Xos Inc (XOS) 2025 Q1 法說會逐字稿

Good day. Welcome to the Xos Inc., first quarter of 2025 earnings call.

再會。歡迎參加 Xos Inc. 2025 年第一季財報電話會議。

(Operator Instructions) Please also note that this event is being recorded today.

（操作員指示）另請注意，今天正在記錄此事件。

I would now like to return the conference over to [David Zlotchew], General Counsel. Please go ahead.

現在我想將會議交還給總法律顧問 [David Zlotchew]。請繼續。

Thank you, everyone, for joining us today.

感謝大家今天加入我們。

Hosting the call, with me, are Xos' Chief Executive Officer, Dakota Semler; Xos' Chief Operating Officer, Giordano Sordoni; and Xos' Acting Chief Financial Officer, Liana Pogosyan.

與我一起主持這次電話會議的還有 Xos 執行長 Dakota Semler、Xos 營運長 Giordano Sordoni 和 Xos 代理財務長 Liana Pogosyan。

Today, after the close of regular trading, Xos issued its first-quarter 2025 earnings press release. As you listen to today's conference calls, we encourage you to have our press release in front of you, which includes our financial results, as well as commentary on the quarter ended March 31, 2025.

今天，常規交易結束後，Xos 發布了 2025 年第一季財報新聞稿。當您收聽今天的電話會議時，我們鼓勵您閱讀我們的新聞稿，其中包括我們的財務業績以及對截至 2025 年 3 月 31 日的季度的評論。

Management's statements today reflect management's views as of today, May 14, 2025 only; and will include forward-looking statements, including statements regarding our fiscal year 2025, management's expectations for future financial and operational performance, and other statements regarding our plans, prospects, and expectations.

管理層今天的聲明僅反映截至今天（2025 年 5 月 14 日）的管理層觀點；並將包括前瞻性聲明，包括有關我們 2025 財年的聲明、管理層對未來財務和營運業績的預期，以及有關我們的計劃、前景和期望的其他聲明。

These statements are not promises or guarantees and are subject to risks and uncertainties, which could cause them to differ, materially, from actual results.

這些聲明並非承諾或保證，並且受風險和不確定性的影響，可能導致其與實際結果有重大差異。

Additional information about important factors that could cause actual results to differ, materially, include, but are not limited to, Xos' ability to access capital when needed, and continuous ongoing concern, and potential supply chain disruptions including as a result of changes to or uncertainty around trade policy and tariffs.

有關可能導致實際結果出現重大差異的重要因素的其他資訊包括但不限於 Xos 在需要時獲取資本的能力、持續關注以及潛在的供應鏈中斷，包括由於貿易政策和關稅的變化或不確定性造成的。

These are included in today's press release and in our filings of the SEC, including our most recent annual report on Form 10-K, as well as subsequent filings.

這些都包含在今天的新聞稿和我們向美國證券交易委員會提交的文件中，包括我們最近的 10-K 表年度報告以及後續文件。

We undertake no obligation to update forward-looking statements, except as required by law. You should not put undue reliance on statements.

除非法律要求，否則我們不承擔更新前瞻性聲明的義務。您不應過度依賴聲明。

Further, today's presentation includes references to non-GAAP financial measures and performance metrics. Additional information about these non-GAAP measures, including reconciliation of non-GAAP measures to comparable GAAP measures is included in the press release we issued today.

此外，今天的演示中也提到了非公認會計準則財務指標和績效指標。我們今天發布的新聞稿中包含了有關這些非公認會計準則 (non-GAAP) 指標的更多信息，包括非公認會計準則 (non-GAAP) 指標與可比公認會計準則 (GAAP) 指標的調節。

Our press release and SEC filings are available on the Investor Relations section of our website, at www.xostrucks.com/investor-overview.

我們的新聞稿和 SEC 文件可在我們網站的投資者關係部分找到，網址為 www.xostrucks.com/investor-overview。

With that, I now turn it over to our CEO, Dakota.

現在，我將把權力移交給我們的執行長達科塔 (Dakota)。

Thanks, [David]. Thank you, everyone, for joining us on the call.

謝謝，[大衛]。感謝大家參加我們的電話會議。

Q1 was the start of a really important year for Xos. Over the last few years, we have worked hard to bring our cost down and make the business more profitable, while also strengthening our relationships with current customers and building new ones to drive growth.

對 Xos 來說，第一季是真正重要的一年的開始。在過去的幾年裡，我們努力降低成本，提高業務獲利能力，同時加強與現有客戶的關係，並建立新客戶以推動成長。

This year, our focus was pretty simple: keep growing, protect margins, and manage liquidity with discipline.

今年，我們的重點非常簡單：保持成長、保護利潤率並嚴格管理流動性。

And while we're dealing with a lot of moving pieces, including new emissions rules, new tariffs, and a tough interest rate environment, we feel confident. Our customers trust us. Our trucks continue to perform reliably in the field. And we've never been more focused on running a tight, durable business.

儘管我們正在處理許多變化因素，包括新的排放規則、新的關稅和嚴峻的利率環境，但我們仍然充滿信心。我們的客戶信任我們。我們的卡車在現場繼續可靠地運行。我們從未像現在這樣專注於經營緊密、持久的業務。

In Q1, we brought in $5.9 million in revenue and delivered 29 units. We actually shipped 60 units but due to revenue recognition rules, we couldn't recognize revenue on everything, right away. Some of that will land in future quarters.

第一季度，我們的營收為 590 萬美元，交付了 29 台。我們實際上運送了 60 個單位，但由於收入確認規則，我們無法立即確認所有產品的收入。其中一部分將在未來幾季實現。

What's encouraging is that customer demand has stayed consistent. We're still seeing growing interest from national fleets. And while smaller regional operators are feeling the pinch from interest rates, they're also jumping on strong state incentive programs in places like California, Washington, New Jersey, New York, Massachusetts, and Texas.

令人鼓舞的是，客戶需求一直保持穩定。我們仍然看到國家艦隊的興趣日益濃厚。儘管規模較小的區域性業者感受到了利率的壓力，但他們也紛紛抓住加州、華盛頓州、新澤西州、紐約州、麻薩諸塞州和德州等地強有力的政府獎勵計畫。

We continue to win new customers and grow the order book with existing customers.

我們繼續贏得新客戶並增加現有客戶的訂單。

Now, let's talk about tariffs. We recently raised prices to help offset some of the cost of increases tied to the new tariff structures. Behind the scenes, we've done a deep dive into every part and commodity that's impacted. And we've mapped out exactly where we are most exposed.

現在，我們來談談關稅。我們最近提高了價格，以幫助抵消與新關稅結構相關的部分成本上漲。在幕後，我們深入研究了受影響的每個零件和商品。我們已經精確地標示了我們最容易受到攻擊的地方。

While there will some increases in our cost of goods sold -- anywhere from 10% to 30%, depending upon the product -- the majority of our vehicle value is still sourced and built in the USA. Over the next couple of years, we see a clear path to reduce that exposure even more through reshoring or resourcing.

雖然我們的銷售成本會增加（根據產品不同，增加 10% 到 30%），但我們車輛的大部分價值仍然來自美國並在美國製造。在接下來的幾年裡，我們看到了一條透過回流或資源配置進一步減少這種風險的明確途徑。

We're not waiting for this to become a problem. We're already planning and executing.

我們不會等到它變成一個問題。我們已經在計劃和執行中。

The same goes for Powered by Xos business. Some of the components in our powertrain kits are affected by tariffs. But we're working closely with our OEM partners to help shield their customers from those increases. Even with those headwinds, we expect that business to stay on track.

Powered by Xos 業務也是如此。我們的動力總成套件中的某些組件受到關稅的影響。但我們正在與 OEM 合作夥伴密切合作，幫助他們的客戶免受這些價格上漲的影響。即使面臨這些不利因素，我們預期業務仍將維持正常發展。

One of the most exciting things we've done this quarter is launch the MDXT, our new medium duty chassis-cab. This has been a long time coming.

本季我們所做的最令人興奮的事情之一是推出我們的新型中型底盤駕駛室 MDXT。這已經醞釀了很久了。

MDXT takes everything we have learned from building over 1,000 Stepvans -- including the high-voltage architecture, the software, and the supply chain -- and brings it into a more flexible platform that can serve a wider range of use cases.

MDXT 吸收了我們在建造 1,000 多輛 Stepvan 過程中學到的所有知識（包括高壓架構、軟體和供應鏈），並將其帶入更靈活的平台，以滿足更廣泛的使用場景。

We showed it off for the first time at the ACT Expo in Anaheim, recently. And the response blew us away. Fleet owners say they love the design; they love the packaging; and, most importantly, they see how it fits their needs today, not five years from now.

我們最近在阿納海姆的 ACT 博覽會上首次展示了它。而得到的回應讓我們大吃一驚。車隊所有者表示，他們喜歡這種設計；他們喜歡這種包裝；最重要的是，他們看到了它如何滿足他們當前的需求，而不是五年後的需求。

There's a real market here. The total addressable market for medium-duty chassis-cabs in the US is up to 100,000 units per year. We picked this segment because it's a natural extension of what we already do.

這裡有一個真正的市場。美國中型底盤駕駛室的總目標市場每年高達 10 萬輛。我們選擇這個部分是因為它是我們現有工作的自然延伸。

The core vehicle architecture is familiar. The range, battery sizes, and daily duty cycles are almost identical to our Stepvans. Our team knows how build it; our suppliers already support it; and most of our customers already operate vehicles in this category.

核心車輛架構是熟悉的。其行駛範圍、電池尺寸和日常工作週期幾乎與我們的 Stepvans 相同。我們的團隊知道如何建造它；我們的供應商已經支援它；並且我們的大多數客戶已經操作此類別的車輛。

It's also a market that's been ignored. Most of the legacy players are pricing their electric chassis-cabs over $300,000, which has kept sales volumes low. Fleets are still looking for a more affordable, reliable option.

這也是一個被忽視的市場。大多數傳統廠商的電動底盤駕駛室定價都在 30 萬美元以上，這導致銷量較低。車隊仍在尋找更經濟、更可靠的選擇。

And, importantly, MDXT is designed to work with the charging infrastructure that fleet already have in place, whether it's level 2 charging or low-powered DC fast charging.

而且重要的是，MDXT 旨在與車隊現有的充電基礎設施配合使用，無論是 2 級充電還是低功率直流快速充電。

Based on our experience, charging has been consistently been the biggest bottleneck to deploying EVs. And we continue to see that as a headwind in the Class 8 space.

根據我們的經驗，充電一直是部署電動車的最大瓶頸。我們繼續將此視為 8 級領域的阻力。

But the Class 6 chassis-cab market doesn't face the same constraints. These vehicles don't require massive battery packs or long ranges so the infrastructure burden is far lower. That makes adoption faster and more scalable.

但 6 級底盤駕駛室市場並不面臨同樣的限制。這些車輛不需要大量電池組或長距離行駛，因此基礎設施負擔要低得多。這使得採用速度更快、更具可擴展性。

There's a lot of attention on Class 8, right now. But not many folks are focused on making medium-duty electric trucks work. And that's where we see an opportunity.

現在，第 8 班受到了廣泛關注。但並沒有多少人致力於中型電動卡車的研發。這就是我們看到的機會。

Right after the quarter closed, we started a national road tour with the MDXT. We kicked things off in California. And I have personally driven nearly 1,000 miles in the MDXT, just this week, delivering a hub to a customer in Fresno and towing another hub for demos all across Southern California.

本季結束後，我們立即帶著 MDXT 開始了全國巡迴演出。我們在加州開始了這一切。光是本週，我個人就駕駛 MDXT 行駛了近 1,000 英里，將一個輪轂交付給弗雷斯諾的一位客戶，並將另一個輪轂拖到南加州各地進行演示。

As someone who's been a fleet owner and a discerning truck user for years, I can honestly say this truck has blown me away. The ride quality, powertrain efficiency, and overall performance are on a completely different level, compared to anything else in this space.

作為一個多年來一直是車隊所有者和挑剔的卡車用戶的人，我可以誠實地說這輛卡車讓我震驚不已。與該領域的其他產品相比，其乘坐品質、動力傳動系統效率和整體性能都處於完全不同的水平。

Over the next few months, we will continue taking the MDXT on the road to meet more customers face-to-face, with stops planned in New Jersey, New York, Tennessee, Texas, and Washington.

在接下來的幾個月裡，我們將繼續帶著 MDXT 上路，與更多客戶面對面交流，並計劃在新澤西、紐約、田納西、德克薩斯和華盛頓停留。

We are gathering feedback, logging miles, and getting real-world validation of just how versatile and capable this platform is. Early interest has been great. And while the MDXT is still moving through safety certifications and final validation, we're targeting a production ramp by Q3 of 2026.

我們正在收集回饋、記錄里程，並獲得現實世界的驗證，以證明平台的多功能性和能力。早期人們的興趣非常濃厚。雖然 MDXT 仍在進行安全認證和最終驗證，但我們的目標是在 2026 年第三季實現產量提升。

Looking forward, our focus as a company really comes down to three things.

展望未來，我們公司的重點實際上可以歸結為三件事。

First, growth. We're committed to growing sales and delivering quarter over quarter.

第一，增長。我們致力於提高銷售額並逐季實現盈利。

Second, liquidity. We've become incredibly disciplined about how we manage cash. And we expect to continue strengthening our liquidity position, moving forward.

第二，流動性。我們對現金管理的方式已經變得極為嚴謹。我們希望繼續加強我們的流動性狀況。

Third, margins. We know how critical they are. As the cost impacts from tariffs become more clear and with the pricing adjustments we've made in our visibility into the unit economics of every vehicle, we are confident we can keep improving margin performance over the full year.

第三，利潤。我們知道它們有多重要。隨著關稅對成本的影響變得更加清晰，以及我們對每輛車的單位經濟效益進行的價格調整，我們有信心在全年繼續提高利潤率。

These three pillars -- growth, liquidity, and margins -- will continue to guide how we execute, as we scale the business.

隨著我們擴大業務規模，這三大支柱——成長、流動性和利潤率——將繼續指導我們的執行方式。

Gio will now take you through some of the operational highlights from the quarter.

Gio 現在將帶您了解本季的一些營運亮點。

Thanks, Dakota. Good afternoon, everyone.

謝謝，達科塔。大家下午好。

Our manufacturing, supply chains, and engineering teams made significant strides in Q1, advancing our truck, mobile charging, and powertrain product lines.

我們的製造、供應鏈和工程團隊在第一季取得了重大進展，推進了我們的卡車、行動充電和動力總成產品線。

The factory remained busy in the first quarter, while we kicked off bills for UPS and began delivering chassis to our body upfitter for that program, demonstrating our ability to ramp production, in partnership with the marquee customer.

工廠在第一季依然很忙，同時我們開始為 UPS 支付帳單，並開始為該專案向車身改裝商提供底盤，展示了我們與大客戶合作提高產量的能力。

Simultaneously, we initiated production of our electrification kits for Blue Bird school buses, putting us on track to support safe, reliable electric transportation for school districts, nationwide.

同時，我們開始生產 Blue Bird 校車的電氣化套件，使我們能夠為全國的學區提供安全、可靠的電動交通支援。

I'm especially proud of the progress on our medium-duty chassis-cab offering, the MDXT, which came to life, this quarter, at our plant in Tennessee. This new product, which we recently showed off at the ACT Expo in Anaheim, leverages much of the same technology and components as our Stepvan. And we plan to build it in our Tennessee plant on the same production line as our Stepvan chassis.

我對我們的中型底盤駕駛室產品 MDXT 的進展感到特別自豪，該產品於本季在我們位於田納西州的工廠投入使用。我們最近在阿納海姆 ACT 博覽會上展示的這款新產品採用了與 Stepvan 相同的許多技術和組件。我們計劃在田納西州的工廠中，使用與 Stepvan 底盤相同的生產線來生產它。

Bringing this product from design to demo so quickly is a testament to our team's agility and deep expertise across mechanical, electrical, and software integration. We plan to continue to test and validate this new offering, as we work to bring it closer to production.

如此迅速地將產品從設計變為演示，證明了我們團隊在機械、電氣和軟體整合方面的敏捷性和深厚的專業知識。我們計劃繼續測試和驗證這項新產品，並努力使其更接近生產。

For these reasons, we expect the MDXT program launch and ramp up to be extremely capital efficient.

基於這些原因，我們預計 MDXT 計畫的啟動和發展將極為有效率地利用資本。

On the cost and supply chain fronts, our teams continue to navigate an evolving tariff environment, with a two-pronged approach.

在成本和供應鏈方面，我們的團隊繼續採取雙管齊下的方法來應對不斷變化的關稅環境。

First. We're working closely with customs advisors and suppliers to identify alternative sourcing strategies to reduce the impact of these tariffs.

第一的。我們正在與海關顧問和供應商密切合作，尋找替代採購策略來減少這些關稅的影響。

Second. Our engineering and procurement functions continue to execute multiple direct material cost reduction projects to help offset any potential tariff-related increase, as we grow and scale.

第二。隨著我們的發展和規模擴大，我們的工程和採購部門繼續執行多個直接材料成本削減項目，以幫助抵消任何潛在的與關稅相關的成長。

We remain committed to building and growing our company at our flagship and our flagship truck and mobile charging production facility in Tennessee.

我們將繼續致力於在田納西州的旗艦和旗艦卡車和行動充電生產工廠建造和發展我們的公司。

Looking ahead, we remain laser-focused on operational excellence. The team is focused on scaling our chassis and kit production lines, accelerating supplier diversification and pursuing further bill of material improvements.

展望未來，我們仍將專注於卓越營運。團隊致力於擴大我們的底盤和套件生產線，加速供應商多樣化並進一步改進物料清單。

These initiatives are designed not only to cushion us against external headwinds but, also, to drive long term margin expansion, as we enter the busy delivery season.

這些措施不僅是為了緩解外部不利因素的影響，也是為了在我們進入繁忙的交付季節時推動長期利潤率的擴大。

With those updates, I'll turn the call over to Liana for an in-depth look at our financial performance.

了解了這些更新後，我將把電話轉給 Liana，以深入了解我們的財務表現。

Thank you.

謝謝。

For Q1 2025, our revenue was $5.9 million or 29, units down from $11.5 million or 51 units in Q4 2024 and $13.2 million or 62 units in Q1 2024.

2025 年第一季度，我們的營收為 590 萬美元或 29,000 台，低於 2024 年第四季的 1,150 萬美元或 51 台，也低於 2024 年第一季的 1,320 萬美元或 62 台。

While Xos only recognized revenue for 29 units this quarter, as Dakota mentioned, we actually shipped a total of 60 units, including 31 additional strip-chassis sent to upfitters.

雖然 Xos 本季僅確認了 29 台車輛的收入，但正如 Dakota 所提到的，我們實際上總共出貨了 60 台車輛，其中包括發送給改裝商的 31 個額外的條形底盤。

These are part of our previously announced 193 vehicle order from UPS. And we expect to deliver them to the customer and recognize the revenue, in accordance with GAAP standards, in the coming quarters of 2025.

這是我們之前宣布的來自 UPS 的 193 輛汽車訂單的一部分。我們預計將在 2025 年的未來幾季將它們交付給客戶，並根據 GAAP 標準確認收入。

Our cost of goods sold during the quarter decreased to $4.7 million, compared to $15.2 million in Q4 2024 and $10.4 million in Q1 2024.

本季我們的銷售成本下降至 470 萬美元，而 2024 年第四季為 1,520 萬美元，2024 年第一季為 1,040 萬美元。

GAAP gross margin, during the quarter, was a profit of $1.2 million or 20.6%, compared to a loss of $3.7 million or negative 32.4% in Q4 2024; and, compared to a profit of $2.8 million or 21.2% in Q1 2024.

本季度，以 GAAP 計算的毛利率為獲利 120 萬美元，即獲利 20.6%，而 2024 年第四季則虧損 370 萬美元，即虧損 32.4%；而 2024 年第一季則獲利 280 萬美元，即獲利 21.2%。

As a reminder, GAAP gross margin, during Q4 2024, was significantly impacted by changes in our inventory reserves and write-offs of inventory from our annual physical inventory count, as well as obsolete parts.

提醒一下，2024 年第四季度，GAAP 毛利率受到庫存儲備變化、年度實體庫存盤點中的庫存註銷以及過時零件的顯著影響。

Non-GAAP gross margin, during the quarter, was a profit of approximately $900,000 or 15%, compared to a profit of $2.7 million or 23.2% in the prior quarter and a profit of $1.7 million or 12.8% in Q1 2024.

本季非公認會計準則毛利率約為 90 萬美元，即 15%，而上一季的利潤為 270 萬美元，即 23.2%，2024 年第一季的利潤為 170 萬美元，即 12.8%。

This quarter marked our seventh consecutive quarter of positive non-GAAP gross margin performance. We remain committed to sustaining positive GAAP growth margins, despite ongoing tariff headwinds.

本季是我們連續第七個季度實現非公認會計準則毛利率為正。儘管關稅阻力持續存在，我們仍然致力於維持正的 GAAP 成長利潤率。

We've gained increased visibility into our near-term tariff exposure and have implemented mitigation strategies that we expect to take effect in the second half of the year, as Gio and Dakota discussed.

正如吉奧和達科塔所討論的，我們對近期關稅風險有了更清晰的了解，並實施了預計今年下半年生效的緩解策略。

Turning to expenses. Our Q1 2025 operating expenses were $10.5 million, compared to $10.9 million last quarter and $13 million in Q1 2024. The 19.6% drop from Q1 2024 reflects the impact of our strong operational discipline in managing our costs, while continuing to support key growth initiatives.

談到費用。我們的 2025 年第一季營運費用為 1,050 萬美元，而上一季為 1,090 萬美元，2024 年第一季為 1,300 萬美元。與 2024 年第一季相比下降了 19.6%，這反映了我們在管理成本方面強有力的營運紀律的影響，同時繼續支持關鍵的成長計畫。

Our operating profitability continues to follow a promising trajectory, with an operating loss for Q1 2025 of $9.3 million, compared to a loss of $14.6 million in Q4 2024 and $10.2 million in Q1 2024. This was driven by ongoing cost discipline and several cost-cutting measures taken last quarter, which included a reduction in our total workforce in October and temporary salary reduction for certain of our senior executives; and was partially offset by lower volume, creating the decrease in top-line revenue and gross profits, discussed earlier.

我們的營運獲利能力持續保持良好的軌跡，2025 年第一季的營運虧損為 930 萬美元，而 2024 年第四季的虧損為 1,460 萬美元，2024 年第一季的虧損為 1,020 萬美元。這是由於持續的成本管控和上個季度採取的幾項成本削減措施所致，其中包括 10 月份裁減員工總數和臨時減薪部分高級管理人員；但部分抵消了銷量下降的影響，導致前面討論過的營業收入和毛利潤下降。

According to the balance sheet, we closed Q1 2025 with cash and cash equivalents totaling $4.8 million.

根據資產負債表，截至 2025 年第一季度，我們的現金和現金等價物總額為 480 萬美元。

Operating cash flow left CapEx or free cash flow was negative $4.8 million this quarter, compared to a positive $3.3 million in Q4 2024 and negative $14.6 million in Q1 2024. Free cash flow, this quarter, was impacted by our inventory purchases to support upcoming deliveries later this year. Encouragingly, this was offset by positive working capital trends; particularly, continued progress in accounts receivable collection.

本季經營現金流剩餘資本支出或自由現金流為負 480 萬美元，而 2024 年第四季為正 330 萬美元，2024 年第一季為負 1,460 萬美元。本季的自由現金流受到我們為支持今年稍後即將交付的庫存採購的影響。令人鼓舞的是，這一損失被積極的營運資本趨勢所抵消；特別是應收帳款回收的持續進展。

Inventory increased to $38 million, this quarter, from $36.6 million at the end of both Q4 2024 and Q1 2024. Inventory increased due to our strategic purchasing to support upcoming deliveries.

本季庫存從 2024 年第四季和 2024 年第一季末的 3,660 萬美元增加至 3,800 萬美元。由於我們為支持即將到來的交貨而進行策略採購，庫存增加。

We are continuing to manage our liquidity position and expected to improve in the subsequent quarters, as we deliver vehicles in support of UPS and other customer orders, continue to improve accounts receivable collections, and actively explore options for enhancing our liquidity.

我們將繼續管理我們的流動性狀況，並預計在接下來的幾個季度中會有所改善，因為我們將交付支援 UPS 和其他客戶訂單的車輛，繼續改善應收帳款收集，並積極探索增強流動性的選擇。

In the past few quarters, we have made great progress in collecting receivables from customers and from organizations helping to administer state-grant programs by collecting a combined $10.2 million during the quarter, $20.9 million during Q4 2024, and $9.6 million during Q3 2024.

在過去的幾個季度中，我們在向客戶和幫助管理國家補助計劃的組織收取應收帳款方面取得了巨大進展，本季度共收取 1020 萬美元，2024 年第四季度共收取 2090 萬美元，2024 年第三季度共收取 960 萬美元。

Now, turning to our outlook, we are reaffirming a full-year 2025 guidance of revenue to fall in the range of $50.2 million to $65.8 million; unit deliveries to be within the range of 320 to 420 units; and non-GAAP operating loss to be in the range of $17.2 million to $14 million.

現在，談到我們的展望，我們重申 2025 年全年預期：收入在 5020 萬美元至 6580 萬美元之間；交付量在 320 至 420 台之間；非 GAAP 營業虧損在 1720 萬美元至 1400 萬美元之間。

With that, I'll turn the call back over to Dakota.

說完這些，我就把電話轉回達科塔。

Thank you, Liana.

謝謝你，莉安娜。

As we look ahead to the rest of 2025, we remain obsessively focused on delivering growth, improving liquidity, and increasing margins.

展望 2025 年剩餘時間，我們仍將專注於實現成長、改善流動性和提高利潤率。

Over the past year, we've demonstrated our ability to run a lean organization, while still maintaining a competitive product portfolio. We've also managed to build a robust sales pipeline and sort through unexpected events in the international supply chain.

在過去的一年裡，我們展示了營運精實組織的能力，同時仍保持具有競爭力的產品組合。我們也成功建立了強大的銷售管道，並解決了國際供應鏈中的意外事件。

This adaptiveness and resiliency in the face of challenge is one of our strongest skills. And we believe our customers see this resilience as essential in this dynamic marketplace, driving long-term customer loyalty.

這種面對挑戰的適應力和韌性是我們最強大的技能之一。我們相信，我們的客戶認為這種韌性對於這個充滿活力的市場至關重要，可以推動長期的客戶忠誠度。

As we prepare for our biggest year yet, we remain confident in our ability to overcome challenges to build the most robust commercial electric vehicle manufacturer in our industry.

在我們為迄今為止最重要的一年做準備的同時，我們仍然有信心我們有能力克服挑戰，打造業內最強大的商用電動車製造商。

With that, I'll hand it back over to the operator for questions.

說完這些，我將把它交還給接線員以便回答問題。

We will now begin the question-and-answer session.

我們現在開始問答環節。

(Operator Instructions)

（操作員指示）

Craig Irwin, Roth Capital Partners.

克雷格歐文 (Craig Irwin)，羅斯資本合夥公司 (Roth Capital Partners)。

Good evening. Thank you for taking my questions.

晚安.感謝您回答我的問題。

Dakota, I wanted to ask about the MDXT. It's nice to see the broadening of the of the platform. And, obviously, a lot of thought has gone into the investment here.

達科塔，我想問 MDXT。很高興看到平台的擴大。顯然，我們對這項投資進行了深思熟慮。

Can you, maybe, speak a little bit about the parts commonality between your Stepvans and the MDXT. And any potential incremental investment that has to happen in Tennessee, before you launch production later on, next year?

您能否稍微談談 Stepvans 和 MDXT 之間的零件通用性？在明年稍後開始生產之前，田納西州是否需要進行任何潛在的增量投資？

Yeah. Happy to talk about the parts commonality. Thanks for the question, Craig.

是的。很高興談論零件的共通性。謝謝你的提問，克雷格。

First and foremost, we wanted to use as much content from our existing vehicle platforms, really, to drive the same reliability and the same durability out of this platform, as we bring it to market. That way, customers have the same level of confidence that they do in their existing trucks, when they're deploying this newer product.

首先，我們希望充分利用現有汽車平台的資源，以便在將此平台推向市場時，實現相同的可靠性和耐用性。這樣，當客戶部署這款新產品時，他們就會擁有與現有卡車相同的信心。

In addition to that, there's a lot of synergies that come from being able to tap into existing components that we're already purchasing in the hundreds of units per year. We've already cost reduced them. We've done a lot of the validation work for Federal Motor Vehicle Safety Standards or for other certification requirements that we have to meet.

除此之外，我們能夠利用每年已經購買數百個的現有組件，從而產生許多協同效應。我們已經降低了它們的成本。我們已經針對聯邦機動車安全標準或我們必須滿足的其他認證要求完成了大量驗證工作。

So it actually cuts out considerable cost. Not just from the direct material cost of these vehicles but, also, in the R&D and development process and bringing that vehicle to market.

因此它實際上削減了相當多的成本。不僅是這些車輛的直接材料成本，還包括研發過程以及將車輛推向市場的成本。

If you include the cab as a part of the assembly with our -- as compared to our strip-chassis, the MDXT, from a value standpoint, shares over 90% of the same commodity components; meaning, 90% of the cost of goods that go into that product are the same as what they are in the Stepvan.

如果將駕駛室作為我們組裝的一部分，那麼與我們的帶狀底盤相比，MDXT 從價值角度來看，共享 90% 以上的相同商品組件；這意味著，該產品 90% 的商品成本與 Stepvan 相同。

That's incredibly valuable for us. It means we have to carry fewer parts and inventory for service and aftermarket parts. It means our customers are already familiar with the platform. And it even means fewer hours of training in the aftermarket field, with our service technicians and our dealer partners, to make sure they know how to support these vehicles.

這對我們來說非常有價值。這意味著我們需要攜帶更少的服務和售後零件和庫存。這意味著我們的客戶已經熟悉該平台。這甚至意味著我們的服務技術人員和經銷商合作夥伴在售後市場領域接受的培訓時間更少，以確保他們知道如何支援這些車輛。

So there's a lot of synergies there.

因此，這裡存在著許多協同效應。

To address the second part of your question, which really speaks to the ramping cost: this is also the benefit of utilizing so much of our existing product portfolio.

回答你問題的第二部分，這其實說明了成本的增加：這也是利用我們現有產品組合的好處。

We have very little incremental investment to make in Tennessee. We anticipate that it will be less than seven figures or even in a very low seven-figure rang to bring this product to market. So not a significant amount of incremental CapEx.

我們在田納西州的增量投資非常少。我們預計，將該產品推向市場的成本將低於七位數，甚至處於非常低的七位數範圍內。因此增量資本支出不顯著。

And most of the R&D work has actually already been done to bring these prototypes to the stage where they're at today, which is going through those certification and testing procedures.

實際上，大部分研發工作已經完成，這些原型已經達到了今天的階段，正在經歷認證和測試程序。

Thank you for that.

謝謝你。

Obviously, you wouldn't have developed this product unless you had substantive customer conversations and indications of interest for the product, right?

顯然，如果您沒有與客戶進行過實質性的對話，也沒有客戶對該產品表現出興趣，那麼您就不會開發該產品，對嗎？

Customers that want that flexibility of a vehicle that's, maybe, easier to charge and eligible for local subsidies and other incentives that make it a credible product.

客戶希望車輛具有靈活性，可能更容易充電，並且有資格獲得當地補貼和其他激勵措施，從而使其成為可靠的產品。

Can you, maybe, describe, for us, the market development around this? What are potential customers saying? And what do you think a fair timeline is for us to expect news of initial orders?

您能否為我們描述一下這個領域的市場發展？潛在客戶在說什麼？您認為我們可以預期初始訂單訊息的合理時間表是什麼時候？

Yeah. Absolutely.

是的。絕對地。

I'll start and just address the actual market size. When you look at our strip-chassis product, that market segment can sell up to about 25,000 units in a strong year. It's a relatively niche market in the overall 800,000 to 900,000 commercial vehicles sold every year in the United States.

我首先要討論的是實際的市場規模。如果您看一下我們的條形底盤產品，您會發現該細分市場在強勁的年份可以銷售多達約 25,000 台。在美國每年銷售的商用車總量為 80 萬至 90 萬輛的情況下，這是一個相對小眾的市場。

Obviously, it's a very concentrated market, with a lot of those large fleet customers like UPS and FedEx that already buy our products. But it is still a niche market.

顯然，這是一個非常集中的市場，許多大型車隊客戶（如 UPS 和 FedEx）已經購買我們的產品。但它仍然是一個利基市場。

When you start to look into conventional chassis-cab products, like the MDXT, that market can sell up to 100,000 units per year in just classes 5 and 6. And so, it's a much larger market to start with.

當您開始研究傳統的底盤駕駛室產品（例如 MDXT）時，該市場僅在 5 類和 6 類中每年就可以銷售多達 100,000 台。因此，這是一個更大的市場。

There are not as many concentrated fleets that have populations of tens of thousands of vehicles like the FedExes and UPSs. But there are still some very sizable fleets, several of which we've already announced as customers in the past, including Southern Wine & Spirits, RNDC, and many others that run thousands of box trucks in their fleets, every day, in the US.

不像聯邦快遞和UPS那樣擁有數萬輛車的集中車隊。但仍然有一些規模非常大的車隊，其中一些我們過去已經宣佈為客戶，包括 Southern Wine & Spirits、RNDC 和許多其他公司，他們的車隊每天在美國運行數千輛箱式卡車。

We'll talk about more customers, as we continue our demo schedule and get this vehicle out there on the road. But we anticipate that it will take some time to bring this pipeline and ramp it to the level of size that the Stepvan is at today.

隨著我們繼續我們的演示計劃並將這輛車開上路，我們將談論更多的客戶。但我們預計，要將這條管道建到如今 Stepvan 的規模還需要一些時間。

But we do believe that, eventually, it could actually surpass the volumes of the Stepvan, as it's a much more broadly applicable product and much more versatile in the types of vocations and use cases that the product can service and cater to.

但我們確實相信，最終它的銷售實際上可以超過 Stepvan，因為它是一種適用範圍更廣的產品，並且在產品可以服務和迎合的職業類型和用例方面更加靈活。

Thank you.

謝謝。

My next question is about the 31 units for UPS that were shipped but not recognized as revenue, right? The strip-chassis for the bodybuilder and, then, to UPS.

我的下一個問題是關於 UPS 已發貨但未確認為收入的 31 個單位，對嗎？為車身製造商提供條形底盤，然後將其運送至 UPS。

As we look at this, how do we approximate the revenue for Xos? What would you suggest we pay attention to?

當我們看到這一點時，我們如何估算 Xos 的收入？您建議我們關注什麼？

I know there's pricing changes and that you're proactively managing your expenses here. The ASPs this last quarter, I'm sure, were impacted by charge hubs and other shipments.

我知道價格有變化，而且您正在積極管理您的開支。我確信上個季度的平均售價受到了充電中心和其他出貨量的影響。

So how should we think about the relative contribution? And is this something that we should expect to be evenly spread in the second through fourth quarters? Or is it possibly lumpy? Any additional color on the revenue recognition here?

那我們該如何看待相對貢獻呢？我們是否應該預期這種情況會在第二季至第四季均勻分佈？或者它可能有塊狀？這裡還有關於收入確認的補充資訊嗎？

Yeah. Absolutely.

是的。絕對地。

As we've shared in previous calls, with our large national customers that continue to place recurring orders in high volumes of tens or hundreds of units, we really afford them the most favorable pricing structures and agreements. And those are at the lower end of our margin guidance range.

正如我們在之前的電話會議中所分享的那樣，對於我們的大型全國客戶，他們繼續下達數十或數百個單位的大量訂單，我們確實為他們提供了最優惠的定價結構和協議。這些都處於我們的保證金指導範圍的下限。

In some cases, we'll even go down into single-digit margins because we really value the relationship opportunity and the ability to work with some of the most discerning fleets in this industry that have thousands of vehicles to convert, ultimately, over to electric vehicles.

在某些情況下，我們的利潤率甚至會降至個位數，因為我們非常重視與該行業一些最挑剔的車隊建立關係的機會和合作的能力，這些車隊擁有數千輛汽車需要最終轉換為電動車。

So we're really working to earn that business. We don't provide specific margin level guidance or detail around certain customers but as we endeavor to deliver some of these large volume orders, you can expect that margin, profile to reduce quite a bit.

所以我們確實在努力贏得這項業務。我們沒有針對特定客戶提供具體的保證金水平指導或詳細信息，但隨著我們努力交付其中一些大批量訂單，您可以預期保證金水平會大幅下降。

But a lot of that will be offset by other products in the portfolio, whether that's our mobile charging products; some of our other Stepvan configurations, specialty configurations.

但其中許多將被產品組合中的其他產品所抵消，無論是我們的行動充電產品，還是我們的一些其他 Stepvan 配置、特殊配置。

And I think, as we look at delivering some of these large orders, there's going to be a heavy concentration in Q2 and Q3; and then, Q4 will round out with more of those smaller orders that are generally at the higher range of our margin guidance range.

我認為，當我們考慮交付一些大訂單時，它們將主要集中在第二季度和第三季度；然後，第四季度將會出現更多較小的訂單，這些訂單通常處於我們的利潤指導範圍的較高範圍內。

Understood. My last question is about the charge hub, specifically.

明白了。我的最後一個問題具體是關於充電中心的。

You had a prominently it displayed at ACT Expo. And I saw a number of interesting customers come over and talk to your sales people at different points in the show.

您在 ACT 博覽會上有一個突出的展示。我在展會的不同階段看到許多有趣的客戶過來和你們的銷售人員交談。

Can you, maybe, update us on the tempo of activity around the charge hub? You had talked about a production schedule, that was pretty impressive.

您能否向我們介紹一下充電中心週邊活動的節奏？您談到了生產計劃，這非常令人印象深刻。

Is this product tracking with expectations, at this point? I know it solves a bottleneck, a problem for a lot of the other electric vehicle OEMs out there and the eager customers that many of them have. Any update on charge hub for us to help Understand the contributions?

目前，該產品是否符合預期？我知道它解決了一個瓶頸，一個困擾許多其他電動車原始設備製造商及其眾多熱切客戶的問題。充電中心有任何更新資訊可以幫助我們了解貢獻嗎？

Yeah. Thanks for the question. This is Gio.

是的。謝謝你的提問。這是吉奧。

We are really excited about the progress on the hub. I think we've mentioned this on previous calls but we were delightfully surprised that we've had a lot of interest and, even, orders for the hub, outside of just our own truck customers.

我們對中心的進展感到非常興奮。我想我們在之前的電話會議中提到過這一點，但令我們驚訝的是，除了我們自己的卡車客戶之外，還有很多客戶對該輪轂感興趣，甚至還有訂單。

Of course, we built it to solve the charging problem that a lot of our customers experience; where they want to buy trucks but struggle to get chargers installed, whether it's permitting issues or site-related issues.

當然，我們建造它是為了解決許多客戶遇到的充電問題；他們想購買卡車，但卻難以安裝充電器，無論是許可問題還是場地相關問題。

And the hub really solves that by adding four DC fast chargers, with very minimal impacts to the grid or very minimal impact requirements. It acts like a buffer between our trucks and grid power.

該集線器透過添加四個直流快速充電器真正解決了這個問題，對電網的影響非常小，或者影響要求也非常小。它就像我們的卡車和電網之間的緩衝器。

So a lot of interest and orders, outside of just Xos customers. Not only have we continued delivering hubs, we are also doing demos that could lead to larger orders, later on this year and into next year. So we're still going full speed ahead of the hub and things are going well.

因此，除了 Xos 客戶之外，還有很多人感興趣並下訂單。我們不僅繼續交付輪轂，而且還在進行演示，這可能會在今年晚些時候和明年帶來更大的訂單。因此，我們仍在全速前進，一切進展順利。

We're also looking at taking feedback from customers about other features they'd want to see in the hub, going forward. And we're starting to architect what a version 2 of the hub could be or what an additional or modified version of the hub could be that would allow it to appeal to a larger an even larger audience (inaudible) experience but Xos truck customers, utilities, transit authorities, and government fleets -- even autonomous car fleets -- around the country.

我們也希望聽取客戶的回饋，了解他們希望在未來的中心中看到的其他功能。我們正在開始設計該樞紐的第二個版本，或者該樞紐的附加或修改版本，以使其能夠吸引更廣泛的受眾（聽不清楚）體驗，包括 Xos 卡車客戶、公用事業公司、交通部門和政府車隊——甚至是全國各地的自動駕駛汽車車隊。

Excellent. Well, thank you for the update. And congratulations on the commercial progress.

出色的。好的，謝謝你的更新。並祝賀商業進展。

Thanks so much.

非常感謝。

(Operator Instructions)

（操作員指示）

This will conclude our question-and-answer session, in addition to the call, for today.

除了電話會議之外，今天的問答環節也將結束。

Thank you for attending today's presentation. You may now disconnect your lines.

感謝您參加今天的演講。現在您可以斷開線路了。