| Thursday | ||||
Analyst Shliksy, along… Story temporarily locked. | ||||
Analyst Shliksy, along… Story temporarily locked. | ||||
| Tuesday | ||||
Analyst Shliksy, along… Analyst Shliksy, along with CEO Semler of Xos (XOS), provide an overview and impact of California's ACF EV Rule on an Analyst/Industry conference call to be held on June 1 at 1 pm. | ||||
| Over a week ago | ||||
Reports Q1 revenue $4.7M,… Reports Q1 revenue $4.7M, consensus $9.0M. Dakota Semler, Chief Executive Officer of Xos, commented, "We continue to see strong demand for our vehicles and solutions as the need for fleet replacements increases and environmental regulations drive a widespread shift toward EV adoption, although deliveries were lower this quarter due to ongoing charging infrastructure delays. As noted in previous quarters, we are keenly focused on cost reductions and commercial excellence and remain on track to reach gross margin at a unit level by mid-2023. Our strategic pricing actions, operational efficiency improvements, and the new Stepvan platform are expected to have positive impacts on our top-and bottom-lines, and we are proud of the progress we have made so far to establish a solid foundation for future growth." | ||||
| Over a month ago | ||||
Xos unveiled the second… Xos unveiled the second generation Xos Hub, a rapidly deployable, mobile charging solution that enables flexible and scalable access to DC fast charging without the need for permanent infrastructure. The second generation Hub features integrated battery storage with an energy capacity of 390 kWh and an increase in charger output by 60%, from 25kW to 40kW, resulting in faster charge times for EVs. The five CCS 1 chargeheads enable the Hub to charge up to five electric vehicles at once and are compatible with both commercial and passenger electric vehicles. Additional features of the Hub include a 43% shorter footprint than its predecessor, from 28' to 16', and enhanced safety features such as the addition of circuit protection and an emergency stop button. The introduction of software and a telematics device help determine the best charging times for the Hub based on off-peak and peak hours, enabling a full charge in five hours and helping mitigate electricity costs. | ||||
Northland analyst Donovan… Northland analyst Donovan Schafer downgraded Xos to Market Perform from Outperform with a 60c price target after the company reported lower-than-expected Q4 results and 2023 guidance. The miss was "substantial," but the growth expectations have been high and the company is "taking the right approach" of focusing on costs and gross margins versus "growth at any cost" in the current environment, the analyst tells investors. | ||||
Benchmark analyst Michael… Benchmark analyst Michael Ward lowered the firm's price target on Xos to $4 from $6 and keeps a Buy rating on the shares. The firm's lower target and estimates reflect a slower than expected ramp in deliveries after the company reported the delivery of 58 all-electric vehicles to customers in Q4, down from 73 units in the second quarter and 88 units in the third quarter. | ||||
DA Davidson lowered the… DA Davidson lowered the firm's price target on Xos to $1.50 from $2.50 but keeps a Buy rating on the shares after its Q4 results. The company's management noted that it has passed the test stage with some of its Step Van customers, meaning XOS is now considered a supplier to these fleets, and it also expects to achieve positive gross margins "at the unit level" in the second half of this year, the analyst tells investors in a research note. The firm adds that these items are "important signals" that Xos is starting to stand out from the crowd of EV SPACs as few, if any, can make these claims. | ||||
Sees FY23 deliveries… Sees FY23 deliveries 450-600 units. Kingsley Afemikhe, CFO of Xos, added, "Demand for our EV stepvans and solutions remains robust, driven by supporting secular trends for commercial fleet electrification and strong order intake from both existing and new customers. The momentum we gained during 2022 has carried into 2023 and as a result, we expect to deliver strong revenue growth of approximately 95% year-over-year at the midpoint of the range." | ||||
