LOS ANGELES – Shareholders of Xos, Inc., a company specializing in motor vehicle parts and accessories, cast their votes on critical matters at the 2024 annual meeting held on Monday. The meeting, which took place virtually, saw the election of three Class III directors and the ratification of the company's independent auditor, among other items on the agenda.
During the session, a quorum was established with 61.34% of the outstanding shares represented, totaling 4,828,644 shares. The results of the meeting, sourced from an SEC filing, indicated shareholders' decisions on three key proposals.
Firstly, the election of three Class III directors was confirmed, with Stuart Bernstein, Dietmar Ostermann, and Dakota Semler securing their positions until the 2027 annual meeting. Bernstein received 3,402,714 votes for and 122,823 withheld, Ostermann received 3,489,336 votes for and 36,201 withheld, and Semler received 3,470,571 votes for and 54,966 withheld. Each director's election was supported by 1,303,107 broker non-votes.
Secondly, Grant Thornton LLP was ratified as Xos, Inc.'s independent registered public accounting firm for the fiscal year ending December 31, 2024. The decision was nearly unanimous, with 4,785,059 votes for, 28,015 against, and 15,570 abstentions.
The third proposal, which involved approving the Amended and Restated 2021 Equity Incentive Plan, sought to increase the number of shares reserved for issuance by 1,180,819 shares. Shareholders voted in favor, with 3,253,535 votes for, 263,070 against, and 8,932 abstentions, coupled with 1,303,107 broker non-votes.
The outcomes of these votes are crucial for the governance and future operations of Xos, Inc., which is incorporated in Delaware and headquartered in Los Angeles, California. This information is based on the company's latest 8-K filing with the SEC.
The company, formerly known as NextGen Acquisition Corp before a name change on July 29, 2020, continues to trade on the Nasdaq Capital Market under the ticker symbols NASDAQ:XOS for its common stock and NASDAQ:XOSWW for its warrants. The acting Chief Financial Officer, Liana Pogosyan, signed off on the SEC filing dated Wednesday, confirming the results of the annual meeting.
In other recent news, electric vehicle manufacturer XOS Inc. reported first-quarter 2024 earnings with revenue of $13.2 million, delivering 62 units and achieving a gross margin of 21.2%. Despite a significant quarterly drop in unit shipments, DA Davidson maintains a Buy rating on XOS, citing potential for growth in sectors such as recreational vehicles, mobile charging, and school buses. Northland also reaffirmed an Outperform rating for XOS, adjusting the price target to $16 from the previous $22.50, reflecting confidence in the company's future performance and strategic initiatives.
XOS has successfully navigated challenges associated with its past SPAC merger, and the acquisition of ElectraMeccanica has bolstered its financial position with an additional $50 million in cash. Despite delays in customer infrastructure and upfitter partners, which pushed some Q1 deliveries into Q2, the company remains optimistic about its growth trajectory. XOS introduced the Xos Hub, a new charging solution, and reaffirmed its full-year revenue guidance of $66.7 million to $100.4 million, with expected deliveries of 400 to 600 units. These developments suggest that XOS is establishing itself as a viable electric vehicle OEM, with DA Davidson seeing a pathway for XOS to achieve a cash-positive status by late next year.
InvestingPro Insights
In light of Xos, Inc.'s recent annual meeting, investors looking for a deeper understanding of the company's financial health and market performance might consider the latest data from InvestingPro. The company's market capitalization stands at a modest $52.67 million, reflecting its position in the competitive motor vehicle parts and accessories sector. Notably, Xos has experienced significant revenue growth over the last twelve months as of Q1 2024, with an increase of 55.65%, and even more impressive quarterly growth at 180.22%. However, these promising growth figures are juxtaposed with a challenging gross profit margin of just 4.48%, indicating potential cost management issues.
InvestingPro Tips highlight several critical factors for potential investors. Analysts are optimistic about sales growth in the current year, which could signal a positive trajectory for the company's revenue. Additionally, two analysts have revised their earnings estimates upwards for the upcoming period, suggesting that there may be more confidence in the company's financial prospects. On the other hand, Xos is quickly burning through cash and has been flagged for weak gross profit margins. Moreover, the stock price has been quite volatile, with significant declines over the last three months and five years, which could be a concern for stability-seeking shareholders.
Investors interested in a comprehensive analysis of Xos, Inc. can explore more InvestingPro Tips by visiting https://www.investing.com/pro/XOS. For those considering an InvestingPro subscription, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. Beyond the insights shared here, there are 9 additional tips available on InvestingPro that could further inform investment decisions regarding Xos, Inc.
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