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of Contents](#i61641893fe824b0bbeca9cbf84361e13_10)\n\nUNITED STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\n_______________________________________________________________________________\n\nFORM 10-Q\n\n(Mark One)\n\n☒\nQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the quarterly period ended March 31, 2026\n\nOR\n\n☐\nTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the transition period from  __________ to __________\n\nCommission file number 001-39598\n\nXOS, INC.\n\n______________________________________________________________________________\n\n(Exact name of registrant as specified in its charter)\n\nDelaware\n\n98-1550505\n\n(State or other jurisdiction of incorporation or organization)\n\n(I.R.S. Employer Identification No.)\n\n3550 Tyburn Street\n\nLos Angeles, CA\n\n90065\n\n(Address of Principal Executive Offices)\n\n(Zip Code)\n\n    \n\nRegistrant’s telephone number, including area code: (818) 316-1890\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\nTitle of each classTrading SymbolName of exchange on which registered\n\nCommon Stock, $0.0001 par value per shareXOS\nThe Nasdaq Capital Market\n\nWarrants, every thirty warrants exercisable for one share of Common Stock at an exercise price of $345.00 per share\nXOSWW\nThe Nasdaq Capital Market\n\nIndicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes ☒ No ☐\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.:\n\nLarge accelerated filer\n☐\nAccelerated filer\n☐\n\nNon-accelerated filer☒Smaller reporting company☒\n\nEmerging growth company\n☐\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).    Yes ☐    No  ☒\n\nThe registrant had outstanding 12,122,736 shares of Common Stock, $0.0001 par value as of May 11, 2026.\n\n[Table of Contents](#i61641893fe824b0bbeca9cbf84361e13_10)\n\nTABLE OF CONTENTS\n\nPage\n\n[Part I - Financial Information](#i61641893fe824b0bbeca9cbf84361e13_13)\n\n[3](#i61641893fe824b0bbeca9cbf84361e13_13)\n\n[Item 1. Financial Statements](#i61641893fe824b0bbeca9cbf84361e13_16) (Unaudited)\n\n[6](#i61641893fe824b0bbeca9cbf84361e13_16)\n\n[Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](#i61641893fe824b0bbeca9cbf84361e13_97)\n\n[32](#i61641893fe824b0bbeca9cbf84361e13_97)\n\n[Item 3. Quantitative and Qualitative Disclosures About Market Risk](#i61641893fe824b0bbeca9cbf84361e13_139)\n\n[41](#i61641893fe824b0bbeca9cbf84361e13_139)\n\n[Item 4. Controls and Procedures](#i61641893fe824b0bbeca9cbf84361e13_142)\n\n[41](#i61641893fe824b0bbeca9cbf84361e13_142)\n\n[Part II - Other Information](#i61641893fe824b0bbeca9cbf84361e13_145)\n\n[44](#i61641893fe824b0bbeca9cbf84361e13_145)\n\n[Item 1. Legal Proceedings](#i61641893fe824b0bbeca9cbf84361e13_148)\n\n[44](#i61641893fe824b0bbeca9cbf84361e13_148)\n\n[Item 1A. Risk Factors](#i61641893fe824b0bbeca9cbf84361e13_151)\n\n[44](#i61641893fe824b0bbeca9cbf84361e13_151)\n\n[Item 2. Unregistered Sales of Equity Securities](#i61641893fe824b0bbeca9cbf84361e13_154) and[Use of Proceeds](#i61641893fe824b0bbeca9cbf84361e13_154)\n\n[44](#i61641893fe824b0bbeca9cbf84361e13_154)\n\n[Item 3. Defaults Upon Senior Securities](#i61641893fe824b0bbeca9cbf84361e13_157)\n\n[44](#i61641893fe824b0bbeca9cbf84361e13_157)\n\n[Item 4. Mine Safety Disclosures](#i61641893fe824b0bbeca9cbf84361e13_160)\n\n[44](#i61641893fe824b0bbeca9cbf84361e13_160)\n\n[Item 5. Other Information](#i61641893fe824b0bbeca9cbf84361e13_163)\n\n[45](#i61641893fe824b0bbeca9cbf84361e13_163)\n\n[Item 6. Exhibit](#i61641893fe824b0bbeca9cbf84361e13_169)s\n\n[45](#i61641893fe824b0bbeca9cbf84361e13_169)\n\n[Signatures](#i61641893fe824b0bbeca9cbf84361e13_172)\n\n[46](#i61641893fe824b0bbeca9cbf84361e13_172)\n\n2\n\n[Table of Contents](#i61641893fe824b0bbeca9cbf84361e13_10)\n\nForward-Looking Statements\n\nThis Quarterly Report on Form 10-Q (this “Report”), including, without limitation, statements under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended, (the “Exchange Act”). We have based these forward-looking statements on our current expectations and projections about future events. All statements, other than statements of present or historical fact included in this Report are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “seek,” “should,” “will,” “would” or the negative of such terms or other similar expressions. These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. We caution you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond our control. We claim the protection of the safe harbor contained in the Private Securities Litigation Reform Act of 1995.\n\nAs a result of a number of known and unknown risks and uncertainties, our actual results or performance may be materially different from those expressed or implied by forward-looking statements. Some factors that could cause actual results to differ include:\n\n•There is substantial doubt about our ability to continue as a going concern through the next 12 months from the date of the unaudited condensed consolidated financial statements in this Report.\n\n•Our limited operating history makes evaluating our business and future prospects difficult and may increase the risk of your investment.\n\n•Our mix of offerings is novel in the industry and has yet to be tested in the long term.\n\n•We are an early-stage company with a history of losses and may incur significant expenses and continuing losses for the foreseeable future.\n\n•Our ability to generate or maintain positive cash flow is uncertain.\n\n•Our financial results may vary significantly from period to period due to fluctuations in our product development cycle and operating costs, product demand and other factors.\n\n•Our business plans require a significant amount of capital. In addition, our future capital needs may require us to sell additional equity or debt securities that may dilute our stockholders or introduce covenants that may restrict our operations or our ability to pay dividends.\n\n•We have incurred substantial debt, including $15.5 million principal amount of an Convertible Promissory Note (as amended the “Convertible Note”) outstanding as of May 14, 2026 made to the order of Aljomaih Automotive Co. (“Aljomaih”), together with accrued interest thereon, which is due in quarterly installments. The Convertible Note could impair our flexibility and access to capital and adversely affect our financial position, and our business would be adversely affected if we are unable to service our debt obligations and are subject to default.\n\n•We have experienced and may in the future experience significant delays in the design, manufacturing and wide-spread deployment of our products.\n\n•We previously restated our financial statements for several prior periods, which resulted in unanticipated costs and such restatement, or the perception that our results may again need to be restated, may adversely affect investor confidence, our stock price, our ability to raise capital in the future and our reputation.\n\n•We identified material weaknesses in our internal control over financial reporting, and we may identify additional material weaknesses in the future that may cause us to fail to meet our reporting obligations or result in material misstatements of our financial statements. If we fail to remediate any material weaknesses or if we otherwise fail to establish and maintain effective control over financial reporting, our ability to accurately and timely report our financial results could be adversely affected.\n\n•If we fail to successfully tool our manufacturing facilities or if our manufacturing facilities become inoperable, we will be unable to produce our vehicles and our business will be harmed.\n\n3\n\n[Table of Contents](#i61641893fe824b0bbeca9cbf84361e13_10)\n\n•We are or may be subject to risks associated with strategic alliances or acquisitions and may not be able to identify adequate strategic relationship opportunities, or form strategic relationships, in the future.\n\n•We derive a significant portion of our revenue from a small number of customers; if revenue derived from these customers decreases or the timing of such revenue fluctuates, our business and results of operations could be negatively affected.\n\n•Our delay in providing sufficient charging solutions for our vehicles has resulted in the delay of the delivery of our vehicles to customers.\n\n•We are dependent on our suppliers, some of which are limited source or single-source suppliers, and their inability or unwillingness to deliver necessary components and materials used in our products at prices and volumes, performance and specifications acceptable to us could harm our business.\n\n•Our business and prospects depend significantly on our ability to build the Xos brand. We may not successfully establish, maintain and strengthen the Xos brand, and our brand and reputation could be harmed by negative publicity regarding Xos or our products.\n\n•If we fail to manage our growth effectively, we may not be able to further design, develop, manufacture and market our products successfully.\n\n•Our battery packs use lithium-ion battery cells, a class of batteries which have been observed to catch fire or vent smoke and flame.\n\n•We have experienced, and may again experience increases in costs, disruption of supply or shortage of materials, in particular for lithium-ion battery cells, semiconductors and other key components.\n\n•We rely on complex machinery for the manufacture of our products, which involves a significant degree of risk and uncertainty in terms of operational performance and costs.\n\n•We may be unable to realize the opportunities expected from the acquisition of ElectraMeccanica Vehicles Corp. (“ElectraMeccanica”).\n\n•We may face regulatory limitations on our ability to sell vehicles directly to consumers, including restrictions in tax incentive policies.\n\n•Compliance obligations and/or the actual or perceived failure to comply with existing or future laws, regulations, contracts, self-regulatory schemes, standards, and other obligations related to data privacy and security (including security incidents) could harm our business.\n\n•The performance characteristics of our products may vary, due to factors outside of our control, which could harm our ability to develop, market and deploy our products.\n\n•We may have insufficient reserves to cover future warranty or part replacement needs or other vehicle, powertrain and battery pack repair requirements, including any potential software upgrades.\n\n•We have experienced product recalls and may experience future product recalls.\n\n•We are highly dependent on the services of Dakota Semler and Giordano Sordoni, our co-founders, as well as our key personnel and senior management, and if we are unable to attract and retain key personnel and hire qualified management, technical and electric vehicle engineering personnel, our ability to compete could be materially and adversely affected.\n\n•The commercial vehicle market is highly competitive, and we may not be successful in competing in this industry.\n\n•Our growth depends on the last-mile and return-to-base segment’s willingness to adopt electric vehicles.\n\n•We have been and may continue to be impacted by macroeconomic conditions, including supply chain disruption, trade policies and tariffs, health crises, inflation, uncertain credit and global financial market, including potential bank failures, labor discord, and geopolitical events, such as the ongoing conflicts between Russia and Ukraine and in the Middle East, and political tensions with China, including potential for economic downturns as a result of the conflict with Iran and shortages of access to oil, energy and other key industrial inputs.\n\n4\n\n[Table of Contents](#i61641893fe824b0bbeca9cbf84361e13_10)\n\nA discussion of these and other factors affecting our business and prospects is set forth in Part II, Item 1A. Risk Factors of our [Annual Report on Form 10-K for the year ended December 31, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001819493/000181949326000008/xos-20251231.htm) filed with the Securities and Exchange Commission (the “SEC”) on March 30, 2026 (as amended by Amendment No. 1 thereto, filed with the SEC on April 21, 2026, the “2025 Form 10-K”). We encourage investors to review these risk factors.\n\nAlthough we believe that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore such statements included in this Report may not prove to be accurate. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that the results or conditions described in such statements or our objectives and plans will be achieved.\n\nForward-looking statements and such risks, uncertainties and other factors speak only as of the date of this Report, and we expressly disclaim any obligation or undertaking to update or revise any forward-looking statement contained herein to reflect any change in our expectations with regard thereto, or any other change in events, conditions or circumstances on which any such statement is based, except to the extent otherwise required by law.\n\nPart I - Financial Information\n\nGlossary of Terms\n\nUnless otherwise stated in this Report or the context otherwise requires, reference to:\n\n•“Business Combination” means the Domestication, the Merger and the other transactions contemplated by the Merger Agreement, collectively;\n\n•“Closing” means the closing of the Business Combination;\n\n•“Common Stock” means the shares of common stock, par value $0.0001 per share, of Xos;\n\n•“Domestication” means the transfer by way of continuation and deregistration of NextGen from the Cayman Islands and the continuation and domestication of NextGen as a corporation incorporated in the State of Delaware;\n\n•“Hub” means our rapid-deployment mobile charger designed to expedite fleet transitions to electric vehicles;\n\n•“Legacy Xos” means Xos, Inc., a Delaware corporation, prior to the consummation of the Business Combination, now known as Xos Fleet, Inc.;\n\n•“Merger” means the merger of NextGen Merger Sub with and into Legacy Xos pursuant to the Merger Agreement, with Legacy Xos as the surviving company in the Merger and, after giving effect to such Merger, Legacy Xos becoming a wholly owned subsidiary of Xos;\n\n•“Merger Agreement” means that certain Merger Agreement, dated as of February 21, 2021, as amended on May 14, 2021, by and among NextGen, Sky Merger Sub I, Inc., a Delaware corporation and direct wholly owned subsidiary of NextGen, and Legacy Xos;\n\n•“NextGen” means NextGen Acquisition Corp., a Cayman Islands exempted company, prior to the consummation of the Domestication;\n\n•“Powertrain” means an assembly of every component that pushes a vehicle forward. A vehicle’s powertrain creates power from the engine and delivers it to the wheels on the ground. The key components of a powertrain include an engine, transmission, driveshaft, axles, and differential;\n\n•“Preferred Stock” means preferred stock, par value $0.0001 per share, authorized under the Certificate of Incorporation of Xos;\n\n•“Private Placement Warrants” means the warrants to purchase Common Stock originally issued in a private placement in connection with the initial public offering of NextGen;\n\n5\n\n[Table of Contents](#i61641893fe824b0bbeca9cbf84361e13_10)\n\n•“Public Warrants” means the redeemable warrants to purchase shares of Common Stock at an exercise price of $345 per share originally issued in connection with the initial public offering of NextGen;\n\n•“Warrants” means Private Placement Warrants and Public Warrants;\n\n•“X-Platform” means our proprietary, purpose-built vehicle chassis platform;\n\n•“Xos” means the reporting issuer, Xos, Inc. (formerly known as NextGen Acquisition Corporation), together with its consolidated subsidiaries;\n\n•“Xos Energy Solutions” means our comprehensive charging infrastructure business through which we offer mobile and stationary multi-application chargers, mobile energy storage and turnkey energy infrastructure services to accelerate client transitions to electric fleets; and\n\n•“Xosphere” means our proprietary fleet management platform."}