NextGen Acquisition Shows Promising Financial Performance in Third Quarter of 2024

The electric vehicle industry continues to witness significant momentum as NextGen Acquisition (OTCMKTS:NGACU) demonstrates robust financial results for the third quarter ending September 30, 2024. Xos, Inc., a subsidiary of NextGen Acquisition, showcased compelling performance in terms of unit deliveries and gross profits, signaling an upward trend despite some fluctuations in comparison to the same period last year.

During the third quarter of 2024, Xos reported revenues of $15.8 million, reflecting a slight increase from the previous quarter’s $15.5 million but a decrease from $16.7 million in the third quarter of 2023. Notably, Xos delivered 94 units, up from 90 units in the previous quarter but down from 105 units in the third quarter of 2023. The company’s gross margins also saw an improvement, reaching 18.1%, compared to 13.1% in the previous quarter and 11.9% in the same quarter of 2023.

A significant development during this period was the commencement of serial production in Tennessee of Xos Hub, the company’s multi-EV mobile charger units. This move underscores Xos’ commitment to elevating its charging infrastructure capabilities. Xos’ strategic partnerships with industry leaders like Blue Bird, Winnebago, UPS, and FedEx Ground have contributed to its consistent growth trajectory within the commercial EV market.

Looking ahead, Xos revised its 2024 outlook, projecting revenues in the range of $54.1 to $67.6 million, with unit deliveries estimated to reach between 320 to 400 units. These forecasts encompass a variety of products, including stepvans, powertrains, and Xos Hub offerings. The company aims to solidify its position as a key player in the EV sector by prioritizing margin expansion and cost-effective management strategies.

Liana Pogosyan, Acting Chief Financial Officer of Xos, emphasized the company’s stride towards becoming a self-sustaining commercial EV entity by bolstering gross margins. The management team remains optimistic about the future outlook, acknowledging the inherent uncertainties and risks that may influence actual results from deviating significantly from the forecasted figures.

To delve deeper into the financial specifics, with inventories amounting to $42.4 million by the end of September 2024 and cash and cash equivalents totaling $9.2 million, Xos maintains a solid financial foundation for its operations.

In summary, NextGen Acquisition’s subsidiary, Xos, is positioning itself as a notable player in the electric vehicle market, marked by its continuous emphasis on innovation, strategic partnerships, and financial growth strategies.

For those interested in further insights, Xos will be hosting a conference call and webcast on Tuesday, November 13, 2024, at 4:30 p.m. EDT / 1:30 p.m. PDT. Participants can access the webcast at the provided link or utilize the dial-in details for participation.

About NextGen Acquisition:
NextGen Acquisition, through its subsidiary Xos, Inc., is a prominent electric truck manufacturer and fleet services provider dedicated to advancing sustainable transportation solutions. For more information, visit the company’s official website.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read NextGen Acquisition’s 8K filing here.

NextGen Acquisition Company Profile

NextGen Acquisition Corporation does not have significant operations. The company focuses on pursuing opportunities in industrial and healthcare sectors. It intends to effect a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses.