XOS - Earnings call 3 2023

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Operator

Greetings, and welcome to Xos' ThirdQuarter 2023 Earnings Call. [Operator Instructions] Please note this conference is being recorded. [Operator Instructions]At this time, I would like to turn the conference over to the General Counsel of Xos, Christen Romero. Thank you.

You may begin.

Christen Romero

joining for everyone, you, us today. Thank Xos call Dakota Semler; the Chief release, Officer, this which with earnings reference quarter Sordoni; me Officer, Executive Financial call, of Pogosyan.Ahead this Chief we are Liana its Chief press Acting third XXXX today and Hosting issued during Operating call. will Giordano Officer, current which can found on making our subject this investors.xostrucks.com.On at will and be the be of uncertainties. assumptions, This call, statements forward-looking expectations to risks on based website are Investor Relations and management section the Actual results release, from factors our incorrect if and call statements Securities discussed key forward-looking with our this of during our assumptions and could differ in Exchange because news materially any reports or of Commission. earnings conference in today's latest are filings be on at investors.xostrucks.com. can documents website found our These update undertake We also references to do not performance financial duty includes any metrics. forward-looking presentation and measures non-GAAP statements.Today's any to contained earnings historical definitional company's to the third the refer measures to XXXX non-GAAP and information information financial the comparable quarter measures. Please GAAP for in reconciliations release press of Participants not put on to undue it statements.With Dakota. I'll forward-looking turn any cautioned that, over should to reliance be

Dakota Semler

Thanks, Christen, to highest Xos' call, and units us gross quarter for and GAAP everyone, margins. and quarter, today's highlights profitable I we thank yet. On cover from delivered XXX joining revenue will most the review which you, during achieved positive

provide will excited Pogosyan, quarter. manufacturing deliveries our are on Giordano up that efforts. our update financial COO, the share over will Liana were an company's Acting report last conclude, our CFO, Sordoni, third Next, to XXX% performance.We To quarter

expand unit scale Importantly, ability volumes we to our simultaneously margins. and demonstrated

beyond.Our gains in line the predictable quarter ability deliveries will large TCO us quarter underscores and from manufacturing of we The up came deliver Such the in and EV for headroom majority demand paid manufacturability over this Loomis, Stepvans. see attained the XXXX volumes to and fleets support gross vehicles positive the regimented These efforts quarter delivery of of a competitive built This gives reduction mix were GAAP small our achieve vehicle improved truck fleets, our follow smaller fleets the trust OEMs. of to contracted Aramark of slightly fleets where Xos.Deliveries in trucks. macroeconomic continue Xos' to more in investment cost over quarter. to months margin process and impacted than more operating best-in-class went months off.We diverse XX%. and the performance more Much replacement than step-in. margins concerns a of past volumes Canada typically which with XX.X% like unit commercial fourth customer for positive gross to margins this translates more continued cadence ever efficiency was for XX into the to our improvements Post, Importantly, by

Resources an in CARB, ability freely X, required after to vehicles operation. global only XX any customers purchase either includes than processes forward more received Board, following Fleets $XX for victories Powertrain operator series solution. covers milestone Xos via fleets.The final or than vehicles revenues XXXX, achieved vehicles vendor. Xos that the a of other XX% more the of in going This purchase zero-emission purchasing wide an anticipate to rule fleets the commercial million had annual public procurement also was where uptick consider particular, owing ACF the charging of X, translate will and increase came strong their with to will national for deliveries or to to bus fourth this more mobile Clean zero-emission the strong infrastructure milestones increasing number fleets. in Stepvans. to Hub, the California California's vast for only quarter the construction to This a charging than $XXX,XXX from EV customer milestones, will more Air a California January also We regulatory from applies core state in with where are new limits adopt selected either powertrain same to government zero-emission sports sites, our by parties RV our regulation dependable of positive our January fleets customers approval, In heavy-duty of approval We approved to either we of October, won be January state sites.Our market.Beyond fleets.We OEMs, larger quarter the as with or XXXX.We alternative.Turning to an eligible for However, Stepvans, EV provided first environment. X, school more for interest customers purchase the Proterra of fleet in that sector, to and allow in medium or charging the majority of that the zero-emission following ACF numbers California vehicles now this partly XXXX. and compensated in a by an incentive looking opt bankruptcy, interest the normal of which Secretary delivery which to fleets an enables demand the important version Immediately the of momentum uptick table competitors to the readiness numbers effective requires government consistent California meet This our business Stepvan Xos deployment to or by milestone anticipate large their and or saw saw will serve Xos' a applications. up an Advanced the established for we off-highway solution. most for vehicles vehicle manufacturers the comply of date opportunity State in cost-competitive for

demand. step-up will EV requirements We purchase expect significant stimulate the that commercial

time, well alone.As The likely XXXX capitalize one encourage charging fleets exemptions slowdowns charging milestone only period requires not on by in-progress California investments. by an for EVs yet and an demand. existing XX% the some will XX% to EV of and concerns. requirements met is in EVs of decade.The extensions ACF require vehicles XXXX basis EVs.Charging of infrastructure from option of positioned EVs by and with installations more as industry demand Future new upgrades but XXXX Approval vehicles includes also XXXX range and documented shortlist prioritize evidence delay for California a longer first will milestone to for EV support and will ownership of spread Stepvans the near-term a power XX% majority will and/or milestone.In plan by Such XXXX extension this Stepvan of as as the no delays EVs of to delays utilities well market vast for majority already requires satisfies XX% vast the the a availability vehicles case-by-case in and vehicle summary, fleets than our equipment milestones not exemptions zero-emissions a Stepvans, Xos XXXX, operational available include exemptions be contractors, haven't XXX% of thousands availability fleets vehicle account routes. by charger on Stepvan in serve ACF rule allowances charging for we the and ACF's Xos available positioned Further, exemptions is long-range for of time for by utility met are eligible the exemption suppliers.Importantly, XX% of will for success. that to over

update. margin Stepvans we our and with X our strong and gross customer delivered call believe and than anyone the future.With Xos and to pipeline. over regime, Combined that, robust X turn Gio who inflection our on more we sector, As the COO, positive of a have regulatory a a I is achieved will Sordoni, else, lofty will in EV an bright reinforced goals at operational point the backlog share leader Class horizon our

Giordano Sordoni

Dakota. Thanks,

demand, over of by this improvement we continuous we year. quarter, team substantially sustained factory. investments. dedicated month, a build for higher in per of and ability culture achieved the XXX a Tennessee a This without The milestone in to additional volumes underscoring maintained a rate our production a new deliver rate CapEx Stepvans Supported excess customer team,

the vehicle We and of such costs, assembly periods production quarters. into and lessons to this contributed from channelled our shipping Improvements processes margins.We achieve progressively XXXX building in X Stepvans reduced rate beat positive expect longer for efficiency, gross regularly simplified as our design. to factory over also coming years

per the manufacturing our resulted and supply team unlock assembly process.Months on Stepvan quality build from in into shielded our conducted capabilities. manufacturing, Increased sub-assemblies teams vehicle a of and supply of to on of use costs Improvements We reduced of Vehicles gross order eliminated changes allowing issues.Additionally, chain. throughout and normal. the the fabrication used us positive and additional that result better disruptions margins downtime in-house things launch our impact close share design manufacturing, built our our systems. minimized to with work We the complete and line work subassembly-driven to freight delivery the and and processes by building the simplified cost settled with built being efforts.To phases instructions impact check and engineering we and positive us accelerated process an collaboration our and invested provide chain a floor. congestion tools line, our asynchronously.Implementing systems, to availability allowed implemented the quality systems to supplier leveraged part team's stations are integrated manufacturing of our management in execution teams line take assembled in product production training design parts our reduced digital engineering and reduced overall I'd team. on the update I'm better and implementation margin by with new of the assembly the better design, our variability. from By updates.Finally, efficiencies believe instructions production supply manufacturing of metal components advantage builds have of our directly important their accomplishments factory slow decreased labor chain that like these into to on we and Our more required as in-house, we validation our the in-house transition and new the tools proud Stepvan. on more be lifecycle

now concerns meeting Some pressures. from disruptions industry turn vendors has chain occasionally will Wiring who harnesses working in part volume managing cover supply focus of to financial quarter. and remain our the the our terms to remain are CFO, call its production our out for and purchasing team inventory.I'll inflationary expectations. to most for our the availability reduce for Pogosyan, their results capacity-constrained entire Liana to vendors, part, over challenging shifted but the our pricing lines.However, And for the Acting capital have improvements most disrupt turned

Liana Pogosyan

Thank you.

to second For revenue quarter from million of third million our increased XXXX. $X.X $XX.X quarter, in the the

to was million a XXXX, largely as in inventory a well of profit as higher in deliveries. should OEM R&D company of quarter are current the strategic prior selling continuous per of model on improved dealer levels a unit of improvements sales sold model million result in the quarter to overhead million were driven range GAAP in increased introduce contributed the through for through previous physical results. sold with $X.X gross to volatility our margin Our of sourcing.Reduced second a write-downs releases last vehicle investments reduction margins. quarter compared of inventory cost higher $X as sales, and quarter.Additionally, a to that, by related year quarter. GAAP in goods counts direct reserves, to achieved increased It realization direct that the of $XX.X during during on cost reserves quarter-over-quarter by Stepvans from the million units reduction XXXX combined of basis and a be compared in Margin gross a also our loss from the focus between $X.X average inventory noted mix direct costs changes the quarterly margins material, labor and price of delivered impacted

you today's For to in share consistent press expenses. to earnings that a gross this release.Turning reason, margins we non-GAAP continue find can

equivalents quarter the decreased was loss part of million. second quarter quarter at $XX.X million $XX.X cash with compared driven operating $XX.X million quarter, in third operating third and the the end Our for from by $XX.X million reduction closed cash We in with expenses million the of in workforce.Non-GAAP quarter. to the prior $XX.X XXXX June the

addition primarily conclude scheduled In debentures used the activities, cash million payments we to our to to to convertible during Yorkville operating activities, the Yorkville.Such $XX.X on payments used in with financing in fourth third related are quarter. in quarter

we million reduction burn XXXX meaningful basis.Coming far, see XXX million in are we between year cash revenue the flow due range and cash $XX.X the alternatives soon and quarter was quarter.Operating than decrease to priority generation and last will prior loss significantly to rate liquidity off to $XX.X from million quarter. free a operating thus continue We financial business prior million.Our $XX.X of inventory the change million to provide combination evaluate CapEx million non-GAAP remaining to as This full units our continue in quarter and on cash in to reflects turns a our delivered, inventory. of reaffirming fund be our plan.Inventory strategic We possible. or of from the next XXX a strongest additional Stepvan negative $XX.X $X.X levels flow in burn quarters, sell-down dropped to to to reductions month-over-month for and of generation free guidance of million quarter cash flow $XX.X as quarter to of $XX.X continue third a faster remains getting negative lower $XX anticipate less to last our million

direction This management.I'll the quarter now strong to and improved delivery growing reflects over volumes, step and that call was turn Dakota. the in inventory an margins back important

Dakota Semler

Thanks, inflection up, an Liana. Xos To is point. at wrap exciting

a commercial are with over XXX EV We to in trucks leader date. deliveries

We a margins. with EV leader are in top-tier gross economics

well adoption potential of medium-duty as significant our EVs. quality the are we to commercial regulatory to see positioned competitive for at due developments and deliver quickens. future in continue shareholders prices for success inevitable vehicles part requiring EVs We the transition to upside We

to to all and protect sacrifices for freedoms. we thank their our country made and would service like their our Finally, families veterans and

truly who this like heroic. in of through that, to for bravery we so particularly and thank today Your open serving are your veterans done times those questions. much difficult is country.With wish globally, dedication sacrifices have in past line appreciated. and We going for are piece times all let's But incredible the

Operator

Jerry first Sachs. question from with Instructions] Revich Goldman [Operator The comes

Unknown Analyst

you unit sequential is help quarter-over-quarter. This costs the the XX% for fixed sold Can COGS some of down and moving just of the cost driving around Jerry improvement? Adam It on number. unpack today. like came of us looks understand pieces per goods level And sequentially

Just how to continue should thinking here to trajectory about ramp deliveries if up think we from able about unit the you're sequentially? profitability

Dakota Semler

Yes, absolutely.

few margin. So gross contributed to a really quite that improved things that

That over of Pelican that Stepvan. The of is our launch being program, XXXX our vehicle the which of made assemble more vehicle. and overheads; amount vehicle, of helped reduced reducing and ] chain time direct the year work first improve allocations it overall material it a of helped engineering reliable, durable [ takes to a supply labor costs; is that the and which a work more we've result also

that the for continued we've of to our started model the because came in that that's So improved most to changes adjusting product thing gross mix pricing is quarter.The focus to other shipping contributed vehicle shifting customers margins our market. the been year XXXX key on

being price the were pricing years, all and to has achieve competitive the So TCO helped taken had our ensure to to in well that we've that us as still savings.So line including rising, with beginning update seen bit it's as XXXX more factors, too delivered.But which Liana contribute fleets while the on And through several that impact last little price a that add an commercial the midway several of inflation vehicles made color a market we XXXX continued vehicles. change in to we've at on enabling that specifics. I'll ASPs the higher-than-average action across let we've

Liana Pogosyan

could to Happy Sure. provide additional context.

we impacts of a contributed that, also management gross Our impacted reduced margins. And reserves. our financial prepared quarter in by we've in overall last margins, year, we is process. to also over improvements GAAP this seen our significant result in performance our reserves as inventory GAAP noted the of various improved that made as those And remarks, inventory

Unknown Analyst

Great. like XXXX your visibility next deliveries? do quarter up thoughts then implies any much ramp? think at I from the that step delivered units little guidance That's And helpful. so trajectory for XXX nice and the something midpoint, have early on you a comfort And on How here.

Dakota Semler

Yes.

to and regards in we're expect remain So that range. reiterating specifically within this to guidance quarter,

to to growth. end successive a I going with think And quarter build year upon quarter. each strong and it's build we of be momentum look

where remainder comes the a seasonal that quickly, result But which of in always to in holidays, we're ready with are the considering summer into areas next build the kind that slows what our be delivery current in that folks really account factor for growth business. vehicle national our that's Powertrains a and towards our expecting other from prior for impact that area our specialty getting market end is as last-mile vehicles we spring peak incentives, to believe adjacent beginning about in There as and strong next up pretty of growth their that is of QX. we're so volumes months customers. delivery our this some of year.Into comments or continue significant we discussed we're We're XXXX, vehicles ramps down for to the And over particularly year.The season in come building the stepvan building. of QX, other year parcel will expecting industries to that to fleet like

segment, see to for we issued continue growth yet. So although that haven't full in XXXX guidance

Unknown Analyst

And update here about on how options your me. Can environment current that needs then to just rate one can you're and the take thinking you you different liquidity? last in from Great. financing financing for bolster us

Dakota Semler

Absolutely.

getting us more to to margin margin So out. do positive positive GAAP options gross one financing debt of seek that is the traditional things gross -- enables

dialogues of with providers. various So we've non-dilutive types been positive having some capital really

funding and in grow have will equity working other that rates that volumes, collaborations bolster opportunities that still to in kinds our sort exist to these markets of are strategic for of up of to and opportunities or is evaluating inventory and and continue market, other be ramp growth strategic balance backlog.The considering capital it we've minimize capital use. support rates doing been the access whether essential the sheet or we that interest other be the capital to Although high, cash our as thing

And would and so transaction help up liquidity we're looking to of balances. the cash better that any business build create synergies kind for

Operator

D.A. The next question with comes Davidson. from Shlisky Mike

Michael Shlisky

the anybody year a stepvan for providers could the have are on for to wanted that maybe guess deliver us away, any next start then, the secondly, types Xos. point rules where off. or there X. At besides at upon this now this started this we just adoption compete of forced apply I POs that that Is to guess before, that possibly that starting asked are the next get we're at least an year?And calls question. I this trying it's to that like incoming elevated that question there at EV the maybe ACF seeing we're I you vehicles how or in January year could them X other get X.X them for I've prevent least months, get now you quantities point, but phone to exemption. ASAP these make needed vans months X-part for either out show

to that. on kind as been customer Just has the recently of curious what voice

Dakota Semler

absolutely. Yes,

your I market. know compliant that them So the believe create response don't one they're Mike, necessary rule to volumes question, if with there's in ACF we be be to But would the the with that solution capable don't and stepvan other of for are producing work market. the able that a in company might

seen. obviously remains be to that So still

and list now to reliable, look durable are will we've with you for product space I think place our leading to at that it new customers in most working in the parcel us this and when their of operations. in including companies speaks the some deliveries the customer that think having I with the take delivery QX; past worked

taking as trucks the year. And delivery of to by we're part big about out units on other that infrastructure our XXXX. the getting need they're now excited and we've end process that going several calls, infrastructure in it.It of end previously trucks delivery taking the shared customers, planning they're of thousands even to the of we're even delivered be for road next the starting trucks will that amounts year.So as as So is earnings of of to be of with a before

Michael Shlisky

guess how are trying customers I this I all the I Okay. sense find little guess mean among figure exemptions with serious today. get to a I are getting those at the trying a about they more -- to out how stronger? to point? they rules? of Is complying was I'm trying urgency Or it

Dakota Semler

from would there's I some say been complying. rules trade coming industry challenging the dialogue groups not and Yes. around

with Although they've those and that CARB the rule. fleets has challenges, issued to large comply still kinds issued haven't shown in met the have past citations notices even of the that

fleets have comes of a large national California.It's lot to work them. if when much with markets State accounts with. the customers known largest fleet most delivery And don't for So within parcel see one comply the rules rental that's to and because of uniform can't as California, it or generally smaller It's and CARB's of risk, compliance in large you a they within they're of operate fleets. company large the these that

they'll pay need to have operations, legally and be they and make sure to can they So comply continuing to operate. able

Michael Shlisky

free switch I given quickly. margins like that the wall we've the margins gross to and turn really track just here. flow? Or EBITDA the be a want over fixed today can some -- you Am you year. bit, a got trying the cash I'm give sounds math on an positive right But some maybe start costs maybe EBITDA can breakeven down EBITDA bull X,XXX will it update give you coming to I or during at units to might some think us maybe when showing there? on

Dakota Semler

a it's great Yes, question.

costs of earnings ago as about previous a costs, other call, reduced and the our in plan So operating business to year we a had I think the free our direct OpEx shared we the to was trajectory we next to positive calculated road reduce next fixed material positive. gross our is getting improve margin the map on to step that And generating business flow. and cash thing getting shared

in accomplishments get we've unit and very all last percentage these year got we've goals near specific guided made in haven't up we some the incredible anywhere low the teens to and So points. there gross foremost, to ranging XXs But the percentage to date. way a from margins I future.First achieve low think to the

Second, of operational ongoing we've sales can supports field.And including business, model, in lean into of our maintaining our scale, our our chain vehicles volumes operational year-over-year, to thing demonstrates the to products that structure significantly, cut scale and the continue while XX% which expenses nearly we operate growth field, we keep supported continue third needs requirements engineering, supply the that to and quarter-over-quarter. then the the service is our increase

And get so in near-term increase is generating our point we eventually and where cash focus as free volumes EBITDA to positive future. we're to the that positive flow

Michael Shlisky

Maybe one question, to last one goes to last for have answer it me, back there. and your you

the share you about kind give a now bunch appreciate on shared start your of us can in of than bigger revenue? vehicles there? those or guess part note; XXXX, model out got that start guys other other over that that. models with of you you of there? actual for You've ICE a have year, that I answers. part customers to will EVs that we years both more are service sense to what related uptime may vehicles And X be numbers any road to actually a your Do well the even have of I would Should compared

Dakota Semler

question. it's a great Yes,

last of couple all a road had been on the years. have in XXXX. the But put since of substantial vehicles we've portion the on the way vehicles road So

a service mirror in through repair a amount of have we're we off reliability as we maintenance talking continuing unplanned tire more And like out things vehicle, in coming front maintenance and to expect other powertrains failing vehicles unplanned do of our revenue but small or there we or as of when service well say and seeing error from some are grow are see the aren't events. or the And maybe because field field an parts needs out are to out of in issue.So breaking operator the on that in in will to service sales grow about systems field. wheel kind are field. the those the events, parts help more continue labor there because as We revenue vehicles that the that of the

of which The components a field, to we the age is components remember, been is those as customers things on be vehicles few start just battery Mike, or in significant will a of years have other and of before probably see like far service because it hybrid component, field.As than these start there into how the powertrain field. see replacement you longer out we have support costs the in vehicles we lot we expected -- a the lifespan model

our technicians areas. for team from and the parts teams utilize we a strong dealer partners and on sell repairs Midwest across we'll work We and diagnostics then the vehicles, covering have of that's where country markets service our their where sell Xos conducting a part.But East we're the direct to those Texas California vehicles. to other all and we Coast to also way support certain have and technicians, And with

is revenue, little as markets. that is a bit on in it margins vehicles into case, get more we still parts So coming But those in out lower.

Operator

Donovan comes from Markets. Northland question Schafer The Capital next with

Donovan Schafer

Congratulations this great. little And the bit Good. is quarter. on a

if putting have of remarks. charging by I in You headache, the been you've start so you're things and missed a it's has guys the -- it up EV been historically. such numbers some sticking I initiatives kind But in working possible I dialed was want been X late, from on. to prepared

this like yet behind out could changed touch is kind actually would is those it it something quite that's mirror? on we can that where that you of helpful. into and in quarters Is of Or we're update get that? kind something not the at get still feel we on of se?Any that us? issues, Or So run per that clarification the be point rear-view woods an go enough

Dakota Semler

customer a Donovan, infrastructure the charging deliveries, think for asking I Yes, is our aspect really Yes. of you thank important question.

lessened, As but problems the vehicles and small orders regional supporting they much than more more shifted we there. still are our and deliver as very accounts to into infrastructure have and medium-sized national the fleets, have challenges be field

one with for in requirements. previous challenges As need there said, or coming phase-in high-priority these particularly that of there there different is infrastructure the will for In first fleets anticipate deliveries XXX where that, in quarter for of our XXX some sites XX%.So end anticipate And deployment year. is year. we've the be earlier be each we vehicles that instance, much might next The because more over being years at.But challenges, to national large shared towards in shared were are order And California, XX will continually or in we we're large to deployed base XX% where increase that's that the accounts. recurring come. iteration that next of now. strongest the these by really trending infrastructure so, will we that anticipate years right call the our the I calls, seeing actually months be the milestone continuing parked next

with plans.Generally, customers, sites infrastructure their across. infrastructure those they They're have to generally problems long-term So proactive vehicles creating more about lessen. more deploy

problem, will to in alleviating anticipate more although long-term deliveries work yes, the it gives or few it's to And answer flexibility we going being it on us And constrained with a not locations. those planning.So forward. so in help a question, somewhat customer mix single customer to always a shift customers your

Donovan Schafer

you $XXX,XXX Okay. talked helpful. -- Credit. I off-road; unit, to turning And the it's the That's then, about California think per

business of course, Wiggins about been or has the there, You looking which customers and and doing opportunities stronger which, of growth powertrain powertrain Power me apposition makes marine of List, one think the you also mentioned well port before. talked

be, course, And all emissions do much a $XXX,XXX roads applications -- those see could credit if these So the California, ports. at you on have then think in would so different I'm -- curious, how new not and stuff. you driving there's the that use are of law lower the I you the and

So color how come regulations would give driver How that you kind If play much much those that on are area? multiple there of great. be any potential a that marine type in environment? port in a of would is can into and that

Dakota Semler

Yes, happy too.

requiring those ports is the at And growing of over Energy that revenues. on next an California go business by sales. years. So ocean that Xos rate around than anticipate few zero still to to even we operating year and in emissions powered state as by and Solutions our part overall regulations the top-line, vehicles are and our XX% category you represent of next airports But faster of a touched them of less than vehicle all accelerated in Xos

smaller, had product including a the as into but Class similar sectors sales.One anecdotal ones launched our lot ancillary to We port the infrastructure equipment.While needs the guided segment deployable, for looking charging that customer both margin support charging other of that's spotters and will anticipate of hub needing market, facing. to infrastructure also the of haven't from rapidly XXXX think associated as anticipate continue growth for a in can't all to yet, handling duty forklifts as provide ports fleets market fruitfully see various the that customers, additional the other products facing yard we've growth hub charging that's reach of stackers equipment infrastructure.So of and need new be that really powertrain other I deployable as more fleets continue that flexible segments our we us lighter like types unit well that to Class will color also there vehicle are to markets whole we in industrial to in add airports, in environments on-highway able regulations material that and are I see gross that array I'll that to more the in II strong will sales business well show to are you other specific from the is infrastructure and we've rapidly point share and as

Donovan Schafer

because just being -- powered and -- been Xos, when when has interesting. customer, question, by like is repeat XXXX it big a body. more it we're very the chassis trucks trucks under armored clarifying or of a you're treat like orders by of is armored and kind do powered a then And guys. Loomis as talking the That's it for get is Loomis -- -- When armored car as about you Xos? or about with customer you talking fall Or Okay. consistent that you

give well. and thinking is doing it commentary I'm when about treat so you And about -- this color just you

put do growth here, you there? we expect you're yes, in bucket talking When We what trucks expect the growth about there. armored

Dakota Semler

in Yes, the armored chassis. XXXX the vehicles are still on step

think high Xos, generally building provide business. powertrain those but chassis, of battery systems, vehicle frame the the our So We things not all power and not by about vehicles. driveline, When chassis. like motors, it's software we the vehicle auxiliary still conventional the we're overall components, voltage components, distribution, the other

Operator

Ladies participation. thank Q&A. today's concludes call conference and gentlemen, for the teleconference. the you your concludes This and This

have your disconnect a and day. lines, may wonderful You

Xos (XOS) 9 Nov 232023 Q3 Earnings call transcript