XOS, Inc. (XOS): Canvas du modèle commercial [Jan-2025 Mise à jour]

Dans le paysage en évolution rapide des véhicules commerciaux électriques, XOS, Inc. (XOS) émerge comme une force transformatrice, redéfinissant la mobilité urbaine grâce à des solutions innovantes de camions électriques et de fourgonnettes. En fabriquant méticuleusement un modèle commercial complet qui intègre de manière transparente la technologie de pointe, des partenariats stratégiques et des approches centrées sur le client, XOS stimule la révolution de l'électrification pour les flottes commerciales. Leur proposition de valeur unique promet non seulement le transport zéro émission, mais un écosystème holistique de performance, d'efficacité et de durabilité qui remet en question les paradigmes automobiles traditionnels.

XOS, Inc. (XOS) - Modèle commercial: partenariats clés

Fabricants de technologies de batterie

XOS s'associe à des fabricants de technologies de batterie clés pour soutenir sa production de véhicules électriques.

Partenaire	Détails de collaboration	Capacité de la batterie
Technologie de puissance Roméo	Intégration de l'alimentation de la batterie et de la technologie	Packs de batterie jusqu'à 200 kWh

Fournisseurs de composants de véhicules électriques

Partenariats critiques pour l'approvisionnement en composants de véhicules électriques.

• ZF Friedrichshafen Ag - composants de transmission électrique
• Meritor Inc. - Systèmes d'essieu électrique
• Groupe de webasto - systèmes de gestion thermique

Sociétés de gestion et de logistique de la flotte

Partenariats stratégiques pour étendre la pénétration du marché.

Partenaire	Focus de partenariat	Taille de la flotte
Hauts	Déploiement de la flotte de camions électriques	150 camions électriques commandés
FedEx	Intégration de véhicules électriques	120 camions électriques en déploiement

Facturer les fournisseurs d'infrastructures

Collaborations pour soutenir l'écosystème de charge.

• Point de charge - Intégration du réseau de la station de charge
• EVGO - Solutions de charge rapide

Partenaires de fabrication et d'assemblage

Détails de collaboration manufacturiers.

Partenaire	Emplacement de fabrication	Capacité de production annuelle
Moteurs spartiates	Charlotte, Caroline du Nord	2 000 camions électriques par an

XOS, Inc. (XOS) - Modèle commercial: activités clés

Conception et ingénierie des véhicules commerciaux électriques

XOS, Inc. a investi 12,4 millions de dollars dans les dépenses de R&D pour la conception des véhicules en 2022. La société se concentre sur le développement de véhicules commerciaux électriques moyens et lourds spécifiquement pour les marchés de livraison et de logistique urbains.

Type de véhicule	Focus de conception	Investissement en R&D
Camions moyens	Livraison urbaine	7,2 millions de dollars
Camions lourds	Flotte logistique	5,2 millions de dollars

Développement du système de batterie

XOS développe des systèmes de batterie propriétaires avec des spécifications de capacité actuelle:

• Densité d'énergie de la batterie: 250 wh / kg
• Gamme par charge: 150-250 miles
• Temps de charge: 2-4 heures

Fabrication du groupe motopropulseur électrique

Les capacités de fabrication comprennent la production de groupes motopropulseurs électriques avec une capacité de production annuelle de 5 000 unités de véhicules électriques à partir de 2023.

Composant	Capacité de fabrication	Production annuelle
Moteurs électriques	5 500 unités	4 200 unités
Batterie	6 000 unités	4 800 unités

Solutions d'électrification de la flotte

XOS fournit des services d'électrification de flotte complets avec une pénétration actuelle du marché de 37 clients de flotte commerciale en 2022.

Intégration logicielle et télématique

Investissement en développement logiciel de 3,6 millions de dollars en 2022, en se concentrant sur les plateformes de télématisation avec une surveillance des performances des véhicules en temps réel.

Caractéristique logicielle	Investissement en développement	Capacité d'intégration
Gestion de la flotte	1,8 million de dollars	Suivi en temps réel
Maintenance prédictive	1,2 million de dollars	Surveillance diagnostique

XOS, Inc. (XOS) - Modèle commercial: Ressources clés

Technologie de véhicules électriques propriétaires

XOS, Inc. a développé une plate-forme de véhicule électrique propriétaire avec les attributs technologiques spécifiques suivants:

Composant technologique	Spécification
Tension du système de batterie	Architecture 600V
Gamme de véhicules	Jusqu'à 250 miles par charge
Temps de charge	2,5 heures à 350 kW Charge rapide

Expertise en ingénierie et en conception

XOS maintient une équipe d'ingénierie spécialisée avec la composition suivante:

• Total du travail d'ingénierie: 127 employés
• Ingénieurs au niveau du doctorat: 18
• Degrés avancés en génie électrique / mécanique: 62

Installations de fabrication

Emplacement	Type d'installation	Capacité de production annuelle
Los Angeles, Californie	Usine de fabrication primaire	1 000 camions électriques par an

Propriété intellectuelle de la batterie et du groupe motopropulseur

Xos tient 12 brevets actifs liés aux technologies de véhicules électriques, avec un accent spécifique sur:

• Systèmes de gestion des batteries
• Conceptions modulaires du groupe motopropulseur électrique
• Technologies de gestion thermique

Main-d'œuvre technique qualifiée

Catégorie des employés	Total des employés	Pourcentage de la main-d'œuvre
Personnel technique	214	68% de la main-d'œuvre totale
Personnel de R&D	76	24% du personnel technique

XOS, Inc. (XOS) - Modèle d'entreprise: propositions de valeur

Véhicules électriques commerciaux à émission zéro

XOS, Inc. produit des véhicules commerciaux entièrement électriques avec des émissions de tuyaux d'échappement nulles. Depuis 2024, la société propose des camions électriques avec les spécifications suivantes:

Type de véhicule	Gamme	Capacité de charge utile
Camion électrique moyen	Jusqu'à 200 miles	19 500 lbs
Camion électrique robuste	Jusqu'à 250 miles	26 000 livres

Coût total de possession inférieur aux opérateurs de flotte

XOS fournit aux véhicules électriques des dépenses opérationnelles réduites:

• Économies de coûts de carburant estimées de 60% par rapport aux véhicules diesel
• Réduction des coûts d'entretien d'environ 40%
• Garantie de batterie jusqu'à 8 ans ou 500 000 miles

Camions et fourgons électriques haute performance

Métriques de performance pour les véhicules électriques XOS en 2024:

Métrique de performance	Spécification
Accélération (0-60 mph)	12-15 secondes
Couple maximal	Jusqu'à 3 700 nm
Temps de charge (80%)	2-3 heures

Solutions de véhicules électriques personnalisables

XOS propose des plates-formes de véhicules modulaires avec des options de personnalisation:

• Conceptions de châssis configurables
• Options de plusieurs batteries
• Types de corps adaptables pour différents besoins de l'industrie

Réduction des dépenses d'entretien et opérationnelles

Analyse des coûts de maintenance comparative:

Catégorie de dépenses	Véhicule diesel	Véhicule électrique XOS
Coût de maintenance annuel	$15,000	$9,000
Fréquence de remplacement des freins	Tous les 3 ans	Tous les 5 à 7 ans

XOS, Inc. (XOS) - Modèle d'entreprise: relations avec les clients

Engagement de l'équipe de vente directe

Depuis le quatrième trimestre 2023, XOS maintient une équipe de vente directe de 37 professionnels ciblant les opérateurs de flotte commerciale et municipale.

Métrique de l'équipe de vente	Valeur
Représentants des ventes totales	37
Durée moyenne du cycle des ventes	6-8 mois
Cibler les segments de clientèle	Flottes commerciales, opérateurs municipaux

Soutien technique et consultation

XOS fournit un support technique dédié avec une équipe de 24 ingénieurs spécialisés.

• Disponibilité du support client 24/7
• Temps de réponse moyen: 2,5 heures
• Canaux de support dédiés pour l'électrification de la flotte

Services de conseil en électrification de la flotte

XOS propose des services de conseil en électrification complets avec une équipe spécialisée de 15 conseillers.

Métrique de service consultatif	Valeur
Total des professionnels consultatifs	15
Durée de consultation moyenne	3-4 semaines
Gamme de coûts de consultation	$15,000 - $75,000

Portail client en ligne

XOS fournit une plate-forme numérique avec le suivi des performances des véhicules en temps réel.

• Portal lancé en 2022
• Surveillance des performances de la batterie en temps réel
• Alertes de maintenance prédictive

Surveillance des performances des produits en cours

L'entreprise utilise des systèmes de télémétrie avancés pour le suivi continu des performances des véhicules.

Métrique de surveillance des performances	Valeur
Flotte de véhicules surveillée	Plus de 250 véhicules électriques
Points de données suivis par véhicule	120+ mesures
Fréquence de surveillance	En temps réel, continu

XOS, Inc. (XOS) - Modèle commercial: canaux

Équipe de vente directe

Au quatrième trimestre 2023, XOS maintient une équipe de vente directe de 37 représentants des ventes de véhicules commerciaux dédiés. L'équipe couvre 14 principaux marchés métropolitains à travers les États-Unis.

Métrique de l'équipe de vente	Données quantitatives
Représentants des ventes totales	37
Couverture géographique	14 marchés métropolitains
Cycle de vente moyen	6-8 mois

Site Web en ligne et plateformes numériques

XOS exploite une plate-forme de vente numérique complète avec les métriques des canaux numériques suivants:

• Visiteurs mensuels du site Web: 42 500
• Utilisateurs d'outils de configuration numérique: 1 237
• Demandes de devis en ligne: 328 par trimestre

Salons des véhicules commerciaux

En 2023, XOS a participé à 7 grands salons commerciaux de véhicules et de transport électrique, notamment:

Salon	Date	Emplacement
ACT EXPO	Mai 2023	Anaheim, CA
NTEA Work Truck Show	Mars 2023	Indianapolis, dans
Électrique & Exposition de technologies de véhicules hybrides	Septembre 2023	San Jose, CA

Réseaux de partenariat stratégiques

XOS maintient des partenariats stratégiques avec 12 opérateurs de flotte commerciale et 5 upfitters de véhicules en décembre 2023.

• Partenariat de flotte verticales:
  • Logistique
  • Livraison de dernier mile
  • Services municipaux
  • Services publics

Consultations de gestion des flotte

XOS fournit des services de consultation d'électrification de flotte spécialisés avec les mesures d'engagement suivantes:

Métrique de consultation	Données quantitatives
Consultations totales en 2023	89
Durée de consultation moyenne	3,2 heures
Taux de conversion en ordre du véhicule	42%

XOS, Inc. (XOS) - Modèle d'entreprise: segments de clientèle

Sociétés de camionnage commercial

Depuis 2024, XOS cible les sociétés de camionnage commerciales avec des exigences spécifiques des véhicules électriques:

Segment de clientèle	Taille du marché	Adoption potentielle
Camionnage long-courrier	796 milliards de dollars	Adoption de 7,5% projetée d'EV d'ici 2025
Camionnage régional	Marché de 241 milliards de dollars	12% Conversion attendue de la flotte électrique

Entreprises de livraison et de logistique

Segments clés des clients dans la livraison et la logistique:

• FedEx: Flotte de véhicules de 186 000
• UPS: 123 000 véhicules de livraison
• Amazon Logistics: 80 000 véhicules de livraison

Flottes municipales et gouvernementales

XOS cible la conversion de véhicules électriques municipaux avec les caractéristiques du marché suivantes:

Type de flotte	Total Véhicules	Objectif d'électrification
Bus de la ville	65 000 à l'échelle nationale	30% électrique d'ici 2030
Véhicules de service municipal	42 000 à l'échelle nationale	25% électrique d'ici 2028

Services de livraison de dernier mile

Analyse du segment de livraison de dernier mile:

• Valeur marchande: 108 milliards de dollars en 2024
• Pénétration des véhicules électriques: 18% projeté
• Clients clés: DHL, FedEx Ground, Services de courrier local

Opérateurs de véhicules de services publics et de services

Statistiques d'électrification des véhicules de services publics:

Secteur	Total Véhicules	Taux d'électrification
Services électriques	29 000 véhicules de service	22% de conversion électrique
Télécommunications	41 000 véhicules de service	16% d'adoption électrique

XOS, Inc. (XOS) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, XOS, Inc. a déclaré des frais de recherche et de développement de 24,3 millions de dollars, ce qui représente un investissement important dans l'innovation de la technologie des véhicules électriques et des batteries.

Exercice fiscal	Dépenses de R&D	Pourcentage de revenus
2022	19,7 millions de dollars	42.5%
2023	24,3 millions de dollars	48.6%

Coûts de fabrication et de production

XOS, Inc. a engagé des coûts de fabrication totaux de 42,1 millions de dollars en 2023, avec une ventilation comme suit:

• Coûts de main-d'œuvre directes: 12,6 millions de dollars
• Dépenses de matières premières: 18,5 millions de dollars
• Fabrication des frais généraux: 11,0 millions de dollars

Investissements technologiques de la batterie

L'entreprise a investi 15,2 millions de dollars Plus précisément dans le développement de la technologie des batteries en 2023, en nous concentrant sur l'amélioration de la densité d'énergie et la réduction des coûts de production.

Chaîne d'approvisionnement et achat de composants

Les dépenses totales de la chaîne d'approvisionnement pour XOS, Inc. en 2023 étaient de 37,8 millions de dollars, avec des coûts d'approvisionnement clés, notamment:

Catégorie de composants	Coût d'approvisionnement
Composants de transmission électrique	14,3 millions de dollars
Composants du système de batterie	11,5 millions de dollars
Châssis et composants structurels	8,7 millions de dollars
Systèmes électriques	3,3 millions de dollars

Dépenses de vente et de marketing

Les frais de vente et de marketing pour XOS, Inc. ont totalisé 16,9 millions de dollars en 2023, ce qui représente 33,8% des revenus totaux.

• Marketing numérique: 5,4 millions de dollars
• Compensation de l'équipe de vente: 7,2 millions de dollars
• Salon du commerce et marketing d'événements: 2,3 millions de dollars
• MARKETING CALLATERAL ET MATÉRIAUX: 2,0 millions de dollars

XOS, Inc. (XOS) - Modèle commercial: Strots de revenus

Ventes de véhicules électriques

Au quatrième trimestre 2023, XOS, Inc. a déclaré un chiffre d'affaires de ventes de véhicules électriques de 14,2 millions de dollars. La société se concentre sur les camions électriques moyens et lourds pour les flottes commerciales et municipales.

Type de véhicule	Prix ​​de vente moyen	Volume des ventes annuelles
Camions moyens	$250,000	57 unités
Camions lourds	$350,000	42 unités

Licence de système de batterie

XOS génère des revenus de licence grâce à des partenariats technologiques de batterie propriétaire.

Catégorie de licence	Revenus annuels
Licence de technologie de la batterie	3,6 millions de dollars

Contrats de technologie du groupe motopropulseur

Les contrats de technologie du groupe motopropulseur ont généré 5,7 millions de dollars de revenus pour 2023.

• Contractes avec les sociétés de logistique
• Partenariats avec des opérateurs de flotte commerciale
• Contrôles de développement du groupe motopropulseur personnalisé

Conseil d'électrification de la flotte

Les revenus des services de conseil ont atteint 2,1 millions de dollars en 2023.

Service de conseil	Valeur du contrat moyen
Stratégie d'électrification	$175,000
Planification des infrastructures	$125,000

Services de maintenance et de support

Les services de maintenance et de soutien ont généré 4,3 millions de dollars de revenus récurrents annuels.

• Programmes de garantie prolongés
• Support diagnostique
• Mises à jour logicielles
• Contrats de maintenance technique

Total des sources de revenus annuelles pour 2023: 29,9 millions de dollars

Xos, Inc. (XOS) - Canvas Business Model: Value Propositions

You're looking at Xos, Inc. (XOS) and trying to map out the tangible value they deliver to their customers right now, late in 2025. It's not just about selling trucks; it's about selling a complete operational shift, and the numbers back up the claims on TCO and infrastructure flexibility.

Zero-emission medium- and heavy-duty commercial vehicles

Xos, Inc. provides purpose-built battery-electric commercial vehicles, focusing on the medium- and heavy-duty segments for last-mile operations. The core offering is designed to meet increasing emissions regulations while serving fleets that operate up to about 200 miles per day, based on their platform design for the last-mile sector. You can see the commitment to this segment in their 2025 guidance, which projects total unit deliveries between 320 and 420 units for the full fiscal year, generating revenue between $50.2 million and $65.8 million.

The company's product line includes commercial stepvans and Class 5-6 Medium Duty Rolling Chassis. The execution on this is visible in their Q3 2025 results, where they shipped 130 vehicles, plus an additional 10 stripped chassis going to upfitters for a major customer program.

Lower Total Cost of Ownership (TCO) for fleet operators

The financial argument for switching to Xos, Inc. centers on optimizing the Total Cost of Ownership (TCO) compared to internal combustion engine (ICE) alternatives. The finance team actively helps customers find advantageous grants and incentives to make the initial switch more affordable. The company's strategy is explicitly about making the electric transition easy and cost-effective on a TCO basis.

The operational improvements are starting to show in the margins, which directly impacts the long-term cost structure. For the third quarter of 2025, Xos, Inc. achieved a GAAP Gross Profit Margin of 15.3%. This focus on margin, even while navigating tariffs, is key to realizing the TCO benefits for the fleet operator over the vehicle's life.

Complete fleet electrification solution (vehicle, charging, software)

Xos, Inc. offers more than just the truck; they provide the necessary energy infrastructure and management software to support a full fleet transition. This integrated approach is designed to remove the common bottlenecks of EV adoption.

The value proposition here is delivered through a suite of products and services, including the vehicles, charging infrastructure, and fleet management tools like Xosphere®.

• Vehicle maintenance and purchase financing support.
• Proprietary battery system, the X-Pack.
• Modular chassis, the X-Platform.

Xos Hub mobile energy for temporary power and peak shaving

The Xos Hub™ is a rapidly deployable, mobile charging solution that addresses infrastructure delays. It's a versatile unit capable of serving as stopgap charging, remote power, or backup during grid outages. The company is actively creating new value streams by integrating this technology with energy markets.

The Hub's specifications and financial incentives make it an accessible solution for immediate deployment:

Specification/Metric	Value
Onboard Energy Storage Capacity	282 kWh
Number of Integrated DC Fast Chargers	4
CORE Incentive Voucher Amount	$110,000
Net Cost with Incentive	Below $100,000
Maximum Charge Rate per Head	Up to 160 kW

Through a partnership with Leap, Xos Hub customers in California can enroll in the Demand Side Grid Support (DSGS) program, allowing them to automatically shift charging to stored battery power during emergency grid events, which generates revenue for the fleet operator.

Proven powertrain technology with millions of on-road miles

Xos, Inc. supports its vehicle sales with powertrain solutions for specialty vehicles, including school buses, through partnerships with manufacturers like Blue Bird Corporation. The technology has been in commercial fleet use since 2018, demonstrating operational history.

The traction in this segment is growing, showing customer confidence in the technology beyond the core stepvan. In Q3 2025, Xos delivered 18 powertrain systems to Blue Bird Corporation. Furthermore, since that quarter ended, the company reported receiving nearly 80 additional powertrain orders, with most expected to ship in 2026.

Xos, Inc. (XOS) - Canvas Business Model: Customer Relationships

You're looking at how Xos, Inc. manages its relationships with its commercial fleet customers, and honestly, the data shows a clear focus on securing large, committed partners rather than chasing many small orders. This approach is necessary when you're dealing with high-value assets like electric trucks.

Direct sales and long-term structured pricing with national accounts

The relationship structure is heavily weighted toward direct engagement with major fleet operators. This is where the bulk of the committed revenue lies, often under long-term structured pricing agreements that factor in things like tariffs, which management noted impacted the Q3 2025 GAAP gross margin of 15.3%.

The commitment from national accounts is significant. For instance, Xos, Inc. is fulfilling what CEO Dakota Semler called the largest single order in the company's history, a program involving 200-plus units. Major customers like UPS and FedEx Independent Service Providers (ISPs) drive this volume. The company shipped 140 units in Q3 2025, including 10 stripped chassis for a major customer program, though revenue recognition for those chassis will occur in later quarters.

Here's a look at the recent sales volume that defines these relationships:

Metric	Q3 2025 Value	Q2 2025 Value	Full Year 2025 Guidance Range
Units Delivered	130	135	320 to 420 units
GAAP Revenue	$16.5 million	$18.4 million	$50.2 million to $65.8 million

Dedicated after-sales support, service, and parts supply

While specific revenue figures for service and parts are not broken out, the strategy is clearly tied to supporting the vehicles sold. The company is expanding its product offerings beyond the core stepvan platform, which suggests an expanding base for future service revenue. For example, in Q3 2025, Xos, Inc. delivered 18 powertrain systems to Blue Bird Corporation, and since that quarter end, they secured nearly 80 additional powertrain orders. These powertrain sales represent a key area for ongoing service and parts attachment, helping to build a more diversified, recurring revenue base over the vehicle's lifecycle.

High-touch relationship management for large fleet transitions

Managing the transition for large fleets requires intensive, high-touch engagement. The operational cadence at the Tennessee plant, achieving rates of 3 chassis per day in Q3 2025, is a direct result of this focused management, ensuring consistent production for major fleet customers. The company's focus on disciplined cost management and achieving its second consecutive quarter of positive free cash flow ($3.1 million in Q3 2025) is also a critical part of maintaining trust with these large partners who require financial stability from their suppliers.

Key elements of this high-touch approach include:

• Fulfilling the largest-ever order of 200-plus units.
• Maintaining consistent production rates at the Tennessee plant.
• Extending financial runway via note amendment, pushing payments on a $20 million convertible note to February 2028.
• Focusing on Total Cost of Ownership (TCO) benefits to secure fleet buy-in.

Subscription model for Xosphere software platform

The Xosphere software platform, now referred to as the Xos Hub platform, is being positioned as a significant growth vector, moving the relationship beyond just vehicle sales into energy management. The platform is a mobile energy storage system and DC fast charger. Management signaled that the EV charging segment of the Hub platform is expected to see double-digit growth. Furthermore, the Xos Hub was added to the Federal General Services Administration (GSA) Schedule in February 2025, which streamlines procurement for federal agencies, indicating a specific customer segment relationship being formalized for software and energy solutions.

The company maintains full control over the software, ensuring interoperability across OEMs, which is a key value proposition for fleets using mixed-brand vehicles. While specific subscription revenue amounts for Xosphere are not public, the strategic focus on the Hub platform suggests this is the primary vehicle for establishing a software-as-a-service or subscription-like revenue stream.

Finance: draft 13-week cash view by Friday.

Xos, Inc. (XOS) - Canvas Business Model: Channels

You're looking at how Xos, Inc. gets its electric vehicles and energy solutions into the hands of fleet operators, and the data shows a clear multi-pronged approach focusing on large customers and infrastructure integration.

The Channels block for Xos, Inc. (XOS) in late 2025 is built around direct engagement with major fleet players, strategic OEM supply, and direct sales of their energy platform.

Direct sales force to large commercial fleet operators

The sales motion heavily relies on a direct sales force engaging with large commercial fleet operators, evidenced by significant ongoing business with national carriers. As of late 2025, Xos, Inc. is a primary electric vehicle vendor for last-mile delivery fleets at UPS and FedEx Ground. This channel secured the company's largest order in history, a 200-plus unit order program currently being fulfilled. The operational scale is visible in the delivery numbers; for instance, the second quarter of 2025 saw a record 135 units delivered, generating $18.4 million in GAAP revenue. The third quarter followed with 130 units delivered, contributing $16.5 million in revenue. Management reaffirmed the full-year 2025 unit delivery guidance to be between 320 to 420 units. The overall company size supporting these sales efforts as of September 30, 2025, was 299 total employees.

Metric	Q2 2025 Value	Q3 2025 Value	FY 2025 Guidance Range (Units)
Total Units Delivered	135	130	320 to 420
GAAP Revenue	$18.4 million	$16.5 million	$50.2 million to $65.8 million

The focus on large contracts is a clear strategic channel priority.

Delivery of stripped chassis to third-party upfitters

A portion of Xos, Inc.'s output is channeled through the delivery of stripped chassis directly to third-party upfitters for final integration or specific customer programs. This is a key mechanism for serving customers who require custom bodies beyond Xos, Inc.'s standard offerings. In one recent quarter, the company shipped 140 vehicles in total, which included 10 stripped chassis designated for upfitters under a major customer program. This demonstrates a flexible approach to meeting diverse fleet requirements.

OEM sales channel for powertrain systems (e.g., Blue Bird)

Xos, Inc. uses an Original Equipment Manufacturer (OEM) channel by supplying its proprietary electric powertrain systems to established vehicle manufacturers. The most notable example is the collaboration with Blue Bird Corporation to power an all-electric stepvan prototype.

• The Blue Bird electric stepvan prototype is based on a 178" wheelbase.
• The vehicle platform has a Gross Vehicle Weight Rating (GVWR) of up to 23,000 pounds.
• The integrated Xos powertrain utilizes a 140kWh Lithium-ion battery.
• This configuration provides an estimated range of up to 130 miles on a single charge.

This channel allows Xos, Inc. to embed its core technology into other manufacturers' final products, expanding reach without solely relying on its own chassis sales.

Direct deployment of Xos Hub charging infrastructure

The Xos Hub mobile charging unit is sold and deployed directly to fleets and utilities, often bypassing traditional, slower infrastructure build-out channels. This is a direct-to-customer sales motion for their energy segment. The latest version of the Xos Hub achieved a significant channel advantage by qualifying for a $110,000 CORE voucher in California, bringing the net cost to under $100,000. This is less than half the cost of many equivalent DC fast charging systems, which often exceed $200,000.

Key specifications for the Hub include:

• Onboard energy storage of 282 kWh.
• Four integrated DC fast chargers.
• Availability for federal agencies via the General Services Administration (GSA) Schedule as of February 19, 2025.

Past sales data shows direct utility adoption; for example, during 2024, Xos, Inc. sold two Hubs to Xcel Energy for an aggregate of approximately $0.5 million. The largest recorded Hub order was for 19 units sold to Caltrans in 2024.

Finance: draft 13-week cash view by Friday.

Xos, Inc. (XOS) - Canvas Business Model: Customer Segments

You're looking at Xos, Inc. (XOS) and trying to map out exactly who is buying their electric commercial vehicles and powertrain solutions as of late 2025. Honestly, the customer base is consolidating around large fleet operators, which is typical for this stage of commercial EV adoption, but the data shows a clear focus on high-volume partners.

The core of the business is clearly tied to the last-mile delivery sector. For the first three quarters of 2025, Xos, Inc. delivered a total of 294 units, generating $40.8 million in revenue. This volume is being driven by major, recurring customers, which is a good sign for future revenue predictability.

Here's a quick look at the recent delivery and revenue performance that reflects the current customer load:

Metric	Q3 2025	Q2 2025	FY 2025 Guidance (Total)
Units Delivered (Recognized)	130	135	320 to 420 units
GAAP Revenue	$16.5 million	$18.4 million	$50.2 million to $65.8 million

The customer segments are clearly defined by the types of transactions Xos, Inc. is executing:

• Last-mile delivery and logistics companies (e.g., UPS, FedEx ISPs)
• Other Original Equipment Manufacturers (OEMs) buying powertrains
• Specialized vehicle operators needing customizable electric chassis
• Government and public sector fleets with sustainability goals

The Last-mile delivery and logistics companies (e.g., UPS, FedEx ISPs) represent the anchor for the vehicle sales. In Q3 2025, Xos, Inc. shipped a total of 140 units, which included 10 stripped chassis destined for an upfitter supporting a major customer program. This relates directly to the fulfillment of what management called the largest single order in company history, a 200-plus unit order program. You can see the direct impact of these large fleet deals on the unit volume; for instance, Q2 2025 saw 135 units delivered, a significant increase from 90 units in Q2 2024.

For the Other Original Equipment Manufacturers (OEMs) buying powertrains, the data shows a strategic diversification of revenue. In Q3 2025, Xos, Inc. delivered 18 powertrain systems to Blue Bird Corporation. Furthermore, since the end of that quarter, the company secured nearly 80 additional powertrain orders, indicating this segment is scaling up rapidly. This move away from solely selling complete vehicles to supplying core components helps improve the overall gross margin, which sequentially rose from 8.8% in Q2 2025 to 15.3% in Q3 2025.

While the data doesn't give specific unit counts for Specialized vehicle operators needing customizable electric chassis or Government and public sector fleets with sustainability goals, the mention of a diverse customer mix contributing to the Q3 2025 gross margin improvement suggests activity across these areas. The 10 stripped chassis shipped in Q3 2025 are an example of providing a chassis for an upfitter, which aligns with the specialized/customizable chassis need. The overall 2025 unit guidance of 320 to 420 units must be spread across all these buyers.

Finance: draft 13-week cash view by Friday.

Xos, Inc. (XOS) - Canvas Business Model: Cost Structure

You're looking at the cost side of Xos, Inc. (XOS) as they push to scale manufacturing and secure fleet contracts. Honestly, for a manufacturer, the cost of goods sold is always the biggest lever you need to watch, so let's break down the numbers we have as of late 2025.

High cost of revenue from manufacturing and raw materials is evident when you look at the gross margin. For the third quarter of 2025, the Cost of Sales was reported as $13.97 million, against revenue of $16.5 million. This resulted in a GAAP Gross Margin of 15.3% for the quarter. Management noted that this margin reflects a complex reality, including long-term structured pricing with national accounts and the impact of tariffs that were not originally contemplated in some large program pricing. The non-GAAP Gross Margin for Q3 2025 was 16%.

The company is actively managing costs associated with scaling production and supply chain management, with management pointing to tariff volatility as a headwind. The Tennessee plant was running efficiently, achieving rates of 3 chassis per day in Q3 2025, which underscores their ability to scale at higher volumes.

Significant investment in Research and Development (R&D) is part of the ongoing product diversification strategy, though the most granular breakdown available is from the prior quarter. For the second quarter of 2025, Research and Development expenses were $4.017 million. This investment supports the expansion into higher-margin categories like powertrains and the Xos Hub energy platform.

Operating expenses of $9.5 million in Q3 2025 is a key figure showing disciplined management, even with sequential increases. This figure was up 9% from Q2 2025 but was down 24% compared to Q3 2024. For the first three quarters of 2025, total operating expenses reached $28.7 million.

Sales, General, and Administrative (SG&A) costs for market expansion are embedded within the total operating expenses. While a specific SG&A number for Q3 2025 isn't explicitly separated from R&D in the latest reports, the total operating expenses of $9.53 million for Q3 2025 compared to $10.48 million in Q1 2025 shows variability as the company executes its market strategy.

Here are the key cost and margin metrics from the Q3 2025 reporting period:

Metric	Q3 2025 Amount	Comparison/Context
Total Operating Expenses	$9.5 million	Up 9% from Q2 2025; Down 24% from Q3 2024
Cost of Sales (Cost of Revenue)	$13.97 million	Against $16.5 million in Revenue
GAAP Gross Margin	15.3%	Up from 8.8% in Q2 2025
Non-GAAP Gross Margin	16%	Ninth consecutive quarter of positive non-GAAP gross margin
Operating Loss (GAAP)	$7.0 million	Record low since going public
R&D Expense (Q2 2025 Proxy)	$4.017 million	Latest specific breakdown available

The company is also actively managing capital structure costs, having amended a convertible note in August 2025 to move principal payments to quarterly installments through February 2028. Furthermore, terminating the Mesa facility lease is expected to generate $20.7 million in cash savings through 2033, though this is offset by required payments totaling about $2.8 million over 18 months.

Xos, Inc. (XOS) - Canvas Business Model: Revenue Streams

You're looking at the revenue engine for Xos, Inc. (XOS) as of late 2025, and honestly, the story isn't just about how many trucks they sell; it's about the mix of what they sell. Management is clearly pushing hard toward higher-margin components and services, which is a defintely smart move given the capital intensity of manufacturing.

The official full-year 2025 revenue guidance remains a range between $50.2 million and $65.8 million. This range is wide, reflecting the inherent execution risk in scaling production, but the underlying unit delivery target is set between 320 and 420 units for the full year. To give you a sense of the cadence, Q3 2025 saw revenue of $16.5 million from the delivery of 130 units.

The primary revenue source is still the Sale of electric commercial vehicles (trucks and vans), which is directly tied to those unit delivery numbers. For context on the year's flow, Q1 2025 saw 29 units delivered, while Q2 2025 hit a record with 135 units shipped. The shift in mix is what you need to watch closely, as it directly impacts the gross margin, which hit 15.3% in Q3 2025, up from 8.8% in Q2 2025.

The strategic pivot is evident in the Sale of powertrain systems to other OEMs (higher-margin focus). This segment is gaining traction and is expected to drive better profitability going forward. For example, in Q3 2025, Xos, Inc. delivered 18 powertrain systems to Blue Bird Corporation. Plus, since that quarter ended, they have received nearly 80 additional powertrain orders, though most of those are slated to ship in 2026.

Here is a quick look at the known revenue components and guidance for the 2025 fiscal year:

Revenue Stream Component	Latest Reported Metric/Guidance	Notes
Full-Year 2025 Revenue Guidance	$50.2 million to $65.8 million	Reaffirmed guidance as of late 2025.
Total Unit Deliveries Guidance (2025)	320 to 420 units	Direct vehicle sales component.
Q3 2025 Vehicle Revenue	$16.5 million	From 130 units delivered in the quarter.
Q3 2025 Powertrain Systems Sold	18 units	To Blue Bird Corporation.
Recent Powertrain Orders	Nearly 80 additional orders	Expected to ship primarily in 2026.

Beyond the hardware sales, Xos, Inc. is building out its infrastructure and software revenue streams, which are key to establishing a more stable, recurring financial base. These areas are where the long-term value proposition is being cemented, even if the current revenue contribution isn't as large as the truck sales.

The infrastructure side involves the Sale and installation of Xos Hub charging infrastructure. Management noted accelerated deployments of the Xos Hub platform, which is also being positioned as a mobile energy platform for industrial users needing temporary power or resilience where grid infrastructure is lacking. While specific 2025 revenue for Hubs isn't broken out, this is a stated area of focus alongside the vehicle sales.

Finally, the software component is the Recurring revenue from Xosphere software subscriptions and service contracts. Xosphere is their proprietary fleet management software, integrating vehicle operation and charging data for monitoring and maintenance. While the 2024 10-K mentioned the software, specific 2025 recurring revenue figures aren't explicitly detailed in the latest earnings reports, but management signaled ongoing expansion in this area.

You should track these elements as leading indicators for future revenue quality:

• The mix shift toward powertrain sales, which are higher-margin.
• The growth rate of Xos Hub deployments.
• The total number of active Xosphere software subscribers.
• The duration and value of service contracts signed.