• Xos, a developer of battery-electric heavy and medium-duty trucks, reported its Q1 2022 results today. The company reported revenue of USD 7 million (up 8.9x YoY) driven by expanding vehicle deliveries. It posted a net loss of USD 21.2 million (USD 0.13 loss per share) compared to a net loss of USD 13.9 million a year ago (USD 0.19 loss per share). The widening net loss was mainly due to rising operating expenses (3.6x higher compared to Q1 2021).

• During Q1, the company delivered 56 units to customers including UniFirst, FedEx Ground Operators, and Loomis while securing over 350 purchase orders from a range of customers. Xos’ outstanding purchase orders now stand at over 550 trucks.

<ul><li>Other key highlights during the quarter include expanding its dealership network by partnering with Murphy-Hoffman Company (MHC) for distribution across six states in the US.</ul>

• Today, the company also announced a partnership with Thermo King, a manufacturer of transport temperature control systems for vehicles, to jointly develop a battery-electric refrigerated commercial vehicle prototype.