Xos, Inc.

For Q2 2026, revenue was $4.7 million on 30 units, down from $18.4 million on 135 units in Q2 2025 and down from $11.2 million on 95 units in Q1 2026. GAAP gross profit was $600 thousand, or 12.1%, versus $1.6 million, or 8.9%, in Q2 2025; non-GAAP gross profit was $300 thousand, or 7.2%, versus $300 thousand, or 1.5% a year ago. First-half 2026 revenue was $16 million on 125 units versus $24.3 million on 164 units in first-half 2025; GAAP gross profit was $4.9 million, or 31%, versus $2.9 million, or 11.8%, and non-GAAP gross profit was $4.6 million, or 29%, versus $1.2 million, or 4.9%. Cash and cash equivalents ended Q2 at $13.2 million, up from $9.8 million in Q1. Full-year 2026 guidance was revised to revenue of $35 million to $43 million, unit deliveries of 250 to 350, and non-GAAP operating loss of $14.7 million to $11.4 million.

Dakota Semler framed Q2 as a pivotal quarter that expanded Xos from a vehicle company toward a power infrastructure company serving data centers, defense, and other power-constrained customers. He emphasized the PowerHub launch, the addressable market expansion, and the fact that product demand remains intact even though some orders slipped due to customer readiness and acceptance. His tone was upbeat and ambitious, but he acknowledged the quarter’s delivery shortfall was frustrating and said the second half is about converting the pipeline into shipments.

Liana Pogosyan stressed that the first half of 2026 delivered the company’s highest GAAP gross margin and gross profit in history, alongside its lowest GAAP and non-GAAP operating loss. She cited Q2 cash of $13.2 million, up $3.4 million sequentially, including $7.6 million of net proceeds from capital raises, and noted operating expenses of $8.5 million in Q2 versus $8.7 million a year ago. She also highlighted inventory of $23.5 million, accounts receivable of $4.5 million, nearly $50 million collected over the past four quarters, and revised full-year guidance reflecting mix and volume changes.

Analysts focused on why production did not translate into deliveries, how far along the hub is in UL certification, whether the PowerHub is differentiated versus larger competing systems, and whether Blue Bird’s Ford-related move could affect Xos. Management said 29 hubs were produced but not all were delivered because some are still in the factory or awaiting customer pickup, and that some orders slipped on the powertrain and smaller truck side. On certification, Dakota said one standard should be approved in the next couple of weeks while others may take longer, but deliveries can still start; he also argued the PowerHub’s integrated AC-output design reduces cost and deployment time, and said Blue Bird’s actions could be complementary rather than negative.