Business/Financial Results (Form 8-K)

Xos Hits New Milestones in Q2 2025 with Highest Revenue and Deliveries in the Company's History

Reduced year-over-year operating expenses by $4.7 million and posted lowest operating loss as a public company in the second quarter of 2025

Generated positive net cash provided by operating activities of $4.6 million in the second quarter of 2025

LOS ANGELES, CA - August 13, 2025 - Xos, Inc. (NASDAQ: XOS) ("Xos" or the "Company"), a leader in electric commercial vehicles and mobile charging solutions, today announced a breakout quarter by a number of measures. In the second quarter of 2025, Xos delivered record unit volumes, posted its highest revenue to date, turned in the lowest operating loss in the Company's history since going public, and achieved positive free cash flow for the second time.

Second Quarter 2025 Highlights:

•Delivered 135 units and generated $18.4 million in revenue, compared to 90 units and $15.5 million in the second quarter of 2024, marking the highest quarterly deliveries and revenues in Company history.

•Achieved gross margins of 8.8%, down from 20.6% last quarter, due to product mix and unfavorable inventory adjustments, and down from 13.1% in the second quarter of 2024.

•Reported lowest operating loss since going public at $7.1 million and reduced operating expenses by $4.7 million, a 35% year-over-year decrease, reflecting continued operational discipline and efficiency improvements.

•Achieved net cash provided by operating activities and positive free cash flow of $4.6 million, the highest in the Company's history.

•Developed a plan to minimize 2025 and beyond tariff-related cost impacts, leveraging its global supplier network to secure critical materials and reduce exposure despite a shifting trade environment.

The first half of 2025 marked a major turning point for Xos, as the Company operated nearly cash flow neutral, powered by disciplined execution, a nimble supply chain, and scalable delivery infrastructure. Xos's fleet-first growth strategy continues to outperform in a volatile industry. UPS accounted for a substantial portion of Q2 deliveries, while deployments to FedEx ISPs and other large fleet operators expanded steadily. In a market where many startups are collapsing, Xos is not only delivering real vehicles to real customers, it's getting paid. At the same time, Xos is building diversified revenue streams beyond vehicle sales. Our powertrain systems and mobile charging Hubs are gaining meaningful traction, giving fleets a vertically integrated solution for electrification. These segments have the potential for

further growth in the second half of the year, reinforcing Xos's evolution from a truck manufacturer to a complete electrification platform.

"This is what disciplined execution looks like," said Dakota Semler, CEO of Xos. "We delivered more vehicles, more revenue, and more free cash flow than ever before, while cutting costs and strengthening our partnerships with some of the most respected fleets in the world. Q2 2025 is the clearest sign yet that Xos is not only surviving the headwinds facing the EV industry, we're positioned to lead through them."

Second Quarter 2025 Financial Highlights

(in millions)			30 Jun 2025			31 Mar 2025			31 Dec 2024
Cash and cash equivalents			$	8.8		$	4.8		$	11.0
Inventories			$	31.0		$	38.0		$	36.6

			Three Months Ended
(in millions)			30 Jun 2025			31 Mar 2025			30 Jun 2024
Revenues			$	18.4		$	5.9		$	15.5
Gross profit			$	1.6		$	1.2		$	2.0
Non-GAAP gross profit (1)			$	0.3		$	0.9		$	2.0
Loss from operations			$	(7.1)		$	(9.3)		$	(11.4)
Net loss			$	(7.5)		$	(10.2)		$	(9.7)
Non-GAAP operating loss(1)			$	(6.9)		$	(8.1)		$	(9.7)

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