XOS - Earnings call transcript Q3 2024

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Operator

Good day, and welcome to the Xos Third Quarter 2024 Earnings Conference Call. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Christen Romero, General Counsel. Please go ahead.

Christen Romero

Thank you, everyone, for joining us today. me Officer, Chief Chief Giordano Liana with Semler; Officer, Financial call Pogosyan. Operating Chief Sordoni; the today Executive are Dakota Officer, Hosting and Acting press its this call. the quarter Xos of we issued Ahead XXXX reference call, earnings release, during which will third found investors.xostrucks.com. This website can section our the on be Relations Investor of at assumptions, will to risks subject management call, statements this are making forward-looking based uncertainties. which on On be current expectations and and incorrect in our because materially differ our statements key from Commission. today's assumptions of news with conference are reports factors Actual during results could Exchange filings earnings of if forward-looking Securities in our discussed this any and and the release, call latest or

forward-looking in non-GAAP to contained reconciliations the earnings website release undue to performance put financial and for documents investors.xostrucks.com. duty forward-looking not refer third We statements. be financial statements. information metrics. GAAP also cautioned Please do any comparable not any Today's measures. references definitional includes measures non-GAAP on These presentation can the and XXXX the reliance to company's our at on to be undertake should Participants information update found historical press of quarter measures to

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

Dakota Semler

electric very I'm share delivered XX delivering for products. and Xos units everyone, manufacturers gross This the of fifth one few double-digit us. Christen, thank $XX.X vehicle revenue, the in gross consecutive quarter a XXXX, generated gross achieved margin margins. XX.X%. on marks and of million quarter delivering Thanks, you, during of the the of positive On margins our is thrilled today's third joining from call, to highlights which we

improving liquidity. continues our to addition on performance, Xos growth and focus improved year-over-year In to margin

this of will achievements. in operational increasing to commercial deliveries, momentum growing electric deliveries Then market. remarks, quarter, cover deeper the with in conditions ramp-up Liana product vehicle product into then Of our my customer and vehicle In Gio the financial and we've shifting dive market seen and our plan achievements I XX hub diversity. and the some

hubs through the significant our with rising shipping quarter, charging shipped demand in volumes end XX of began mobile deployment units nearly This solution. rapid we quarter, underscoring for the the

Overall, by we we to improvements in By substantial drives line ensure the and delivering with seeing of by working an positive ahead better cycle X.X%. top vehicle StepVan deliveries. increased revenue quarter, increased delivery relative This turnover. completed our second while unit In X.X% to are chassis relative turnaround units quicker deliveries. strip increase compared process, vehicle completed deliveries business, shifts strip deliveries to capital accelerate our the bodying chassis our up times in

all a While rising chassis, will our deliveries these cash orders flow strip positively turnover. that transition believe not we will to impact inventory of proportion of and our

school powertrain Blue made delivering bus an be a product in school first also in nationwide. its districts. districts durable radiuses bus tight reliable streets commercial and typical while product and C school school wheel-based the utilized exciting business, bus. powertrain for frame-on-body a the as our Bird school with offering significant solutions many our narrow with lead Bird Type districts chassis are C market bus continues electric of This school of is Blue to product meeting short We strides to Type constraints The that provides turning

building week, per end with we as hub were our approximately quarter production units X delivering of This this tool valuable our customers. reached series quarter, major And marked milestone the a low-volume the product. to we by

fleet a companies ABM, car several leading like Regarding customers. of units, including operator, service provider; self-driving Waymo, Loomis, our a deliveries, one top-tier facility hub valued to top we and delivered our

operating Marine, which key and customers SSA stevedoring in largest one the SSA Pacific, subsidiary businesses Xcel the as We the is terminal such of Energy, a world. also country; utilities of in and delivered one largest companies of other units the to investor-owned

short, growing. well-regarded of product companies deliveries excitement and the around are is the hands in In hub put being

continues hub can and we a as challenge delays, to offer solution. While face the charging be fleets infrastructure a such FedEx that contractors believe Ground continued

seen Such demand momentum the we and customers. operators, of the from range the interest As but QX. demonstrations already the up some success light hub In in of fleet mentioned, our product, not our adoption hub for across across industries. ramped we've of largest strong hub's just growing a solutions, reflects in of

fleet power and charging ability shutoffs. Evaluations response mobile to crucial the and showcase events public during are intended safety diverse and charging charging, to versatility disaster hub's provide infrastructure and storms

dollars Such incentives million affordable New secured support and states large enable several in like key critical to providing Beyond help York small transition deliveries, California and our seamless and vehicles. available electric in new to a incentives, accounts. we've more national Texas,

such involved. new the There depending delivered accounts vehicles exceeds of collection has the incentive a several agencies these applications the Xos a growing to delivered a incentive challenge. are Despite million. of our upon approvals, programs at on backlog $XX of be and significantly Incentive number focus the funds continues vary in and and agencies and state oversee processes collections primary receivable disbursement incentives that become state

who such efforts developed to we've streamline several customers in accounts receive [indiscernible] all thank I approval are to collection. have want a benefits collection redemption incentive Fortunately, application personally and incentives. help worked of processes and workflows. new process the receivable key streamline to tirelessly the Xos' collection incentive the of to These step and

position to receivables of do do incentive these and would we $XX the which over we backlogged collecting capital. not anticipate in payouts access our to working accelerate, While million expect this quarter, XXX% improve cash

costs needed We as dealer carrying our increasing better partnerships. have vehicles by receive our customers sales inventory ensure also through our to and begun improve

ensures customers and Truck This be us dealer inventory carrying maintenance manage especially providing vehicles We as vehicles found costs true better our Centers services. and needed. is our helps ongoing supportive This receive partner, to Tennessee. for in delivering dealers in Thompson

reducing will on operational reduction focused facility-based expenses. Gio be continue operational to sharply of in Just year the expenses. the as efforts our started, we detail

portion the reduced the overall end. headcount in subsequent to a quarter We of and our quarter also

it While free this of trajectory near decision us difficult we in cash a and flow employees, positive puts believe on impacted Xos achieving better was term. the for all towards the

continue achieving reach. and through within We cash be bring to revenues free this increased operational goal flow reduced to excited about expenses

it that, Gio With hand updates. on over for more I'll to our operational

Giordano Sordoni

Thank production, you, Dakota, high-quality The quality supply chain and and while strong the manufacturing, teams in on improving their good focus and afternoon, results everyone. continued consistent delivered efficiency. all quarter

our the hard production, chassis regular of chassis platform. to for to quarter new of addition the a worked in the variant prepare team longer StepVan wheel-based launch In

line. variant this We are wheel-based main XXX-inch now producing production on our

This a looking body capacity. increase an cubic XXX by steady Class of to We achieving longer and was other requests X driven and customers on This meet cubic year. some feet cargo of week. increased build linen our of larger hubs of of end the volume in folks longer for our hub before for per a pace the are accomplishment us production our wheel X approximately base platform. hub build well quarter, rates customer to positions that and demand the significant up This allows units from additional deliver

for supply and to vehicle in. bring supply reduction program, design to and teams the implemented have cost and to our base operations. the cost has reductions a through months, quarter $XX,XXX to our We In components of our our introduce changes partnering material with The of savings reductions, both XXXX. planned as optimizations dedicated additional invest over we into hub on and XX team engineering in well source we which to a remain our as central last more bill be remain in proving cost chain focused Tennessee, this strategy well is that

StepVan plant Byrdstown, and built Hub Our our Tennessee. at Xos in are chassis the both main

possession facility our will Los new through part reduce tenant. This the of lease operational the Recently, term. transferred end sublease we to secured and a our for of expenses our Angeles move

additional through acquisition potential provide these real on We future. There's of facilities in closed interest to ElectraMeccanica, properties, are hope both near estate actively also updates and we that working we subleases QX. more assumed our on subleasing the in which in X

on for cost designed long-term for and Our operational while are keep needs our our goals supporting us production track delivery. measures and short-term improvements to control

we and impact that changes federal In significant the in anticipate be these, on imported of one light increase potential global level most the could changes industry Among an could recent election business. tariffs results, suppliers. components of our our our at the from

North evolving with help we're America chain. actively including components monitoring and situation strategies, advisers, our changes of are to the reshoring supply this sourcing we're immediate XXXX. to closely U.S.-based until possible increasing investments in where customs pursue suppliers alternative no working While Meanwhile, expected our with

disruptive, tariffs components. won't Although necessary to our confident source hinder they these ability may be we're

engineering our our lowering costs. in anticipate mitigating and through goods, aimed much along initiatives with the tariffs chain reductions we effects these direct impact positive from Additionally, from cost of supply material at of ongoing

which continue manufacturing, We why are in infrastructure American in we'll our our to effectively. and supply to is strengthen chain landscape significantly the manufacturing we've Tennessee changes manage committed potential federal invested facility, to and

I'll With financial it for an that, at over our performance. to in-depth look turn Liana

Liana Pogosyan

Gio. you, Thank

quarter million this was revenue year. second up third XXXX, the in of the our million, For $XX.X $XX.X from quarter

quarter. margin the sold goods profit quarter. of gross $XX.X or in $X compared $X.X of during to a GAAP of million the was compared cost or $XX.X million to million million second quarter Our profit the a XX.X% XX.X% second in the during quarter to decreased

positive fifth gross margins. consecutive are of We excited to the deliver quarter

labor reducing GAAP overhead energy were from Margin and sale and processes. production clean margin of improving driven focus a costs benefited on gross continued mainly our also this quarter improvements by credits.

sale, GAAP Excluding gross XX%. margin was the

expenses. Turning to

to disciplined key costs our $XX.X managing $XX.X remain Our third as were in last to compared quarter operating while quarter million growth we initiatives. continuing expenses million support

trajectory loss profitability million loss third million $X.X promising operating quarter to a the continued compared to quarter. non-GAAP $X.X of operating operating follow non-GAAP Our last for of with

sheet. and flow the totaling CapEx negative due last respect quarter cash management. or to the was working compared improvement cash cash Operating balance $XX.X for We quarter million flow discipline cash represents over less free significant million enhanced a of $XX.X cash quarter capital and the with the second $X.X with cash quarter, negative restricted Turning and flow equivalents to which to to million. free closed cash a

Inventory to million the million current $XX.X last in quarter. $XX.X from increased quarter

collections. managing to in order including We to liquidity financial costs and receivable working requirements, reducing accounts improving liquidity our plan are actively operating position capital improve and and resources preserve our

reduction include salary the temporary We which our in during for quarter, our have fourth taken cost-cutting reductions and workforce senior total executives. certain several of measures

to accounts incentives currently improve enhance collect to On approval we of developed to working We've processes access our these backlog the mentioned, this cash Dakota payouts incentive our delivered capital. the and front, from million. entire $XX do though application, which streamlined expedite the and these -- as collection incentives, our the accelerate, exceeds do to quarter. of not anticipate expect collection will We position receivable collection

to XXXX. for of turning outlook our the Now rest

We are updating our guidance.

our unit to of non-GAAP revenue million have While range and now outlooks the we unit to a $XX.X decreased, are to delivery deliveries $XX.X We XXX and fall million our anticipate expecting revenue units. loss. range narrower be of XXX to within the operating within

$XX.X to to reduced our a have of million. non-GAAP We million $XX.X range operating loss

the This adjustment and reflects of delays. customer face some with challenges we infrastructure

reflects selling tighter products, and it average with However, on operating a price control margins our along also over higher improved expenses.

active diligently be guidance as We equally within to these deliver expect an to ranges. work QX we quarter

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

Dakota Semler

Thank you, Liana.

customers. pressures facing the tremendous aim the is these on competitively to from most from meet delays challenges continued vehicles charging and our we industry our produce durable our to challenges, customers priced market, and infrastructure While delight including

vendor proud UPS' largest car to package are FedEx the -- package North be for manufacturer Ground fleet. electric manufacturer vehicle American We vehicle largest operators the electric for and

to Alsco, for more with OEM companies deliveries companies uniform continue be than EV other for as We Cintas leading the vendor vehicle electric and several UniFirst. rental such largest any

our near ensure started and leadership see the have term, significant business this product gaining diverse Our our many to the along the Hub resilience of we with from potential. to Fortune companies. operating initiatives. consistent country, investor-owned model we continue long-term traction we years Xos orders development most new respected largest in adapted demonstrated X the ago, utilities in From cost XXX and in well purchase point product, that the is some as with We've

interest industry, Xos serve is uniquely is positioned the for decades. The legacy in with have across believe commercial this segments broad, the the and diesel market to we manufacturers be we a competing that player dominated that leading

up the questions, for operator. call and turn the to the With that, open over I'll we'll queue

Operator

[Operator from Craig Capital comes from ROTH Irwin Instructions] question The first Partners.

Craig Irwin

the a of Can about other business you volumes. It's maybe drivetrains drivetrain that not maybe potentially or to side sizes where good buying little can whether opportunities? that sketch interest vehicle the that's Dakota, talk the bit shown side? and breadth might are there different you a the house offer been it's shown little already customers to could some that opportunity the starting out new take of different on bit, back or you've doing leverage for in a us represent have formats off

Dakota Semler

our Craig. Absolutely. powertrain of immense on an Thanks reminder there's business believe that Xos property our lot we've powered software, it as engineering and vehicles, for design services the integrate into the powered a the we their developed for takes platforms. everybody, to With question, intellectual the a opportunity. Xos, powertrain support help by by we with leverages that market And it to and business including along powertrains vehicle and distribution system. into that engineering high-voltage And goes other provide high-voltage OEMs then those

really that markets There's several call embraced we electrification. what early or markets beachhead have

Some vehicles. of specific being vocational these more

produces any which of and Winnebago, these do as can a of short loads to they lot that to utilizing powertrain on embraced a idling, medical customers, really it that where products on because end, drive takes is our power are a travel system that zero-emission house that mobile get center the of range one hours have their command there's short vehicle. distance lot vehicles, vehicle idle mobile and ultimately they So perfect then for destination to

the addition in In see us, market and fast-growing system around country. competitive strongly been mobile school U.S. the as EPA school segment center districts bus afforded by school believe market applications funding and incredibly of has powertrain for command as to are supported manufacturers bus and for that's been the continue become to will for that some we many industry delivered this America. North continue the that growth that, market, in our vehicles to first more see the market of be an to approved We've the cost incentives

systems we several supporting customers then and electric, requiring customers off-highway state for specific industrial been other us forced emissions been of vehicles powertrain Wiggins off-highway in the or in electrify or is and haven't emissions lastly powertrain now years markets. they're of the where some yet as sector, And have to markets their that that adoption heavy to these very either components from regulations local with And such those through quickly equipment announced we've fully [indiscernible] and Lift, regulations many leveraging zero vehicles. applications go port

these OEM fast-growing think partners. as that So we market a are we will a be our supplier with well. to Ultimately, customers,

into. So that the control direct we sales don't of end-user these the units into fleets they get adopted

So these years the But we too. scale are how and over the that strong that less to believe in control and critical to beyond have the continue X realm up. growth frame, next will that ramp see we of electrification in markets time markets these size certainly all X

ASPs have powered the different to for to because powertrain With unit anticipate Xos think support XX% across these the could markets, business, grow of I by this products that different mix with business. our range we we can the of overall in XX% we that the of being kinds

Craig Irwin

Excellent. Excellent.

your second inventory. goods to of my you batteries inventory for a one And parts right for And you us having the as between orders, maybe on not vehicles portion if clarify just you products? maybe finished your commonality one applications. your the variety considered things able receive of ability liquidate about being So is maybe should dependent sell being -- markets, type, different then discuss hubs? different to Can now or into into or but different incremental truck, question finished inventory can be what

Dakota Semler

Absolutely.

all versus are So the we comes building process order. to products when of our it to really goods, in finished work

or a an dealer in shortly Most lot finishes lot. don't customer inventory a sit designed to process work that to build we production destined the the of OEM sheet finished goods sit and delivered is process. within be balance to the our in thereafter or is we on on for So have it

can come in process delays charging. that from are and infrastructure periodic there that Now about

them However, with they they're have that to infrastructure to and our that to most we in place. products, those. go the clarify before plan we production of with And really customer ready receive an try we mitigate

for raw total inventory. As today finished of accounts goods a and of around a XX% XX% about bit split, materials is is around our WIP X%.

a the through possible, what the you raw of quickly operate heavier Craig? leanly we're And But bit then a materials, customer sure work to will come. material continue me note as some parts want as flows remind of things. that to finished you'll second on can optimize quarters little older side And that and inventory was, those as possible. in that we as we and inventory reduce goods really delivered to raw question, as your That's get that those we'll making one inventory, to

Craig Irwin

No, if basically the were as is couple the for of you you there Well, out at that I to rate? liquidate be we of inventory cash run Is generation liquidation of if company may, inventory, far potentially as lower a steady do state question, that Last would it, captured the over what inventory Dakota. as see quarters? think the current next opportunity level

Dakota Semler

it's is inventory for question. are the Yes, inventory a products and we great From possession most standpoint, that the in of applicable of today. building we're today relevant liquidation an

be do to ordinary the in we anticipate work able through that course. So to

the some of the call do that. are And steps helping in we that highlighted us

inventory those and the So we're vehicles, bodies period. of one, completed to it share not most those going upfitter that, of that something strip And our carry. the on beyond working that's turnover the actually balance by carrying of commonality. sheet, directly with shortens delivering is chassis that balance instead customer components

StepVan which battery the powertrain about platform, at product components excluding systems, components, control platform question, when electronics, our initial your chassis powertrain those our different and thinking as about such commonality we power we the even software modules, lines. So hub share the high-voltage XX% this really electronics, cables, more kind units, vehicle is of platform, the across addresses look

So can configurations, be get we can to across the that the different commonality small, lot there relatively company. but the slightly that production we of some scale may that product that we're variations of into markets synergy total designed we've build different unit product SKUs at are for and as these is producing there or a build even so scale

Craig Irwin

the in in out some Buy But overall for there I'm of in. sorry, that just costs, significantly these Excellent. maybe potential vendors, place the update and that the some tariffs, have you companies the have more they strategic I Asian of options There's the put tariffs And these I squeeze to costs. been the with of think fears you're you mean if the way are compliance, unfounded. can maybe would battery concern about the on bring one been battery some pursue maybe think system they're to America different written talking of working impact for to us if cost production? out in to them of some Can what costs front were

Dakota Semler

that It's absolutely. years actually several started a process Yes, ago.

suppliers quality much cost competent, trying North targets production focus of the U.S. reshoring and to on we the saw of our And as possible, in we delivering capable pandemic, really that disruption a America, in to As and beyond. chain XXXX, really that reliability lot as us vehicles our and that were the went in we XXXX COVID-XX forced into the particularly before followed met find supply with

be China coming or ahead. components India, tariff now U.S. changes in in be to which the us will sourcing in changes year that here whether the has potential Asia, that trade or from insulate from source So we're regulation directly we in several it of suppliers, impacts used helped abroad

ensue suppliers Asia, regulations may still components we that trade what as tariff plans having restrictions from mitigate actively we're potential their conversations have a we sure changing come are make understand that, that with to in result we XXXX. any do actually are that to that and and some can going Beyond source to disruption of or

that of range across very in well a are with components. positioned multi-source we I trying think we're different to suppliers

diverse So we'll that of suppliers have producing single those source component, try components. or to have for a a X X

a we be area geographic particular tariffs. that's So in or a to concentrated subject geographic particular or location too don't to industry become beholden might to supplier that an incremental

our manage so isn't to to we're And with the some that by next customers industry-leading advisers way in that, costs that disrupted beyond tariffs going us we deliver to cost help administration. those can in to continue working a be

Craig Irwin

margins strong those on quarter. Congratulations this

Operator

question Northland The from from Securities. Instructions] [Operator next Jackson comes Ted

Edward Jackson

bit to like into kind think capital I'd bit about just a the that there. you improvements you out balance a working sheet get of little can and of the of drill and kind talk

So look to do at you last it that inventory to of if the how mean, Where in hand coverage maybe of you you many of But about it on that talked turns of get how terms stuff a it's set about you think questions. months vis-a-vis you like to it, could math, of down on up we you basis, want if of -- in with much the how to I think have terms you depending inventory. days do need? XX down kind do bringing on

on going side, that with some playing of receivables fourth main call is it line what levers guess you then really the $XX that over capital credits to I'm you do receivables. have terms And And think into the kind the that what be going out of that in really regards across how on I of see would then bring like getting that inventory XXXX? you guess are finish and improvement in of million quarter? So working to the you'll you do at I into

out of I you're to And of But take through some say balance walk you payables, kind the going sheet. could and things too. these how guess to levels really bring cash down on

Dakota Semler

thank for absolutely, and questions. the you Yes,

definitely a carrying of inventory turn. heavier So we a set is than industry are first, typical

stabilized it the from many year to upon you depending anywhere if turns can X look per think be X manufacturers, I product. at

cycles rely amount global of informs think And is I of supply Although critical we out, the inventory that much inventory chain one thing on still of supply of important chain. call vehicles turns the that our supply we'd is and lead today, global which times and many chain to a the electric like components.

continuing always are that trying to cash we reduce So to overall. usage while manage

that As over provided eventually, terms cost-out reduce inventory get that And specific year, roughly of will is goods And quarters, the down that or inventory. slightly. target guidance months are to are number. we to to also occur efforts the sure of leading as low, per of to now, improve to There coming we're happen you when suppliers our payment of year. right sold, anticipate can industry several will X it next whether we haven't that but to our internally X but X step relatively to turns as with into our effort that including turns mentioned, reduce those XX cost we that make range to will

that in incorporated things a they which transit chain goods reshoring, get the that before lead or in also There's shorten time length before, vehicle. that as into will time I a work such supply process mentioned are shorten of into and

make steps several those as it taking process gradual suppliers. changes, we're but make those So to to we is transition a

our credits the intensely and customers. to of many given really receivable credits months something for volume And that the to X of the focused is then provide balance, point about accounts second last X the your that been they on quite value we've these and

vouchers making we're those our to vouchers and progress those in shortening We started have been of accepted in the out, beginning time and length of significant paid get the out have significant how QX steps those to perspective. already in and from collected paid credits see

to But we to the don't deliver utilizing collected most these So as in million, something significant while customers QX $XX their as the make and vehicles, collecting in we're going with incentives have first anticipate remaining purchasing half XXXX. the of end mind full in keep of grow we of does a anticipate of be balance we benefit dent by the vehicles. is more the do balance that to our that

as So deliveries still while increase top incentives and down, to revenue. volume the will be or the increasing anticipate line go increase there balance we we

Edward Jackson

credits all be number balance it down Well, fourth the the of go that in to else equal, would we'll the fair think over? turned receivables being because the reported see on quarter sheet being

Dakota Semler

that definitely will Yes. that, in anticipate We happen can fourth the quarter.

balances accounts also direct credit as expected to reduced our pay be the our from customers are will quarter. receivable reduced fourth Our well as be in

Edward Jackson

balance that's now out Okay. then coming is quarters over how current that to the short term we Can going the long to you that the side shifting talk moved Great. sheet. now to through play in in the from liabilities of And convertible that have term?

Dakota Semler

year, been the growing the Absolutely. The to maturation fund capital us with of continue note quarter an in us liabilities. meet needs and the us it's note third Aljomaih important into next that for of source inventory. capital The business and help of convertible is afford has which working of why to occurs moved our current

the note what approach for been conversations discuss convertible facility intended plans in we've that that to to maturity we continue date, As is.

fund and that a strong within anticipate we're any can continued company continue through a support ongoing we have this needs our be capital to pleased until as holding up well with significant position equity current us we note, convertible very, this the don't but to We as point as very continuing support to they've share well Aljomaih's news they'll XXXX. beyond investor

we as the access approach our note So to date, to to that facility. to maturity particular we'll think scale hopefully continue convertible have that beyond solutions capital and as address just we how some

Edward Jackson

done the -- question that quarter some I or on boosted future in something in final in Is beyond? Is seeing new on out Is that in the and sale margin that would we credits is there my the front I'm current energy more something this, and count to the fourth name. a kind line gross then And activity mean I'll see the of quarter. -- the chance Okay. third step on could the that we the on periods? would in that past? that that of you've

Dakota Semler

the is first actually transacted This Yes. time we've that credits.

years improve So regularity credits banking this is be credits in we've the that potential these the as anticipate we vary be there periodic us past the also will on margins transact very single one we've depends a as there been for cost They process to anticipate significantly, that monitoring credits credit they type. continue this is more will across or new to But closely several -- consumers. it bit like be it will actually that over frequently And those OEMs us. We process and to but vehicles marginal really country. of happen future. other a and we have to do cash no but accretive this that pretty these delivered other transactions will every don't a the quarter, when

Edward Jackson

are -- these are line And have the on what I are value have things of you those? of sitting where your And mean, they you item in? dog what there? kind that balance sheet? could do I -- And you bird mean, kind

Dakota Semler

They Yes, -- sheet. fully all but they accounted for the not aren't of of value all are on on they're our of different in balance balance the our sheet credits. and

value can lot uncertain now, credits, right very that on reason the received the credits any that it's we is our a QX, balance sheet So that's not of kind relied markets we on for in and a nascent payment to of a for substantial this the anticipate form. them in the transacting clearly that of AR. valuation place future the of anticipate And hard that these upon. But that we small be are in because

Edward Jackson

later will Q Interesting. your out And today? be

Dakota Semler

morning. tomorrow actually be will filed It

Operator

attending our Thank presentation. now conference question-and-answer and concluded. the today's session, concludes for you This has

disconnect. You now may

Xos (XOS) 13 Nov 242024 Q3 Earnings call transcript