- Xos, Inc XOS began trading on the Nasdaq on August 20, 2021, after completing a merger with NextGen Acquisition Corp. The completion of the business combination resulted in net proceeds of $216.7 million in cash.
- The company filed Form 8-K in connection with the business combination with NextGen Acquisition.
- Few highlights from the 8-K:
- Xos reported a revenue increase of 142% year-over-year to $1.4 million for the six months ended June 30, 2021. This increase resulted from an increase in the number of vehicles and powertrains delivered to two different customers.
- Net cash used in operating activities was $20.2 million for the six months ended June 30, 2021.
- The company's cash and cash equivalents stood at $23.6 million as of June 30, 2021.
- As of June 30, 2021, Xos has entered into several binding and non-binding agreements, memorandums of understanding with over a dozen customers for a total of over 2,000 vehicle units, with the option for additional 4,000 units, which expires at the end of 2022.
- Since its inception and up to June 30, 2021, Xos has delivered 32 vehicles and powertrains combined.
- Xos expects to deliver a total of 116 units in 2021 and over 90% of contracted non-option orders, which is over 1,800 vehicles, by 2022-end.
- Xos has partnered with two third-party contract manufacturing partners to operate two Flex facilities with the combined capacity to manufacture approximately 10,000 vehicles per year and expect current facilities to satisfy currently projected vehicle production volumes through 2023.
- Price Action: XOS shares are trading higher by 1.78% at $6.29 during the premarket session on Friday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in
