Xos Inc (XOS) 2025 Q2 法說會逐字稿

Good day, and welcome to Xos Inc., second quarter 2025 earnings conference call. (Operator Instructions) Please note this event is being recorded.

大家好，歡迎參加 Xos Inc. 2025 年第二季財報電話會議。（操作員指示）請注意，此事件正在被記錄。

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

現在我想將會議交給總法律顧問 David Zlotchew。請繼續。

Thank you, everyone, for joining us today. Hosting the call with me are Xos' Chief Executive Officer, Dakota Semler; Xos' Chief Operating Officer, Giordano Sordoni; and Xos' Chief Financial Officer, Liana Pogosyan. Today, after the close of regular trading, Xos issued its second quarter 2025 earnings press release.

感謝大家今天加入我們。與我一起主持電話會議的還有 Xos 執行長 Dakota Semler、Xos 營運長 Giordano Sordoni 和 Xos 財務長 Liana Pogosyan。今天，常規交易結束後，Xos 發布了 2025 年第二季財報新聞稿。

As you listen to today's conference call, we encourage you to have our press release in front of you, which includes our financial results as well as commentary of the quarter in six months into the June 30, 2025.

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截至 2025 年 6 月 30 日六個月的季度評論。

Management statements today reflect management's views as of today, August 13, 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.

今天的管理層聲明僅反映截至今天（2025 年 8 月 13 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. Additional information about important factors that could cause actual results to differ materially, including but not limited to.

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。有關可能導致實際結果大不相同的重要因素的附加信息，包括但不限於。

Xos ability to access capital when needed and continue as a going concern and potential supply chain disruptions, including as a result of changes to or uncertainty around trade policies and tariffs, is included in today's press release and in our filings with the SEC, including our most recent annual report on Form 10-K and subsequent filings.

Xos 在需要時獲取資金並繼續經營的能力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），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 表格年度報告和後續文件。

We undertake no obligation to update forward-looking statements, except as required by law. You should not put undue reliance on forward-looking statements. Further, today's presentation includes references to non-GAAP financial measures and performance metrics. Additional information about these non-GAAP measures, including reconciliations of historical non-GAAP measures to the comparable GAAP measures, is included in the press release we issued today.

除非法律要求，否則我們不承擔更新前瞻性聲明的義務。您不應過度依賴前瞻性陳述。此外，今天的演示還包括對非公認會計準則財務指標和績效指標的引用。有關這些非公認會計準則指標的更多信息，包括歷史非公認會計準則指標與可比公認會計準則指標的對賬，都包含在我們今天發布的新聞稿中。

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)。

Good afternoon, everyone. Thank you for joining us. Our primary focus continues to be discipline growth, improving gross margins, and ensuring liquidity. These pillars guide our day to day decision making and our long-term strategy.

大家下午好。感謝您加入我們。我們的主要關注點仍然是規範成長、提高毛利率和確保流動性。這些支柱指導著我們的日常決策和長期策略。

In the second quarter of 2025, we made meaningful progress on each of these fronts. We delivered 135 vehicles in the second quarter, generating $18.4 million in revenue, making it the highest quarterly revenue and unit deliveries in Xos's history.

2025年第二季度，我們在各方面都取得了有意義的進展。我們在第二季度交付了 135 輛汽車，創造了 1840 萬美元的收入，這是 Xos 歷史上最高的季度收入和單位交付量。

A significant portion of these deliveries went to UPS and FedEx ISP customers, underscoring the confidence that national carriers are placing in our products. In parallel, we reaffirmed our commitment to our existing customers by shipping additional units under previously announced agreements.

這些貨物中很大一部分發給了 UPS 和 FedEx ISP 客戶，這凸顯了國家承運商對我們產品的信心。同時，我們根據先前宣布的協議運送更多貨物，並重申了對現有客戶的承諾。

During the quarter, we also began fulfilling a 200 plus unit order for a single customer, which is the largest order in our history and reflects the increasing scale of our customer relationships.

在本季度，我們也開始為單一客戶完成 200 多個單位的訂單，這是我們歷史上最大的訂單，反映了我們客戶關係規模的不斷擴大。

Our GAAP gross margin for Q2 was 8.8%. This decline reflects a mix of higher units delivered to national account customers with long-term structured pricing, as well as the impact of tariffs that were not expected when such pricing was initially structured.

我們第二季的 GAAP 毛利率為 8.8%。這一下降反映了向採用長期結構化定價的國民帳戶客戶提供的單位數增加，以及最初制定此類定價時未預料到的關稅的影響。

While these large orders offer lower margins in the near term, they create repeat business and provide the volume that underpins future profitability. We remain confident that gross margins will improve as we continue to define our costs, refine our cost structure. Realize economies of scale and deliver higher margin products. Liana will provide additional detail on the quarter to quarter margin dynamics in her remarks.

雖然這些大訂單在短期內利潤率較低，但它們能創造回頭客，並提供支撐未來獲利能力的銷售。我們仍然相信，隨著我們繼續確定成本、完善成本結構，毛利率將會提高。實現規模經濟並提供利潤更高的產品。Liana 將在她的發言中提供更多有關季度利潤率動態的細節。

We also delivered these record results while achieving our lowest operating loss since going public, approximately $7.1 million. This progress is the result of obsessive cost control and prioritizing expenditures that directly support revenue growth and or product differentiation. We are keenly aware of the importance of liquidity and continue to manage working capital carefully.

我們在取得這些創紀錄的業績的同時，也實現了上市以來最低的營運虧損，約 710 萬美元。這項進步是嚴格控製成本和優先考慮直接支持收入成長和/或產品差異化的支出的結果。我們深知流動性的重要性，並持續謹慎管理營運資金。

During Q1, management emphasized that the company has maintained seven consecutive quarters of GAAP -- seven consecutive quarters of positive non-GAAP gross margins. We've continued that track record for an eighth quarter in Q2, demonstrating our focus on building a financially sustainable product portfolio.

在第一季度，管理層強調公司已連續七個季度保持 GAAP 毛利率——連續七個季度保持非 GAAP 毛利率為正。我們在第二季度連續第八個季度保持了這一業績記錄，表明我們專注於建立財務可持續的產品組合。

Before I wrap up on liquidity, I want to take a moment to express our deep appreciation to Aljomaih Automotive Company and their principles. They have been a critical strategic supporter of Xos for many years. We believe they share our optimism in the long-term vision and future of Xos, our various product lines, and the commercial progress we've made over the last few years.

在結束流動性討論之前，我想花點時間對 Aljomaih 汽車公司及其原則表示深深的感謝。多年來，他們一直是 Xos 的重要策略支持者。我們相信，他們和我們一樣對 Xos 的長期願景和未來、我們的各種產品線以及過去幾年的商業進展感到樂觀。

Aljomaih and Xos have agreed to amend the repayment structure for the convertible note, allowing us to repay the principal and quarterly instalments from November 2025 through February 2028 rather than being due all at once on August 11, 2025.

Aljomaih 和 Xos 已同意修改可轉換票據的還款結構，使我們能夠從 2025 年 11 月到 2028 年 2 月償還本金和季度分期付款，而不是在 2025 年 8 月 11 日一次性償還。

This approach frees up capital to focus on sustainable growth and further strengthening liquidity as demand for our products and services continues to grow. The interest accrued on the convertible note through its original maturity date will be paid in shares of common stock, as it would have been had the term not been extended, making Aljomaih our largest shareholder.

隨著我們產品和服務的需求不斷增長，這種方法可以釋放資本，專注於永續成長並進一步加強流動性。可轉換票據在其原始到期日產生的利息將以普通股的形式支付，就像期限未延長一樣，這使得 Aljomaih 成為我們最大的股東。

We still intend to pursue various strategies to obtain the required funding for future operations, which may include capital raising strategies such as debt or equity financing. While our Stepvan platform continues to represent a significant portion of revenue, our broader product strategy is designed to enhance margins and reduce customer concentration.

我們仍打算採取各種策略來獲取未來營運所需的資金，其中可能包括債務或股權融資等融資策略。雖然我們的 Stepvan 平台繼續佔據很大一部分收入，但我們更廣泛的產品策略旨在提高利潤率並降低客戶集中度。

Our powertrain systems and charging infrastructure products are higher margin offerings with limited alternatives in the market. In Q2, we are building upon a strategy with additional deliveries to Blue Bird Corporation for electric school buses.

我們的動力系統和充電基礎設施產品利潤率較高，但市場上的替代品有限。在第二季度，我們將製定一項策略，向藍鳥公司增加電動校車的交付。

Since the quarter ended, we've received orders for nearly 20 powertrain units from Blue Bird, and we expect continued momentum as school districts rapidly pursue electrification in their fleets. Beyond powertrains, the Xos hub addresses a critical bottleneck for fleet electrification and access to power. As noted on our last call, the hub has attracted interest not only from fleet customers but also from industries facing grid constraints.

自本季結束以來，我們已收到 Blue Bird 近 20 台動力系統的訂單，隨著學區迅速推行車隊電氣化，我們預計這一勢頭將持續下去。除了動力系統之外，Xos 樞紐還解決了車隊電氣化和電力獲取的關鍵瓶頸。正如我們上次電話會議中提到的那樣，該樞紐不僅吸引了車隊客戶的興趣，也吸引了面臨電網限制的行業的興趣。

In Q2, we expanded deployments and demonstrations of the hub and are preparing a product update for 2026 that will offer greater power resilience, energy cost optimization, and load balancing. We believe these innovations unlock opportunities beyond electric fleet charging, for example, supporting industrial users who need temporary power or peak shaving capabilities.

在第二季度，我們擴大了中心的部署和演示，並正在準備 2026 年的產品更新，以提供更強的電力彈性、能源成本優化和負載平衡。我們相信，這些創新將釋放電動車隊充電以外的更多機遇，例如，支援需要臨時電源或削峰功能的工業用戶。

This vision aligns with our long-term goal of having a diversified product portfolio with low customer concentrations, low market concentration, and our focus on secular industries less disrupted by political factors or the macroeconomic cycle.

這個願景與我們的長期目標一致，即擁有多元化的產品組合，低客戶集中度、低市場集中度，並專注於受政治因素或宏觀經濟週期影響較小的長期行業。

In summary, the second quarter of 2025 was a milestone quarter for Xos. We achieved record deliveries, positioned ourselves to diversify our revenue through higher margin products, and demonstrated that our cost discipline initiatives are working.

總而言之，2025 年第二季對 Xos 來說是一個里程碑式的季度。我們實現了創紀錄的交付量，透過更高利潤的產品實現了收入多元化，並證明了我們的成本控制舉措正在發揮作用。

As we look ahead, we will remain focused on managing growth responsibly, improving gross margins, and maintaining liquidity. We expect average order sizes to increase as customers experience the total cost of ownership benefits of our trucks and charging solutions.

展望未來，我們將繼續致力於負責任地管理成長、提高毛利率和維持流動性。隨著客戶體驗到我們的卡車和充電解決方案的整體擁有成本優勢，我們預計平均訂單規模將會增加。

Finally, our product development pipeline, including enhancements to our hub product and expansions into power resiliency solutions, positions Xos to capitalize on the broader backup power and energy management market.

最後，我們的產品開發管道，包括對我們的中心產品的增強和對電源彈性解決方案的擴展，使 Xos 能夠利用更廣泛的備用電源和能源管理市場。

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

Gio 現在將向您介紹本季的一些營運亮點。

Thanks, Dakota, and good afternoon, everyone. Q2 was a quarter of strong execution, customer delivery, and continued innovation for access. Our Tennessee plant ran efficiently and at high utilization, producing a substantial number of chassis for UPS, demonstrating our ability to deliver consistent quality at scale for one of the world's largest and most demanding fleets.

謝謝，達科塔，大家下午好。第二季度是執行力強、客戶交付和持續創新的季度。我們位於田納西州的工廠高效運轉，利用率極高，為 UPS 生產了大量底盤，證明了我們有能力為世界上最大、要求最高的車隊之一提供一致的高品質產品。

This repeatable production cadence is a clear proof point of our operational maturity and ability to scale to meet customer demand. We also advance our powertrain business, building more electrification kits for OEM customers such as Blue Bird.

這種可重複的生產節奏清楚地證明了我們的營運成熟度和擴展以滿足客戶需求的能力。我們也推動了動力總成業務，為 Blue Bird 等 OEM 客戶打造更多電氣化套件。

OEMs are choosing Xos as a powertrain partner to take advantage of the many years and millions of miles of on-road use that the Xos powertrain has listed. We plan to continue deepening our partnerships with OEMs who trust Xos access technology to power their next generation of vehicles.

原始設備製造商選擇 Xos 作為動力系統合作夥伴，以利用 Xos 動力系統多年和數百萬英里的道路使用經驗。我們計劃繼續深化與信賴 Xos 接入技術為其下一代汽車提供動力的 OEM 的合作夥伴關係。

Meanwhile, our engineering teams kept the momentum up on the demonstration and validation of the MDXT platform, the new medium duty chassis cap. Designed to leverage the same proven components and production lines that are set band, the MDXT is on track to be one of the most capital efficient product launches in Xos history.

同時，我們的工程團隊繼續大力進行 MDXT 平台（新型中型底盤蓋）的展示和驗證。MDXT 旨在利用與既定品牌相同的成熟組件和生產線，並有望成為 Xos 歷史上最具資本效率的產品之一。

On the supply chain front, we stayed ahead of potential headwinds by actively monitoring tariff developments, working closely with our suppliers, and executing targeted cost reduction initiatives. These efforts positioned us to scale with confidence while protecting margins.

在供應鏈方面，我們透過積極監控關稅發展、與供應商密切合作以及實施有針對性的成本削減舉措，始終領先於潛在的不利因素。這些努力使我們能夠在保護利潤率的同時充滿信心地擴大規模。

We continue to monitor the ever revolving tariff landscape to ensure a robust and cost efficient supply chain. Overall, Q2 shows that we can grow, innovate, and deliver for our customers, all while running lean.

我們持續監控不斷變化的關稅情勢，以確保強大且具成本效益的供應鏈。總體而言，第二季度表明我們可以在精益運營的同時實現成長、創新並為客戶提供服務。

As we enter the back half of the year, we are focused on capital efficient production and expanding the reach of our hub product line with new features and continuing the validation of the MDXT product.

進入下半年，我們將專注於資本高效生產，透過新功能擴大我們的輪轂產品線的覆蓋範圍，並繼續驗證 MDXT 產品。

With that, I'll turn it over to Liana for the financial review.

有了這些，我將把財務審查交給 Liana。

Thanks, Gio. Second quarter revenue reached a record $18.4 million on 135 units, our highest quarterly revenue and deliveries ever. That's up from $5.9 million on 29 units last quarter and $15.5 million on 90 units a year ago, reflecting strong execution of our delivery plan and major shipments to customers like UPS and FedEx ISP.

謝謝，吉奧。第二季度，該公司銷售了 135 台，收入達到創紀錄的 1,840 萬美元，創下歷史新高，創下了季度收入和交付量的最高紀錄。這一數字高於上一季 29 台設備的 590 萬美元和去年同期 90 台設備的 1550 萬美元，這反映了我們交付計劃的強勁執行以及向 UPS 和 FedEx ISP 等客戶的主要發貨量。

For the first half of 2025, revenue totaled $24.3 million compared to $28.7 million in the same period last year. We delivered more units year over year, reflecting strong demand that the shift in product mix driven largely by our strip chassis products results in a lower average selling price and a modest decline in total revenue.

2025 年上半年，總營收為 2,430 萬美元，而去年同期為 2,870 萬美元。我們的交付量逐年增加，反映出強勁的需求，主要由我們的條形底盤產品推動的產品結構轉變導致平均售價下降和總收入略有下降。

Turning to margins, GAAP gross margin was 8.8% in the second quarter compared to 20.6% in the first quarter and 13.1% in the second quarter of 2024. The decline was mainly driven by changes in products discussed earlier and the impact of additional tariff costs.

談到利潤率，第二季 GAAP 毛利率為 8.8%，而第一季為 20.6%，2024 年第二季為 13.1%。下降主要是由於前面討論過的產品變化和額外關稅成本的影響。

Non-GAAP gross margin was 1.4% in the second quarter, down from 15% in the first quarter, reflecting a favorable change in our inventory reserves driven by better inventory management processes and overall lower inventory balance. This quarter marks the eighth consecutive quarter of positive non-GAAP gross margin performance.

第二季非公認會計準則毛利率為 1.4%，低於第一季的 15%，這反映了我們的庫存儲備發生了有利的變化，這得益於更好的庫存管理流程和整體較低的庫存餘額。本季是非公認會計準則毛利率連續第八個季度呈現正成長。

For the first half of 2025, non-GAAP gross margin was 4.7% compared to 12.9% in the same period last year. We remain confident in our ability to improve margins over time as we scale production and execute on cost reduction initiatives.

2025年上半年，非公認會計準則毛利率為4.7%，去年同期為12.9%。隨著我們擴大生產規模並實施降低成本的舉措，我們仍然有信心隨著時間的推移提高利潤率。

On the expense side, operating expenses were $8.7 million in the second quarter, down $1.8 million or 17% from last quarter, and $4.7 million, or 35% from the second quarter of 2024. The sequential decline reflects the $1.9 million finance lease expense recorded in the first quarter with no comparable expense this quarter.

費用方面，第二季營運費用為 870 萬美元，比上一季減少 180 萬美元，降幅 17%；比 2024 年第二季減少 470 萬美元，降幅 35%。連續下降反映了第一季記錄的 190 萬美元融資租賃費用，而本季沒有可比費用。

For the first half of 2025, operating expenses totaled $19.2 million at $7.2 million or 27% improvement from $26.4 million in the same period last year. These reductions highlight the lasting benefits of last year's cost actions and our ongoing commitment to operational discipline.

2025 年上半年，營運費用總計 1,920 萬美元，較去年同期的 2,640 萬美元減少 720 萬美元，增幅為 27%。這些削減凸顯了去年成本行動的持久性以及我們對營運紀律的持續承諾。

Operating loss for the quarter was $7.1 million, our lowest since going public, improving from $9.3 million in the first quarter and 11.4% in the second quarter of 2024. Non-GAAP operating loss also hit a record low at $6.9 million compared to $8.1 million in the first quarter and $9.7 million in the second quarter of 2024.

本季營業虧損為 710 萬美元，為上市以來的最低水平，較第一季的 930 萬美元和第二季的 11.4% 有所改善。非公認會計準則營業虧損也創下 690 萬美元的歷史新低，而 2024 年第一季為 810 萬美元，第二季為 970 萬美元。

For the first half of 2025, operating loss totaled $16.4 million, down from $21.6 million in the same period last year. While non-GAAP operating loss improved to $14.9 million from $19.1 million in the same period last year.

2025 年上半年，營業虧損總計 1,640 萬美元，低於去年同期的 2,160 萬美元。而非公認會計準則營業虧損則從去年同期的 1,910 萬美元改善至 1,490 萬美元。

Now, according to the balance sheet, we ended the quarter with $8.8 million in cash and cash equivalents, up from $4.8 million at the end of last quarter.

現在，根據資產負債表，本季末我們的現金和現金等價物為 880 萬美元，高於上一季末的 480 萬美元。

Inventory declined to $31 million from $38 million last quarter, driven by strong unit sales outpacing production as we moved more units from existing inventory, reflecting our ongoing strategic inventory management to support upcoming deliveries.

庫存從上一季的 3800 萬美元下降至 3100 萬美元，原因是我們從現有庫存中轉移了更多單位，導致單位銷售強勁超過生產，這反映了我們正在進行的戰略庫存管理，以支持即將到來的交付。

Accounts receivable decreased to $18.1 million from $22.2 million last quarter. We delivered strong accounts receivable collections of $22.8 million this quarter from customers and organizations administrating space grant programs.

應收帳款從上一季的 2,220 萬美元減少至 1,810 萬美元。本季度，我們從客戶和管理太空資助計畫的組織獲得了 2,280 萬美元的應收帳款。

And while late quarter deliveries resulted in higher new receivables, these position as well for continued collection in the coming quarter. We are continuing to manage our liquidity position and actively exploring options for enhancing our liquidity.

雖然季末交付導致新的應收帳款增加，但這也為下一季的持續收款奠定了基礎。我們將繼續管理我們的流動性狀況，並積極探索增強流動性的選擇。

We achieved positive free cash flow of $4.6 million this quarter, the highest in the company history and the second time we reported positive free cash flow. This represents a significant improvement compared to $4.8 million in the first quarter of 2025 and 26 -- and negative $26.1 million in the second quarter of 2024. Fueled by record deliveries and strong working capital management.

本季我們實現了 460 萬美元的正自由現金流，這是公司歷史上的最高水平，也是我們第二次報告正自由現金流。與 2025 年和 2026 年第一季的 480 萬美元以及 2024 年第二季的負 2,610 萬美元相比，這是一個顯著的改善。得益於創紀錄的交付量和強大的營運資金管理。

Finally, turning to our guidance, we are reaffirming our full year 2025 guidance for revenue and unit delivery revenue between $50.2 million and $65.8 million, and unit deliveries between 320 and 420 units. We are revising our non-GAAP operating loss guidance to a range of $24.4 million to $26.9 million.

最後，談到我們的指導，我們重申 2025 年全年指導，即收入和單位交付收入在 5020 萬美元至 6580 萬美元之間，單位交付量在 320 至 420 台之間。我們將非公認會計準則營業虧損預期修改為 2,440 萬美元至 2,690 萬美元之間。

This update reflects changes in the expected product mix for the second half of the year, as well as increased costs tied to new tariff structure on parts and commodities. The full impact of which was not known when we provided the original guidance.

此次更新反映了下半年預期產品組合的變化，以及與零件和商品新關稅結構相關的成本增加。當我們提供最初的指導時，其全部影響尚不清楚。

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。

And we'll now turn it over to the operator to open up for questions.

現在我們將把時間交給操作員來回答問題。

(Operator Instructions)

（操作員指示）

Craig Irwin, Roth Capital Partners.

克雷格歐文，羅斯資本合夥公司。

Good evening, and congratulations on the strong progress this quarter. So Dakota, there's so many things that I could start with -- but I'm kind of worried that we might lose the forest for the trees.

晚上好，恭喜本季的巨大進展。所以達科塔，我可以從很多事情開始——但我有點擔心我們可能只見樹木不見森林。

You are outperforming all of your competitors, big and small. If we look from Rivian to a Workhorse, everybody else is floundering, having a difficult time with deliveries, having a difficult time with cost structure, and you just put up a record quarter with positive gross margins more than 130 units, and clearly doing things different.

您的表現超越了所有競爭對手，無論大小。如果我們把目光從 Rivian 轉向 Workhorse，就會發現其他公司都在苦苦掙扎，在交付方面遇到困難，在成本結構方面遇到困難，而你剛剛創下了一個季度的記錄，毛利率超過 130 台，而且顯然在做著與眾不同的事情。

Can you maybe give us a little bit of color or frame out the approach that you're taking that's allowing you to -- give this divergent performance versus the rest of the industry.

您能否向我們稍微解釋一下或概括一下您所採取的方法，這種方法使您能夠與業內其他公司實現不同的表現。

Yeah. Thank you for the question, Craig. I think -- and for the congrats. I think there's several factors that drive our ability to achieve kind of outsized performance. The first of which is our team. We have an incredible team and I don't think we could do anything that we've delivered on without having an incredibly sound operations team able to manufacture and produce vehicles the way they do.

是的。謝謝你的提問，克雷格。我認為——並表示祝賀。我認為有幾個因素促使我們能夠取得超乎尋常的業績。首先是我們的團隊。我們擁有一支出色的團隊，我認為，如果沒有一支能夠以他們的方式製造和生產汽車的極其優秀的營運團隊，我們就不可能完成任何我們所交付的工作。

Our supply chain team, who is able to respond rapidly to this incredibly, rapidly evolving environment where tariffs are continually disrupting our supply chain flows. (technical difficulty) aspect of the organization, our business development team, our legal and finance team, they've all been critical in helping us to achieve this goal. So that's the first thing I would start with, and I think we're very, very fortunate to have a really seasoned team, but also a team that works incredibly hard to achieve these goals.

我們的供應鏈團隊能夠對這個令人難以置信的、快速變化的環境做出快速反應，在這種環境中，關稅不斷擾亂我們的供應鏈流程。 （技術難度）組織的方面，我們的業務開發團隊，我們的法律和財務團隊，他們在幫助我們實現這一目標方面都發揮了至關重要的作用。所以這是我首先要說的，我認為我們非常非常幸運擁有一支經驗豐富的團隊，同時也是一支為實現這些目標而努力的團隊。

The second factor is one that has been really 10 years in the making or almost 9 years in the making since we started the business, which is building up customer trust, and I think that is really starting to take hold with several large key customers.

第二個因素是我們自開展業務以來花了 10 年或近 9 年才形成的，那就是建立客戶信任，我認為這已經開始在幾個大型關鍵客戶中紮根。

We've demonstrated that the product over five, six, seven plus years with some of these customers that the product is reliable, that the product in the field is durable, and ultimately that it saves them on their total cost of ownership.

我們已經向一些客戶證明了該產品在過去五、六、七年多的時間裡是可靠的，產品在現場是耐用的，並且最終為他們節省了總體擁有成本。

And when they have multiple years of operating history and a track record that they can see in their own operations, and not just what we tell them, that builds confidence in them and their ability to go order more trucks and expand their Xos fleet. So that's the second thing.

當他們擁有多年的營運歷史和業績記錄，並且可以在自己的營運中看到，而不僅僅是我們告訴他們的，這會增強他們的信心，並增強他們訂購更多卡車和擴大 Xos 車隊的能力。這是第二件事。

I really, believe we owe incredible debt to our customers, because they are the ones that keep us here, they're the ones that continue to order vehicles, hub products, and powertrain products from us. And then the third thing is, I think a skill set internally that has been cultivated as a part of our management team as well as a part of the corporate culture at Xos which is that we are adaptive.

我真的相信，我們欠客戶很多，因為是他們讓我們留在了這裡，是他們繼續向我們訂購車輛、輪圈產品和動力總成產品。第三件事是，我認為內部培養的技能是我們管理團隊的一部分，也是 Xos 企業文化的一部分，即我們具有適應性。

The business has to change and has to respond, and this quarter and Q1 were probably one of the greatest examples of Xos access being an adaptive organization. We responded to an unprecedented set of tariffs and supply chain changes that had the potential to dramatically disrupt our ability to build and sell profitable vehicles, but working together, our supply chain team, our commercial team, our operations and manufacturing team.

業務必須改變並做出回應，本季和第一季可能是 Xos access 作為適應性組織的最佳例子之一。我們對一系列前所未有的關稅和供應鏈變化做出了反應，這些變化可能會嚴重擾亂我們製造和銷售盈利汽車的能力，但我們的供應鏈團隊、商業團隊、營運和製造團隊共同努力。

We were able to manage through that, work closely with our customers, and still deliver a profitable quarter with record unit volumes and record revenue, and I think that's, that adaptability is very hard to cultivate in any organization, but particularly in an organization where you're building manufactured products, where the supply chain is so complex and the time to build your trucks is several months. So that's -- those are kind of the three buckets that I would ascribe a lot of that too.

我們能夠克服這些困難，與客戶密切合作，並且仍然能夠實現盈利，銷量和收入都創下歷史新高，我認為，這種適應性在任何組織中都很難培養，尤其是在生產製成品的組織中，供應鏈非常複雜，製造卡車的時間長達數月。所以這就是——這些也是我認為可以歸因於其中的三個面向。

Understood. That makes a lot of sense and it actually dovetails to my second question pretty well. So I remember in Anaheim, you were explaining to me that the MDXT is a truck that you introduced because you were listening to your customers. This is something that people want to purchase, that there's a need in the market.

明白了。這很有道理，而且實際上與我的第二個問題非常吻合。所以我記得在阿納海姆，你向我解釋說，MDXT 是一輛卡車，你之所以推出是因為你聽了客戶的意見。這是人們想要購買的東西，市場上有需求。

Can you maybe share an update with investors on the status of that vehicle, the customer feedback from your different showcase events across the country. Is there a potential order book or other metrics that you can share with us to help us understand sort of the trajectory here?

您能否與投資者分享該車輛的最新狀況以及您在全國各地舉辦的不同展示活動的客戶回饋。您能否與我們分享潛在的訂單簿或其他指標，以幫助我們了解這裡的軌跡？

Yeah, absolutely. We don't provide specific backlog guidance for any of the products, but we continue to see a lot of customer interest coming from national fleets as well as from small regional fleets and we discussed this a little bit in our last earnings call, but we actually continued following our last earnings call to take this truck around the country, demo it for customers, let them drive the vehicle, get them in the seat, because that's ultimately it sells the product.

是的，絕對是。我們沒有為任何產品提供具體的積壓指導，但我們繼續看到來自國家車隊以及小型區域車隊的大量客戶興趣，我們在上次財報電話會議上對此進行了一些討論，但實際上，在上次財報電話會議之後，我們繼續將這輛卡車帶到全國各地，為客戶進行演示，讓他們駕駛車輛，讓他們坐在座位上。

And so we've racked up thousands of miles driving the truck itself, not actually towing it to customer sites, so that they could see the real world performance of this vehicle in their own operations and in their own environment.

因此，我們駕駛卡車行駛了數千英里，而不是真正將其拖到客戶現場，以便他們可以在自己的操作和環境中看到這輛車的實際性能。

And actually as we speak today, the truck is on a trip coming back from Phoenix, Arizona. We had some work out for to do out there and so it's going to be coming back to California and we're going to continue, we've got demos scheduled for Southern California next week, so the commercial interest has not slowed down.

實際上，就在我們今天說話的時候，這輛卡車正在從亞利桑那州鳳凰城返回。我們在那裡有一些工作要做，所以我們會回到加州並繼續工作，我們計劃下週在南加州進行演示，所以商業興趣並沒有減弱。

While we're not in production on that product yet, I think we have a good amount of lead time to build up a significant order backlog that will allow us to launch that vehicle into production and have a solid backlog to build for probably at least the first year as we bring that to production.

雖然我們還沒有開始生產該產品，但我認為我們有充足的準備時間來累積大量的訂單積壓，這將使我們能夠將該車型投入生產，並且在投入生產的第一年內，我們有足夠的積壓訂單。

There's several different use cases for that truck that, as you know with the Stepvan, its services mostly last mile delivery, uniform rentals, food and beverage delivery. But when we deal with a conventional chassis cab truck, there are so many different alternative vocational applications that exist.

這輛卡車有幾種不同的用途，正如您所知，Stepvan 的服務主要是最後一英里的交付、制服租賃、食品和飲料交付。但是當我們處理傳統的底盤駕駛室卡車時，有許多不同的替代職業應用。

Just this week, we were quoting a new customer, that's looking to put dump bodies on that vehicle. So a lot of different interests across the fleet sector, and we're seeing a lot of municipal interest in that product too, which is really important because that vehicle is actually already approved as a part of the California Department of General Services schedule, and will likely be on some JPA or joint procurement authority, schedules soon too.

就在本週，我們向一位新客戶報價，他希望將自卸車身安裝到那輛車上。因此，整個車隊領域有很多不同的興趣，我們也看到許多市政部門對該產品感興趣，這非常重要，因為該車輛實際上已經獲得批准，成為加州總務部計劃的一部分，並且可能很快也會列入某些 JPA 或聯合採購機構的計劃中。

So we have some immense opportunities with municipalities, but also a lot of large private national account fleets that have expressed strong interest in the product, several of which have already signed sales orders, and will likely be taking delivery of some of our first customers off the line.

因此，我們與市政當局有著巨大的合作機會，而且許多大型私人國家客戶車隊也對該產品表現出了濃厚的興趣，其中一些車隊已經簽署了銷售訂單，並且可能會從我們的第一批客戶手中接收產品。

Excellent. Then, last question if I may, you mentioned tariffs a couple of times, if you want to be conservative here, I completely understand it, but there's a trend out there. A lot of companies are sharing the headwind in the quarter and approximate impact on net income. I know you were, better than 20% ahead of the consensus numbers out there. So you're doing a lot of things right, but can you maybe, quantify for us how much of a headwind this was for Xos?

出色的。那麼，如果可以的話，最後一個問題，您幾次提到關稅，如果您想在這裡保持保守，我完全理解，但這是一種趨勢。許多公司在本季都面臨逆風，且淨收入受到了一定影響。我知道你的預測比普遍預期高出 20% 以上。所以你做了很多正確的事情，但是你能否為我們量化一下這對 Xos 來說有多大的阻力？

Yeah. It's highly product specific and also highly customer specific and that drives the average selling prices, but at the lowest end of our product range, the tariff impact can be about 5% of our ASPs, and at the highest end it can go up to about 15% of our ASPs, and the reason that varies is we have different battery sizes, different components coming from different locations.

是的。它高度依賴產品和客戶，這決定了平均售價，但在我們的產品系列的最低端，關稅影響可能占我們平均售價的 5% 左右，而在最高端，關稅影響可能占我們平均售價的 15% 左右，而差異的原因是我們的電池尺寸不同，組件來自不同的地方。

And as the landscape has changed all the way up through this month. We recently had a tariff change with some components that we source in India, that was -- that took place earlier this month and so we're constantly monitoring that situation and making sure that we can stay ahead of it.

截至本月，情況已發生改變。我們最近對從印度採購的一些零件的關稅進行了調整，這是本月初發生的，因此我們一直在關注這一情況，確保我們能夠保持領先地位。

We've been very fortunate in that, with our customers, we've shared the direct cost of all of these tariffs and we've gone back to several of our customers and indicated. That we've provided them with preferential pricing and in order to continue to build our relationship together, we'll share in some of the tariff exposure.

我們非常幸運，我們與客戶分擔了所有這些關稅的直接成本，並且我們已經向我們的幾位客戶回饋了這些情況。我們為他們提供了優惠價格，為了繼續建立我們的關係，我們將分擔部分關稅風險。

So we're not just taking all of that cost and passing it on to the customers, we're sharing it with them, which we believe is the responsible and the fair thing to do, and I think our customers have responded well to that, and have also been willing to mitigate that exposure by bearing some of the burden and the cost of these tariffs.

因此，我們不僅將所有成本轉嫁給客戶，還與他們分擔成本，我們認為這是負責任和公平的做法，我認為我們的客戶對此反應良好，並且願意透過承擔部分關稅負擔和成本來減輕這種風險。

Great. Well, congratulations on the progress here. I'll go ahead and hop back in the queue.

偉大的。好吧，恭喜你取得的進展。我將繼續並重新回到隊列中。

Thanks, Craig.

謝謝，克雷格。

(Operator Instructions)

（操作員指示）

This concludes our question-and-answer session. I would like to turn the conference back over to Dakota Semler for closing remarks.

我們的問答環節到此結束。我想將會議交還給達科塔·塞姆勒 (Dakota Semler) 做閉幕發言。

Thank you. As we close out Q2, we are proud to share that this has been our largest quarter in company history. This milestone reflects not only the dedication and hard work of our team, but also the trust and loyalty of our customers. To our customers, thank you for believing in us, challenging us to innovate and partnering with us on this journey. Your commitment fuels our growth and inspires us to keep raising the bar.

謝謝。在我們結束第二季之際，我們很自豪地告訴大家，這是我們公司史上最大的季度。這一里程碑不僅體現了我們團隊的奉獻和努力，也體現了客戶的信任和忠誠。對於我們的客戶，感謝你們對我們的信任、鼓勵我們創新並與我們攜手前行。您的承諾推動了我們的成長並激勵我們不斷提高標準。

Looking ahead to the second half of 2025, we remain highly focused on delivering growth, improving liquidity, and expanding margins. Over the past year, we've proven our ability to operate as a lean, agile organization while maintaining a competitive and diverse product portfolio.

展望 2025 年下半年，我們將持續高度重視實現成長、提高流動性和擴大利潤率。在過去的一年裡，我們已經證明了我們有能力作為一個精實、敏捷的組織運營，同時保持具有競爭力和多樣化的產品組合。

We've built a strong sales pipeline, navigated unpredictable global supply chain challenges, and adapted quickly to change, all while staying true to our mission. This adaptability and resilience are among our greatest strengths, and we believe our customers recognize and value these qualities in a dynamic marketplace.

我們建立了強大的銷售管道，應對了不可預測的全球供應鏈挑戰，並迅速適應變化，同時始終忠於我們的使命。這種適應性和韌性是我們最大的優勢之一，我們相信我們的客戶在動態的市場中認可並重視這些品質。

As momentum builds, we're confident that 2025 will be our biggest year yet, and we remain committed to becoming the most robust and trusted commercial electric vehicle manufacturer in the industry.

隨著勢頭的增強，我們相信 2025 年將是我們迄今為止最重要的一年，我們將繼續致力於成為業內最強大、最值得信賴的商用電動車製造商。

With that, we will end the call here. You may disconnect.

至此，我們的通話就到此結束。您可以斷開連線。

Thank you. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

謝謝。會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。