Xos, Inc. Proves Electric Vehicle Resilience in 2025: A Year of Positive Free Cash Flow and Growth
Xos, Inc., a leading electric vehicle company, has made a remarkable comeback in its fiscal year 2025, showcasing resilience amidst a tumultuous environment. In a recent conference call, the company's executives highlighted key achievements, solidifying its position as a player in the industry.
According to David Zlotchew, General Counsel, Xos' Chief Executive Officer, Dakota Semler, and other senior executives joined the call, presenting the company's fourth quarter and full year 2025 earnings results. The presentation reflected management's views as of March 26, 2026, highlighting forward-looking statements and cautioning against undue reliance on such predictions.
In a notable achievement, Xos generated $46 million in revenue for the full year 2025, with 328 units delivered, more than any previous year. The company's GAAP gross margin was 5.9%, marking its second consecutive full year of positive GAAP and non-GAAP gross margins. Moreover, the operating loss narrowed by 28% to $33.1 million, with an adjusted EBITDA loss improved by 33% to $23.5 million.
A key highlight from CEO Dakota Semler was the company's ability to generate $5.4 million of positive free cash flow for the year, compared to a negative $49.1 million in 2024 – a staggering swing of $54 million. This achievement marked the third consecutive quarter of positive free cash flow and the fourth time since going public that Xos has achieved this milestone.
The CEO emphasized that these numbers are not just statistics but proof that the company's model works. In Q4, Xos shipped stripped chassis to upfitters for a major customer program, with revenue recognized in the quarter at $5.2 million on 34 units. The balance will be recognized as vehicles are completed and delivered, indicating growing demand and scale.
CEO Semler put the year's achievements into context, stating that Xos entered 2025 with a clear mandate to grow the business, protect margins, and manage liquidity with discipline. Despite frequent tariff changes and complex macroeconomic factors, the company prevailed each quarter, compounding results throughout the year. In Q1, Xos set the foundation for its success in 2025.
