What happened
Shares of electric truck and powertrain company Xos (XOS -2.74%) were powering higher Tuesday morning after the company reported its fourth-quarter and full-year 2021 results following the closing bell yesterday. After spiking as much as 12%, Xos shares pared those gains but remained up 4.4% as of 10:32 a.m. ET today.
So what
Xos shares have soared almost 50% over the past month as the company has delivered its electric commercial trucks to new customers; the company plans a May event where it says it will reveal new products.
But for today, the stock gains come after Xos reported fourth-quarter revenue that more than doubled the income it received in the first nine months of 2021. The company delivered 32 of its vehicles in the fourth quarter, bringing unit shipments to 44 for the full year.
Xos electric delivery vehicles. Image source: Xos.
Now what
While many other electric vehicle makers have struggled with supply chain issues, CEO Dakota Semler said Xos continued to progress in the growth of its business. Semler issued a statement saying, "We ramped production of our zero-emission vehicles and powertrains despite the continued global supply and logistics chain disruptions; brought to market innovative products, including our Lyra Battery series; and delivered for our customers across several high-growth, last-mile markets."
He added that the company expects its production rate to continue to accelerate. The company plans to increase revenue and deliveries in each quarter sequentially throughout 2022. Its guidance calls for between 40 and 50 units to be delivered in just the first quarter of 2022.
Investors are acknowledging that the foundation for rapid growth has been set, and it looks like 2022 will be a breakout year for the manufacturing side of Xos' truck and battery business.
