Xos, Inc. (NASDAQ: XOS)

Xos, Inc. aims to be the industrial accelerant for the modern energy era by transforming dated power infrastructures into easy to deploy solutions for rapidly changing needs. The company offers a portfolio of power options ranging from flexible to fixed to fleet solutions. Its flagship technology replaces years of grid construction and the logistical challenges of diesel generators with a scalable platform that increases efficiency and decreases expense whether supporting temporary needs or long term installations. This patented technology consolidates power delivery rapid charging and smart energy management into one system that can scale to meet nearly any operational need. Xos produces three complementary primary product lines: Xos Energy Solutions which includes the Xos Hub mobile charging and energy storage platform Xos Vehicles which includes the company’s Class 5 and Class 6 medium duty electric commercial vehicles and the Powered by Xos powertrain business. The company also offers Xosphere its fleet management software platform. Xos is headquartered in Los Angeles California and maintains manufacturing and engineering facilities in Byrdstown Tennessee.

Xos generates revenue primarily through the sale of its Xos Hub mobile charging and energy storage units the sale of its Class 5 and Class 6 battery electric commercial vehicles and the sale of Powered by Xos powertrain kits for off highway and specialty vehicles. In addition the company derives income from licensing and subscription fees for its Xosphere fleet management software and from after sales service and maintenance contracts. Direct sales teams support each product line and work with both large national accounts and smaller regional fleets. The company also benefits from governmental incentives and credits that can reduce the effective cost of its products for customers. Revenue is recognized when products are delivered or services are rendered and the company continues to expand its sales channels through demonstration fleets trade events and partner distribution networks.

The company operates through the following segments.

• Xos Energy Solutions encompasses the Xos Hub mobile charging and energy storage platform. The Xos Hub is a movable power source that delivers high capacity output and high speed charging in a lightweight modular design. It can be deployed without a commercial driver license and is suitable for powering AI data centers construction sites utilities major events and fleet charging operations. The product line includes three configurations: a 210 kilowatt hour version for light duty fleet operations a 420 kilowatt hour version that offers up to 150 kilowatts per port charging and remains under ten thousand pounds for easy transport and a 630 kilowatt hour version designed for heavy duty depot applications. Customers of the Xos Hub include Waymo Caltrans SparkCharge Xcel Energy Florida Power & Light Duke Energy and RKU Distributing.

• Xos Vehicles covers the companys Class 5 and Class 6 battery electric commercial vehicles built on a modular chassis designed for last mile back to base routes of up to two hundred miles per day. The chassis allows multiple body configurations including stepvans armored trucks uniform rental and linen delivery vehicles and food and beverage delivery trucks. Recent enhancements for the 2026 model year include galvanized frame rails for corrosion resistance vehicle to grid charging capability integrated skid plates for underbody protection and other features aimed at reducing total cost of ownership. Xos is also developing a next generation chassis to lower production costs increase technological capability and improve total cost of ownership for fleet operators.

• Powered by Xos provides mixed use powertrain solutions for off highway industrial and specialty vehicles such as school buses medical and dental clinics blood donation vehicles and mobile command vehicles. The offering includes high voltage batteries power distribution and management components battery management systems system controls inverters electric traction motors and auxiliary drive systems. Key customers include Blue Bird Corporation which has ordered over one hundred powertrain units for its school bus configurations as well as Winnebago and Wiggins Lift Company that use Xos powertrains in their recreational and accessibility vehicles.

• Xosphere is the companys proprietary fleet management software platform that enables operators to monitor vehicle and charging performance in real time with detailed telematics to reduce charging costs to optimize energy usage and to manage maintenance and service support through a single tool. The platform includes over the air update capabilities remote diagnostics and maintenance services and integrates with the companys vehicle control software to provide a seamless experience for fleet managers.

Xos operates in the fast growing market for zero emission commercial vehicles and mobile charging infrastructure where it competes with established diesel original equipment manufacturers such as Freightliner Ford General Motors Navistar Paccar and Volvo Mack as well as newer electric focused manufacturers like Rivian Harbinger and Workhorse. The primary competitive factors in this segment include total cost of ownership emissions profile effectiveness in target applications ease of integration into existing operations product performance and uptime vehicle quality reliability and safety service and support technological innovation relating to batteries software and data analytics and fleet management capabilities. Xos believes it differentiates itself through its rugged chassis architecture originally derived from a Class 7 design its use of lithium iron phosphate battery packs that offer longer life cycle better thermal stability and lower reliance on rare earth minerals and its integrated software suite Xosphere that provides real time telematics and optimization tools. The company also points to its growing list of utility and fleet customers and its recent acquisition of ElectraMeccanica which expands its engineering and manufacturing footprint as evidence of its strengthening competitive position.

Xos serves a diverse and growing customer base that includes large scale national accounts as well as small and medium sized fleets. In the vehicle business the company has delivered over one hundred ninety units to United Parcel Service and continues to supply FedEx with its medium duty electric trucks. For the Xos Hub product major customers consist of Waymo which uses the units to support its autonomous vehicle fleet charging Caltrans which deploys them for transportation infrastructure projects SparkCharge which operates them within its mobile charging network and several utility providers including Xcel Energy Florida Power & Light Duke Energy and RKU Distributing. In the powered by Xos segment Blue Bird Corporation is a significant customer having ordered more than one hundred powertrain units for its school bus line and Winnebago and Wiggins Lift Company also rely on Xos powertrains for their specialty vehicles. Beyond these national accounts Xos sells directly to independent service providers regional fleets and other commercial operators that need zero tailpipe emission vehicles mobile charging solutions or powertrain integration for off highway equipment.