XOSHIGH SIGNALFINANCIAL10-K

XOS experienced a dramatic contraction across virtually all financial metrics, with accounts receivable plummeting by over three-quarters while the company's balance sheet shrunk substantially.

The massive decline in accounts receivable alongside reduced current liabilities suggests either significant collection of outstanding receivables or potential revenue recognition issues that warrant close scrutiny. The overall balance sheet contraction of nearly 40% combined with continued substantial operating losses indicates serious financial stress, though the company did achieve meaningful improvement in its loss position.

Comparing 2026-03-30 vs 2025-03-31View on EDGAR →
FINANCIAL ANALYSIS

XOS's financial profile contracted dramatically year-over-year, with total assets declining 38.6% to $60.4M and accounts receivable falling by over three-quarters to $6.0M. While the company maintained its substantial loss position, net losses improved meaningfully from -$50.2M to -$25.3M, and operating losses similarly narrowed. The significant reduction in current liabilities alongside the asset decline suggests either aggressive cash collection or potential operational downsizing, creating a mixed but concerning overall financial picture.

FINANCIAL STATEMENT CHANGES
Accounts Receivable
Balance Sheet
-77.5%
$26.9M→$6.0M

Receivables declined — improved collection efficiency or conservative revenue recognition.

Net Income
P&L
+49.5%
-$50.2M→-$25.3M

Net income grew 49.5% — bottom-line growth signals improving overall business health.

Current Liabilities
Balance Sheet
-49.3%
$46.7M→$23.7M

Current liabilities reduced — improved short-term financial position and working capital health.

Total Liabilities
Balance Sheet
-42.7%
$64.7M→$37.1M

Liabilities reduced 42.7% — deleveraging improves balance sheet strength and financial flexibility.

Current Assets
Balance Sheet
-39.4%
$82.3M→$49.9M

Current assets declined 39.4% — monitor working capital adequacy and short-term liquidity.

Total Assets
Balance Sheet
-38.6%
$98.3M→$60.4M

Total assets contracted 38.6% — asset sales, write-downs, or balance sheet optimization underway.

Inventory
Balance Sheet
-31.7%
$36.6M→$25.0M

Inventory drawn down 31.7% — strong sell-through or deliberate destocking; watch for supply constraints.

Gross Profit
P&L
-31.3%
$4.0M→$2.7M

Gross margin compression — rising input costs, pricing pressure, or unfavorable product mix shift.

Stockholders Equity
Balance Sheet
-30.7%
$33.6M→$23.3M

Equity declined sharply — large losses, buybacks, or write-downs reducing book value significantly.

Operating Income
P&L
+27.9%
-$45.9M→-$33.1M

Operating income improving — cost discipline or growing revenue base absorbing fixed costs.

LANGUAGE CHANGES
NEW — 2026-03-30
PRIOR — 2025-03-31
ADDED
As of March 26, 2026, there were approximately 11,982,627 shares of the registrant's common stock outstanding.
Management's Discussion and Analysis of Financial Condition and Results of Operations 53 Item 7A.
Changes in and Disagreement With Accountants on Accounting and Financial Disclosure 107 Item 9A.
Glossary of Terms Unless otherwise stated in this Report or the context otherwise requires, reference to: Business Combination means the Domestication, the Merger and the other transactions contemplated by the Merger Agreement, collectively; Closing means the closing of the Business Combination; Common Stock means the shares of common stock, par value $0.0001 per share, of Xos; Convertible Note means the convertible promissory note issued on August 11, 2022 and amended and restated to date, in an initial principal amount of $20.0 million.
Our mix of offerings is novel in the industry and has yet to be tested in the long term.
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REMOVED
As of March 26, 2025, th ere were approximately 8,102,993 shares of the registrant's common stock outstanding.
Management's Discussion and Analysis of Financial Condition and Results of Operations 51 Item 7A.
Changes i n and Disagreement With Accountants on Accounting and Financial Disclosure 106 Item 9A.
Glossary of Terms Unless otherwise stated in this Report or the context otherwise requires, reference to: Business Combination means the Domestication, the Merger and the other transactions contemplated by the Merger Agreement, collectively; Closing means the closing of the Business Combination; Common Stock means the shares of common stock, par value $0.0001 per share, of Xos; Convertible Note means the convertible promissory note issued on August 11, 2022 and amended and restated on September 28, 2022, with a principal amount of $20.0 million and a maturity date of August 11, 2025.
Our mix of offerings, such as the Xos Hub and Xosphere , is novel in the industry and has yet to be tested in the long term.
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