppliers in tariff-exempt or trade-friendly regions;
Current report
•renegotiation of pricing and delivery terms to account for tariff exposure and cost passthroughs;
Current report
•reclassification and compliance reviews to ensure correct HTS codes and leverage tariff exemptions or reduced duty programs, where applicable; and
Current report
•strategic stockpiling of high-risk components to reduce exposure to near-term tariff hikes.
Current report
We have been closely monitoring potential changes to trade policies and tariffs in order to proactively adjust and refine our strategy. These actions are aimed at preserving cost competitiveness and securing uninterrupted supply amid a fluid and unpredictable trade policy environment. Notwithstanding these efforts, the ongoing tariffs and regulatory changes may affect our ability to source components from specific regions or maintain access to critical suppliers.
Current report
Our total revenues decreased by $4.4 million, or 15%, from $28.7 million in the six months ended June 30, 2024 to $24.3 million in the six months ended June 30, 2025, primarily driven by product mix, resulting in a decrease in average selling price. During the six months ended June 30, 2025, we sold 150 vehicles, 8 Hubs and 6 powertrains, compared to 138 vehicles, 4 Hubs, and 10 powertrains during the six months ended June 30, 2024.
Current report
We may encounter additional pressure on our loss from operations in the second half of 2025, due to changes in our expected product mix and increased expected costs due to tariffs on parts and commodities we use in the manufacture of our products.
Current report
Cost of goods sold decreased by $2.4 million, or 10%, from $23.9 million in the six months ended June 30, 2024 to $21.4 million in the six months ended June 30, 2025. The decrease in cost of goods sold is attributable to a change in product mix resulting in decreases of (i) $1.6 million in direct materials, (ii) $0.7 million related to reductions in inventory reserves and associated write-downs to net realizable value, (iii) $0.5 million in direct labor, manufacturing overhead, and freight, and (iv) $0.4 million for dealer return reserves. These decreases were offset by increases of (i) $0.5 million for warranty reserve and (ii) $0.3 million in unfavorable physical inventory count and other adjustments .
Current report
Research and development expenses decreased by $0.9 million, or 30%, from $3.0 million in the three months ended June 30, 2024 to $2.1 million in the three months ended June 30, 2025. The change was primarily due to decreases of (i) $0.9 million in allocation of personnel costs, including stock-based compensation expense, driven by lower headcount in engineering.
Current report
Other expense, net increased by $1.9 million, from income of $1.5 million in the three months ended June 30, 2024 to an expense of $0.4 million in the three months ended June 30, 2025. The change was attributable to $2.1 million in other income from the duty drawback receivable during the three months ended June 30, 2024 with no such comparable income for the three months ended June 30, 2025. This was offset by an increase of $0.2 million in other income primarily due to sublease income.
Current report
The loss on the change in fair value of derivative instruments increased by $20,000, or 50%, from $40,000 in the six months ended June 30, 2024 to $60,000 in the six months ended June 30, 2025. The change in fair value in both periods is primarily attributable to the change in our stock price and the resulting valuation at the respective reporting period.
Current report
The gain on the change in fair value of contingent earn-out shares liability decreased by $33,000 from $33,000 in the six months ended June 30, 2024 to $0 in the six months ended June 30, 2025. The change in fair value in both periods is primarily attributable to the change in our stock price and the resulting valuation at the respective reporting period.
Removed paragraphs (3)
Previous report
Fluctuating fuel prices and geopolitical conflicts have compounded ongoing supply and demand pressures for shipping, resulting in port congestion, higher freight fees and longer transit times.
Previous report
Despite these disruptions, our supply chain team continues to employ mitigating strategies to effectively source inventory for all of our products. We continue working with vendors to find alternative solutions to overcome these constraints and, where appropriate, working to find alternate sources of supply for critical components, including placing orders in advance of projected need, while ensuring such components have extended usage projected. Changes to trade policies and tariffs (or the perception that such changes may occur) could materially adversely affect our ability to source components at reasonable prices or at all. We have been closely monitoring potential changes to trade policies and tariffs in order to proactively adjust and refine our strategy. These steps are designed to promote availability of materials in time to meet production plans, without inflating inventory beyond projected lead times.
Previous report
We are increasingly subject to varying and sometimes conflicting rules, tariffs, and import restrictions that can change with little notice. These regulatory changes may impact our ability to continue sourcing components from certain regions or accessing key suppliers.
Reworded paragraphs (25)
Previous wording
The following discussion and analysis provides information which Xos’ management believes is relevant to an assessment and understanding of our consolidated results of operations and financial condition. You should read the following discussion and analysis of our financial condition and results of operations together with our unaudited condensed consolidated financial statements and the related notes included elsewhere in this Report and our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2024 (the “2024 Form 10-K”) filed with the SEC on March 31, 2025. This discussion may contain forward-looking statements based upon current expectations that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth in this Item 2 (including in the sections entitled “Overview” and “Liquidity and Capital Resources” below), in the accompanying unaudited notes to condensed consolidated financial statements in this Report, under the section entitled “Risk Factors” of this Report, and under the heading “Risk Factors” in the 2024 Form 10-K. Unless the context otherwise requires, references in this “Management’s Discussion and Analysis of Financial Condition and Results of Operations” to “we”, “us”, “our”, and “the Company” are intended to mean the business and operations of Xos and its consolidated subsidiaries.
Current wording
The following discussion and analysis provides information which Xos’s management believes is relevant to an assessment and understanding of our consolidated results of operations and financial condition. You should read the following discussion and analysis of our financial condition and results of operations together with our unaudited condensed consolidated financial statements and the related notes included elsewhere in this Report and our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2024 (the “2024 Form 10-K”) filed with the SEC on March 31, 2025. This discussion may contain forward-looking statements based upon current expectations that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth in this Item 2 (including in the sections entitled “Overview” and “Liquidity and Capital Resources” below), in the accompanying unaudited notes to condensed consolidated financial statements in this Report, under the section entitled “Risk Factors” of this Report, and under the heading “Risk Factors” in the 2024 Form 10-K. Unless the context otherwise requires, references in this “Management’s Discussion and Analysis of Financial Condition and Results of Operations” to “we”, “us”, “our”, and “the Company” are intended to mean the business and operations of Xos and its consolidated subsidiaries.
Previous wording
Management plans to continue to seek opportunities to reduce costs and, in particular, cash expenditures, in a manner intended to minimize their adverse impact on our core operations. However, there can be no assurance that the measures described above, or any other cost-cutting measures we may implement in the future, will be sufficient to address our immediate or longer-term liquidity and working capital needs.
Current wording
On August 8, 2025, the Company and Aljomaih amended the Convertible Note primarily (i) to provide for payment of Interest Shares with respect to all interest accrued through the initial maturity date, and (ii) to change the scheduled repayment of principal from all at once on August 11, 2025, to spread over ten quarterly installments beginning November 11, 2025 and ending February 11, 2028. See Part II, Item 5 — Other Information of this Report. Management plans to continue to seek opportunities to reduce costs and, in particular, cash expenditures, in a manner intended to minimize their adverse impact on our core operations. However, there can be no assurance that the measures described above, or any other cost-cutting measures we may implement in the future, will be sufficient to address our immediate or longer-term liquidity and working capital needs.
Previous wording
While our ability to source certain critical inventory items has been steadily improving since prior years, we are still experiencing long-standing negative effects from global economic conditions, and management expects such effects to continue to varying degrees for the foreseeable future. We have also observed, and expect to be impacted by, sporadic and unpredictable shortages for specific components, primarily in power electronics and harnesses, and disruptions to the supply of components.
Current wording
While our ability to source certain critical inventory items has been steadily improving, we are still experiencing long-standing negative effects from global economic conditions, and management expects such effects to continue to varying degrees for the foreseeable future. We have also observed, and expect to be impacted by, sporadic and unpredictable shortages for specific components, primarily in power electronics and harnesses, and disruptions to the supply of components.
Previous wording
specialty vehicles, such as forklifts, school buses, medical and dental clinics, blood donation vehicles, and mobile command vehicles. Our powertrain offerings encompass a broad range of solutions, including high-voltage batteries, power distribution and management componentry, battery management systems, system controls, inverters, electric traction motors and auxiliary drive systems.
Current wording
Through our Powered by Xos™ business we also provide mix-use powertrain solutions for off-highway, industrial and other specialty vehicles, such as forklifts, school buses, medical and dental clinics, blood donation vehicles, and mobile command vehicles. Our powertrain offerings encompass a broad range of solutions, including high-voltage batteries, power distribution and management componentry, battery management systems, system controls, inverters, electric traction motors and auxiliary drive systems.
Previous wording
During the three months ended March 31, 2025, we delivered 22 vehicles, 5 Hubs and 2 powertrains. During the three months ended March 31, 2024, we delivered 60 vehicles and 2 powertrains. During the three months ended March 31, 2025, we generated $3.6 million in revenue (or 61% of revenue) in vehicle sales, $1.6 million (or 27% of revenue) in powertrain and Hub sales, $0.5 million (or 8% of revenue) in other product revenue, and $0.2 million (or 4% of revenue) in ancillary revenue. During the three months ended March 31, 2024, we generated $11.6 million in revenue (or 88% of revenue) from vehicle sales, $0.4 million (or 3% of revenue) in powertrain and Hub sales, $0.6 million (or 5% of revenue) in other product revenue, and $0.5 million (or 4% of revenue) from ancillary revenue. The reduction in deliveries in the current year period is primarily due to a delay in executing sales orders with respect to an additional 31 stripped chassis that we shipped to our upfitter during the period.
Current wording
During the three months ended June 30, 2025, we delivered 128 vehicles, 3 Hubs and 4 powertrains. During the three months ended June 30, 2024, we delivered 78 vehicles, 4 Hubs and 8 powertrains. During the three months ended June 30, 2025, we generated $17.1 million in revenue (or 93% of revenue) in vehicle sales, $0.9 million (or 5% of revenue) in powertrain and Hub sales, $0.2 million (or 1% of revenue) in other product revenue, and $0.2 million (or 1% of revenue) in ancillary revenue. During the three months ended June 30, 2024, we generated $13.1 million in revenue (or 85% of revenue) from vehicle sales, $1.4 million (or 9% of revenue) in powertrain and Hub sales, $0.6 million (or 4% of revenue) in other product revenue, and $0.3 million (or 2% of revenue) from ancillary revenue.
Previous wording
Comparison of the Three Months Ended March 31, 2025 and 2024
Current wording
Comparison of the Three and Six Months Ended June 30, 2025 and 2024
Previous wording
Our total revenues decreased by $7.3 million, or 55%, from $13.2 million in the three months ended March 31, 2024 to $5.9 million in the three months ended March 31, 2025, primarily driven by a decrease in unit sales and average selling price. During the three months ended March 31, 2025, we sold 22 vehicles, 5 Hubs and 2 powertrains, compared to 60 vehicles and 2 powertrains during the three months ended March 31, 2024.
Current wording
Our total revenues increased by $2.9 million, or 18%, from $15.5 million in the three months ended June 30, 2024 to $18.4 million in the three months ended June 30, 2025, primarily driven by an increase in unit sales offset by a decrease in average selling price resulting from product mix. During the three months ended June 30, 2025, we sold 128 vehicles, 3 Hubs and 4 powertrains, compared to 78 vehicles, 4 Hubs and 8 powertrains during the three months ended June 30, 2024.
Previous wording
Cost of goods sold decreased by $5.7 million, or 55%, from $10.4 million in the three months ended March 31, 2024 to $4.7 million in the three months ended March 31, 2025. The decrease in cost of goods sold is directly attributable to the decrease in our product revenue and associated decreases of (i) $5.2 million in direct materials (ii) $0.4 million for dealer return reserves, and (iii) $0.7 million in direct labor and manufacturing overhead. These decreases were offset by increases of (i) $0.1 million for warranty reserve and (ii) $0.5 million in unfavorable physical inventory count and other adjustments.
Current wording
Cost of goods sold increased by $3.3 million, or 24%, from $13.5 million in the three months ended June 30, 2024 to $16.8 million in the three months ended June 30, 2025. The increase in cost of goods sold is directly attributable to the increase in our product revenue and associated increases of (i) $3.6 million in direct materials (ii) $0.4 million for warranty reserve and (iii) $0.2 million in direct labor, manufacturing overhead, and freight. These increases were offset by decreases of (i) $0.7 million related to reductions in inventory reserves and associated write-downs to net realizable value and (ii) $0.2 million less in unfavorable physical inventory count and other adjustments.
Previous wording
The changes in direct labor encompasses both employee and subcontractor labor costs. The changes in direct labor, manufacturing overhead and direct material costs are driven by changes in units sold. A significant portion of the overhead costs incurred include freight, indirect salaries, facility rent, utilities, and depreciation of production equipment, which are primarily fixed in nature and allocated based on production levels. Accordingly, these costs are still incurred when we experience a reduction in production volume. As we increase production activities, we are expecting fixed and semi-fixed overhead costs to be absorbed through the production of our batteries, Hubs and chassis.
Current wording
The changes in direct labor encompasses employee labor costs. The changes in direct labor, manufacturing overhead and direct material costs are driven by changes in units sold. A significant portion of the overhead costs incurred include freight, indirect salaries, facility rent, utilities, and depreciation of production equipment, which are primarily fixed in nature and allocated based on production levels. Accordingly, these costs increase correspondingly with an increase in production volume and units sold.
Previous wording
General and administrative expenses decreased by $1.1 million, or 12%, from $9.0 million in the three months ended March 31, 2024 to $7.9 million in the three months ended March 31, 2025, attributable to decreases of (i) $2.3 million in headcount and personnel costs for legal, finance, accounting, information technology and general and administrative functions, (ii) $0.4 million in depreciation expense, (iii) $0.4 million in stock-based compensation expense due to decreased headcount, and (iv) $0.3 million in other operating expenses including travel, recruiting, and computer software costs. These decreases were offset by increases of (i) $1.9 million in financed equipment lease expense and (ii) $0.4 million in facility expenses, primarily due to two operating leases acquired in connection with the ElectraMeccanica acquisition.
Current wording
General and administrative expenses decreased by $4.3 million, or 24%, from $18.1 million in the six months ended June 30, 2024 to $13.8 million in the six months ended June 30, 2025, attributable to decreases of (i) $3.8 million in headcount and personnel costs for legal, finance, accounting, information technology and general and administrative functions, (ii) $1.1 million in other operating expenses including travel, recruiting, and computer software costs, (iii) $0.7 million in depreciation expense due to the allocation of less overhead costs, (iv) $0.4 million in stock-based compensation expense due to decreased headcount, (v) $0.4 million in professional fees and (vi) $0.1 million in insurance expense. These decreases were offset by increases of (i) $1.9 million in financed equipment lease expense with no such comparable expense for the six months ended June 30, 2024 and (ii) $0.3 million in facility costs.
Previous wording
Research and development expenses decreased by $1.1 million, or 37%, from $3.1 million in the three months ended March 31, 2024 to $1.9 million in the three months ended March 31, 2025. The change was primarily due to decreases of (i) $0.6 million in allocation of personnel costs, including stock-based compensation expense, driven by lower headcount in engineering, (ii) $0.3 million in other research and development costs, including consulting and software, and (iii) $0.2 million in equipment and material purchases due to fewer research and development projects in development year over year.
Current wording
Research and development expenses decreased by $2.1 million, or 34%, from $6.1 million in the six months ended June 30, 2024 to $4.0 million in the six months ended June 30, 2025. The change was primarily due to decreases of (i) $1.5 million in allocation of personnel costs, including stock-based compensation expense, driven by lower headcount in engineering, (ii) $0.4 million in other research and development costs, including consulting and software and (iii) $0.2 million in equipment and material purchases due to fewer research and development projects in development year over year.
Previous wording
Sales and marketing expense decreased by $0.3 million, or 34%, from $1.0 million in the three months ended March 31, 2024 to $0.7 million in the three months ended March 31, 2025. The change was primarily due to decreases of (i) $0.2 million in allocation of personnel costs, including stock-based compensation expense, driven by lower headcount and (ii) $0.1 million in other sales and marketing expenses such as customer accommodation payments and sales events.
Current wording
Sales and marketing expense decreased by $0.5 million, or 42%, from $1.2 million in the three months ended June 30, 2024 to $0.7 million in the three months ended June 30, 2025. The change was primarily due to decreases of (i) $0.4 million in allocation of personnel costs, including stock-based compensation expense, driven by lower headcount and (ii) $0.1 million in other sales and marketing expenses such as customer accommodation payments and sales events.
Previous wording
Other expense, net increased by $0.3 million, from $0.6 million in the three months ended March 31, 2024 to $0.9 million in the three months ended March 31, 2025. The change was attributable to increases of (i) $0.4 million of impairment losses on property and equipment. This was partially offset by a $0.1 million increase in other income primarily due to sublease income.
Current wording
Other expense, net increased by $2.3 million, from income of $1.0 million in the six months ended June 30, 2024 to an expense of $1.3 million in the six months ended June 30, 2025. The change was attributable to (i) $2.1 million in other income from duty drawback receivable for the six months ended June 30, 2024 with no such comparable income for the three months ended June 30, 2025 and (ii) increases of $0.4 in impairment on assets held for sale. This was offset by an increase of $0.2 million in other income primarily due to sublease income.
Previous wording
The loss on the change in fair value of derivative instruments decreased by $0.1 million, or 68%, from $0.2 million in the three months ended March 31, 2024 to $0.1 million in the three months ended March 31, 2025. The change in fair value in both periods is primarily attributable to the change in our stock price and the resulting valuation at the respective reporting period.
Current wording
The loss on the change in fair value of derivative instruments increased by $0.1 million, or 105%, from a gain of $0.1 million in the three months ended June 30, 2024 to a loss of $6,000 in the three months ended June 30, 2025. The change in fair value in both periods is primarily attributable to the change in our stock price and the resulting valuation at the respective reporting period.
Previous wording
The loss on the change in fair value of contingent earn-out shares liability decreased by $3,000 from $3,000 in the three months ended March 31, 2024 to $0 in the three months ended March 31, 2025. The change in fair value in both periods is primarily attributable to the change in our stock price and the resulting valuation at the respective reporting period.
Current wording
The gain on the change in fair value of contingent earn-out shares liability decreased by $36,000 from $36,000 in the three months ended June 30, 2024 to $0 in the three months ended June 30, 2025. The change in fair value in both periods is primarily attributable to the change in our stock price and the resulting valuation at the respective reporting period.
Previous wording
The Company recorded income tax provision of $12,000 and $5,000 during the three months ended March 31, 2025 and 2024, respectively.
Current wording
The Company recorded income tax provision of $13,000 and $4,000 during the three months ended June 30, 2025 and 2024, respectively.
Previous wording
As of March 31, 2025, our principal sources of liquidity were our cash and cash equivalents of$4.8 million and an accumulated deficit of approximately $213.6 million. Our short-term uses of cash are for working capital and to pay the principal of our indebtedness. During the three months ended March 31, 2025, we incurred a net loss of approximately $10.2 million and had net cash used in operating activities of $4.8 million.
Current wording
As of June 30, 2025, our principal sources of liquidity were our cash and cash equivalents of$8.8 million and an accumulated deficit of approximately $221.1 million. Our short-term uses of cash are for working capital and to pay the principal of our indebtedness. During the three months ended June 30, 2025, we incurred a net loss of approximately $7.5 million and had net cash used in operating activities of $0.1 million.
Previous wording
In response to these conditions, we are currently evaluating different strategies to obtain the required funding for future operations. We have plans to secure and intend to employ various strategies to raise additional capital, which may include the SEPA as well as other capital raising strategies such as debt financing (which may include asset-based lending and/or receivable financing), other non-dilutive financing and/or equity financing. However, our access to the SEPA is not available as of the date of this Report and will not be available unless and until a post-effective amendment to the Registration Statement on Form S-1 filed on July 27, 2023, is filed and declared effective and other applicable conditions are met. Moreover, unless extended by mutual agreement of the parties, the SEPA is scheduled to expire on February 11, 2026. Our ability to access other capital when needed is not assured and, if capital is not available to us when, and in the amounts needed, we could be required to delay, scale back or abandon some or all of our development programs and other operations, which could materially harm our business, prospects, financial condition and operating results.
Current wording
In response to these conditions, we are currently evaluating different strategies to obtain the required funding for future operations. We have plans to secure and intend to employ various strategies to raise additional capital, which may include the SEPA (as defined below) as well as other capital raising strategies such as debt financing (which may include asset-based lending and/or receivable financing), other non-dilutive financing and/or equity financing. However, our access to the SEPA is not available as of the date of this Report and will not be available unless and until a post-effective amendment to the Registration Statement on Form S-1 filed on July 27, 2023, is filed and declared effective and other applicable conditions are met. Moreover, unless extended by mutual agreement of the parties, the SEPA is scheduled to expire on February 11, 2026. Our ability to access other capital when needed is not assured and, if capital is not available to us when, and in the amounts needed, we could be required to delay, scale back or abandon some or all of our development programs and other operations, which could materially harm our business, prospects, financial condition and operating results.
Previous wording
The following table provides a summary of cash flow data for the three months ended March 31, 2025 and 2024(in thousands):
Current wording
The following table provides a summary of cash flow data for the six months ended June 30, 2025 and 2024(in thousands):
Previous wording
Netcash used in opera ting activities was$4.8 million for the three months ended March 31, 2025, primarily consisting of a cash-basis net lossof$7.1 million from normal operations of the Company (after non-cash adjustments of$3.1 million), partially offset by favorable net working capital changes of $2.3 million, primarily driven by lower accounts receivable and other liabilities, partially offset by lower accounts payable and purchases of inventory for production build-up.
Current wording
Netcash used in opera ting activities was$0.1 million for the six months ended June 30, 2025, primarily consisting of a cash-basis net lossof$13.1 million from normal operations of the Company (after non-cash adjustments of$4.6 million), partially offset by favorable net working capital changes of $13.0 million, primarily driven by lower accounts receivable due to collections, inventories due to improved inventory turns and other liabilities, partially offset by lower accounts payable and higher prepaid expenses and other current assets.
Previous wording
Net cash used in operating activities was $14.6 million for the three months ended March 31, 2024, primarily consisting of a cash-basis net loss of$7.2 million from normal operations of the Company (after non-cash adjustments of$3.9 million), further driven by unfavorable net working capital changes of $7.4 million, primarily driven by higher accounts receivable and other liabilities, partially offset by inventory usage for vehicle production.
Current wording
Net cash used in operating activities was $40.6 million for the six months ended June 30, 2024, primarily consisting of a cash-basis net loss of$13.6 million from normal operations of the Company (after non-cash adjustments of$7.0 million), further driven by unfavorable net working capital changes of $26.9 million, primarily driven by higher accounts receivable and inventory.
Previous wording
Net cash provided by investing activities was$0 for the three months ended March 31, 2025.
Current wording
Net cash provided by investing activities was$0 for the six months ended June 30, 2025.
Previous wording
Net cash provided by investing activities was $51.3 million for the three months ended March 31, 2024, due to net cash acquired in connection with the acquisition of ElectraMeccanica.
Current wording
Net cash provided by investing activities was $51.2 million for the six months ended June 30, 2024, due to net cash acquired in connection with the acquisition of ElectraMeccanica, partially offset by property and equipment purchases of $0.2 million.
Previous wording
Net cash used in financing activitieswas $1.5 million for the three months ended March 31, 2025, which primarily related to (i)net short-term insurance financing note activity of $0.8 million, (ii) equipment lease principal paymentsof $0.6 million and (iii) taxes paid relating to net-settlement of stock-based awards of $0.1 million.
Current wording
Net cash used in financing activitieswas $2.1 million for the six months ended June 30, 2025, which primarily related to (i)net short-term insurance financing note activity of $0.2 million, (ii) equipment lease principal paymentsof $1.2 million and (iii) taxes paid relating to net-settlement of stock-based awards of $0.7 million.
Previous wording
Net cash used in financing activities was $1.1 million for the three months ended March 31, 2024, primarily related to (i) equipment lease principal payments of $0.6 million, (ii) taxes paid relating to net-settlement of stock-based awards of $0.2 million, and (iii) outflow from net short-term insurance financing note activity of $0.3 million.
Current wording
Net cash used in financing activities was $1.6 million for the six months ended June 30, 2024, primarily related to (i) equipment lease principal payments of $1.2 million and (ii) taxes paid relating to net-settlement of stock-based awards of $0.8 million. This was partially offset by proceeds from net short-term insurance financing note activity of $0.3 million.
Rearranged current paragraphs (5)
Current report — wording carried from elsewhere
During the six months ended June 30, 2025, we delivered 150 vehicles, 8 Hubs and 6 powertrains. During the six months ended June 30, 2024, we delivered 138 vehicles, 4 Hubs and 10 powertrains. During the six months ended June 30, 2025, we generated $20.7 million in revenue (or 85% of revenue) in vehicle sales, $2.5 million (or 10% of revenue) in powertrain and Hub sales, $0.6 million (or 3% of revenue) in other product revenue, and $0.5 million (or 2% of revenue) in ancillary revenue. During the six months ended June 30, 2024, we generated $24.7 million in revenue (or 86% of revenue) from vehicle sales, $1.8 million (or 6% of revenue) in powertrain and Hub sales, $1.3 million (or 4% of revenue) in other product revenue, and $0.9 million (or 3% of revenue) from ancillary revenue.
Current report — wording carried from elsewhere
Revenue for thesix months ended June 30, 2025 and 2024 consisted of the following (dollars in thousands):
Current report — wording carried from elsewhere
General and administrative expenses decreased by $3.3 million, or 36%, from $9.2 million in the three months ended June 30, 2024 to $5.9 million in the three months ended June 30, 2025, attributable to decreases of (i) $1.6 million in headcount and personnel costs for legal, finance, accounting, information technology and general and administrative functions, including stock-based compensation expense, (ii) $0.3 million in depreciation expense, (iii) $0.8 million in other operating expenses including travel, recruiting, and computer software costs, (iv) $0.4 million in professional fees, (v) $0.1 million in insurance expense and (vi) $0.1 million in facility costs.
Current report — wording carried from elsewhere
Sales and marketing expense decreased by $0.8 million, or 39%, from $2.2 million in the six months ended June 30, 2024 to $1.4 million in the six months ended June 30, 2025. The change was primarily due to decreases of (i) $0.6 million in allocation of personnel costs, including stock-based compensation expense, driven by lower headcount and (ii) $0.2 million in other sales and marketing expenses such as customer accommodation payments and sales events.
Current report — wording carried from elsewhere
The Company recorded income tax provision of $25,000 and $9,000 during the six months ended June 30, 2025 and 2024, respectively.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
Through our Powered by Xos™ business we also provide mix-use powertrain solutions for off-highway, industrial and other