Xos

XOS

Auto - Manufacturers · Consumer Cyclical

Price

$2.16

+0.01 (+0.47%)

Market Cap

$22.1M

Exchange

NASDAQ

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

Share count rising — dilution

+160.5% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 3.6M (2021) → 9.4M (2025)

Xos, Inc. is an American electric vehicle company that builds battery-powered commercial trucks. Its main products are medium- and heavy-duty delivery trucks and step vans designed for companies that run large fleets. Customers include parcel delivery services, beverage distributors, and other businesses that need to move goods around cities every day.

Xos makes money by selling its electric trucks directly to fleet operators. The company operates primarily in the United States and is a small player in a competitive market that includes much larger rivals like Rivian and traditional truck manufacturers adding electric options. With a gross margin of just over 11% and a deeply negative operating margin, Xos is spending far more than it earns, which is a significant financial risk. The key challenge ahead is scaling up production enough to lower costs and reach profitability before its cash runs out.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+90.9% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+65.9% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$8M/ year

↓ Declining (-25% vs prior year)

17.4% of revenue

4.3x the sector average (4%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

57.9%ownership

Insiders own a meaningful stake in the company

Cash Runway

~2 years

$13M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Adequate runway but may need to raise capital within 2 years

Revenue accelerating

Xos grew revenue 91% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

38.6%

Modest — 38.6% gross margin

Operating Margin

-41.7%

Losing money on operations — -41.7%

ROCE

-12.1%

Weak — -12.1% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

+5.5%

Slow sales growth (5.5% YoY)

EPS YoY

N/A

—

Data not available

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

16.6%

Converts sales into free cash efficiently (16.6%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

0.96

Moderate — manageable debt (0.96)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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