# EDGAR Filing Document

**Accession Number:** 0001819493
**File Stem:** 0001819493-26-000012
**Filing Date:** 2026-4
**Character Count:** 351055
**Document Hash:** b0a85545a5522436add8b492146703e3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001819493-26-000012.hdr.sgml**: 20260421

**ACCESSION NUMBER**: 0001819493-26-000012

**CONFORMED SUBMISSION TYPE**: 10-K/A

**PUBLIC DOCUMENT COUNT**: 108

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260421

**DATE AS OF CHANGE**: 20260421

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Xos, Inc.
- **CENTRAL INDEX KEY:** 0001819493
- **STANDARD INDUSTRIAL CLASSIFICATION:** MOTOR VEHICLE PARTS & ACCESSORIES [3714]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 981550505
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-K/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39598
- **FILM NUMBER:** 26879487

**BUSINESS ADDRESS:**
- **STREET 1:** 3550 TYBURN STREET
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90065
- **BUSINESS PHONE:** (818) 316-1890

**MAIL ADDRESS:**
- **STREET 1:** 3550 TYBURN STREET
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90065

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NextGen Acquisition Corp
- **DATE OF NAME CHANGE:** 20200729

?xml version='1.0' encoding='ASCII'? xos-20251231

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-K/A**

**(Amendment No. 1)**

**(Mark One)**

☒ **ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the fiscal year ended December 31, 2025**

**OR**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For transition period from&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;to**

**Commission File Number 001-39598**

**XOS, INC.**

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **Delaware** | **98-1550505** |
| (State or other jurisdiction of<br>incorporation or organization) | (I.R.S. Employer<br>Identification Number) |

---

---

| | |
|:---|:---|
| **3550 Tyburn Street**<br>**Los Angeles, CA**  | **90065** |
| (Address of Principal Executive Offices) | (Zip Code) |

---

Registrant's telephone number, including area code: **(818) 316-1890**

**Securities registered pursuant to Section 12(b) of the Act:**

---

| | | |
|:---|:---|:---|
| **<u>Title of each class</u>** | **<u>Trading Symbol</u>** | **<u>Name of each exchange on which registered</u>** |
| Common Stock, $0.0001 par value per share | XOS | Nasdaq Capital Market |
| Warrants, every thirty warrants exercisable for one share of Common Stock at an exercise price of $345.00 per share | XOSWW | Nasdaq Capital Market |

---

**Securities registered pursuant to Section 12(g) of the Act: None**

Indicate by check mark whether the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes ☐ No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
| Non-accelerated filer | ☒ | Smaller reporting company | ☒ |
| | | Emerging growth company | ☐ |

---

------

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to § 240.10D-1(b).☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act): Yes ☐ No ☒

The aggregate market value of the common stock held by non-affiliates of the registrant on June 30, 2025, the last business day of the registrant's most recently completed second fiscal quarter was approximately $13.0 million based on the closing price reported for such date on the Nasdaq Capital Market. Shares of common stock beneficially owned by each executive officer, director, and holder of more than 10% of our common stock have been excluded in that such persons may be deemed to be affiliates. This determination of affiliate status is not necessarily a conclusive determination for other purposes.

As of March 26, 2026, there were approximately 11,982,627 shares of the registrant's common stock outstanding.

**DOCUMENTS INCORPORATED BY REFERENCE**

None.

------

**EXPLANATORY NOTE**

This Amendment No. 1 on Form 10-K/A (this "Amendment No. 1") amends Xos, Inc.'s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 that was originally filed with the Securities and Exchange Commission (the "SEC") on March 30, 2025 (the "Original Form 10-K" and, as amended hereby, the "Report"). This Amendment No. 1 is being filed solely to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• include language related to critical audit matters in the Report of Independent Registered Public Accounting Firm issued by our auditors and included in Part II, Item 8 of the Original Form 10-K that was inadvertently omitted from the Original Form 10-K;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• include the information omitted from Part III, Items 10, 11, 12, 13 and 14 of the Original Form 10-K in reliance upon General Instruction G(3) to Form 10-K; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• delete the reference on the cover of the Original Form 10-K to the incorporation by reference of portions of our proxy statement into Part III of the Original Form 10-K.

In addition, we have filed new certifications of our principal executive officer and principal financial officer under Sections 302 and 906 of the Sarbanes-Oxley Act of 2002 as exhibits to this Amendment No. 1 under Item 15 of Part IV hereof, pursuant to Rule 12b-15 under the Securities Exchange Act of 1934, as amended, and a new consent of our Independent Registered Public Accounting Firm as an exhibit to this Amendment No. 1 under Item 15 for Part IV hereof.

No other changes have been made to the Original Form 10-K. Accordingly, this Amendment No. 1 should be read in conjunction with the Original Form 10-K.

------

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| | **<u>Page</u>** |
| <u>[Part II](#id0ea1358ebd947d6a0a02c7ccd3fecc8_34)</u> | |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 8. Financial Statements and Supplementary Data](#id0ea1358ebd947d6a0a02c7ccd3fecc8_85)</u> | <u>[6](#id0ea1358ebd947d6a0a02c7ccd3fecc8_85)</u> |
| <u>[Part III](#id0ea1358ebd947d6a0a02c7ccd3fecc8_689)</u> | |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 10. Directors, Executive Officers and Corporate Governance](#id0ea1358ebd947d6a0a02c7ccd3fecc8_694)</u> | <u>[46](#id0ea1358ebd947d6a0a02c7ccd3fecc8_694)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 11. Executive Compensation](#id0ea1358ebd947d6a0a02c7ccd3fecc8_698)</u> | <u>[56](#id0ea1358ebd947d6a0a02c7ccd3fecc8_698)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](#id0ea1358ebd947d6a0a02c7ccd3fecc8_702)</u> | <u>[67](#id0ea1358ebd947d6a0a02c7ccd3fecc8_702)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 13. Certain Relationships and Related Transactions, and Director Independence](#id0ea1358ebd947d6a0a02c7ccd3fecc8_706)</u> | <u>[70](#id0ea1358ebd947d6a0a02c7ccd3fecc8_706)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 14. Principal Accountant Fees and Services](#id0ea1358ebd947d6a0a02c7ccd3fecc8_710)</u> | <u>[72](#id0ea1358ebd947d6a0a02c7ccd3fecc8_710)</u> |
| <u>[Part IV](#id0ea1358ebd947d6a0a02c7ccd3fecc8_229)</u> | |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 15. Exhibits and Financial Statement Schedules](#id0ea1358ebd947d6a0a02c7ccd3fecc8_232)</u> | <u>[73](#id0ea1358ebd947d6a0a02c7ccd3fecc8_232)</u> |
| <u>[Signatures](#id0ea1358ebd947d6a0a02c7ccd3fecc8_238)</u> | <u>[77](#id0ea1358ebd947d6a0a02c7ccd3fecc8_238)</u> |

---

------

**PART II**

------

**Item 8.&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements**

**Index to Consolidated Financial Statements**

---

| | |
|:---|:---|
| | **<u>Page</u>** |
| <u>[Report of Independent Registered Public Accounting Firm](#id0ea1358ebd947d6a0a02c7ccd3fecc8_88)</u> (PCAOB ID Number 248) | <u>[7](#id0ea1358ebd947d6a0a02c7ccd3fecc8_88)</u> |
| <u>[Consolidated Balance Sheets](#id0ea1358ebd947d6a0a02c7ccd3fecc8_91)</u> | <u>[8](#id0ea1358ebd947d6a0a02c7ccd3fecc8_91)</u> |
| <u>[Consolidated Statements of Operations](#id0ea1358ebd947d6a0a02c7ccd3fecc8_97)</u> | <u>[9](#id0ea1358ebd947d6a0a02c7ccd3fecc8_97)</u> |
| <u>[Consolidated Statements of Stockholders' Equity](#id0ea1358ebd947d6a0a02c7ccd3fecc8_103)</u> | <u>[10](#id0ea1358ebd947d6a0a02c7ccd3fecc8_103)</u> |
| <u>[Consolidated Statements of Cash Flows](#id0ea1358ebd947d6a0a02c7ccd3fecc8_109)</u> | <u>[11](#id0ea1358ebd947d6a0a02c7ccd3fecc8_109)</u> |
| <u>[Notes to Consolidated Financial Statements](#id0ea1358ebd947d6a0a02c7ccd3fecc8_112)</u> | <u>[13](#id0ea1358ebd947d6a0a02c7ccd3fecc8_112)</u> |

---

------

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

Board of Directors and Shareholders

Xos, Inc.

**Opinion on the financial statements** 

We have audited the accompanying consolidated balance sheets of Xos, Inc. (a Delaware corporation) and subsidiaries (the "Company") as of December 31, 2025 and 2024, the related consolidated statements of operations, stockholders' equity, and cash flows for each of the two years in the period ended December 31, 2025, and the related notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

**Going concern**

The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the consolidated financial statements, the Company incurred a net loss of $25.3 million and generated $5.4 million of cash from operating activities for the year ended December 31, 2025, and as of that date, the Company had total working capital of $26.2 million, including $14.0 million of cash and cash equivalents, and an accumulated deficit of $228.7 million. These conditions, along with other matters as set forth in Note 1, raise substantial doubt about the Company's ability to continue as a going concern. Management's plans in regard to these matters are also described in Note 1. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

**Basis for opinion** 

These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

**Critical audit matters**

Critical audit matters are matters arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. We determined that there are no critical audit matters.

/s/ GRANT THORNTON LLP

We have served as the Company's auditor since 2022.

Los Angeles, California

April 21, 2026

------

**Xos, Inc. and Subsidiaries**

**Consolidated Balance Sheets**

(*in thousands, except for par value per share*)

---

| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| | **2025** | **2024** |
| **Assets** |  |  |
| Cash and cash equivalents | $14040 | $10996 |
| Accounts receivable, net | 6035 | 26870 |
| Inventories | 24961 | 36567 |
| Prepaid expenses and other current assets | 4841 | 7868 |
| **Total current assets** | 49877 | 82301 |
| Property and equipment, net | 4320 | 6111 |
| Operating lease right-of-use assets, net&nbsp;&nbsp;&nbsp;&nbsp; | 1534 | 3193 |
| Other non-current assets | 4632 | 6728 |
| **Total assets** | $**60363** | $**98333** |
| **Liabilities and Stockholders' Equity** |  |  |
| Accounts payable | $2473 | $8931 |
| Convertible debt, current | 6500 | 19970 |
| Other current liabilities | 14685 | 17768 |
| **Total current liabilities** | 23658 | 46669 |
| Common stock warrant liability | 73 | 121 |
| Other non-current liabilities | 1345 | 17933 |
| Convertible debt, non-current | 12000 |  |
| **Total liabilities** | 37076 | 64723 |
| **Commitments and contingencies (Note 15)** |  |  |
| **Stockholders' Equity**  |  |  |
| Common Stock $0.0001 par value, authorized 1,000,000 shares, <br>&nbsp;&nbsp;&nbsp;&nbsp;11,403 and 8,046 shares issued and outstanding at December 31, 2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;and 2024, respectively | 1 | 1 |
| Preferred Stock $0.0001 par value, authorized 10,000 shares, 0 shares issued and outstanding at December 31, 2025 and 2024 |  |  |
| Additional paid-in capital | 252026 | 237029 |
| Accumulated deficit | (228740) | (203420) |
| **Total stockholders' equity**  | 23287 | 33610 |
| **Total liabilities and stockholders' equity** | $**60363** | $**98333** |

---

*The accompanying notes are an integral part of these consolidated financial statements*

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Inc. and Subsidiaries**

**Consolidated Statements of Operations**

(*in thousands, except per share amounts*)

---

| | | |
|:---|:---|:---|
| | **Years Ended December 31,** | **Years Ended December 31,** |
| | **2025** | **2024** |
| **Revenues** | $45992 | $55961 |
| Cost of goods sold | 43268 | 51996 |
| Gross profit | 2724 | 3965 |
| **Operating expenses** |  |  |
| General and administrative | 24797 | 35083 |
| Research and development | 8000 | 10627 |
| Sales and marketing | 3010 | 4129 |
| **Total operating expenses** | 35807 | 49839 |
| **Loss from operations** | (33083) | (45874) |
| Gain on operating lease termination | 9875 |  |
| Other expense, net | (2137) | (4561) |
| Change in fair value of derivative instruments | 48 | 274 |
| Change in fair value of earn-out shares liability |  | 39 |
| Loss before provision for income taxes | (25297) | (50122) |
| Provision for income taxes | 23 | 37 |
| **Net loss** | $**(25320)** | $**(50159)** |
| **Net loss per share** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Basic** | $**(2.71)** | $**(6.69)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Diluted** | $**(2.71)** | $**(6.69)** |
| **Weighted average shares outstanding** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Basic** | **9360** | **7500** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Diluted** | **9360** | **7500** |

---

*The accompanying notes are an integral part of these consolidated financial statements*

------

**Xos, Inc. and Subsidiaries**

**Consolidated Statements of Stockholders' Equity**

(*in thousands*)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Common Stock** | **Common Stock** | **Additional Paid-in Capital** | **Accumulated<br>Deficit** | **Total<br>Stockholders'<br>Equity** |
| | **Shares** | **Par Value** | **Additional Paid-in Capital** | **Accumulated<br>Deficit** | **Total<br>Stockholders'<br>Equity** |
| **Balance at December 31, 2023** | **5941** | $**1** | $**198456** | $**(153261)** | $**45196** |
| Stock options exercised | 21 |  | 10 |  | 10 |
| Stock based compensation expense |  |  | 7671 |  | 7671 |
| Issuance of common stock for vesting of restricted stock units | 448 |  | 1 |  | 1 |
| Shares withheld related to net share settlement of stock-based awards | (136) |  | (1012) |  | (1012) |
| Issuance of common stock for ElectraMeccanica acquisition | 1766 |  | 31856 |  | 31856 |
| Issuance of common stock under Standby Equity Purchase Agreement | 6 |  | 47 |  | 47 |
| Net loss |  |  |  | (50159) | (50159) |
| **Balance at December 31, 2024** | **8046** | $**1** | $**237029** | $**(203420)** | $**33610** |
| Stock options exercised |  | $— | $— | $— | $— |
| Stock based compensation expense |  |  | 7407 |  | 7407 |
| Issuance of common stock for vesting of restricted stock units | 1082 |  |  |  |  |
| Shares withheld related to net share settlement of stock-based awards | (322) |  | (1021) |  | (1021) |
| Issuance of common stock in at-the-market offering | 730 |  | 2402 |  | 2402 |
| Issuance of common stock for equipment lease termination | 64 |  | 200 |  | 200 |
| Issuance of common stock for settlement of accrued interest on convertible debt | 1803 |  | 6009 |  | 6009 |
| Net loss |  |  |  | (25320) | (25320) |
| **Balance at December 31, 2025** | **11403** | $**1** | $**252026** | $**(228740)** | $**23287** |

---

*The accompanying notes are an integral part of these consolidated financial statements*

------

**Xos, Inc. and Subsidiaries**

**Consolidated Statements of Cash Flows**

(*in thousands*)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| | **Years Ended December 31,** | **Years Ended December 31,** |
| | **2025** | **2024** |
| **Operating Activities:** |  |  |
| &nbsp;&nbsp;Net loss | $(25320) | $(50159) |
| &nbsp;&nbsp;*Adjustments to reconcile net loss to net cash provided by (used in) operating activities* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation | 2183 | 3343 |
| &nbsp;&nbsp;&nbsp; Amortization of right-of-use assets | 1659 | 1798 |
| &nbsp;&nbsp;&nbsp; Amortization of debt discounts and issuance costs | 30 | 50 |
| &nbsp;&nbsp;&nbsp; Amortization of insurance premiums | 2430 | 2834 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventory reserves | (263) | 2940 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of property and equipment and assets held-for-sale | 564 | 4823 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of derivative instruments | (48) | (274) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of earn-out shares liability |  | (39) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on operating lease termination | (9875) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | 7407 | 7710 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bad debt expense | 2 | 962 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-cash items | 1068 | (148) |
| &nbsp;&nbsp;&nbsp;&nbsp;*Changes in operating assets and liabilities:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | 20833 | (12690) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | 10895 | (1558) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | (501) | (1562) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | 907 | (2654) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | (6458) | 5406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | (148) | (9577) |
| &nbsp;&nbsp;**Net cash provided by (used in) operating activities** | 5365 | (48795) |
| **Investing Activities:** |  |  |
| &nbsp;&nbsp;Proceeds from the disposal of assets held for sale | 61 | 125 |
| &nbsp;&nbsp;Purchases of property and equipment |  | (304) |
| &nbsp;&nbsp;Net cash acquired in acquisition of ElectraMeccanica Vehicles Corp |  | 51355 |
| &nbsp;&nbsp;**Net cash provided by investing activities** | 61 | 51176 |
| **Financing Activities:** |  |  |
| &nbsp;&nbsp;Principal payment for equipment leases | (1973) | (2347) |
| &nbsp;&nbsp;Proceeds from short-term insurance financing note | 2609 | 3107 |
| &nbsp;&nbsp;Payment for short-term insurance financing note | (2899) | (2830) |
| &nbsp;&nbsp;Payments on convertible notes | (1500) |  |
| &nbsp;&nbsp;Stock option exercises |  | 10 |
| &nbsp;&nbsp;Taxes paid related to net share settlement of stock-based awards | (1021) | (1012) |
| &nbsp;&nbsp;Proceeds from sale of newly issued shares of common stock | 2402 |  |
| &nbsp;&nbsp;Proceeds from issuance of Common Stock under Standby Equity Purchase Agreement |  | 47 |
| &nbsp;&nbsp;**Net cash used in financing activities** | (2382) | (3025) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

------

---

| | | |
|:---|:---|:---|
| **Net increase (decrease) in cash, cash equivalents and restricted cash** | 3044 | (644) |
| **Cash, cash equivalents and restricted cash, beginning of year** | 10996 | 11640 |
| **Cash, cash equivalents and restricted cash, end of year** | $14040 | $10996 |
| **Reconciliation of Cash, Cash Equivalents and Restricted Cash to Consolidated Balance Sheets:** |  |  |
| &nbsp;&nbsp;Cash and cash equivalents | $14040 | $10996 |
| **Total cash, cash equivalents and restricted cash** | $14040 | $10996 |
| **Supplemental disclosure of cash flow information** |  |  |
| Cash paid for income taxes | $51 | $17 |
| Operating lease termination | $(9875) | $— |
| **Supplemental disclosure of non-cash investing and financing activities** |  |  |
| Issuance of common stock for equipment lease termination | $(200) | $— |
| Settlement of accrued interest with shares of Xos common stock | $(6009) | $— |
| Purchase of property and equipment in accounts payable | $(30) | $(35) |
| Net assets acquired in acquisition of ElectraMeccanica Vehicles Corp. | $— | $54630 |
| Xos common stock issued in exchange for ElectraMeccanica Vehicles Corp. | $— | $(31856) |

---

*The accompanying notes are an integral part of these consolidated financial statements*

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**<u>[**Table of Contents**](#id0ea1358ebd947d6a0a02c7ccd3fecc8_7)</u>**

**Xos, Inc. and Subsidiaries**

**Notes to Consolidated Financial Statements**

**Note 1— Description of Business** 

Xos, Inc., together with its wholly owned subsidiaries (collectively, the "Company" or "Xos") is a leading fleet electrification solutions provider committed to the decarbonization of commercial transportation. Xos designs and manufactures Classes 5 through 8 battery-electric commercial vehicles designed to travel on last-mile, back-to-base routes of up to 200 miles per day. Xos also offers charging infrastructure products and services through Xos Energy Solutions™ to support electric vehicle fleets. The Company's proprietary fleet management software, Xosphere™, integrates vehicle operation and vehicle charging aimed at providing commercial fleet operators a more seamless and cost-efficient vehicle ownership experience than traditional internal combustion engine counterparts. Xos developed the X-Platform (its proprietary, purpose-built vehicle chassis platform) specifically for the medium-duty commercial vehicle segment with a focus on last-mile commercial fleet operations. Xos seeks to offer customers a suite of commercial products and services to facilitate electric fleet operations and seamlessly transition their traditional combustion-engine fleets to battery-electric vehicles.

***Business Combination***

Xos, Inc. was initially incorporated on July 29, 2020, as a Cayman Islands exempted company under the name "NextGen Acquisition Corporation" ("NextGen"). On August 20, 2021, the transactions contemplated by the Agreement and Plan of Merger, as amended on May 14, 2021, by and among NextGen, Sky Merger Sub I, Inc., a Delaware corporation and a direct wholly owned subsidiary of NextGen ("Merger Sub"), and Xos, Inc., a Delaware corporation (now known as Xos Fleet, Inc., "Legacy Xos"), were consummated (the "Closing"), whereby Merger Sub merged with and into Legacy Xos, the separate corporate existence of Merger Sub ceased and Legacy Xos became the surviving corporation and a wholly owned subsidiary of NextGen (such transaction the "Merger" and, collectively with the Domestication, the "Business Combination"), and Xos became the publicly traded entity listed on Nasdaq.

***ElectraMeccanica Acquisition***

On January 11, 2024, the Company and ElectraMeccanica Vehicles Corp. ("ElectraMeccanica") entered into an arrangement agreement, as amended on January 31, 2024 (the "Arrangement Agreement"), pursuant to which the Company acquired all of the issued and outstanding common shares of ElectraMeccanica (each, an "ElectraMeccanica Share") pursuant to a plan of arrangement (the "Plan of Arrangement") under the Business Corporations Act (British Columbia) (the "Arrangement").

The Arrangement was consummated on March 26, 2024. Subject to the terms and conditions set forth in the Arrangement Agreement and the Plan of Arrangement, on March 26, 2024, each ElectraMeccanica Share outstanding immediately prior to the effective time of the Arrangement was converted automatically into the right to receive 0.0143739 of a share of the Company's Common Stock, for total consideration of 1,766,388 shares of Common Stock. The Company's liquidity has been supplemented by accessing ElectraMeccanica's cash balance, which was approximately $50.2 million (excluding severance related costs paid at closing) as of the effective date of the Arrangement.

***Risks and Uncertainties***

In recent years, the United States and other significant markets have experienced cyclical downturns and worldwide economic conditions remain uncertain. Global general economic and political conditions, such as recession, inflation, uncertain credit and global financial markets, including potential future bank failures, health crises, supply chain disruption, fuel prices, international currency fluctuations, changes to trade policies and tariffs (or the perception that such changes may occur), and geopolitical events such as local and national elections, corruption, political instability and acts of war or military conflict, or terrorism, make it difficult for our customers and us to accurately forecast and plan future business activities, and could cause our customers to slow spending on our products and services or impact their ability to make timely payments. A weak or declining economy could also strain our suppliers, possibly resulting in supply disruption. In addition, there is a risk that our current or future suppliers, service providers, manufacturers or other partners may not survive such difficult economic times, which would directly affect our ability to attain our operating goals on schedule and on budget. The ultimate impact of current economic conditions on the Company is uncertain, but it may have a material negative impact on the Company's business, operating results, cash flows, liquidity and financial condition.

Additionally, ongoing geopolitical events, such as the military conflicts between Russia and Ukraine, in Israel and with Iran or tensions with China and related sanctions and export control restrictions, may increase the severity of supply chain disruptions and further hinder our ability to source inventory for our vehicles. These conflicts continue to evolve and the ultimate impact on

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**<u>[**Table of Contents**](#id0ea1358ebd947d6a0a02c7ccd3fecc8_7)</u>**

**Xos, Inc. and Subsidiaries**

**Notes to Consolidated Financial Statements**

the Company is uncertain, but any prolonged conflict may have a material negative impact on the Company's business, operating results, cash flows, liquidity and financial condition.

Although the Company has used the best current information available to it in its estimates, actual results could materially differ from the estimates and assumptions developed by management.

***Liquidity***

As an early stage company, the Company has incurred net losses and cash outflows since its inception. The Company may continue to incur net losses and cash outflows in accordance with its operating plan as the Company continues to scale its operations to meet anticipated demand and establish its product and service offerings. As a result, the Company's ability to access capital is critical and until the Company can generate sufficient revenue to cover its operating expenses, working capital and capital expenditures, the Company will need to raise additional capital in order to fund and scale its operations. The Company may raise additional capital through a combination of debt financing, other non-dilutive financing and/or equity financing, including through asset-based lending and/or receivable financing and collecting on its outstanding receivables. The Company's ability to raise or access capital when needed is not assured and, if capital is not available to the Company when and in the amounts needed, the Company could be required to delay, scale back or abandon some or all of its development programs and other operations, which could materially harm its business, prospects, financial condition and operating results. Global general economic conditions continue to be unpredictable and challenging in many sectors, with disruptions to, and volatility in, the credit and financial markets in the United States and worldwide resulting from the effects of potential recessions, rising inflation rates, potential bank failures, supply chain disruption, fuel prices, international currency fluctuations, changes to trade policies and tariffs, and geopolitical events such as local and national elections, corruption, political instability and acts of war or military conflicts including repercussions of the wars between Russia and Ukraine and in Israel, conflicts with Iran, and tensions with China, or terrorism.

As of December 31, 2025, the Company's principal sources of liquidity were its cash and cash equivalents aggregating $14.0 million. The Company's short- and long-term uses of cash are for working capital and to pay interest and principal on its debt. The Company has incurred losses in nearly every period since inception and had net cash provided by operating activities of $5.4 million and net cash used in operating activities of $48.8 million for the years ended December 31, 2025 and 2024, respectively.

As an early-stage growth company, the Company's ability to access capital is critical. However, there can be no assurance such capital will be available to the Company when needed, on favorable terms or at all. The consolidated financial information does not include any adjustments that might result from the outcome of this uncertainty. These conditions and events raise substantial doubt about the Company's ability to continue as a going concern.

The Company intends to employ various strategies to obtain the required funding for future operations, which may include capital raising strategies such as debt financing, other non-dilutive financing and/or equity financing, including through asset-based lending and/or receivable financing and collecting on its outstanding receivables. The Company may sell additional shares of its common stock pursuant to the ATM Offering (as defined below in <u>[Note 11 - Equity](#id0ea1358ebd947d6a0a02c7ccd3fecc8_151)</u>), subject to certain limitations on the amount of proceeds that may be raised. At December 31, 2025, the Company also had the SEPA (as defined below in <u>[Note 11 - Equity](#id0ea1358ebd947d6a0a02c7ccd3fecc8_151)</u>), although its ability to access the SEPA was contingent upon specified conditions, including having a post-effective amendment to the Registration Statement on Form S-1 filed on July 27, 2023 filed with the SEC and declared effective. Moreover, the SEPA expired on February 11, 2026.

On August 9, 2022 (as amended on September 28, 2022), the Company entered into a note purchase agreement (the "Note Purchase Agreement") with Aljomaih Automotive Co. ("Aljomaih") under which the Company agreed to sell and issue to Aljomaih a convertible promissory note with a principal amount of $20.0 million and a maturity date of August 11, 2025. On August 8, 2025, the Company and Aljomaih entered into Amendment Number One to the Note Purchase Agreement and amended and restated the Convertible Note issued thereunder. On August 14, 2025, the Company and Aljomaih entered into a Letter Agreement regarding certain restrictions on convertibility of the Convertible Note (Amendment Number One to the Note Purchase Agreement, the amendment and restatement of the Convertible Note and the Letter Agreement are referred to collectively as the "Aljomaih Amendments"). Among other things, the Aljomaih Amendments extended the maturity of the Convertible Note such that it is now due in ten quarterly installments payable between November 11, 2025 and February 11, 2028. The first four such installments are $1.5 million each, the fifth through eighth installments are $2.0 million each and the final two installments are $3.0 million each; provided that such installments may be increased in the event certain financing activities result in proceeds to the Company in excess of four times the aggregate amount of Convertible Note principal payments otherwise required on or prior to any installment date. Pursuant to the Aljomaih Amendments, and notwithstanding

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**<u>[**Table of Contents**](#id0ea1358ebd947d6a0a02c7ccd3fecc8_7)</u>**

**Xos, Inc. and Subsidiaries**

**Notes to Consolidated Financial Statements**

the postponement of maturity of the Convertible Note, interest that had accrued on the Convertible Note through August 11, 2025, of approximately $6.0 million in the aggregate, was converted into 1,803,262 shares of Common Stock at the 10-day VWAP (as defined in the Convertible Note) on August 25, 2025.

Based on the Company's strategies to raise funds as described above and Xos's cash and cash equivalents as of December 31, 2025, the Company believes there is substantial doubt about such resources providing sufficient liquidity for the next twelve months following the date of the issuance of the consolidated financial statements in this Report. Management is presently exploring options to increase liquidity to resolve this concern and facilitate further growth. As a result, it is not probable that Xos's plans alleviate the substantial doubt about the Company's ability to continue as a going concern for at least one year from the issuance of the consolidated financial statements in this Report based on plans Management has been able to execute through the date of the issuance of the consolidated financial statements in this Report, although additional actions are under review. Absent the Company being able to collect on its outstanding accounts receivable, obtain a sufficient level of new capital in the near-term and/or obtain replacement financing for, or further extend the maturity of existing debt, the Company could be required to seek protection under Chapters 7 or 11 of the United States Bankruptcy Code. This could potentially cause the Company to cease operations.

***Supply Chain Disruptions***

While the Company's ability to source certain critical inventory items has been steadily improving, it is still experiencing long-standing negative effects from global economic conditions, and expects such effects to continue to varying degrees for the foreseeable future. The Company has also observed, and expects to be impacted by, sporadic and unpredictable shortages for specific components, primarily in power electronics and harnesses, and disruptions to the supply of components.

Fluctuating tariff regimes—particularly those targeting imports of power electronics, battery components, and structural materials—have introduced significant volatility in the Company's cost structure and procurement planning. The uncertainty around tariff implementation timelines and scope has necessitated frequent adjustments to sourcing strategies, supplier selection, and contract terms.

The Company has been closely monitoring potential changes to trade policies and tariffs in order to proactively adjust and refine its strategy. These actions are aimed at preserving cost competitiveness and securing uninterrupted supply amid a fluid and unpredictable trade policy environment. Notwithstanding these efforts, the ongoing tariffs and regulatory changes may affect the Company's ability to source components from specific regions or maintain access to critical suppliers.

**Note 2— Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements**

The following is a summary of the significant accounting policies consistently applied in the preparation of the accompanying consolidated financial statements:

***Basis of Presentation***

The Company's consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") and the rules and regulations of the Securities and Exchange Commission (the "SEC") for annual financial information. The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.

***Use of Estimates***

The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the balance sheet date, as well as reported amounts of revenues and expenses during the reporting periods. The areas with significant estimates and judgments include, among others, inventory valuation, incremental borrowing rates for assessing operating and financing lease liabilities, useful lives of property and equipment, stock-based compensation, product warranty liability, and valuations utilized in connection with acquisitions. Management bases its estimates on historical experience and on various other assumptions believed to be reasonable, the results of which form the basis for making judgments about the

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**<u>[**Table of Contents**](#id0ea1358ebd947d6a0a02c7ccd3fecc8_7)</u>**

**Xos, Inc. and Subsidiaries**

**Notes to Consolidated Financial Statements**

carrying values of assets and liabilities. Actual results could differ from those estimates, and such differences could be material to the Company's financial statements.

***Comprehensive Income (Loss)***

The Company's comprehensive income (loss) is comprised of net income (loss) and other comprehensive income (loss). For the years ended December 31, 2025 and 2024, the Company had no components of other comprehensive income (loss). Accordingly, comprehensive income (loss) is the same as net income (loss) for each period presented.

***Revenue Recognition***

The Company generates revenue from the sale of its commercial electric vehicles, powertrains and hubs, and goods and services related to charging infrastructure. Accounting Standards Codification ("ASC") 606, *Revenue from Contracts with Customers*, requires the Company to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company determines revenue recognition by applying the following steps:

1. Identifying the contract with a customer;

2. Identifying the performance obligations in the contract;

3. Determining the transaction price;

4. Allocating the transaction price to the performance obligations; and

5. Recognizing revenue as the performance obligations are satisfied.

The Company recognizes revenue primarily consisting of product sales, inclusive of shipping and handling charges, net of estimates for customer returns. Revenue contracts are identified when an enforceable agreement has been made with a customer. Performance obligations are identified in the contract for each distinct product provided within the contract. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring products. All revenue is recognized when the Company satisfies its performance obligations under the contract. Any deposits from customers represent contract liabilities. The Company recognizes revenue by transferring the promised products to the customer, with the revenue recognized at the point in time the customer takes control of the products as agreed in the contracts, normally when delivered to the carrier. The Company recognizes revenue for shipping and handling charges at the time control is transferred for the related product. Costs for shipping and handling activities that occur after control of the product transfers to the customer are recognized at the time of sale and presented in cost of goods sold. The majority of its contracts have a single performance obligation, which is met at the point in time that the product is delivered to the carrier, and title passes to the customer, and are short term in nature. Sales tax collected from customers is not considered revenue and is accrued until remitted to the taxing authorities.

For other features and services such as over-the-air software updates that are included as part of the vehicle consideration received, an observable price is used to determine the stand-alone selling price or, when one is not available, a blended market approach and cost-plus margin approach is utilized. Revenue is provisioned upon control transfer of a vehicle and recognized over time on a straight-line basis as the Company has a stand-ready obligation to deliver such services to the customer.

For non-recurring engineering services, the Company recognizes revenue on a percentage-of-completion basis determined by the achievement of defined technical milestones and associated deliverables as the Company delivers customized engineering services and associated deliverables to the customer. The Company determines that the output method of revenue recognition is appropriate to reflect the Company's performance in transferring control of the engineering services and associated deliverables. Any billings in excess of revenue recognized is accrued until associated technical milestones are achieved.

The Company has outstanding sales-type leases for stepvans and Hubs under ASC 842, *Leases* ("ASC 842"). Arrangements under this program can have terms for up to 60 months for stepvans and 24 months for Hub units. The Company recognizes all revenue and costs associated with the sales-type leases upon delivery of the vehicle to the customer. Interest income based on the implicit rate in the lease is recorded over time as customers are invoiced on a monthly basis.

***Cash, Cash Equivalents and Restricted Cash***

The Company considers all highly liquid investments with original maturities of three months or less at the time of purchase as cash equivalents for which cost approximates fair value. The likelihood of realizing material losses from cash and cash equivalents, including the excess of cash balances over federally insured limits, is remote.

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**<u>[**Table of Contents**](#id0ea1358ebd947d6a0a02c7ccd3fecc8_7)</u>**

**Xos, Inc. and Subsidiaries**

**Notes to Consolidated Financial Statements**

As of December 31, 2025 and 2024, the Company did not have restricted cash balances.

***Automotive Regulatory Credits***

The Company earns tradable credits under various regulations related to emission reduction, clean fuel, and others. The Company sells these credits to other regulated entities that can use the credits to comply with emission standards and other regulatory requirements. Payments for automotive regulatory credits are typically received at the point control transfers to the purchasing party, or in accordance with payment terms customary to the business.

The Company recognizes revenue on the sale of these credits, which have negligible incremental costs associated with them, at the time control of the regulatory credit is transferred to the purchasing party. There was no revenue recognized from the sale of automotive regulatory credits for the year ended December 31, 2025. There was $0.6 million revenue recognized from the sale of automotive regulatory credits during the year ended December 31, 2024.

***Accounts Receivable, Net***

The Company records unsecured and non-interest bearing accounts receivable at the gross invoice amount, net of any allowance for expected credit losses. The Company maintains its allowance for expected credit losses at a level considered adequate to provide for potential account losses on the balance based on management's evaluation of past losses, current customer conditions, and the anticipated impact of current economic conditions. The Company recorded an allowance for expected credit losses of $49,000 and $246,000 as of December 31, 2025 and December 31, 2024, respectively. Actual write-offs totaled $46,000 and $778,000 as of December 31, 2025 and December 31, 2024, respectively. No recoveries were identified in the periods ending December 31, 2025 and 2024.

***Duty Drawback Receivable***

Duty drawbacks are recoveries of tariffs paid for vehicles that were acquired as a result of the consummation of the Arrangement. The Company expects to recover some of the vehicle inventory value through crushing the vehicles to recover tariffs already paid. As of December 31, 2025, the Company estimates aggregate tariff recovery of approximately $2.7 million with respect to destruction of SOLO (as defined below in <u>[Note 5 — Acquisition of ElectraMeccanica](#id0ea1358ebd947d6a0a02c7ccd3fecc8_127)</u>) vehicles and submission of the related claim documents. As of December 31, 2024, the Company completed the crushing of the vehicles but has not yet submitted all claim documents or received any tariff recovery related to the destruction of SOLO vehicles. The Company recorded the duty drawback receivable within other non-current assets in the consolidated balance sheets as of December 31, 2025 and 2024, and in other expense, net, within the consolidated statements of operations for the year ended December 31, 2024.

***Inventories***

The Company's inventory, which includes raw materials, work in process, and finished goods, is carried at the lower of cost or net realizable value. Inventory is valued using average costing, as that method accurately reflects the frequency of the Company's inventory purchases. In the case of manufactured inventories and work in process, cost includes an appropriate share of production overheads based on operating capacity.

At the end of each reporting period, the Company evaluates whether its inventories are damaged or obsolete, and if so, a loss is recognized in the period in which it occurs. Inventory write-downs are also based on reviews for any excess or obsolescence determined primarily by comparing quantities on hand to current and future demand forecasts. The Company reserves for any excess or obsolete inventories when it is believed that the net realizable value of inventories is less than the carrying value.

The Company also reviews its inventory to determine whether its carrying value exceeds the net realizable amount ("NRV") upon the ultimate sale of the inventory. NRV is the estimated selling price of inventory in the ordinary course of business, less estimated costs of completion, disposal, and transportation. At the end of each reporting period, the Company determines the estimated selling price of its inventory based on market conditions. Once inventory is written-down, a new, lower cost basis for that inventory is established and subsequent changes in facts and circumstances do not result in the restoration or increase in that newly established cost basis.

***Prepaid Expenses and Other Current Assets***

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**<u>[**Table of Contents**](#id0ea1358ebd947d6a0a02c7ccd3fecc8_7)</u>**

**Xos, Inc. and Subsidiaries**

**Notes to Consolidated Financial Statements**

Prepaid expenses and other current assets primarily consists of prepaid inventory, other insurance assets, deposits, assets held-for-sale, dealer return contract assets, and prepaid license and subscriptions. Prepaid inventory includes contractual advance payments to suppliers for inventory to secure the raw materials needed for production and research and development purposes. Prepaid inventory is reclassified to inventories when received. Amortization expense on other prepaid assets and insurance assets is calculated using the straight-line method over the stated term of the prepaid assets and properly classified into the corresponding expense account.

Assets held-for-sale are measured, on a quarterly basis, at the lower of their carrying value and fair value less costs to sell. Impairment costs are recorded in the period incurred.

Dealer return contract assets represent the Company's right to consideration in exchange for goods or services to dealers, which is conditional upon satisfying future performance obligations. This account is recognized in accordance with the revenue recognition principles under U.S. GAAP, reflecting the estimated future return of vehicles from dealer contracts.

***Income Taxes***

The Company applies the asset and liability method of accounting for income taxes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases, as well as net operating losses and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be realized or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized as income or expense in the period that includes the enactment date.

In assessing the realizability of deferred income tax assets, ASC 740, *Income Taxes*, requires a more likely than not standard be met. If the Company determines that it is more likely than not that deferred income tax assets will not be realized, a valuation allowance must be established. The Company records a valuation allowance, when necessary, to reduce deferred tax assets to the amount expected to be realized. Estimates of the realizability of deferred tax assets, as well as the Company's assessment of whether an established valuation allowance should be reversed, are based on projected future taxable income, the expected timing of the reversal of deferred tax liabilities, and tax planning strategies. When evaluating whether projected future taxable income will support the realization of deferred tax assets, the Company considers both its historical financial performance and general economic conditions. In addition, the Company considers the time frame over which it would take to utilize the deferred tax assets prior to their expiration.

The Company utilizes a two-step approach to recognizing and measuring uncertain income tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates it is more likely than not that the position will be sustained upon examination by the Internal Revenue Service ("IRS") or other taxing authorities, including resolution of related appeals or litigation processes. The second step is to measure the tax benefit as the largest amount which is more than 50% likely of being realized upon ultimate settlement. The Company considers many factors when evaluating and estimating tax positions and tax benefits, which may require periodic adjustments and may not accurately forecast actual outcomes.

***Property and Equipment, net***

Property and equipment, net, including leasehold improvements, are stated at cost less accumulated depreciation. Depreciation expense is calculated using the straight-line method over the estimated useful life of the asset. Leasehold improvements are depreciated over the shorter of the estimated life of asset or the lease term. Depreciation expense is included in cost of goods sold, general and administrative expense and research and development expense on our consolidated statements of operations.

Construction in progress is comprised primarily of production equipment, tooling, and leasehold improvements related to the manufacturing of the Company's products, including all costs of obtaining the asset and bringing it to the facilities in the condition necessary for its intended use. There is no depreciation provided for assets in construction in progress. Once completed, the assets are transferred to their respective asset classes, and depreciation begins when an asset is ready for its intended use. The Company did not have construction in progress as of December 31, 2025 and 2024.

The estimated useful lives to calculate depreciation of property and equipment and leasehold improvements consisted of the following:

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**<u>[**Table of Contents**](#id0ea1358ebd947d6a0a02c7ccd3fecc8_7)</u>**

**Xos, Inc. and Subsidiaries**

**Notes to Consolidated Financial Statements**

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| | |
|:---|:---|
| **Asset Category** | **Useful Life** |
| Equipment | 5 years |
| Finance leases | Shorter of the lease term or the useful lives of the assets |
| Vehicles | 5 years |
| Leasehold improvements | Shorter of the lease term or the useful lives of the assets |
| Furniture and fixtures | 5 years |
| Computers, internally developed software and related equipment | 3 years |

---

The Company capitalizes additions, renewals, and improvements greater than $5,000, while repairs and maintenance are expensed as incurred. When property and equipment is retired or otherwise disposed of, the related cost and accumulated depreciation are removed from the accounts, and any gain or loss on the disposition is recorded in the consolidated statements of operations as a component of other expense, net.

The Company evaluates its property and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Company measures recoverability by comparing the carrying amount to the future undiscounted cash flows that the asset or asset group is expected to generate. If the asset or asset group is not recoverable, its carrying amount is adjusted down to its fair value. Impairment losses of property and equipment of $0.8 million and $4.2 million were recognized as a component of other expense, net, in the consolidated statements of operations for the years ended December 31, 2025 and 2024, respectively.

***Warranty Liability***

The Company provides customers with a product warranty that assures that the products meet standard specifications and is free for periods typically between 2 to 5 years. The Company accrues warranty reserve for the products sold, which includes its best estimate of the projected costs to repair or replace items under warranties and recalls if identified. These estimates are based on actual claims incurred to date and an estimate of the nature, frequency and costs of future claims. These estimates are inherently uncertain given the Company's relatively short history of sales, and changes to its historical or projected warranty experience may cause material changes to the warranty reserve in the future. Claims incurred under the Company's standard product warranty programs are recorded based on open claims. The Company recorded warranty liability within other current liabilities in the consolidated balance sheets for the years ended December 31, 2025 and 2024.

The reconciliation of the change in the Company's product liability balances for the years ended December 31, 2025 and 2024 consisted of the following (*in thousands*):

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| | | |
|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2024** |
| Warranty liability, beginning of period | $740 | $1306 |
| Reduction in liability (payments) | (1664) | (1616) |
| Increase in liability<sup>1</sup> | 2401 | 1050 |
| Warranty liability, end of period | $1477 | $740 |

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<sup>1</sup>A portion of the increase in warranty liability during the year reflects updated historical claims experience, including the recognition of additional expected costs associated with the Company's older-generation stepvan units.

***Public and Private Placement Warrants***

The warrants to purchase shares of Common Stock at an exercise price of $345.00 per share originally issued in connection with NextGen's initial public offering (the "Public Warrants") and the warrants to purchase Common Stock originally issued in a private placement in connection with the initial public offering of NextGen (the "Private Placement Warrants") are recognized as derivative liabilities in accordance with ASC 815, *Derivatives and Hedging ("ASC 815")*.

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**<u>[**Table of Contents**](#id0ea1358ebd947d6a0a02c7ccd3fecc8_7)</u>**

**Xos, Inc. and Subsidiaries**

**Notes to Consolidated Financial Statements**

The Private Placement Warrants are identical to the Public Warrants, except that the Private Placement Warrants and the shares of Common Stock issuable upon exercise of the Private Placement Warrants were not transferable, assignable or salable until September 19, 2021, subject to certain limited exceptions. Additionally, the Private Placement Warrants will be non-redeemable so long as they are held by the initial purchasers or their permitted transferees. If the Private Placement Warrants are held by someone other than the initial purchasers or their permitted transferees, the Private Placement Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants.

The Company determined the fair value of its Public Warrants based on the publicly listed trading price of such Warrants as of the valuation date. Accordingly, the Public Warrants are classified as Level 1 financial instruments. Additionally, since the Private Placement Warrants are substantially the same as the Public Warrants, the Company determined the fair value of its Private Placement Warrants based on the Public Warrant trading price. Accordingly, the Private Warrants are classified as Level 2 financial instruments.

***Contingent Earn-out Shares Liability***

Earn-out Shares represent a freestanding financial instrument classified as liabilities on the accompanying consolidated balance sheets as the Company determined that these financial instruments are not indexed to the Company's own equity in accordance with ASC 815, *Derivatives and Hedging*. Earn-out Shares liability were initially recorded at fair value in the Business Combination and are adjusted to fair value at each reporting date using Level 3 inputs with changes in fair value recorded in change in fair value of Earn-Out Shares liability in the consolidated statements of operations.

The earn-out triggers included a change of control provision within 5 years of the Closing, and achieving certain volume weighted average share prices ("VWAPs") within 5 years of the Closing. These conditions result in the instrument failing indexation guidance and are properly reflected as a liability as of December 31, 2025 and 2024. The Company did not have a liability related to the Earn-Out Shares for both the years ended December 31, 2025 and 2024.

In addition to the Earn-out Shares, the Company has a contingent obligation to issue restricted stock units ("Earn-out RSUs") to certain stockholders and employees upon the achievement of certain market share price milestones within specified periods following the Business Combination. The allocated fair value to the Earn-out RSU component, which is covered by *ASU 718, Compensation — Stock Compensation* ("ASC 718"), is recognized as stock-based compensation expense over the vesting period commencing on the grant date of the award.

***Convertible Promissory Note***

The Company accounts for convertible debt pursuant to ASC 815*.* The Company evaluates convertible debt instruments to determine whether any embedded features require bifurcation and separate periodic valuation. Convertible debt is recorded net of stated discounts and debt issuance costs. Debt discounts and issuance costs are amortized over the contractual term of the debt using the effective interest rate method. The Company elected to early adopt ASU 2020-06, *Debt—Debt with Conversion and Other Options (Subtopic 470-20)* and *Derivatives and Hedging—Contracts in Entity's Own Equity (Subtopic 815-40)*: *Accounting for Convertible Instruments and Contracts in an Entity's Own Equity ("ASU 2020-06")*.

***Leases***

Upon inception of a contract, the Company evaluates if the contract, or part of the contract, contains a lease. A lease conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

Right-of-use ("ROU") assets represent the Company's right to use an underlying asset for the lease term, and lease liabilities represent the Company's obligation to make lease payments arising from the lease. The lease liability is measured as the present value of the unpaid lease payments, and the ROU asset value is derived from the calculation of the lease liability, including prepaid lease payments, if any. Lease payments include fixed and in-substance fixed payments, variable payments based on an index or rate, reasonably certain purchase options, termination penalties, fees paid by the lessee to the owners of a special-purpose entity for restructuring the transaction, and probable amounts the lessee will owe under a residual value guarantee. Lease payments do not include (i) variable lease payments other than those that depend on an index or rate, (ii) any guarantee by the lessee of the lessor's debt, or (iii) any amount allocated to non-lease components, if such election is made upon adoption, per the provisions of ASU 2016-02, *Leases*.

When the Company cannot determine the actual implicit rate in a lease, it uses its estimated incremental borrowing rate, which is derived from information available at the lease commencement date, in determining the present value of lease payments. The

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**<u>[**Table of Contents**](#id0ea1358ebd947d6a0a02c7ccd3fecc8_7)</u>**

**Xos, Inc. and Subsidiaries**

**Notes to Consolidated Financial Statements**

Company gives consideration to its recent debt issuances, if any, as well as publicly available data for instruments with similar characteristics when calculating its incremental borrowing rate. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term. The Company's lease term includes any option to extend the lease when it is reasonably certain to be exercised based on considering all relevant economic factors. Operating expense charges from the lessor are accounted for on an accrual basis. The Company has elected not to separate the lease and non-lease components and also elected not to recognize operating lease right-of-use assets and operating lease liabilities for leases with an initial term of twelve months or less.

The Company's leases have remaining terms from less than 0.4 years to 1.2 years.

The Company reviews the carrying value of its ROU assets for impairment whenever events or changes in circumstances indicate that the recorded value may not be recoverable. Recoverability of assets is measured by comparing the carrying amounts of the assets to the estimated future undiscounted cash flows, excluding financing costs. If the Company determines that an impairment exists, any related impairment loss is estimated based on fair values.

***Research and Development Costs***

The Company's research and development costs are related to developing new products and services and improving existing products and services. The Company invests in the continued development and improvement of its technology as well as its chassis design. Research and development costs consist primarily of personnel-related expenses, consultants, engineering equipment and supplies, and design and testing expenses. Research and development expenses have been expensed as incurred and included in the consolidated statements of operations.

***Advertising***

Advertising costs are expensed as incurred and are included within sales and marketing expenses in the consolidated statements of operations. Advertising expenses for the years ended December 31, 2025 and 2024 totaled approximately $42,000 and $0.2 million, respectively.

***Stock-Based Compensation***

The Company accounts for stock-based compensation in accordance with ASC 718, *Compensation — Stock Compensation*, under which share-based payments that involve the issuance of Common Stock to employees and non-employees and meet the criteria for equity-classified awards are recognized in the financial statements as compensation expense based on the fair value on the date of grant.

Prior to the Business Combination, the Company issued stock options to purchase shares of Common Stock ("Options") to employees and non-employees under the Xos, Inc. 2018 Stock Plan (the "2018 Stock Plan"). The Company allows employees to exercise options prior to vesting. The Company considers the consideration received for the early exercise of an option to be a deposit and the related amount is recorded as a liability. The liability is relieved when the options vest. The Company has the right to repurchase any unvested (but issued) shares upon termination of service of an employee at the original exercise price. The Company stopped issuing options under the 2018 Stock Plan in the fourth quarter of 2020. The Company estimated the fair value of options on the date of the grant using the Black-Scholes option pricing model.

Since the Business Combination, the Company has issued restricted stock units ("RSUs") to employees and non-employees under the Xos, Inc. 2021 Equity Incentive Plan (the "2021 Equity Plan"). The Company initially values RSUs based on the grant date closing price of the Company's Common Stock. For awards with periodic vesting, the Company recognizes the related expense on a straight-line basis over the requisite service period for the entire award, subject to periodic adjustments to ensure that the cumulative amount of expense recognized through the end of any reporting period is at least equal to the portion of the grant date value of the award that has vested through that date. The Company accounts for forfeitures prospectively as they occur.

If there are any modifications or cancellations of the underlying unvested share-based awards, the Company may be required to accelerate, increase or cancel any remaining unrecognized or previously recorded stock-based compensation expense.

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**<u>[**Table of Contents**](#id0ea1358ebd947d6a0a02c7ccd3fecc8_7)</u>**

**Xos, Inc. and Subsidiaries**

**Notes to Consolidated Financial Statements**

***Net Loss per Share***

Basic net loss per share is computed using the weighted-average number of common shares outstanding during the period. Diluted net loss per share is computed using the weighted-average number of common shares and the dilutive effect of the number of ordinary shares that would have been outstanding if all potentially dilutive ordinary shares had been issued, using the treasury stock method, in accordance with ASC 260, *Earnings Per Share*. In accordance with ASU 2020-06, the Company utilizes the if-converted method to compute the dilutive effect of convertible instruments.

The dilutive impact of contingently issuable Earn-out Shares have been excluded from the diluted loss per share calculation as the necessary conditions to be issued have not been satisfied. The dilutive impacts of Common Stock issuable upon the exercise of out-of-the-money Public and Private Placement Warrants have been excluded from the diluted loss per share calculation. The dilutive impacts of RSUs and options for each of the years ended December 31, 2025 and 2024, have been excluded from the diluted loss per share calculation as the Company was in a loss position.

***Concentrations of Credit and Business Risk*** 

Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Depository Insurance Corporation coverage limit of $250,000. As of December 31, 2025 and 2024, the Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts.

During the year ended December 31, 2025, one customer accounted for 54% of the Company's revenues. During the year ended December 31, 2024, three customers accounted for 13%, 11% and 10% of the Company's revenues.

As of December 31, 2025, four customers accounted for 17%, 14%, 12% and 10% of the Company's accounts receivable. As of December 31, 2024, no customer had an accounts receivable balance greater than 10% of the Company's accounts receivable.

***Concentration of Supply Risk***

The Company is dependent on its suppliers, the majority of which are single-source suppliers, and the inability of these suppliers to deliver necessary components of its products according to the schedule and at prices, quality levels and volumes acceptable to the Company, or its inability to efficiently manage these components, could have a material adverse effect on the Company's results of operations and financial condition.

As of December 31, 2025, two vendors accounted for 12% and 11% of the Company's accounts payable. As of December 31, 2024, three vendors accounted for 19%, 15%, and 10% of the Company's accounts payable.

***Defined Contribution Plan***

The Company has a 401(k) savings plan that is intended to qualify as a deferred salary arrangement under Section 401(k) of the Internal Revenue Code of 1986, as amended (the "Code"). Under the 401(k) savings plan, participating employees are auto enrolled to 3% of their eligible compensation, subject to certain limitations. The Company did not make any contributions to the 401(k) savings plan during the years ended December 31, 2025 and 2024.

***Segment Information***

The Company operates under one segment as it has developed, marketed, and sold primarily only one class of similar products of electric stepvans, stripped chassis vehicles, battery systems, Hubs, and other products. Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker ("CODM"), or decision-making group, in deciding how to allocate resources and in assessing performance. The Company's CODM is its Chief Executive Officer.

The CODM assesses performance of the segment and decides how to allocate resources based on revenue, gross profit, employee-related costs and net income (loss) presented on a consolidated basis, for purposes of allocating resources and evaluating financial performance. The Company has one business activity and there are no segment managers who are held accountable for operations, operating results and plans for products or components below the consolidated unit level. Accordingly, the Company reports under a single operating segment. The accounting policies of the segment are the same as those described in the summary of significant accounting policies.

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**<u>[**Table of Contents**](#id0ea1358ebd947d6a0a02c7ccd3fecc8_7)</u>**

**Xos, Inc. and Subsidiaries**

**Notes to Consolidated Financial Statements**

***Operating Lease Termination***

On August 21, 2025, the Company entered into an agreement with the lessor of the Company's manufacturing facility in Mesa, Arizona, leased by the Company's indirect wholly owned subsidiary, EMV Automotive USA Inc., to terminate the lease on the facility ("Mesa Lease") and, although the Company is no longer obligated to pay rent on the Mesa Lease, the termination agreement calls for 18 monthly payments by the Company of approximately $2.8 million in the aggregate. In conjunction with the termination, (i) a gain of $9.9 million was recognized, (ii) a security deposit of $0.9 million, net of $0.3 million utilities security deposit received, was kept by the lessor and removed from other non-current assets, (iii) $1.2 million short-term lease liabilities were decreased in other current liabilities, and (iv) long-term lease liabilities were decreased by $13.8 million in other non-current liabilities during the year ended December 31, 2025.

***Equipment Lease Termination***

Pursuant to a Compromise Settlement and Release Agreement, dated as of August 1, 2025, between the Company and the lessor of the Company's long-term vehicle leases, the Company issued 64,043 shares of unregistered common stock and paid $110,000 in cash to settle approximately $0.2 million in short-term equipment lease liabilities and $0.2 million in long-term equipment lease liabilities owed by the Company. As a result of the settlement, a gain of $17,000 was recognized and included in other expense, net.

***Recent Accounting Pronouncements Issued and Adopted:***

In December 2023, the FASB issued ASU No. 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures*, which requires incremental annual income tax disclosures. This amendment includes disclosures of specific categories in the rate reconciliation and additional information for reconciling items that meet a quantitative threshold; income taxes paid (net of refunds received) disaggregated by federal, state, and foreign taxes, and also disaggregated by individual jurisdictions that meet a quantitative threshold; income (or loss) from continuing operations before income tax expenses (or benefit) disaggregated between domestic and foreign; and income tax expense (or benefit) from continuing operations disaggregated by federal, state and foreign. The guidance is effective for annual periods beginning after December 15, 2024. We adopted this ASU on a prospective basis effective January 1, 2025. Refer to <u>[Note 17 — Income Taxes](#id0ea1358ebd947d6a0a02c7ccd3fecc8_175)</u> for the inclusion of new disclosures required.

***Recent Accounting Pronouncements Issued and not yet Adopted:***

In November 2024, the FASB issued ASU No. 2024-03, *Income Statement -Reporting Comprehensive Income - Expense Disaggregation Disclosures*, and in January 2025, the FASB issued ASU 2025-01, *Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date,* to improve the disclosures about a public business entity's expenses and address requests from investors for more detailed information about the types of expenses including purchases of inventory, employee compensation, depreciation and intangible asset amortization in commonly presented expense captions such as cost of sales, selling, general and administrative expense, and research and development. As clarified, these amendments are effective for the Company for annual periods in 2027, applied prospectively, with early adoption permitted, and interim periods beginning in 2028. The Company intends to adopt the amendments in this update prospectively in 2027 for annual periods and in 2028 for interim periods. The impact of the adoption of the amendments in this update is not expected to be material to the Company's consolidated financial position and results of operations, as the requirements only require more detailed disclosures in the footnotes to the Company's consolidated financial statements.

In July 2025, the FASB issued ASU No. 2025-05, *Financial Instruments – Credit Losses (Topic 326)*, to allow entities to elect a practical expedient that assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset when estimating expected credit losses for current accounts receivable and current contract assets. These amendments are effective for the Company for annual and interim periods in 2026 applied prospectively, with early adoption permitted. As the Company does not currently have material credit losses on its trade receivables, the impact of the adoption of the amendments in this update is not expected to be material to the Company's consolidated financial position and results of operations.

In September 2025, the FASB issued ASU No. 2025-06, *Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software*, to update the accounting for software developed for internal use to better align with software development as it has evolved from a sequential development method to incremental and iterative development methods. The amendments in this update require an entity to begin capitalizing internal-use software costs when management has authorized and committed to funding the software project and it is probable that the project will be completed and the software will be used to perform the function intended. These amendments are effective for the Company for annual and interim periods in 2028, applied either prospectively, retrospectively, or by a modified approach,

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**<u>[**Table of Contents**](#id0ea1358ebd947d6a0a02c7ccd3fecc8_7)</u>**

**Xos, Inc. and Subsidiaries**

**Notes to Consolidated Financial Statements**

with early adoption permitted. As the Company does not currently have a material amount of software developed for internal use, the impact of the adoption of the amendments in this update is not expected to be material to the Company's consolidated financial position and results of operations.

The Company is still evaluating all other applicable recently issued accounting pronouncements to evaluate the impact of the adoption of such pronouncements on its consolidated financial statements or notes thereto.

**Note 3 — Revenue Recognition** 

Disaggregated revenues by major source for the years ended December 31, 2025 and 2024 consisted of the following (*in thousands*):

---

| | | |
|:---|:---|:---|
| | **Years Ended December 31,** | **Years Ended December 31,** |
| | **2025** | **2024** |
| Product and service revenue |  |  |
| &nbsp;&nbsp;Stepvans & vehicle incentives<sup>(1)</sup> | $35832 | $42808 |
| &nbsp;&nbsp;Powertrains & hubs<sup>(1)</sup> | 7170 | 8740 |
| &nbsp;&nbsp;Sales-type lease revenue | 398 | 708 |
| &nbsp;&nbsp;Other product revenue<sup>(2)</sup> | 1700 | 1778 |
| Total product and service revenue | 45100 | 54034 |
| Ancillary revenue | 892 | 1927 |
| **Total revenues** | $45992 | $55961 |

---

____________

<sup>(1)</sup> Amounts are net of returns and allowances. Stepvans & vehicle incentives and powertrains & hubs include revenue generated from operating leases.

<sup>(2)</sup> Other product revenue for the year ended December 31, 2025 includes revenue related to non-recurring powertrain engineering services of $0.6 million. The remaining performance obligations for non-recurring engineering services total $0.2 million as of December 31, 2025 and are expected to be satisfied in 2026.

The Company leases stepvans and Hubs to customers under operating leases with terms ranging from 24 to 36 months. At the end of the lease term, customers are required to return the vehicles to Xos. During the years ended December 31, 2025 and December 31, 2024, the Company recorded operating lease revenue of $11,000 and $35,000, respectively, on a straight-line basis over the contractual terms of the respective leases as part of Stepvans & vehicle incentives, above. During the years ended December 31, 2025 and December 31, 2024, the Company recorded operating lease revenue of $64,000 and $29,000, respectively, on a straight-line basis over the contractual terms of the respective leases as part of Powertrains & hubs, above.

For the year ended December 31, 2025, the Company recognized $0.4 million of sales-type leasing revenue and $0.2 million of sales-type leasing costs. For the year ended December 31, 2024, the Company recognized $0.7 million of sales-type leasing revenue and $0.2 million of sales-type leasing costs. Sales-type leasing costs are recorded in cost of goods sold within the accompanying consolidated statements of operations.

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**<u>[**Table of Contents**](#id0ea1358ebd947d6a0a02c7ccd3fecc8_7)</u>**

**Xos, Inc. and Subsidiaries**

**Notes to Consolidated Financial Statements**

**Note 4 — Lease Receivable** 

For deferred equipment agreements that contain embedded operating leases, upon lease commencement, the Company defers and records the equipment cost of operating lease assets within property and equipment, net of accumulated depreciation. These operating lease assets are subsequently amortized to cost of goods sold over the lease term on a straight-line basis.

For deferred equipment agreements that contain embedded sales-type leases, the Company recognizes lease revenue and costs, as well as a lease receivable, at the time the lease commences. Lease revenue related to both operating-type and sales-type leases for the years ended December 31, 2025 and December 31, 2024 was approximately $0.5 million and $0.8 million, respectively. Costs related to embedded leases within the Company's deferred equipment agreements are included in cost of goods sold in the accompanying consolidated statement of operations and loss. Interest on the lease receivable was immaterial to the consolidated financial statements for the years ended December 31, 2025 and December 31, 2024.

Lease receivable from sales-type leases consists of the following:

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| | | | |
|:---|:---|:---|:---|
| (in thousands) | **Balance Sheet Location** | **December 31, 2025** | **December 31, 2024** |
| Lease receivable |  | $572 | $2528 |
| Allowance for expected credit losses |  |  | (719) |
| &nbsp;&nbsp;&nbsp;&nbsp; Lease receivable, net | Prepaid expenses and other current assets | 572 | 1809 |
| Less: current portion of lease receivable |  | (517) | (1264) |
| &nbsp;&nbsp;&nbsp;&nbsp; Lease receivable, non-current | Other non-current assets | $55 | $545 |

---

As of December 31, 2025, estimated future maturities of customer sales-type lease receivable and operating lease payments for each of the following fiscal years are as follows:

---

| | | |
|:---|:---|:---|
| | **Future Lease Receivables/Payments <br>(in thousands)** | **Future Lease Receivables/Payments <br>(in thousands)** |
| **Fiscal year** | **Sales-Type Leases** | **Operating Leases** |
| 2025 | $517 | $15 |
| 2026 | 38 |  |
| 2027 | 17 |  |
| 2028 |  |  |
| Thereafter |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total lease payments | $572 | $15 |

---

**Note 5 — Acquisition of ElectraMeccanica**

On March 26, 2024, Xos acquired all of the issued and outstanding ElectraMeccanica Shares in exchange for the issuance of 1,766,388 shares of Xos Common Stock. The transfer of common shares resulted in the Xos stockholders and ElectraMeccanica shareholders immediately prior to the transaction owning approximately 79% and 21% of Xos upon completion of the transaction, respectively. The Company accounted for the acquisition of ElectraMeccanica as an asset acquisition in accordance with Accounting Standards Codification Topic 805-50, *Acquisition of Assets Rather than a Business*, because the acquired set of assets and activities did not include a substantive process. Therefore, the acquired set of assets and activities does not meet the definition of a business. This determination was made with key judgments including the following:

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**<u>[**Table of Contents**](#id0ea1358ebd947d6a0a02c7ccd3fecc8_7)</u>**

**Xos, Inc. and Subsidiaries**

**Notes to Consolidated Financial Statements**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ElectraMeccanica has discontinued, recalled, and repurchased all previously sold three-wheeled electric vehicles (the "SOLO") because of a loss of propulsion issue that resulted in the vehicles being under a "do not drive" order from the National Highway Traffic Safety Administration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All in-process research and development ("IPR&D") projects to commercialize the SOLO or a new four-wheeled electric (the "E4") were terminated by ElectraMeccanica. The IPR&D related to SOLO and E4 has nominal value and require significant time, cost, and engineering efforts to commercialize.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The majority of the assembled workforce was performing administrative tasks or working on the destruction of the remaining inventory and closing of leased facilities at the time of the acquisition. The destruction of the remaining inventory was completed during the year ended December 31, 2024. The acquired assembled workforce did not contain sufficient engineers with the knowledge and skill set to commercialize ElectraMeccanica's terminated IPR&D projects.

Accordingly, the purchase consideration provided by Xos to effect the acquisition has been allocated to the acquired assets and assumed liabilities based upon their relative fair values. The following table summarizes the acquisition of ElectraMeccanica on March 26, 2024 (in thousands):

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| | |
|:---|:---|
| **Purchase consideration** <sup>(1)</sup> | $**(35588)** |
| **Assets acquired** |  |
| Cash and cash equivalents | $50240 |
| Restricted cash | 1115 |
| Prepaid expenses and other current assets | 1539 |
| Other non-current assets | 1736 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total identifiable assets acquired | $54630 |
| **Liabilities assumed** |  |
| Accounts payable | $(804) |
| Other current liabilities <sup>(2)</sup> | (1903) |
| Other non-current liabilities <sup>(2)</sup> | (16335) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities assumed | $(19042) |
| **Net assets acquired and liabilities assumed** | $**35588** |

---

<sup>(1)</sup> As a result of the asset acquisition accounting, the transaction costs of $3.7 million associated with the acquisition are included in the costs of the assets acquired and allocated amongst qualifying assets using the relative fair value basis. The transaction costs primarily included financial advisor fees, accounting, and legal expenses.

<sup>(2)</sup> As of the date of acquisition, the Company assumed two lease facilities in connection with the ElectraMeccanica acquisition, which are reflected in other current liabilities and other non-current liabilities of approximately $1.2 million and $16.0 million, respectively. As of August 21, 2025, the Company has exited one of these leases (see <u>[Note 8 — Leases](#id0ea1358ebd947d6a0a02c7ccd3fecc8_136)</u>)

The Company recognized $0 and $2.0 million of severance related expenses in connection with the ElectraMeccanica acquisition in general and administrative expense in its consolidated statements of operations during the years ended December 31, 2025 and December 31, 2024, respectively.

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**<u>[**Table of Contents**](#id0ea1358ebd947d6a0a02c7ccd3fecc8_7)</u>**

**Xos, Inc. and Subsidiaries**

**Notes to Consolidated Financial Statements**

**Note 6 — Inventories**

Inventory amounted to $25.0 million and $36.6 million, respectively, for the years ended December 31, 2025 and 2024 and consisted of the following (*in thousands*):

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| | | |
|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2024** |
| Raw materials | $16367 | $24943 |
| Work in process | 3647 | 6983 |
| Finished goods | 4947 | 4641 |
| **Total inventories** | $24961 | $36567 |

---

Inventories as of December 31, 2025 and 2024 were comprised of raw materials, work in process related to the production of stepvans, powertrains, Hubs, and other products for sale and finished goods inventory including vehicles in transit to fulfill customer orders, new vehicles, new vehicles awaiting final pre-delivery quality review inspection, and Xos Energy Solutions products available for sale. The remaining capitalized labor and overhead cost remaining in work in process and finished goods inventory is $0.6 million and $0.8 million as of December 31, 2025 and December 31, 2024, respectively.

Inventories are stated at the lower of cost or net realizable value. Cost is computed using average cost. Inventory write-downs are based on reviews for excess and obsolescence determined primarily by current and future demand forecasts. During the years ended December 31, 2025 and 2024, the Company recorded inventory recoveries of $0.3 million and write-downs of $2.9 million, respectively, to reflect inventories at their net realizable values and provide an allowance for any excess or obsolete inventories.

**Note 7 — Selected Balance Sheet Data**

***Prepaid Expenses and Other Current Assets***

Prepaid expenses and other current assets for the years ended December 31, 2025 and 2024 consisted of the following (*in thousands*):

---

| | | |
|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2024** |
| Prepaid inventories | $465 | $725 |
| Prepaid expenses and other <sup>(1)</sup> | 2184 | 2814 |
| Lease receivable | 517 | 1264 |
| Contract assets |  | 1099 |
| Financed insurance premiums | 1076 | 1315 |
| Assets held for sale<sup>(2)</sup> | 599 | 651 |
| **Total prepaid expenses and other current assets** | $4841 | $7868 |

---

____________

<sup>(1)</sup> Primarily relates to prepaid insurance, prepayments for charging infrastructure projects, other receivables, and prepaid licenses and subscriptions.

<sup>(2)</sup> Assets held for sale are comprised of manufacturing equipment no longer used in production and marketed to be sold.

***Other Non-Current Assets***

Other non-current assets as of December 31, 2025 and December 31, 2024 consisted of the following (*in thousands*):

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**<u>[**Table of Contents**](#id0ea1358ebd947d6a0a02c7ccd3fecc8_7)</u>**

**Xos, Inc. and Subsidiaries**

**Notes to Consolidated Financial Statements**

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| | | |
|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2024** |
| Security deposits<sup>(1)</sup> | $338 | $1873 |
| Duty drawback receivable<sup>(2)</sup> | 2709 | 2709 |
| Lease receivable, non-current | 55 | 545 |
| Other non-current assets | 1530 | 1601 |
| **Total other non-current assets** | $4632 | $6728 |

---

___________

<sup>(1)</sup> Primarily relates to security deposits for operating and equipment leases. On August 21, 2025, the Company terminated the Mesa Lease, resulting in the removal of $0.9 million, net of $0.3 million utilities security deposit received, in security deposits. See <u>[Note 2 — Summary of Significant Accounting Policies](#id0ea1358ebd947d6a0a02c7ccd3fecc8_118)</u>.

<sup>(2)</sup> Represents the estimated amount that can be recovered from previously paid tariffs relating to crushed SOLO vehicles that were acquired in connection with the ElectraMeccanica acquisition.

***Other Current Liabilities***

Other current liabilities for the years ended December 31, 2025 and 2024 consisted of the following (*in thousands*):

---

| | | |
|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2024** |
| Accrued expenses and other <sup>(1)</sup> | $6744 | $2886 |
| Accrued interest <sup>(2)</sup> | 758 | 4789 |
| Accrued payroll <sup>(3)</sup> | 2004 | 2079 |
| Contract liabilities |  | 260 |
| Customer deposits | 616 | 1275 |
| Warranty liability | 1477 | 740 |
| Equipment notes payable, current<sup>(4)</sup> |  | 377 |
| Short-term insurance financing notes | 958 | 1280 |
| Operating lease liabilities, current<sup>(5)</sup> | 1836 | 3028 |
| Finance lease liabilities, current<sup>(6)</sup> | 292 | 1054 |
| **Total other current liabilities** | $14685 | $17768 |

---

____________

<sup>(1)</sup> Primarily relates to the liabilities assumed in connection with the ElectraMeccanica acquisition, accrued inventory purchases, accrued professional fees, and other accrued expenses. Amounts also include $1.9 million relating to accrued termination expenses incurred in conjunction with the termination of the Mesa Lease during the year ended December 31, 2025. See <u>[Note 2 — Summary of Significant Accounting Policies](#id0ea1358ebd947d6a0a02c7ccd3fecc8_118)</u>.

<sup>(2)</sup> Represents accrued interest on the Convertible Promissory Note, which interest is convertible into shares of the Company's common stock at maturity. On August 8, 2025, the Note was amended, resulting in the conversion of $6.0 million of accrued interest into unregistered common stock. See <u>[Note 10 — Convertible Notes](#id0ea1358ebd947d6a0a02c7ccd3fecc8_145)</u>.

<sup>(3)</sup> Primarily relates to payroll liabilities such as accrued payroll, accrued vacation, accrued bonuses and other payroll liabilities.

<sup>(4)</sup> Primarily relates to notes payable on manufacturing equipment. On August 1, 2025, the Company issued 64,043 shares of unregistered common stock and paid $0.1 million in cash payments to settle approximately $0.2 million in short-term equipment lease liabilities and $0.2 million in long-term equipment lease liabilities owed by the Company under certain outstanding vehicle leases, resulting in a gain on settlement of approximately $17,000 for the year ended December 31, 2025.

<sup>(5)</sup> Primarily relates to operating lease liabilities assumed in connection with the ElectraMeccanica acquisition. On August 21, 2025, the Company terminated the Mesa Lease, resulting in the removal of $1.2 million in short-term operating lease liabilities. See <u>[Note 2 — Summary of Significant Accounting Policies](#id0ea1358ebd947d6a0a02c7ccd3fecc8_118)</u>.

<sup>(6)</sup> In October 2025, the Company resolved a disagreement related to the terms of a finance lease, which resulted in a net benefit to general and administrative expenses of $0.9 million during the year ended December 31, 2025.

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**<u>[**Table of Contents**](#id0ea1358ebd947d6a0a02c7ccd3fecc8_7)</u>**

**Xos, Inc. and Subsidiaries**

**Notes to Consolidated Financial Statements**

Revenue recognized for the year ended December 31, 2025 from the customer deposits and contract liabilities balance as of December 31, 2024 was $0.6 million. Revenue recognized for the year ended December 31, 2024 from the customer deposits and contract liabilities balance as of December 31, 2023 was $0.8 million.

***Other Non-Current Liabilities***

Other non-current liabilities as of December 31, 2025 and 2024 consisted of the following (*in thousands*):

---

| | | |
|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2024** |
| Accrued interest expense and other<sup>(1)</sup> | $958 | $635 |
| Equipment notes payable, non-current<sup>(2)</sup> |  | 224 |
| Operating lease liabilities, non-current<sup>(3)</sup> | 262 | 16656 |
| Finance lease liabilities, non-current | 125 | 418 |
| **Total other non-current liabilities** | $1345 | $17933 |

---

<sup>(1)</sup> Includes $0.5 million relating to accrued termination expenses incurred in conjunction with the termination of the Mesa Lease during the year ended December 31, 2025. See <u>[Note 2 — Summary of Significant Accounting Policies](#id0ea1358ebd947d6a0a02c7ccd3fecc8_118)</u>.

<sup>(2)</sup> Primarily relates to notes payable on manufacturing equipment. On August 1, 2025, the Company issued 64,043 shares of unregistered common stock and paid $0.1 million in cash payments to settle approximately $0.2 million in short-term equipment lease liabilities and $0.2 million in long-term equipment lease liabilities owed by the Company under certain outstanding vehicle leases, resulting in a gain on settlement of approximately $17,000 for the year ended December 31, 2025.

<sup>(3)</sup> Primarily relates to operating lease liabilities assumed in connection with the ElectraMeccanica acquisition. On August 21, 2025, the Company terminated the Mesa Lease, resulting in the removal of $13.8 million of long-term operating lease liabilities. See <u>[Note 2 — Summary of Significant Accounting Policies](#id0ea1358ebd947d6a0a02c7ccd3fecc8_118)</u>.

**Note 8 — Leases**

A summary of the balances relating to the Company's lease assets and liabilities as of December 31, 2025 and 2024 consisted of the following *(in thousands)*:

---

| | | | |
|:---|:---|:---|:---|
| | **Balance Sheet Location** | **December 31, 2025** | **December 31, 2024** |
| **<u>Assets</u>** | | | |
| Operating leases | Operating lease right-of-use assets, net | $1534 | $3193 |
| Equipment finance leases | Property and equipment, net | 215 | 730 |
| **Total lease assets** |  | **1749** | **3923** |
| **<u>Liabilities</u>** |  |  |  |
| Current |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating leases | Other current liabilities | 1836 | 3028 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equipment finance leases | Other current liabilities | 292 | 1054 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Sub-total* |  | **2128** | **4082** |
| Non-current |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating leases | Other non-current liabilities | 262 | 16656 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equipment finance leases | Other non-current liabilities | 125 | 418 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Sub-total* |  | 387 | 17074 |
| **Total lease liabilities** |  | $**2515** | $**21156** |

---

***Operating Leases***

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**<u>[**Table of Contents**](#id0ea1358ebd947d6a0a02c7ccd3fecc8_7)</u>**

**Xos, Inc. and Subsidiaries**

**Notes to Consolidated Financial Statements**

The Company has a 5-year office lease on its headquarter facility in Los Angeles, California, which commenced in January 2022, as well as certain other leases (both short-term and long-term) within the United States. In connection with the acquisition of ElectraMeccanica, the Company assumed the leases for a manufacturing facility in Mesa, Arizona and a service and distribution center in Huntington Beach, California, maturing in May 2033 and January 2027, respectively. On August 21, 2025, the Company entered into an agreement with the lessor of the Mesa facility, which resulted in the termination of such lease and provided that the Company shall make monthly payments to the lessor for 18 months following termination in an aggregate amount of approximately $2.8 million.

The Company records lease expense on a straight-line basis over the lease term. Total lease expense recorded was $3.7 million and $3.8 million for the years ended December 31, 2025 and 2024, respectively.

Lease terms include renewal or termination options that the Company is reasonably certain to exercise. For leases with a term of 12 months or less, the Company has made an accounting policy election to not record a ROU asset and associated lease liability on its consolidated balance sheets. Total lease expense recorded for these short-term leases was $0 for both the years ended December 31, 2025 and 2024, respectively.

***Equipment Finance Leases***

The Company leased certain equipment facilities under finance leases that expire on various dates through 2027. The finance lease cost during the years ended December 31, 2025 and 2024 consisted of the following *(in thousands)*:

---

| | | | |
|:---|:---|:---|:---|
| | | **Years Ended December 31,** | **Years Ended December 31,** |
| |<br>**Income Statement Location** | **2025** | **2024** |
| Amortization | Cost of goods sold | $91 | $945 |
| Interest accretion on finance lease liabilities | Other expense, net | 153 | 214 |
| **Total** |  | $**244** | $**1159** |

---

On August 1, 2025, the Company issued 64,043 shares of unregistered common stock and paid $0.1 million in cash payments to settle approximately $0.2 million in short-term equipment lease liabilities and $0.2 million in long-term equipment lease liabilities owed by the Company under certain outstanding vehicle leases, resulting in a gain on settlement of approximately $17,000 for the year ended December 31, 2025. Moreover, on October 30, 2025, the Company settled $1.3 million in equipment lease liabilities owed by the Company under certain manufacturing equipment leases, resulting in aggregate net receipts of $0.7 million.

***Supplemental Cash Flow Information, Weighted-Average Remaining Lease Term and Discount Rate***

The weighted-average remaining lease term and discount rates, as well as supplemental cash flow information for the years ended December 31, 2025 and 2024 consisted of the following (*in thousands for the supplemental cash flow information*):

---

| | | |
|:---|:---|:---|
| | **Years Ended December 31,** | **Years Ended December 31,** |
| | **2025** | **2024** |
| Supplemental cash flow information: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid for amounts included in the measurement of operating lease liabilities | $3698 | $3913 |
| Weighted average remaining lease term: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating leases | 1.0 year | 7.1 years |
| &nbsp;&nbsp;&nbsp;&nbsp;Equipment finance leases | 1.3 years | 0.9 years |
| Weighted average discount rate: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease - incremental borrowing rate | 6.6% | 8.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Equipment finance leases - rate implicit in the lease | 8.6% | 5.9% |

---

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**<u>[**Table of Contents**](#id0ea1358ebd947d6a0a02c7ccd3fecc8_7)</u>**

**Xos, Inc. and Subsidiaries**

**Notes to Consolidated Financial Statements**

***Maturity Analysis***

A summary of the undiscounted cash flows and a reconciliation to the Company's lease liabilities as of December 31, 2025 consisted of the following *(in thousands)*:

---

| | | | |
|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **Operating Leases** | **Equipment Finance Leases** | **Total** |
| 2026 | 1990 | 317 | 2307 |
| 2027 | 194 | 129 | 323 |
| Thereafter |  |  |  |
| Total future minimum lease payments | $2184 | $446 | $2630 |
| Less: imputed interest | 86 | 29 | 115 |
| Present value of Lease Liabilities | $**2098** | $**417** | $**2515** |

---

**Note 9 — Earn-out Shares Liability**

The Company has a contingent obligation to issue 547,000 shares (the "Earn-out Shares") of Common Stock and grant 8,700 restricted stock units ("Earn-out RSUs") to certain stockholders and employees upon the achievement of certain market share price milestones within specified periods following the Business Combination on August 20, 2021.

The Earn-out Shares will be issued in tranches based on the following conditions:

i.If the volume-weighted average closing share price ("VWAP") of the Common Stock equals or exceeds $420.00 per share for any 10 trading days within any consecutive 20-trading day period between the Merger closing date and the five year anniversary of such closing date ("Earn-out Period"), then the Company is required to issue an aggregate of 180,000 shares ("Tranche 1 Earn-out Shares") of Common Stock to holders with the contingent right to receive Earn-out Shares (excluding any Earn-out RSUs). If after Closing and during the Earn-out Period, there is a Change in Control (as defined in the Merger Agreement), the Company is required to issue Tranche 1 Earn-out Shares when the value per share of the Company is equal to or greater than $420.00 per share, but less than $600.00. If there is a change in control where the value per share of common stock is less than $420.00, then the Earn-out Shares shall terminate prior to the end of the Earn-out Period and no Common Stock shall be issuable.

ii.If the VWAP of the Common Stock equals or exceeds $600.00 per share for any 10 trading days within any consecutive 20-trading day period during the Earn-out Period, then the Company is required to issue an aggregate of 180,000 shares ("Tranche 2 Earn-out Shares") of Common Stock to holders with the contingent right to receive Earn-out Shares (excluding any Earn-out RSUs). If after Closing and during the Earn-out Period, there is a Change in Control (as defined in the Merger Agreement), the Company is required to issue Tranche 2 Earn-out Shares when the value per share of the Company is equal to or greater than $600.00 per share, but less than $750.00.

iii.If the VWAP of the Common Stock equals or exceeds $750.00 per share for any 10 trading days within any consecutive 20-trading day period during the Earn-out Period, then the Company is required to issue an aggregate of 180,000 shares ("Tranche 3 Earn-out Shares") of Common Stock to holders with the contingent right to receive Earn-out Shares (excluding any Earn-out RSUs). If after Closing and during the Earn-out Period, there is a Change in Control (as defined in the Merger Agreement), the Company is required to issue Tranche 3 Earn-out Shares when the value per share of the Company is equal to or greater than $750.00 per share.

Pursuant to the guidance under ASC 815, *Derivatives and Hedging*, the right to Earn-out Shares was classified as a Level 3 fair value measurement liability, and the increase or decrease in the fair value during the reporting period is recognized in the consolidated statement of operations accordingly. The fair value of the Earn-out Shares liability was estimated using the Monte Carlo simulation of the stock prices based on historical and implied market volatility of a peer group of public companies.

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**<u>[**Table of Contents**](#id0ea1358ebd947d6a0a02c7ccd3fecc8_7)</u>**

**Xos, Inc. and Subsidiaries**

**Notes to Consolidated Financial Statements**

As of both December 31, 2025 and 2024, the fair value of the Earn-out Shares liability was estimated to be $0. The Company recognized a gain on the change in fair value in Earn-out Shares liability of $0 and $39,000 in its consolidated statements of operations for the years ended December 31, 2025 and 2024, respectively.

The allocated fair value to the Earn-out RSU component, which is covered by ASU 718, *Compensation — Stock Compensation,* is recognized as stock-based compensation expense over the vesting period commencing on the grant date of the award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Note 10 — Convertible Notes**

***Convertible Promissory Note***

On August 9, 2022, the Company entered into the Note Purchase Agreement with Aljomaih under which the Company agreed to sell and issue to Aljomaih a convertible promissory note with a principal amount of $20.0 million. On August 11, 2022, pursuant to the Note Purchase Agreement, the Company sold and issued $20.0 million in principal amount of a convertible promissory note (the "Original Note") to Aljomaih. On September 28, 2022, the Company and Aljomaih agreed to amend and restate the Original Note (as amended and restated, the "Note") to, among other things, adjust the calculation of the shares of the Company's Common Stock issuable as interest, as described further below.

The Note, which was initially scheduled to mature on August 11, 2025, bears interest at a rate of 10.0% per annum, payable at maturity in validly issued, fully paid and non-assessable shares of Common Stock ("Interest Shares"), unless earlier converted or paid. If the 10-day VWAP ending on the trading day immediately prior to the applicable payment date is greater than or equal to the Minimum Price (as defined in Nasdaq Rule 5635(d)) or the Company has received the requisite approval from its stockholders (which it has), the number of Interest Shares to be issued will be calculated based on such 10-day VWAP; otherwise, the number of Interest Shares to be issued would have been based on the Nasdaq Minimum Price. The conversion price for the Note is initially equal to $71.451 per share, subject to adjustment in some events pursuant to the terms of the Note. The Company will have the right, in its sole discretion and exercisable at its election by sending notice of such exercise to Aljomaih, to irrevocably fix the method of settlement that will apply to all conversions of Notes. Methods of settlement include (i) physical settlement in shares of Common Stock, (ii) cash settlement determined by multiplying the principal being converted by the 10-day VWAP ending on the trading day immediately prior to the conversion date and dividing by the conversion price, or (iii) a combination of Common Stock and cash.

On August 8, 2025, the Company and Aljomaih entered into Amendment Number One to the Note Purchase Agreement and amended and restated the Convertible Note issued thereunder. On August 14, 2025, the Company and Aljomaih entered into a Letter Agreement regarding certain restrictions on convertibility of the Convertible Note. Among other things, the Aljomaih Amendments extended the maturity of the Convertible Note so that it is now due in ten quarterly installments payable between November 11, 2025 and February 11, 2028. The first four such installments are $1.5 million each, the fifth through eighth installments are $2.0 million each and the final two installments are $3.0 million each; provided that such installments may be increased in the event certain financing activities result in proceeds to the Company in excess of four times the aggregate amount of Convertible Note principal payments otherwise required on or prior to any installment date. Pursuant to the Aljomaih Amendments, and notwithstanding the postponement of maturity of the Convertible Note, the interest accrued on the Convertible Note through August 11, 2025, of approximately $6.0 million in the aggregate, was converted into 1,803,262 shares of Common Stock at the 10-day VWAP (as defined in the Convertible Note) on August 25, 2025.

The future scheduled mandatory prepayments of principal as of December 31, 2025 were as follows (in thousands):

---

| | |
|:---|:---|
| | **Mandatory Prepayments** |
| 2026 | $6500 |
| 2027 | 9000 |
| 2028 | 3000 |
| Total | $18500 |

---

The Note also includes an optional redemption feature that provides the Company, on or after August 11, 2024, or as otherwise agreed to between the Company and Aljomaih in writing, the right to redeem the outstanding principal and accrued and unpaid interest, upon written notice not less than 5 trading days prior to exercise of the option, in full or in part and without penalty.

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**<u>[**Table of Contents**](#id0ea1358ebd947d6a0a02c7ccd3fecc8_7)</u>**

**Xos, Inc. and Subsidiaries**

**Notes to Consolidated Financial Statements**

The Company accounts for the Note in accordance with the guidance contained in ASC 815-40, *Derivatives and Hedging—Contracts in Entity's Own Equity*, under which the Note was analyzed for the identification of material embedded features that meet the criteria for equity treatment and/or bifurcation and must be recorded as a liability. The Company initially classified the Note as a non-current liability given a maturity date of greater than one year, however, during the quarter ended September 30, 2024, the Note was reclassified as a current liability since its maturity date was less than one year from September 30, 2024. On August 8, 2025, the Note was amended subject to Amendment Number One, and as a result, a portion of the Note has been reclassified as a non-current liability at June 30, 2025, due to a change in the principal repayment schedule of the Note.

The Note will not be included in the computation of either basic or diluted EPS for the year ended December 31, 2025 in <u>[Note 19 — Net Loss per Share](#id0ea1358ebd947d6a0a02c7ccd3fecc8_181)</u>. This financial instrument is not included in basic EPS because it does not represent participating securities. Further, the Note is not included in diluted EPS because including these financial instruments would have an antidilutive effect on EPS for the year ended December 31, 2025.

As of December 31, 2025 and 2024, the Note had a principal balance of $18.5 million and $20.0 million outstanding, net of unamortized debt and issuance costs of $0 and $30,000, respectively. Debt issuance costs are amortized through the maturity date of the Note using the effective interest rate method. Amortization of debt issuance costs, recorded in other expense, net, for the years ended December 31, 2025 and 2024 was $30,000 and $50,000, respectively. The Company recorded interest expense of $2.0 million in other expense, net related to the Note for each of the years ended December 31, 2025 and 2024.

**Note 11 — Equity**

***Xos Common and Preferred Stock***

The Company is authorized to issue two classes of stock to be designated, respectively, "Common Stock" and "Preferred Stock." The total number of shares which the Company is authorized to issue is 1,010,000,000 shares. 1,000,000,000 shares shall be Common Stock, each having a par value of one-hundredth of one cent ($0.0001). 10,000,000 shares shall be Preferred Stock, each having a par value of one-hundredth of one cent ($0.0001).

<u>Voting Rights</u>: Each outstanding share of Common Stock shall entitle the holder thereof to one vote on each matter properly submitted to the stockholders of the Company for their vote; provided, however, that, except as otherwise required by law, holders of Common Stock shall not be entitled to vote on any amendment to this Certificate of Incorporation (including any certificate of designation filed with respect to any series of Preferred Stock) that relates solely to the terms of one or more outstanding series of Preferred Stock if the holders of such affected series are entitled, either separately or together as a class with the holders of one or more other such series, to vote thereon by law or pursuant to this Certificate of Incorporation (including any certificate of designation filed with respect to any series of Preferred Stock).

<u>Preferred Stock</u>: The Preferred Stock may be issued from time to time in one or more series. The Board of Directors of the Company (the "Board of Directors") is expressly authorized to provide for the issue of all or any number of the shares of the Preferred Stock in one or more series, and to fix the number of shares and to determine or alter for each such series, such voting powers, full or limited, or no voting powers, and such designation, preferences, and relative, participating, optional, or other rights and such qualifications, limitations, or restrictions thereof, as shall be stated and expressed in the resolution or resolutions adopted by the Board of Directors providing for the issuance of such shares and as may be permitted by the Delaware General Corporation Law (the "DGCL"). The Board of Directors is also expressly authorized to increase (but not above the total number of authorized shares of the class) or decrease (but not below the number of shares of such series then outstanding) the number of shares of any series subsequent to the issuance of shares of that series. In case the number of shares of any series shall be decreased in accordance with the foregoing sentence, the shares constituting such decrease shall resume the status that they had prior to the adoption of the resolution originally fixing the number of shares of such series.

***Standby Equity Purchase Agreement***

On March 23, 2022, the Company entered into a Standby Equity Purchase Agreement with YA II PN, Ltd. ("Yorkville"), which was subsequently amended on June 22, 2023 (as amended, the "SEPA"), whereby the Company had the right, but not the obligation, to sell to Yorkville up to $125.0 million of shares of its Common Stock at its request any time until February 11, 2026, subject to certain conditions.

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**<u>[**Table of Contents**](#id0ea1358ebd947d6a0a02c7ccd3fecc8_7)</u>**

**Xos, Inc. and Subsidiaries**

**Notes to Consolidated Financial Statements**

As consideration for Yorkville's commitment to purchase shares of Common Stock at the Company's direction upon the terms and subject to the conditions set forth in the SEPA, upon execution of the SEPA, the Company issued 619 shares of Common Stock to Yorkville.

On June 22, 2023, the Company and Yorkville entered into the First Amendment to Standby Equity Purchase Agreement (the "SEPA Amendment"), in which the Company and Yorkville amended the SEPA to: (1) change the calculation of the purchase price of an Option 1 Advance (as defined in the SEPA) from an average of the daily VWAP of the Common Stock during a three-day pricing period to the lowest VWAP during such three-day pricing period; (2) change the denomination of any requested advances from the Company to Yorkville under the SEPA from dollars to shares; (3) increase Yorkville's beneficial ownership limitation under the SEPA from 4.99% to 9.99% of the outstanding Common Stock, provided that if any portion of an advance under the SEPA would cause Yorkville to exceed the beneficial ownership limitation due to Yorkville's ownership of the Company's securities convertible into Common Stock, then the maximum number of shares of Common Stock that such securities will be convertible into will be reduced by the number of shares of Common Stock included in such advance for such period that Yorkville holds such shares of common stock covered by such advance and the number of shares of Common Stock covered by such advance would not be reduced; (4) extend the commitment period to February 11, 2026 and (5) make other administrative and drafting changes.

During the years ended December 31, 2025 and 2024, the Company issued 0 shares and 5,500 shares of Common Stock under the SEPA for proceeds of $0 and $46,750, respectively. As of both December 31, 2025 and December 31, 2024, the remaining commitment available under the agreement was $119.4 million. However, our ability to fully utilize the remaining commitment amount was limited by various factors, including, but not limited to, the availability of an effective registration statement permitting the resale of such shares of Common Stock. Ultimately, the Company did not cause the effectiveness of any such registration statement during 2025 or thereafter, and the SEPA expired on February 11, 2026.

***Common Stock Offering***

On May 30, 2023, the Company filed a Registration Statement on Form S-3 (File No. 333-272284), to issue and sell from time to time, together or separately, certain securities at an aggregate public offering price that will not exceed $100 million. Such registration statement was declared effective on June 8, 2023. On August 14, 2025, the Company filed a prospectus supplement to the prospectus included in such registration statement for an at-the-market offering by the Company of up to $5.4 million of its Common Stock (the "ATM Offering"). The Sales Agreement, dated August 14, 2025, with respect to the Company's ATM Offering (the "Sales Agreement") provides for the sale of the Company's stock in at-the-market sales up to $20 million, subject to the amount available to be sold by the Company pursuant to its registration statement.

During the years ended December 31, 2025, the Company sold 730,400 shares of Common Stock in the ATM Offering at an average price of $3.87 per share for aggregate net proceeds of $2.4 million after commissions of $0.1 million and legal, accounting, investor relations and other offering costs of $0.3 million. As of December 31, 2025, the Company had $2.5 million of shares of Common Stock available for future issuance under the ATM Offering pursuant to the Company's prospectus supplement with respect to the ATM Offering, and $17.2 million remaining under the terms of the Sales Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Note 12 — Derivative Instruments**

**Public and Private Placement Warrants**

As of December 31, 2025, the Company had 18,633,301 Public Warrants and 199,997 Private Placement Warrants outstanding, with fair values of $0.1 million and $780, respectively.

Each Warrant is exercisable to purchase one-thirtieth of one share of Common Stock. The Public Warrants have an exercise price of $345.00 per whole share, subject to adjustments, and will expire on August 20, 2026 or earlier upon redemption or liquidation. The Public Warrants may only be exercised for a whole number of shares. No fractional Public Warrants were issued upon separation of the units and only whole Public Warrants trade. The Public Warrants became exercisable; provided that the Company has an effective registration statement under the Securities Act, covering the issuance of the Common Stock issuable upon exercise of the Warrants and a current prospectus relating to them is available and such shares are registered, qualified or exempt from registration under the securities, or blue sky, laws of the state of residence of the holder (or the Company permits holders to exercise their Public Warrants on a cashless basis under the circumstances specified in the warrant agreement). A registration statement was filed with the SEC covering the issuance of the Common Stock issuable upon exercise of the Warrants, and the Company undertook its commercially reasonable efforts to maintain the effectiveness of such

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**<u>[**Table of Contents**](#id0ea1358ebd947d6a0a02c7ccd3fecc8_7)</u>**

**Xos, Inc. and Subsidiaries**

**Notes to Consolidated Financial Statements**

registration statement and a current prospectus relating to those shares of Common Stock until the Public Warrants expire or are redeemed. If the shares of Common Stock are at the time of any exercise of a Public Warrant not listed on a national securities exchange such that they satisfy the definition of a "covered security" under Section 18(b)(1) of the Securities Act, the Company may, at its option, require holders of Public Warrants who exercise their warrants to do so on a "cashless basis" in accordance with Section 3(a)(9) of the Securities Act and, in the event the Company so elects, it will not be required to file or maintain in effect a registration statement.

The Private Placement Warrants are identical to the Public Warrants, except that the Private Placement Warrants and the Common Stock issuable upon exercise of the Private Placement Warrants were not transferable, assignable or salable until September 19, 2021, subject to certain limited exceptions. Additionally, the Private Placement Warrants will be non-redeemable so long as they are held by the initial purchasers or their permitted transferees. If the Private Placement Warrants are held by someone other than the initial shareholders or their permitted transferees, the Private Placement Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants.

***Redemption of Warrants for cash when the price per share of Common Stock equals or exceeds $540.00:***

At any time that the Warrants are exercisable, the Company may redeem the outstanding Warrants (except as described above with respect to the Private Placement Warrants):

• in whole and not in part;

• at a price of $0.01 per Warrant;

• upon not less than 30 days' prior written notice of redemption to each Warrant holder; and

• if, and only if, the last reported sale price of Common Stock for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the Warrant holders (the "Reference Value") equals or exceeds $540.00 per share (as adjusted for share sub-divisions, share dividends, rights issuances, consolidations, reorganizations, recapitalizations and the like).

The Company will not redeem the Warrants as described above unless a registration statement under the Securities Act covering the issuance of the Common Stock issuable upon exercise of the Warrants is then effective and a current prospectus relating to those Common Stock is available throughout the 30-day redemption period. If and when the Warrants become redeemable by the Company, it may exercise its redemption right even if the Company is unable to register or qualify the underlying securities for sale under all applicable state securities laws.

***Redemption of Warrants for Common Stock when the price per share equals or exceeds $300.00:***

At any time the Warrants are exercisable, the Company may redeem the outstanding Warrants (including both Public Warrants and Private Placement Warrants):

• in whole and not in part;

• at $0.10 per Warrant upon a minimum of 30 days' prior written notice of redemption provided that holders will be able to exercise their Warrants on a cashless basis prior to redemption and receive that number of shares determined by reference to an agreed table based on the redemption date and the "fair market value" of Common Stock;

• if, and only if, the Reference Value equals or exceeds $300.00 per share (as adjusted for share splits, share dividends, rights issuances, subdivisions, reorganizations, recapitalizations and the like); and

• if the Reference Value is less than $540.00 per share (as adjusted), the Private Placement Warrants must also concurrently be called for redemption on the same terms as the outstanding Public Warrants, as described above.

The "fair market value" of Common Stock shall mean the average reported last sale price of Common Stock for the 10 trading days ending on the third trading day prior to the date on which the notice of redemption is sent to the holders of Warrants.

In no event will the Company be required to net cash settle any Warrant. The Warrants may also expire worthless.

------

**<u>[**Table of Contents**](#id0ea1358ebd947d6a0a02c7ccd3fecc8_7)</u>**

**Xos, Inc. and Subsidiaries**

**Notes to Consolidated Financial Statements**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Note 13 — Stock-Based Compensation**

***2018 Stock Plan***

On November 27, 2018, the Legacy Xos's board of directors and stockholders adopted the 2018 Stock Plan. There are no shares available for issuance under the 2018 Stock Plan, however, the 2018 Stock Plan continues to govern the terms and conditions of the outstanding awards granted under the 2018 Stock Plan.

As of December 31, 2025 there were 1,211 Options outstanding under the 2018 Stock Plan. The amount and terms of Option grants were determined by the board of directors of Legacy Xos. The Options granted under the 2018 Stock Plan generally expire within 10 years from the date of grant and generally vest over four years, at the rate of 25% on the first anniversary of the date of grant and ratably on a monthly basis over the remaining 36-month period thereafter based on continued service.

Stock option activity during the year ended December 31, 2025 consisted of the following:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Options** | **Weighted Average Fair Value** | **Weighted Average Exercise Price** | **Weighted Average Remaining Years** | **Intrinsic Value** |
| December 31, 2024 — Options outstanding | 1669 | $0.54 | $0.60 | 4.80 | $4404 |
| Granted |  |  |  |  |  |
| Exercised | (406) | 0.73 | 0.46 |  | 2351 |
| Forfeited | (52) | 0.64 | 0.46 |  | 143 |
| December 31, 2025 — Options outstanding | 1211 | $0.47 | $0.66 | 3.69 | $1399 |
| December 31, 2025 — Options vested and exercisable | 1211 | $0.47 | $0.66 | 3.69 | $1399 |

---

Aggregate intrinsic value represents the difference between the exercise price of the options and the fair value of the Company's Common Stock. The aggregate intrinsic value of options exercised during the years ended December 31, 2025 and 2024 were approximately $2,351 and $0.1 million, respectively.

The Company estimates the grant date fair value of options utilizing the Black-Scholes option pricing model, which is dependent upon several variables, including expected option term, expected volatility of the Company's share price over the expected term, expected risk-free rate and expected dividend yield rate. There were no option grants during the years ended December 31, 2025 and 2024.

***2021 Equity Plan***

On August 19, 2021 the Company's stockholders approved the 2021 Equity Incentive Plan (the "2021 Equity Plan"), which was ratified by the Company's board of directors on August 20, 2021. The 2021 Equity Plan provides for the grant of incentive stock options ("ISOs"), within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended (the "Code") to employees, including employees of any parent or subsidiary, and for the grant of non-statutory stock options ("NSOs"), stock appreciation rights, restricted stock awards, restricted stock units ("RSUs"), performance awards and other forms of awards to employees, directors and consultants, including employees and consultants of Xos's affiliates. On June 24, 2024, the Company's stockholders approved the Xos, Inc. Amended and Restated 2021 Equity Incentive Plan (the "A&R 2021 Equity Plan") to increase the aggregate number of shares of Common Stock reserved for issuance under the 2021 Equity Plan by 1,180,819 shares. On June 24, 2025, the Company's stockholders approved the 2025 Amendment to the Xos, Inc. Amended and Restated 2021 Equity Incentive Plan (the "2025 Amendment") to increase the aggregate number of shares of Common Stock reserved for issuance under the 2021 Equity Plan by 3,100,000 shares.

As of December 31, 2025, there were 1,725,409 shares of Common Stock available for issuance under the A&R 2021 Equity Plan, as amended.

RSU activity during the year ended December 31, 2025 consisted of the following:

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**<u>[**Table of Contents**](#id0ea1358ebd947d6a0a02c7ccd3fecc8_7)</u>**

**Xos, Inc. and Subsidiaries**

**Notes to Consolidated Financial Statements**

---

| | | | |
|:---|:---|:---|:---|
| | **RSUs** | **Weighted Average Grant Date Fair Value** | **Aggregate Fair Value** |
| December 31, 2024 — RSU outstanding | 1530481 | $8.14 | $4961551 |
| Granted | 2909383 | 3.06 | 7624635 |
| Vested | (1070228) | 6.91 | 3363203 |
| Forfeited | (273569) | 8.20 | 850503 |
| December 31, 2025 — RSU outstanding | 3096067 | $3.79 | $5605441 |

---

The Company recognized stock-based compensation expense (including Earn-out RSUs) in the consolidated statements of operations for the years ended December 31, 2025 and 2024 totaling approximately $7.4 million and $7.7 million, respectively, which consisted of the following (*in thousands*):

---

| | | |
|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2024** |
| Cost of goods sold | $248 | $354 |
| Research and development | 1539 | 1435 |
| Sales and marketing | 1078 | 738 |
| General and administrative | 4542 | 5183 |
| **Total** | $7407 | $7710 |

---

We allocate stock-based compensation expense to cost of goods sold, research and development expense, sales and marketing expense and general and administrative expense, based on the roles of the applicable recipients of such stock-based compensation. The unamortized stock-based compensation expense was $9.3 million as of December 31, 2025, and weighted average remaining amortization period as of December 31, 2025 was 1.63 years.

The aggregate fair value of RSUs that vested was $3.4 million during the year ended December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Note 14 — Property and Equipment, net** 

Property and equipment, net consisted of the following at December 31, 2025 and 2024 (*in thousands*):

---

| | | |
|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2024** |
| Equipment | $5705 | $5705 |
| Finance lease assets | 1339 | 1609 |
| Furniture and fixtures | 173 | 173 |
| Company vehicles<sup>(1)</sup> | 3442 | 2817 |
| Leasehold improvements | 1401 | 1401 |
| Computers, software and related equipment | 3128 | 3128 |
| Property and equipment, gross | 15188 | 14833 |
| Accumulated depreciation | (10868) | (8722) |
| **Property and equipment, net** | $4320 | $6111 |

---

<sup>(1)</sup> Amounts include operating lease assets (stepvans and Hubs) for which the Company is a lessor. As of December 31, 2025, gross operating lease assets and accumulated depreciation on operating lease assets were $0.3 million and $0.1 million, respectively. As of December 31, 2024, gross operating lease assets and accumulated depreciation on operating lease assets were $0.4 million and $0.1 million, respectively.

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**<u>[**Table of Contents**](#id0ea1358ebd947d6a0a02c7ccd3fecc8_7)</u>**

**Xos, Inc. and Subsidiaries**

**Notes to Consolidated Financial Statements**

Depreciation expense during the years ended December 31, 2025 and 2024 totaled approximately $2.2 million and $3.3 million, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Note 15 — Commitments and Contingencies** 

***Legal Contingencies***

Legal claims may arise from time to time in the normal course of business, the results of which may have a material effect on the Company's accompanying consolidated financial statements. As of December 31, 2025, the Company was not a party to any legal proceedings, that individually or in the aggregate, are reasonably expected to have a material adverse effect on the Company's results of operations, financial condition or cash flows. On October 10, 2025, the Supreme Court of British Columbia (the "BC Court") issued a judgment in favor of a former employee of EMV for the enforcement of a putative settlement agreement with respect to the employee's severance arrangements, which required aggregate payments of approximately $0.5 million, including approximately $0.2 million paid in 2025. A former employee has claimed certain amounts are due to such employee under a contract with the company related to such former employee's separation from the company. The Company denies such claims. Although no settlement has been reached yet, the Company has reserved amounts that in the aggregate are not expected to have a material impact on the company for potential negotiated cash and equity payments to the former employee in settlement of the claims.

***Other Contingencies***

The Company enters into non-cancellable long-term purchase orders and vendor agreements in the normal course of business. As of December 31, 2025, non-cancellable purchase commitments with two of the Company's vendors totaled $0.2 million.

**Note 16 — Related Party Transactions**

The Company has lease agreements with Fitzgerald Manufacturing Partners. The owner of Fitzgerald Manufacturing Partners is a stockholder of the Company. During each of the years ended December 31, 2025 and 2024, the Company incurred rent expense of $0.6 million and $0.7 million, respectively, related to these agreements.

During the year ended December 31, 2024, the Company sold two Hubs to Xcel Energy, resulting in $0.5 million in revenue, with no similar transaction occurring in the year ended December 31, 2025. A member of the Company's Board of Directors served as the Senior Vice President, System Strategy and Chief Planning Officer of Xcel Energy through March 17, 2025. Management believes these transactions were conducted on terms consistent with those that prevail in arm's length transactions with unrelated third-parties.

**Note 17 — Income Taxes** 

Loss before provision for income taxes for the years ended December 31, 2025 and 2024 consisted of the following (*in thousands*):

---

| | | |
|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2024** |
| U.S. | $(25343) | $(50824) |
| Foreign | 46 | 702 |
| Loss before provision for income taxes | $(25297) | $(50122) |

---

The income tax expense for the years ended December 31, 2025 and 2024 consisted of the following (*in thousands*):

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**<u>[**Table of Contents**](#id0ea1358ebd947d6a0a02c7ccd3fecc8_7)</u>**

**Xos, Inc. and Subsidiaries**

**Notes to Consolidated Financial Statements**

---

| | | |
|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2024** |
| Current: |  |  |
| &nbsp;&nbsp;Federal | $— | $— |
| &nbsp;&nbsp;State | 23 | 37 |
| &nbsp;&nbsp;Foreign |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current income tax expense | $23 | $37 |
| Deferred: |  |  |
| &nbsp;&nbsp;Federal | $— | $— |
| &nbsp;&nbsp;State |  |  |
| &nbsp;&nbsp;Foreign |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total deferred income tax expense |  |  |
| Income tax expense | $23 | $37 |

---

The reconciliation between the provision for income tax expense and the amount of income tax computed by applying the U.S. federal statutory rate to income before provision for income taxes as shown in the accompanying consolidated statements of operations and other loss for the years ended December 31, 2025 and 2024 consisted of the following (*in thousands*):

---

| | | |
|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** |
| | **Amount** | **Percent** |
| Tax provision at U.S. federal statutory rate | $(5323) | 21.00% |
| State and local income taxes (net of federal income tax effect)<sup>1</sup> | 13 | (0.05) |
| Tax credits | (598) | 2.36 |
| Change in valuation allowance | 5040 | (19.92) |
| Nontaxable or nondeductible items |  |  |
| &nbsp;&nbsp;Stock compensation | 859 | (3.40) |
| &nbsp;&nbsp;Interest expense settled in stock | 422 | (1.67) |
| &nbsp;&nbsp;Other permanent items | 37 | (0.15) |
| Other reconciling items |  |  |
| &nbsp;&nbsp;Prior year true up | (469) | 1.85 |
| &nbsp;&nbsp;Other | 42 | (0.17) |
| **Provision for income taxes** | $23 | (0.09)% |

---

<sup>1</sup>State taxes in California, Texas, New Jersey, New York, and Tennessee made up the majority of the tax effect in this category

As previously disclosed for the years ended December 31, 2024 prior to the adoption of ASU 2023-09, the effective income tax rate differs from the statutory federal income tax rate as follows:

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**<u>[**Table of Contents**](#id0ea1358ebd947d6a0a02c7ccd3fecc8_7)</u>**

**Xos, Inc. and Subsidiaries**

**Notes to Consolidated Financial Statements**

---

| | |
|:---|:---|
| | **December 31, 2024** |
| Tax provision at U.S. federal statutory rate | 21.00% |
| &nbsp;&nbsp;Nondeductible expenses | (2.58) |
| &nbsp;&nbsp;Fair value adjustments on earnout interests liability | 0.02 |
| &nbsp;&nbsp;Fair value adjustments on derivative liability | 0.12 |
| &nbsp;&nbsp;R&D credit | 1.03 |
| &nbsp;&nbsp;State taxes, net of federal benefit | 9.77 |
| &nbsp;&nbsp;Change in valuation allowance adjustment | (30.40) |
| &nbsp;&nbsp;Other | 0.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;Effective tax rate | (0.07)% |

---

The amounts of cash taxes paid are as follows (in thousands):

---

| | |
|:---|:---|
| | **December 31, 2025** |
| US Federal | $— |
| State |  |
| &nbsp;&nbsp; California | 3 |
| &nbsp;&nbsp; North Carolina | 2 |
| &nbsp;&nbsp; New Jersey | 4 |
| &nbsp;&nbsp; New York | 6 |
| &nbsp;&nbsp; Texas | 20 |
| &nbsp;&nbsp; Tennessee | 8 |
| &nbsp;&nbsp; Other States | 8 |
| Foreign |  |
| &nbsp;&nbsp; Canada |  |
| &nbsp;&nbsp; Other Foreign jurisdictions |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes paid (net of refunds received) | $51 |

---

The Company's components of deferred tax assets and liabilities for the years ended December 31, 2025 and 2024 consisted of the following (*in thousands*):

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**<u>[**Table of Contents**](#id0ea1358ebd947d6a0a02c7ccd3fecc8_7)</u>**

**Xos, Inc. and Subsidiaries**

**Notes to Consolidated Financial Statements**

---

| | | |
|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2024** |
| Deferred tax assets: |  |  |
| &nbsp;&nbsp;Net operating loss carryover | $79136 | $66082 |
| &nbsp;&nbsp;General business and other tax credits | 10472 | 9077 |
| &nbsp;&nbsp;Capitalized research and development | 8072 | 12215 |
| &nbsp;&nbsp;Intangible assets | 1835 | 2038 |
| &nbsp;&nbsp;Fixed assets | 1559 | 1668 |
| &nbsp;&nbsp;Lease liabilities | 1104 | 4396 |
| &nbsp;&nbsp;Stock based compensation | 686 | 1011 |
| &nbsp;&nbsp;Business interest limitation | 553 | 511 |
| &nbsp;&nbsp;Inventories | 1627 | 2426 |
| &nbsp;&nbsp;Other non-current deferred tax assets | 2323 | 1216 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subtotal | 107367 | 100640 |
| &nbsp;&nbsp;Valuation allowance | (106460) | (99401) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $907 | $1239 |
| Deferred tax liabilities: |  |  |
| &nbsp;&nbsp;Fixed assets | $— | $— |
| &nbsp;&nbsp;Operating lease right-of-use asset | (435) | (922) |
| &nbsp;&nbsp;Other non-current deferred tax liabilities | (472) | (317) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $(907) | $(1239) |
| &nbsp;&nbsp;Net deferred tax asset | $— | $— |

---

The Company has recorded a full valuation allowance as of December 31, 2025 and 2024 since, in the judgment of management given the Company's history of losses, the realization of these deferred tax assets was not considered more likely than not. The valuation allowance was $106.5 million and $99.4 million as of December 31, 2025 and 2024, respectively, with increases attributable to the current year's provision. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the period in which those temporary differences become deductible. Management considers projected future taxable income and tax planning strategies in making this assessment.

In accordance with Code Section 382 ("Section 382") and Section 383 ("Section 383"), a corporation that undergoes an "ownership change" (generally defined as a cumulative change (by value) of more than 50% in the equity ownership of certain stockholders over a rolling three-year period) is subject to limitations on its ability to utilize its pre-change net operating losses and research and development credits to offset post-change taxable income and post-change tax liabilities, respectively. The Company's existing net operating losses and research and development credits may be subject to limitations arising from previous ownership changes, and the ability to utilize net operating losses could be further limited by Section 382 and Section 383 of the Code. In addition, future changes in the Company's stock ownership, some of which may be outside of the Company's control, could result in an ownership change under Section 382 and Section 383 of the Code.

As of December 31, 2025, the Company had net operating loss carryforwards of $598.0 million. This consists of approximately $284.8 million of federal net operating losses and approximately $313.2 million of state net operating losses. The federal net operating losses have an indefinite carryforward period, and the state net operating losses which will begin to expire in 2036.

As of December 31, 2025, the Company had research and development credit carryforwards of $11.2 million. This consists of approximately $7.1 million federal research and development credits, which will begin to expire in 2041, and approximately $4.1 million state research and development credits, which will begin to expire in 2036.

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**<u>[**Table of Contents**](#id0ea1358ebd947d6a0a02c7ccd3fecc8_7)</u>**

**Xos, Inc. and Subsidiaries**

**Notes to Consolidated Financial Statements**

The Company is subject to taxation and files income tax returns with the U.S. federal government and various states. The Company currently is not under audit by the Internal Revenue Service. The Company's 2020 California state return is currently under audit by the California Franchise Tax Board, but the Company doesn't believe there are any uncertain tax benefits that should be reserved. The Company currently is not under audit by any other tax authorities. The Company generally is not subject to examination for tax years prior to 2020 except for California.

The Company had no unrecognized tax benefits for the years ended December 31, 2025 and 2024. Interest and penalties related to unrecognized tax benefits are recognized in operating expenses. No such interest and penalties were recognized during the years ended December 31, 2025 and 2024. The Company does not expect the amount of unrecognized tax benefits will materially change in the next twelve months.

***One Big Beautiful Bill Act***

On July 4, 2025, the President signed H.R. 1, the "One Big Beautiful Bill Act," ("OBBBA") into law. The legislation includes several changes to federal tax law that generally allow for more favorable deductibility of certain business expenses beginning in 2025, including the restoration of immediate expensing of domestic R&D expenditures, reinstatement of 100% bonus depreciation, and more favorable rules for determining the limitation on business interest expense. The Act modifies various energy credits to accelerate the phase out of these credits. The Act also includes certain changes to the U.S. taxation of foreign activity, including changes to foreign tax credits, Global Intangible Low-Taxed Income (GILTI), Foreign-Derived Intangible Income (FDII), and Base Erosion and Anti-Abuse Tax (BEAT), amongst other changes. These changes are generally effective for tax years beginning after December 31, 2025. The Company evaluated the impact of the legislation in accordance with ASC 740 and determined that it did not have a material effect on the Company's consolidated financial statements for the year ended December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Note 18 — Fair Value Measurements**

ASC 820, *Fair Value Measurements and Disclosures*, clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based upon assumptions that market participants would use in pricing an asset or liability.

U.S. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. As presented in the tables below, this hierarchy consists of three broad levels:

• *Level 1:* Quoted prices in active markets for identical assets and liabilities.

• *Level 2:* Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; and model-derived valuations whose inputs or significant value drivers are observable.

• *Level 3:* Significant inputs to the valuation model are unobservable and significant to the overall fair value measurement of the assets or liabilities. Inputs reflect management's best estimate of what market participants would use in pricing the asset or liability at the measurement date.

The Company's financial instruments consist primarily of cash and cash equivalents, accounts receivable, accounts payable, other current liabilities, warrants and earn-out shares liability. The fair value of cash, cash equivalents, and accounts receivable, accounts payable, other current liabilities, and convertible debt approximates carrying value due to their short-term maturity.

As required by ASC 820, assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to their fair value measurement. Level 3 inputs are unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

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**<u>[**Table of Contents**](#id0ea1358ebd947d6a0a02c7ccd3fecc8_7)</u>**

**Xos, Inc. and Subsidiaries**

**Notes to Consolidated Financial Statements**

Assets and liabilities carried at fair value on a recurring basis as of December 31, 2025 and 2024 consisted of the following (*in thousands*):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **Fair Value** | **Level 1** | **Level 2** | **Level 3** |
| **Financial Liabilities:** | | | | |
| &nbsp;&nbsp;Private Placement Warrants | $1 | $— | $1 | $— |
| &nbsp;&nbsp;Public Warrants | 72 | 72 |  |  |
| **Total Financial Liabilities** | $**73** | $**72** | $**1** | $**—** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Fair Value** | **Level 1** | **Level 2** | **Level 3** |
| **Financial Liabilities:** | | | | |
| &nbsp;&nbsp;Private Placement Warrants | $1 | $— | 1 | $— |
| &nbsp;&nbsp;Public Warrants | 120 | 120 |  |  |
| **Total Financial Liabilities** | $**121** | $**120** | $**1** | $**—** |

---

There was no change in the fair value of Level 3 financial liabilities during the years ended December 31, 2025 and 2024. The fair value of Earn-out Shares liability was immaterial to the consolidated financial statements for each of the periods ended December 31, 2025 and 2024

**Note 19 — Net Loss per Share**

Basic and diluted net loss per share for the years ended December 31, 2025 and 2024 consisted of the following (*in thousands, except for per share amounts*):

---

| | | |
|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2024** |
| Numerator: |  |  |
| &nbsp;&nbsp;Net loss | $(25320) | $(50159) |
| Net loss income attributable to common stockholders, basic | (25320) | (50159) |
| Net loss income attributable to common stockholders, diluted <sup>(1)</sup> | (25320) | (50159) |
| Denominator: |  |  |
| &nbsp;&nbsp;*Basic* |  |  |
| &nbsp;&nbsp;Weighted average common shares outstanding, basic | 9360 | 7500 |
| Basic net loss per share | $(2.71) | $(6.69) |
| &nbsp;&nbsp;*Diluted* |  |  |
| &nbsp;&nbsp;Weighted average common shares outstanding, diluted <sup>(1)</sup> | 9360 | 7500 |
| Diluted net loss per share | $(2.71) | $(6.69) |

---

____________

<sup>(1)</sup> Net loss attributable to common stockholders, diluted during the years ended December 31, 2025 and 2024, excludes adjustments related to the change in fair value of derivative liabilities, interest expense and amortization of discounts and issuance costs related to Convertible Note. These adjustments were excluded from the calculation of diluted net loss per share as they would have an antidilutive effect (see <u>[Note 10 — Convertible Notes](#id0ea1358ebd947d6a0a02c7ccd3fecc8_145)</u>).

Potential ending shares outstanding that were excluded from the computation of diluted net loss per share because their effect was anti-dilutive as of December 31, 2025 and 2024 consisted of the following (*in thousands*):

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**<u>[**Table of Contents**](#id0ea1358ebd947d6a0a02c7ccd3fecc8_7)</u>**

**Xos, Inc. and Subsidiaries**

**Notes to Consolidated Financial Statements**

---

| | | |
|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2024** |
| Contingent earn-out shares | 547 | 547 |
| Common stock public and private warrants | 628 | 628 |
| Restricted stock units | 3096 | 1531 |
| Stock options | 1 | 2 |
| If-converted common stock from convertible debt | 280 | 280 |

---

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**<u>[**Table of Contents**](#id0ea1358ebd947d6a0a02c7ccd3fecc8_7)</u>**

**Xos, Inc. and Subsidiaries**

**Notes to Consolidated Financial Statements**

**Note 20 — Segment Reporting**

The following table presents segment revenue, gross profit, and net loss for the periods presented (in thousands):

---

| | | |
|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2024** |
| **Revenues** | $45992 | $55961 |
| Cost of goods sold | 43268 | 51996 |
| **Gross profit** | **2724** | **3965** |
| less: |  |  |
| Employee related | 18076 | 27400 |
| Facility and rent | 3917 | 4530 |
| Insurance | 3183 | 3693 |
| Depreciation | 1984 | 3088 |
| Professional services | 1625 | 3093 |
| Computer and software as a service | 2053 | 2439 |
| Research and development materials | 1656 | 1603 |
| Other<sup>(1)</sup> | 3313 | 3993 |
| Gain on operating lease terminations | (9875) |  |
| Other expense, net | 2137 | 4561 |
| Change in fair value of derivative instruments | (48) | (274) |
| Change in fair value of earn-out shares liability |  | (39) |
| Provision for income taxes | 23 | 37 |
| Segment net loss | $**(25320)** | $**(50159)** |

---

____________

<sup>(1)</sup> Other includes $0.9 million and $0 of financed equipment lease expense during the years ended December 31, 2025 and 2024, respectively, as well as bad debt expense, travel & entertainment, general and administrative freight, property/franchise taxes, and merchant fees.

**Note 21 — Subsequent Events**

***Windrose Resale Agreement***

In the first quarter of 2026, the Company entered into an agreement to serve as a dealer for Windrose Technology, Inc.'s electric long-haul truck products (the "Windrose Dealer Agreement"). Through this relationship, the Company seeks to be able to address customer and prospect demand for heavy duty long-range electric trucks that its own manufactured vehicles may not meet. The Windrose Dealer Agreement does not include any minimum volume requirements, and the Company cannot predict what volumes or revenues it might achieve from this arrangement, if any.

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**<u>[**Table of Contents**](#id0ea1358ebd947d6a0a02c7ccd3fecc8_7)</u>**

**PART III** 

**Item 10. Directors, Executive Officers and Corporate Governance**

Executive Officers and Directors

The following table sets forth the name, age and position of each of our executive officers and directors as of April 20, 2026:

---

| | | |
|:---|:---|:---|
| **Name** | **Age** | **Position** |
| ***Executive Officers*** | | |
| Dakota Semler | 34 | Chief Executive Officer, Chair of our Board of Directors |
| Giordano Sordoni | 34 | Chief Operating Officer, Director |
| Liana Pogosyan | 42 | Chief Financial Officer |
| ***Non-Employee Directors*** |  |  |
| Stuart Bernstein<sup>(1)(2)</sup> | 62 | Director |
| George N. Mattson<sup>(1)(3)</sup> | 60 | Director |
| Dietmar Ostermann<sup>(1)(2)(3)(4)</sup> | 64 | Director |
| Ed Rapp<sup>(1)(2)</sup> | 69 | Director |
| Michael Richardson<sup>(2)(3)</sup> | 69 | Director |
| John F. Smith<sup>(1)</sup> | 75 | Director |
| Alice Yake<sup>(3)</sup> | 47 | Director |

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(1) Member of our Audit Committee.

(2) Member of our Compensation Committee.

(3) Member of our Nominating and Corporate Governance Committee.

(4) Lead independent director.

**Executive Officers**

***Dakota Semler***. Mr. Semler has served as our Chief Executive Officer and the Chair of our Board since August 2021. Mr. Semler is a Co-Founder of Xos and served as Chief Executive Officer and a director of Legacy Xos (as defined below) from September 2016 to August 2021. Prior to Xos, Mr. Semler served as Chief Executive Officer of Malibu Management Services, a hospitality operator, and Bucket List Experiences, a tour operator company from 2014 to 2016. Mr. Semler was also an independent contractor for TSG Group, a real estate holding company, from 2014 to 2016. Mr. Semler attended California State University and George Washington University.

***Giordano Sordoni***. Mr. Sordoni has served as our Chief Operating Officer and a member of our Board since August 2021. Mr. Sordoni is a Co-Founder of Xos and served as Chief Operating Officer and a director of Legacy Xos (as defined below) from September 2016 to August 2021. Prior to Xos, Mr. Sordoni served as Co-Founder at Calibur Inc., a startup consulting business advising early-stage businesses, from August 2015 to August 2016. Mr. Sordoni was Director of Marketing at Malibu Family Wines, a wine production company, from July 2014 to June 2016. Mr. Sordoni holds a B.A. in International Business and Marketing from George Washington University.

***Liana Pogosyan***. Ms. Pogosyan has served as our Chief Financial Officer since August 2025, and previously served as our Vice President of Finance and Acting Chief Financial Officer from May 2023 to August 2025, and as our Controller from January 2022 to May 2023. Prior to Xos, Ms. Pogosyan was at Marcus & Millichap, Inc., a national real estate brokerage firm, from May 2013 to January 2022, where she served in a variety of positions before becoming their Vice President, Operations Controller and Financial Reporting. Prior to that, Ms. Pogosyan served as an Audit Manager at KPMG LLP, an accounting and advisory firm, followed by serving as the Manager Corporate Reporting at Ixia, a global test and networking company. Ms. Pogosyan sits on the board, and is the audit committee chair, of AbilityFirst, a 501(c)(3) nonprofit. Ms. Pogosyan holds a

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Master's degree in Business Administration from the University of California at Los Angeles, a Bachelor's degree in Accounting from the University of Southern California, and is a Certified Public Accountant.

**Non-Employee Directors**

***Stuart Bernstein***. Mr. Bernstein has served as a member of our Board since October 2022. Mr. Bernstein is the Founder and Managing Member of Sustainable Capital LLC, a sustainable investment firm. Prior to that, he was a long-time partner at Goldman Sachs & Co. ("Goldman Sachs"), where during his 25-year career he founded and managed the Clean Technology and Renewables Group within the investment banking division, working with many of the firm's corporate and investor clients focused on sustainability. He also ran the Venture Capital Coverage effort, was co-head of Equity Capital Markets and Global Head of the Technology Capital Markets Team where he advised on capital markets strategies and transactions with hundreds of late-stage private and early-stage public growth companies. Mr. Bernstein is also: Strategic Advisor to G2VP, a sustainable venture and growth investment firm; Senior Advisor to Story3 Capital Partners, a consumer, commerce, and content private equity firm; Advisory Board Member of Kimpact, a national affordable housing fund with a focus on environmental and social impact; Strategic Advisor to Corner Development Founders, pursuing real estate redevelopment through tenant upgrades, multi-family additions and sustainable improvements; and Advisory Board Member to Upwell Water, a company committed to creating tech-enabled water resources and infrastructure to solve the World's water needs. Mr. Bernstein has been a Board Member of the Haas School of Business since January 2008, served as a Trustee of the University of California, Berkeley from September 2012 to August 2021, and served on the Advisory Board of the Lawrence Berkeley National Lab from August 2018 to December 2020. Previously, Mr. Bernstein served as an advisor to our predecessor company, NextGen, and NextGen II. Mr. Bernstein earned a B.S., Phi Beta Kappa, from the University of California, Berkeley and an MBA and MPA from the Harvard Business School and the Harvard Kennedy School, respectively.

***George N. Mattson****.* Mr. Mattson has served as a member of our Board since August 2021, prior to which Mr. Mattson served as a director of NextGen Acquisition Corporation ("NextGen"), our predecessor, since October 2020. Mr. Mattson has served as the Chief Executive Officer and director of Wheels Up Experience Inc. (NYSE: UP), a leading provider of on-demand private aviation in the U.S., since September 2023. Mr. Mattson is a private investor in public and private companies and was the co-founder and co-Chairman of NextGen and NextGen Acquisition Corp. II ("NextGen II"), both special purpose acquisition companies, prior to their mergers in 2021 with Xos, Inc. and Virgin Orbit Holdings, respectively. Mr. Mattson served as a Partner and Co-Head of the Global Industrials Group in Investment Banking at Goldman, Sachs & Co. from November 2002 through August 2012. Mr. Mattson joined Goldman Sachs in 1994 and served in a variety of positions before becoming Partner and Co- Head of the Global Industrials Group. Mr. Mattson formerly served as a director of Delta Air Lines, Inc. (NYSE: DAL) from October 2012 to October 2023, Virgin Galactic Holdings, Inc. (NYSE: SPCE) from October 2019 to June 2023, and Virgin Orbit Holdings, Inc. (Nasdaq: VORB) from December 2021 to August 2023, NextGen II from January 2021 to December 2021 and Air France-KLM S.A. (PAR: AF) from 2017 until February 2021. Mr. Mattson holds a B.S. degree in Electrical Engineering from Duke University and an M.B.A. from the Wharton School of the University of Pennsylvania.

***Dietmar Ostermann***. Mr. Ostermann has served as a member of our Board since March 2024, prior to which he served as a director of ElectraMeccanica since July 2022. Mr. Ostermann has consulted for a wide range of original equipment manufacturers (including Navistar, Daimler Truck, Proterra, Ashok Leyland, FAW, GM, Ford, Stellantis, Rivian, BMW, Mercedes, VW, Nissan and Hyundai) as well as many auto suppliers (including American Axle, Dana, Denso, Magna, Metalsa, and ZF) on topics of business strategy, product development and operations improvement. Mr. Ostermann most recently served as PricewaterhouseCoopers's ("PwC's") Global and US Auto Advisory Leader based in Detroit, MI for 11 years. Prior to PwC, he led the global auto practice of management consulting firm PRTM in Boston, MA. Prior to that, he spent 17 years at the management consulting firm A.T. Kearney in the United States and Germany, where he served as Chief Executive Officer for three years. Mr. Ostermann currently serves as an independent director for auto suppliers Shape Corp, North American Stamping Group and Vistech, and as an advisory board member of EV Charger manufacturer and charging software solutions provider ChargePoint (Nasdaq:CHPT). Mr. Ostermann holds a bachelor's degree in Industrial Engineering and Business from the University of Hamburg in Germany and a master's degree in industrial and Systems Engineering and Business from the University of Southern California.

***Ed Rapp****.* Mr. Rapp has served as a member of our Board since August 2021. Prior to his retirement in 2016, Mr. Rapp was a Caterpillar Inc. (NYSE: CAT) Group President. During his time in the Caterpillar executive office, Mr. Rapp led Resource Industries and Construction Industries and served as the company's Chief Financial Officer. Mr. Rapp also serves as a director of AbbVie, Inc. (NYSE: ABBV) and previously served as a director of FM Global. Mr. Rapp holds a BSBA in Finance from University of Missouri - Columbia.

***Michael Richardson***. Mr. Richardson has served as a member of our Board since March 2024, prior to which he served as Vice-Chair of the ElectraMeccanica board of directors, of which he was a member since November 2022. Mr. Richardson served as Interim Chief Executive Officer of Dura Automotive, an independent designer and manufacturer of automotive components, from March 2020 to September 2020. Mr. Richardson served as President of Nexteer Automotive from June 2016 to January 2020 and also served as Executive Board Director of Nexteer Automotive from April 2013 to January 2020. Mr. Richardson has been serving as a director of Shape Corporation since February 2018, and served as a

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director of Dura Automotive Systems LLC from September 2020 to December 2024. Mr. Richardson holds a bachelor's degree in Mechanical Engineering from Kettering University and a master's degree in Business Administration from Central Michigan University.

***John F. Smith***. Mr. Smith has served as a member of our Board since August 2025. Mr. Smith has been Principal of Eagle Advisors LLC, a strategy development and performance improvement consultancy since 2011. Mr. Smith previously served on the board of directors of: TI Fluid Systems plc (LON: TIFS), from 2017 to 2025; American Axle & Manufacturing (NYSE: AXL), from 2011 to 2025; Covisint Corp (Nasdaq: COVS), where he was Chairman from 2016 until its sale in 2017; and CEVA Logistics (SIX:CEVAL), from 2013 until it was taken private in 2019. In 2010, Mr. Smith retired as Group Vice President of General Motors, Corporate Planning and Alliances, after over forty-two years with GM. Mr. Smith also serves on the board, and as Secretary and Treasurer of Jeremie Rising, a 501(c)(3) non-profit organization he co-founded in 2019 dedicated to providing medical, educational and shelter-related relief to Haitians living in and around Jérémie, Haiti.

***Alice Yake (Jackson)***. Ms. Yake has served as a member of our Board since December 2021. In April 2025, Ms. Yake began serving as VP – Grid Modeling Initiative of Breakthrough Energy. Previously, Ms. Yake served as Senior Vice President, System Strategy and Chief Planning Officer at Xcel Energy Inc. (Nasdaq: XEL), a major U.S. electricity and natural gas company, from June 2022 to March 2025. From May 2018 to June 2022, she served as President of Xcel Energy - Colorado. From September 2016 to May 2018, she served as Associate Vice President of Strategic Revenue Initiatives at Xcel Energy Inc. Ms. Yake has been a director of Liberty Energy Inc. (NYSE:LBRT) since October 2025. Ms. Yake is Chair of the Board of Directors of the Smart Electric Power Alliance, and sits on the boards of the Denver Museum of Nature and Science, Mile High United Way, Colorado Concern, and the American Red Cross CO/WY Chapter. Ms. Yake received a B.S. in Management Information Systems from Texas A&M University and completed the Harvard Business School Program for Leadership Development.

**Board Composition**

Our business and affairs are organized under the direction of our Board. The primary responsibilities of our Board are to provide oversight, strategic guidance, counseling and direction to our management. Our Board meets on a regular basis and additionally as required.

Our Board is divided into the following classes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Class I, which consists of Ed Rapp, Michael Richardson, and John F. Smith, whose terms will expire at our annual meeting of stockholders to be held in 2028;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Class II, which consists of Alice K. Yake, George N. Mattson and Giordano Sordoni, whose terms will expire at our annual meeting of stockholders to be held in 2026; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Class III, which consists of Stuart Bernstein, Dietmar Ostermann and Dakota Semler, whose terms will expire at our annual meeting of stockholders to be held in 2027.

At each annual meeting of stockholders to be held, the successors to directors whose terms then expire will be elected to serve from the time of election and qualification until the third annual meeting following their election and until their successors are duly elected and qualified. This classification of our Board may have the effect of delaying or preventing changes in our control or management. Our directors may be removed only for cause by the affirmative vote of the holders of at least a majority of our voting stock.

**Board Membership Criteria**

Our Board considers director nominee recommendations from the Nominating and Corporate Governance Committee of our Board (the "Nominating and Corporate Governance Committee"). Director candidates should have certain minimum qualifications, including being able to read and understand basic financial statements and having the highest personal integrity and ethics. In considering candidates recommended by the Nominating and Corporate Governance Committee, our Board also considers factors such as: (i) possessing relevant expertise upon which to be able to offer advice and guidance to management;

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(ii) having sufficient time to devote to our affairs; (iii) demonstrating excellence in his or her field; (iv) having the ability to exercise sound business judgment; (v) experience as a board member or executive officer of another publicly held company; and (vi) having a diverse personal background, perspective, and experience. Our Board reviews candidates for director nomination in the context of the current composition of our Board, our operating requirements and the long-term interests of our stockholders.

The Nominating and Corporate Governance Committee appreciates the value of thoughtful Board refreshment, and regularly identifies and considers qualities, skills and other director attributes that would enhance the composition of our Board. In the case of incumbent directors whose terms of office are set to expire, the Committee reviews these directors' overall service to the Company during their terms, including the number of meetings attended, level of participation, quality of performance and any other relationships and transactions that might impair the directors' independence. To compile a list of potential director candidates, the Nominating and Corporate Governance Committee uses its network of contacts and may also engage, if it deems appropriate, a professional search firm. The function of the professional search firm would be to identify potential candidates, including those with diverse attributes, facilitate meetings with the candidates, conduct diligence regarding the candidate and confirm such candidate's background. After identifying the potential candidates, the Nominating and Corporate Governance Committee, or the third-party search firm, if used, would then conduct any appropriate and necessary inquiries into the backgrounds and qualifications of such possible candidates after considering the function and needs of our Board.

The Nominating and Corporate Governance Committee also determines whether the director candidate is independent for purposes of the Nasdaq Stock Market ("Nasdaq"), which determination is based upon applicable Nasdaq listing rules, applicable SEC rules and regulations and the advice of counsel, if necessary. The Nominating and Corporate Governance Committee would then meet to discuss and consider the candidates' qualifications and then select a nominee for recommendation to our Board by majority vote.

The Nominating and Corporate Governance Committee will consider director candidates recommended by stockholders. The Nominating and Corporate Governance Committee does not intend to alter the manner in which it evaluates candidates, including the minimum criteria set forth above, based on whether or not the candidate was recommended by a stockholder. Stockholders who wish to recommend individuals for consideration by the Nominating and Corporate Governance Committee to become nominees for election to our Board may do so by delivering a written recommendation to the Nominating and Corporate Governance Committee at the following address: 3550 Tyburn Street, Los Angeles, CA 90065, Attention: General Counsel, in accordance with the timeline outlined in our Bylaws. Submissions must include, among other things, the full name of the proposed nominee, a description of the proposed nominee's business experience for at least the previous five years, complete biographical information, a description of the proposed nominee's qualifications as a director and a representation that the nominating stockholder is a beneficial or record holder of our stock and has been a holder for at least one year. Any such submission must be accompanied by the written consent of the proposed nominee to be named as a nominee and to serve as a director if elected.

**Director Independence**

Each of the directors on our Board other than Dakota Semler and Giordano Sordoni qualifies as an independent director, as defined under the Nasdaq listing rules, and our Board consists of a majority of "independent directors," as defined under the rules of the SEC and Nasdaq listing rules relating to director independence requirements. In addition, we are subject to the rules of the SEC and Nasdaq relating to the membership, qualifications and operations of the Audit Committee of the Board (the "Audit Committee") and the Compensation Committee of the Board (the "Compensation Committee").

As required under the Nasdaq listing standards, a majority of the members of a listed company's Board must qualify as "independent," as affirmatively determined by our Board. Our Board consults with the Company's counsel to ensure that our Board's determinations are consistent with relevant securities and other laws and regulations regarding the definition of "independent," including those set forth in pertinent listing standards of Nasdaq, as in effect from time to time.

Consistent with these considerations, after review of all relevant identified transactions or relationships between each director, or any of his or her family members, and the Company, its senior management and its independent auditors, our Board has affirmatively determined that the following seven directors are independent directors within the meaning of the applicable Nasdaq listing standards: Mr. Bernstein; Mr. Mattson; Mr. Ostermann; Mr. Rapp; Mr. Richardson; Mr. Smith; and Ms. Jackson. Luisa Ingargiola, who left the Board during 2025, was determined to be "independent" during the period she served on the Board in 2025. In making these determinations, our Board considered the current and prior relationships that each director has with us and all other facts and circumstances our Board deemed relevant in determining their independence, including the beneficial ownership of our shares by each director and the transactions described in the section titled "Certain Related Person Transactions" and found that none of these directors or nominees for director had a material or other disqualifying relationship with the Company.

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**Board Leadership Structure**

Our Board is currently chaired by the Chief Executive Officer of the Company, Mr. Semler. Our Board also has an appointed lead independent director, who was Mr. Mattson for the first half of 2025 and Mr. Ostermann starting July 1, 2025.

The Company believes that combining the positions of Chief Executive Officer and Chair helps to ensure that our Board and management act with a common purpose. In the Company's view, separating the positions of Chief Executive Officer and Chair has the potential to give rise to divided leadership, which could interfere with good decision-making or weaken the Company's ability to develop and implement strategy. Instead, the Company believes that combining the positions of Chief Executive Officer and Chair provides a single, clear chain of command to execute the Company's strategic initiatives and business plans. In addition, the Company believes that a combined Chief Executive Officer/Chair is better positioned to act as a bridge between management and our Board, facilitating the regular flow of information. The Company also believes that it is advantageous to have a Chair with an extensive history with and knowledge of the Company (as is the case with the Company's Chief Executive Officer) as compared to a relatively less informed independent Chair.

Our Board had appointed Mr. Mattson, and more recently, has appointed Mr. Ostermann as the lead independent director to help reinforce the independence of our Board as a whole. The position of lead independent director has been structured to serve as an effective balance to a combined Chief Executive Officer/Chair. The lead independent director is empowered, among other duties and responsibilities, to approve agendas and meeting schedules for regular Board meetings, preside over Board meetings in the absence of the Chair, preside over and establish the agendas for meetings of the independent directors, act as liaison between the Chair and the independent directors, approve information sent to our Board, preside over any portions of Board meetings at which the evaluation or compensation of the Chief Executive Officer is presented or discussed and, as appropriate upon request, act as a liaison to stockholders. In addition, it is the responsibility of the lead independent director to coordinate between our Board and management with regard to the determination and implementation of responses to any problematic risk management issues. As a result, the Company believes that the lead independent director can help ensure the effective independent functioning of our Board in its oversight responsibilities. In addition, the Company believes that the lead independent director is better positioned to build a consensus among directors and to serve as a conduit between the other independent directors and our Chair, for example, by facilitating the inclusion on meeting agendas of matters of concern to the independent directors. In light of the Chief Executive Officer's extensive history with and knowledge of the Company, and because our Board's lead independent director is empowered to play a significant role in our Board's leadership and in reinforcing the independence of our Board, the Company believes that it is advantageous for the Company to combine the positions of Chief Executive Officer and Chair.

**Role of the Board in Risk Oversight**

One of the key functions of our Board is informed oversight of our risk management process. Our Board does not have a standing risk management committee, but rather administers this oversight function directly through our Board as a whole, as well as through various standing committees of our Board that address risks inherent in their respective areas of oversight. In particular, our Board is responsible for monitoring and assessing strategic risk exposure, including a determination of the nature and level of risk appropriate for us, and the Audit Committee has the responsibility to consider and discuss our major financial risk exposures and the steps management will take to monitor and control such exposures, including guidelines and policies to govern the process by which risk assessment and management is undertaken. The Audit Committee also monitors compliance with legal and regulatory requirements. The Compensation Committee of our Board (the "Compensation Committee") assesses and monitors whether our compensation plans, policies and programs comply with applicable legal and regulatory requirements.

**Meetings of the Board of Directors**

Our Board met 11 times, and acted by unanimous written consent in lieu of a meeting on eight occasions, during fiscal year 2025. Each member of our Board attended 75% or more of the aggregate number of meetings of our Board and of the committees on which he or she served, held during the portion of the last fiscal year for which he or she was a director or committee member, except Mr. Mattson, who attended 73% of such meetings.

As required under applicable Nasdaq listing standards, in fiscal year 2025, the Company's independent directors met three times in regularly scheduled executive sessions at which only independent directors were present.

**Board Committees**

Our Board has established three standing committees: an Audit Committee; a Compensation Committee; and a Nominating and Corporate Governance Committee. Our Board adopted a charter for each of these committees, which complies with the applicable requirements of current Nasdaq rules. We will comply with future requirements to the extent they will be applicable to us. Copies of the charters for each committee are available on the investor relations portion of our website at

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https://www.xostrucks.com/corporate-governance. The information provided on, or accessible through, our website is not a part of this Proxy Statement, nor is such information incorporated by reference herein, and such information should not be relied upon in determining whether to make an investment in our common stock.

***Audit Committee***

The Audit Committee consists of Ed Rapp, Stuart Bernstein, Dietmar Ostermann, George Mattson and John F. Smith. Ms. Yake and Messrs. Rapp, Bernstein and Mattson served on the Audit Committee throughout 2025, with our standing committees being reconstituted effective January 1, 2026. In addition, former director, Ms. Ingargiola, served on the Audit Committee from prior to 2025 until her resignation from our Board, effective June 24, 2025. Our Board determined that each of the members of the Audit Committee satisfies the independence requirements of Nasdaq and Rule 10A-3 under the Exchange Act. Each member of the Audit Committee can read and understand fundamental financial statements in accordance with Nasdaq audit committee requirements. In arriving at this determination, our Board examined each Audit Committee member's scope of experience and the nature of their prior and/or current employment.

Mr. Rapp serves as the chair of the Audit Committee. Our Board determined that each of Messrs. Rapp, Ostermann and Smith qualifies (and that Ms. Ingargiola qualified) as an audit committee financial expert within the meaning of SEC regulations and meets the financial sophistication requirements of Nasdaq listing rules. In making this determination, our Board considered such director's formal education and previous experience in financial roles. Both our independent auditors and management periodically meet privately with the Audit Committee.

The Audit Committee met three times, and acted by unanimous written consent on five occasions, during fiscal year 2025 and is actively involved in the review and oversight of the Company's financials, the development of the Company's internal controls and accounting functions, among the committee's other responsibilities.

The functions of this committee include, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• oversee the Company's accounting and financial reporting processes, systems of internal control, financial statement audits and the integrity of the Company's financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• manage the selection, engagement terms, fees, qualifications, independence, and performance of the Company's auditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• maintain and foster an open avenue of communication with the Company's management, internal audit function and auditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• review any reports or disclosures required by applicable law and stock exchange listing requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• oversee the design, implementation, organization and performance of the Company's internal audit function;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• help the Board oversee the Company's legal and regulatory compliance, including risk assessment and management practices and policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• provide regular reports and information to the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• review with management and the auditors the results of the Company's annual financial statement audit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• review the annual audited financial statements and the quarterly financial statements and recommend to the Board whether the proposed annual audited financial statements should be included in the Company's Annual Report on Form 10-K;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• review the Company's "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" in its periodic reports to be filed with the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• review any proposed earnings press releases and other financial information and guidance regarding the Company's results of operations to be provided publicly or to ratings agencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• review significant issues regarding accounting principles and financial-statement presentation;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• review the Company's processes and policies on risk identification, management and assessment in all areas of the Company's business, including financial and accounting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• confer with management and the auditors concerning the scope, design, adequacy and effectiveness of internal control over financial reporting and the Company's disclosure controls and procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• oversee procedures for receiving, retaining and investigating complaints regarding accounting, internal accounting controls or auditing matters or other complaints or submissions delegated to the committee by the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• review the results of management's efforts to monitor compliance with the Company's programs and policies designed to ensure compliance with applicable laws and stock exchange listing requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• review and approve, in accordance with the Company's policies, any related party transaction as defined by applicable law or stock exchange listing requirements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• evaluate the committee's performance and review and assess the adequacy of the committee's charter and recommend any proposed changes to the Board for its consideration.

Our Board has adopted a written Audit Committee charter that is available to stockholders on our website at https://www.xostrucks.com/corporate-governance.

***Compensation Committee***

Commencing January 1, 2026, the Compensation Committee has consisted of Dietmar Ostermann, Stuart Bernstein, Ed Rapp and Michael Richardson. Throughout 2025, the Compensation Committee consisted of Mr. Ostermann, Mr. Bernstein, George Mattson and Mr. Rapp. Mr. Mattson served as the chair of the Compensation Committee until April 3, 2025, when Mr. Mattson stepped down as chair of the Compensation Committee and the Board appointed Mr. Ostermann as the new chair. Our Board has determined that each of the members of the Compensation Committee is a non-employee director, as defined in Rule 16b-3 promulgated under the Exchange Act and satisfies the independence requirements of Nasdaq.

The Compensation Committee met six times, and acted by unanimous written consent on five occasions, during fiscal year 2025 and is actively involved in reviewing and defining our approach to compensation, including overall and executive compensation.

The functions of the committee include, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• help the Board oversee the Company's compensation policies, plans and programs with a goal to attract, incentivize, retain and reward top quality executive management and employees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• review and determine the compensation to be paid to the Company's executive officers and directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• when required, review and discuss with management the Company's compensation disclosures in the "Compensation Discussion and Analysis" section of the Company's annual reports, registration statements, proxy statements or information statements filed with the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• when required, prepare and review the committee report on executive compensation included in the Company's annual proxy statement in accordance with applicable rules and regulations of the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• review, oversee and approve (or make recommendations to the Board for approval of) the Company's overall compensation strategy and policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• review and approve (or make recommendations to the Board for approval of) the compensation and other terms of employment of the Company's Chief Executive Officer and evaluate the Chief Executive Officer's performance in achieving corporate performance goals and objectives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• review and approve (or make recommendations to the Board for approval of) the compensation, individual and corporate performance goals and objectives and other terms of employment of the Company's other executive officers and evaluate their individual performance;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• develop and periodically review with the Company's Chief Executive Officer the plans for succession for the Company's executive officers (with the exception of the Chief Executive Officer);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• review and recommend to the Board for its approval the type and amount of compensation to be paid or awarded to Board members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adopt, amend, terminate, and administer the Company's equity awards, pension, and profit sharing plans, bonus plans, benefit plans and other similar programs; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• evaluate the committee's performance and review and assess the adequacy of the committee's charter and recommend any proposed changes to the Board for its consideration.

The composition and function of the Compensation Committee comply with all applicable requirements of the Sarbanes-Oxley Act, SEC rules and regulations and Nasdaq listing rules. We will comply with future requirements to the extent they become applicable to us.

Our Board has adopted a written Compensation Committee charter that is available to stockholders on our website at https://www.xostrucks.com/corporate-governance.

*Compensation Committee Processes and Procedures*

Typically, the Compensation Committee meets on a regular schedule several times per year. The agenda for each meeting is usually developed in coordination with the Chair of the Compensation Committee, in consultation with the Chief Executive Officer and the General Counsel. Various members of management and other employees as well as outside advisors or consultants may be invited by the Compensation Committee to make presentations, to provide financial or other background information or advice or to otherwise participate in Compensation Committee meetings.

The Chief Executive Officer does not participate in, and is not present during, any deliberations or determinations of the Compensation Committee regarding his compensation or individual performance objectives. The charter of the Compensation Committee grants the Compensation Committee full access to all of our books, records, facilities, and personnel. In addition, under the charter, the Compensation Committee has the authority to obtain, at our expense, advice and assistance from compensation consultants and internal and external legal, accounting or other advisors and other external resources that the Compensation Committee considers necessary or appropriate in the performance of its duties.

Generally, the Compensation Committee's process comprises two related elements: the determination of compensation levels and the establishment of performance objectives for the current year. For executives other than the Chief Executive Officer, the Compensation Committee solicits and considers evaluations and recommendations submitted to our Compensation Committee by the Chief Executive Officer. For all executives and directors, as part of its deliberations the Compensation Committee may review and consider, as appropriate, materials such as financial reports and projections, operational data, tax and accounting information, tally sheets that set forth the total compensation that may become payable to executives and directors in various hypothetical scenarios, and executive and director stock ownership information.

The Compensation Committee has the authority under its charter to retain outside consultants or advisors, as it deems necessary or advisable. In accordance with this authority, during fiscal year 2023 the Compensation Committee had engaged the services of Meridian LLP ("Meridian") as its independent outside compensation consultant to provide services to our Board, including market-based analysis of executive compensation arrangements for our management team, which the Compensation Committee relied upon in setting the compensation of the named executive officers in fiscal year 2024. The Compensation Committee has not retained any independent outside compensation consultants since fiscal year 2023.

Neither Meridian nor any of its affiliates had or maintain any other direct or indirect business relationships with us or any of our subsidiaries. The Compensation Committee evaluated whether any work provided by Meridian raised any conflict of interest for services performed during 2023 and determined that it did not.

During 2023, Meridian's services were limited to advising on executive and director compensation, employee equity plans, and other broad-based plans that do not discriminate in scope, terms, or operation, in favor of our executive officers or directors, and that are available generally to all salaried employees.

*Compensation Committee Interlocks and Insider Participation*

Throughout 2025, the Compensation Committee consisted of George Mattson, Stuart Bernstein, Dietmar Ostermann and Ed Rapp. Mr. Mattson served as chair until April 3, 2025, when Mr. Ostermann took over the gavel. None of the members of the Compensation Committee is currently, or has been at any time, one of our officers or employees. None of our executive

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officers currently serves, or has served during the last year, as a member of the Board or compensation committee of any entity that has one or more executive officers serving as a member of our Board or Compensation Committee.

***Nominating and Corporate Governance Committee***

The Nominating and Corporate Governance Committee consists of Alice Yake, George Mattson, Dietmar Ostermann and Michael Richardson. Ms. Yake serves as the chair of the Nominating and Corporate Governance Committee. Mr. Ostermann was appointed to the Nominating and Corporate Governance Committee effective January 1, 2026. Our Board has determined that each of the members of the Nominating and Corporate Governance Committee satisfies the independence requirements of Nasdaq.

The functions of this committee include, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• help the Board oversee the Company's corporate governance functions and develop, update as necessary and recommend to the Board the governance principles applicable to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• identify, evaluate and recommend and communicate with candidates qualified to become Board members or nominees for directors of the Board consistent with criteria approved by the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• periodically review the performance of the Board, including the Board committees and management, and make recommendations to the Board for areas of improvement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• oversee the Board's committee structure and operations, including authority to delegate to subcommittees and committee reporting to the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• periodically review and make recommendations to the Board regarding the Company's process for stockholder communications with the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• consider possible conflicts of interest of officers and directors as set forth in the Company's Code of Conduct, and make recommendations to the Board to prevent, minimize or eliminate such conflicts of interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• periodically review and assess the Company's corporate governance guidelines and the Code of Conduct, and, as appropriate, recommend changes to the Board for its consideration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• develop and periodically review with the Company's Chief Executive Officer the plans for succession for the Company's Chief Executive Officer, as it sees fit, and make recommendations to the Board with respect to the selection of appropriate individuals to succeed to this position;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• consider the Board's leadership structure, including the separation of the chairperson of the Board and Chief Executive Officer roles and/or appointment of a lead independent director of the Board, either permanently or for specific purposes, and make such recommendations to the Board with respect thereto as the Committee deems appropriate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• periodically review the processes and procedures used by the Company to provide information to the Board and its committees and the scope of such information and make recommendations to the Board and management for improvement as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• evaluate its performance and review and assess the adequacy of the committee's charter and recommend any proposed changes to the Board for its consideration.

The composition and function of the Nominating and Corporate Governance Committee comply with all applicable requirements of the Sarbanes-Oxley Act, SEC rules and regulations and Nasdaq listing rules. We will comply with future requirements to the extent they become applicable to us.

Our Nominating and Corporate Governance Committee met six times, and acted by unanimous written consent on four occasions, during fiscal year 2025 and is actively involved in our governance and operations.

Our Board has adopted a written Nominating and Corporate Governance Committee charter that is available to stockholders on our website at https://www.xostrucks.com/corporate-governance.

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**Communications With the Board of Directors**

Any stockholder or any other interested party who desires to communicate with our Board, or any specified individual director, may do so by directing such correspondence to the attention of our Corporate Secretary at our offices at 3550 Tyburn Street, Los Angeles, California 90065. Communications received are distributed to an independent Board member, as well as other members of our Board, as appropriate, depending on the facts and circumstances outlined in the communication received, within the discretion of our secretary.

**Limitation on Liability and Indemnification of Directors and Officers**

Our Certificate of Incorporation eliminates our directors' liability for monetary damages to the fullest extent permitted by applicable law. The Delaware General Corporation Law ("DGCL") provides that directors of a corporation will not be personally liable for monetary damages for breach of their fiduciary duties as directors, except for liability:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• for any transaction from which the director derives an improper personal benefit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• for any act or omission not in good faith or that involves intentional misconduct or a knowing violation of law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• for any unlawful payment of dividends or redemption of shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• for any breach of a director's duty of loyalty to the corporation or its stockholders.

If the DGCL is amended to authorize corporate action further eliminating or limiting the personal liability of directors, then the liability of our directors will be eliminated or limited to the fullest extent permitted by the DGCL, as so amended.

Our Certificate of Incorporation requires us to indemnify and advance expenses, to the fullest extent permitted by applicable law, to our directors and officers (and we may indemnify and provide advancement of expenses to employees, agents any other persons to which applicable law permits us to provide indemnification). We maintain a directors' and officers' insurance policy pursuant to which our directors and officers are insured against liability for actions taken in their capacities as directors and officers. Finally, our Certificate of Incorporation prohibits any retroactive changes to the rights or protections available to, or to increase the liability of, any director in effect at the time of the alleged occurrence of any act or omission to act giving rise to liability or indemnification.

In addition, we have entered into separate indemnification agreements with our directors and officers. These agreements, among other things, require us to indemnify our directors and officers for certain expenses, including attorneys' fees, judgments, fines and settlement amounts incurred by a director or officer in any action or proceeding arising out of their services as one of our directors or officers or any other company or enterprise to which the person provides services at our request.

We believe these provisions in our Certificate of Incorporation are necessary to attract and retain qualified persons as directors and officers.

**Delinquent Section 16(a) Reports**

Section 16(a) of the Exchange Act requires that our executive officers and directors, and persons who own more than 10% of a registered class of our equity securities, file reports of ownership and changes in ownership on Forms 3, 4 and 5 with the SEC. Based solely on our review of Section 16 reports filed with the SEC and written representations from certain reporting persons provided to us, we believe that all Section 16(a) SEC filing requirements applicable to our directors and executive officers the fiscal year ended December 31, 2025 were timely met, except for the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mr. Sordoni's Form 4 filed on January 15, 2025 late in reporting shares withheld on January 10, 2025 to satisfy tax withholding obligations in connection with the vesting of previously reported RSUs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An aggregate of three Forms 4 filed on March 13, 2025 by Dakota Semler, Giordano Sordoni and Liana Pogosyan (one each), were late in reporting shares withheld on March 10, 2025 to satisfy tax withholding obligations in connection with the vesting of previously reported RSUs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An aggregate of two Forms 4 filed by George Mattson and Ed Rapp on April 30, 2025 (one each) were late in reporting the grant of RSUs on April 10, 2025 in lieu of certain cash payments pursuant to our Third Amended and Restated Non-Employee Director Compensation Policy; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A Form 4 filed on May 30, 2025 by Luisa Ingargiola was late in reporting a transaction on May 27, 2025 for the sale of common stock.

**Code of Conduct for Employees, Executive Officers and Directors**

Our Board adopted a Code of Conduct (the "Code of Conduct"), applicable to all of our employees, officers (including our principal executive officer, principal financial officer and principal accounting officer) and directors. The Code of Conduct is available on our website at https://www.xostrucks.com/corporate-governance. The Nominating and Corporate Governance Committee of our Board is responsible for overseeing the Code of Conduct and must approve any waivers of the Code of Conduct for employees, executive officers and directors. Any amendments to the Code of Conduct, or any waivers of its requirements, that apply to our principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, will be disclosed on our website within the time period required by the SEC. Upon request to our secretary, we will provide a copy of our Code of Conduct to any person without charge.

**Corporate Governance Guidelines**

Our Board adopted the Xos, Inc. Corporate Governance Guidelines to assure that our Board will have the necessary authority and practices in place to review and evaluate our business operations as needed and to make decisions that are independent of our management. The guidelines are also intended to align the interests of directors and management with those of our stockholders. The Corporate Governance Guidelines set forth the practices our Board intends to follow with respect to Board composition and selection including diversity, Board meetings and involvement of senior management, Chief Executive Officer performance evaluation and succession planning, and Board committees and director compensation. The Corporate Governance Guidelines, as well as the charters for each committee of our Board, may be viewed on our website at https://www.xostrucks.com/corporate-governance.

**Insider Trading and Hedging Policy**

We have adopted the Xos, Inc. Amended and Restated Insider Trading Policy (the "Insider Trading Policy") governing the purchase, sale, and/or other dispositions of our securities by our directors, officers and employees (including members of their immediate families and anyone with whom they share a household) that we believe is reasonably designed to promote compliance with insider trading laws, rules and regulations, and any Nasdaq listing standards applicable to the Company. While the Insider Trading Policy does not apply to the Company directly, the Company seeks to comply with all insider trading laws, rules and regulations, and applicable listing standards in connection with any transactions it may make involving our stock.

Under the Insider Trading Policy, all of our directors, officers, employees and designated consultants are prohibited from engaging in short sales of our securities, trading in derivative securities, including buying or selling puts or calls on our securities, or otherwise engaging in any form of hedging or monetization transactions (such as prepaid variable forwards, equity swaps, collars and exchange funds) involving our securities. Our Insider Trading Policy does allow entering into any margin account arrangement or pledging our securities as collateral for a loan with prior approval by us.

The foregoing summary of our Insider Trading Policy does not purport to be complete and is qualified by reference to the full text of such policy, as amended, copies of which can be found as Exhibits 19.1 and 19.2 to our Annual Report on Form 10-K for the fiscal year ended December 31, 2025.

**Item 11. Executive Compensation**

The following disclosure concerns the compensation arrangements of our named executive officers. As a "smaller reporting company" as defined Rule 12b-2 promulgated under the Exchange Act, we are not required to include a Compensation Discussion and Analysis section and have elected to comply with the scaled disclosure requirements applicable to smaller reporting companies.

To achieve our goals, we have designed, and intend to modify as necessary, our compensation and benefits program to attract, retain, incentivize and reward deeply talented and qualified executives who share our philosophy and desire to work towards achieving our goals.

We believe our compensation programs should promote the success of the Company and align executive incentives with the long-term interests of our stockholders.

For the year ended December 31, 2025, Xos's named executive officers were:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Dakota Semler - Chief Executive Officer;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Giordano Sordoni - Chief Operating Officer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Liana Pogosyan - Chief Financial Officer.

**Summary Compensation Table**

The following table sets forth information concerning the compensation of the named executive officers for the fiscal years ended December 31, 2024 and 2025.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name and Position** | **Year** | **Salary**<sup>(1)</sup> **($)** | **Bonus**<sup>(2)</sup><br>**($)** | **Non-equity**<br>**incentive**<br>**plan**<br>**compensation**<sup>(3)</sup><br>**($)** | **Stock Awards**<sup>(4)</sup> **($)** | **All other<br>compensation<br>($)** | **All other<br>compensation<br>($)** | **Total ($)** |
| **Dakota Semler**<br>*Chief Executive Officer* | 2025 | $263966 | $— | $233589 | $1938474 | $44245 | <sup>(5)</sup> | $2480274 |
| **Dakota Semler**<br>*Chief Executive Officer* | 2024 | $392308 | $106250 | $58325 | $2103950 | $30000 | <sup>(5)</sup> | $2690833 |
| **Giordano Sordoni**<br>*Chief Operating Officer* | 2025 | $256731 | $— | $233589 | $1938474 | $— |  | $2428794 |
| **Giordano Sordoni**<br>*Chief Operating Officer* | 2024 | $346154 | $93750 | $51463 | $1936395 | $— |  | $2427762 |
| **Liana Pogosyan**<br>*Chief Financial Officer*<sup>(6)</sup> | 2025 | $295385 | $— | $127176 | $463548 | $— |  | $886109 |
| **Liana Pogosyan**<br>*Chief Financial Officer*<sup>(6)</sup> |  |  |  |  |  |  |  |  |

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__________________

(1)Salary amounts represent actual amounts paid during 2024 and 2025. Effective October 28, 2024, each of Messrs. Semler and Sordoni's base salary rate was reduced by 50%.

(2)On March 13, 2025, the Compensation Committee of the Company's Board determined to award discretionary bonuses to participants in the 2024 Bonus Plan (as defined below) who remain employed by the Company at the time of payment, in the amounts that they would have earned under the 2024 Bonus Plan had the minimum targets for Operating Cash Flow and Gross Margin (as each term is defined below) been achieved.

(3)Comprise amounts paid pursuant to the annual cash bonus program based on performance in the applicable fiscal year, as described in "Cash Bonuses - *Annual Cash Bonus Program*" below.

(4)Amounts reported represent the aggregate grant-date fair value of awards granted to our named executive officers during 2024 and 2025, computed in accordance with FASB ASC Topic 718 Compensation-Stock Compensation ("ASC 718"). The assumptions used in calculating the grant-date fair value of the awards reported in this column are set forth in the notes to our consolidated financial statements. The amount does not reflect the actual economic value that may be realized by the named executive officer.

(5)Consists of amounts related to Mr. Semler's use of Xos administrative support for personal matters.

(6)Ms. Pogosyan served as our Senior VP Accounting and Acting Chief Financial Officer from May 2023 to August 10, 2025, when she was appointed as our Chief Financial Officer. Ms. Pogosyan was not one of our named executive officers in 2024.

This section provides a narrative description of the material factors necessary to understand the information disclosed in the summary compensation table above. We have developed an executive compensation program that is designed to align compensation with our business objectives and the creation of stockholder value, while enabling us to attract, retain, incentivize and reward individuals who contribute to our long-term success.

Our policies with respect to the compensation of our executive officers are administered by our Board in consultation with the Compensation Committee. Our compensation policies are designed to provide for compensation that is sufficient to attract, motivate and retain our executives and to establish an appropriate relationship between executive compensation and the creation of stockholder value.

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**Base Salary**

Base salary is generally set at a level that is commensurate with the executive's duties and authorities, contributions, prior experience and sustained performance. In connection with management's efforts to reduce operating costs in order to conserve financial resources, our Chief Executive Officer and Chief Operating Officer accepted temporary reductions in their annual base salaries of approximately 50%, effective as of October 28, 2024. The timing of any restoration of such base salaries for those who remain employed will be based on evolving business and economic conditions and will be made in consultation with, and pursuant to the consent of, the Board of Directors.

On May 9, 2025, our Compensation Committee established the 2025 annual base salaries for our executive team, including our Chief Executive Officer, Chief Operating Officer and Chief Financial Officer, including both (a) target levels that will apply if and when the Board determines that the Company's economic condition has sufficiently improved ("Target 2025 Salary"), and (b) temporarily reduced levels which will apply in the meantime ("Austerity 2025 Salary"). The Target 2025 Salary was set at $450,000 and the Austerity 2025 Salary was set at $300,000 for each of our Chief Executive Officer and our Chief Operating Officer, and at $350,000 and $300,000, respectively, for our Chief Financial Officer.

**Cash Bonuses**

***Discretionary Cash Bonuses***

From time to time, our Board or the Compensation Committee, in its discretion, may approve bonuses for our named executive officers based on individual performance, Company performance or as otherwise determined to be appropriate. On March 13, 2025, the Compensation Committee of our Board determined to award discretionary bonuses to participants in the 2024 Bonus Plan who remain employed by the Company at the time of payment. Such discretionary bonuses were awarded in recognition of Xos's 2024 results falling just short of the minimum thresholds for payment under the Operating Cash Flow and Gross Margin performance criteria of the 2024 Bonus Plan in spite of unforeseen challenges encountered by the Company during 2024, and are in the respective amounts that the recipients would have earned under the 2024 Bonus Plan had the minimum targets for operating cash flow and gross margin, in fact, been achieved. No discretionary bonuses were awarded to our named executive officers with respect to 2025 performance.

***Annual Cash Bonus Program***

Under the Company's 2021 Equity Incentive Plan, as amended (the "2021 Plan"), the Compensation Committee has established an annual cash bonus program with performance goals in order to tie executive bonuses to Company performance. In determining the target awards for our executives under our annual cash bonus program for 2025 (the "2025 Bonus Plan"), the Compensation Committee reviewed the executives' job responsibilities, market data based on peer group benchmarking and internal equity.

The Compensation Committee selected the following four financial measures by which to assess 2025 performance for purposes of the awards under the 2025 Bonus Plan: (i) Operating Cash Flow; (ii) Revenue; (iii) Gross Margin; and (iv) Unit Deliveries. The 2025 Bonus Plan established performance targets for both the first half of 2025 and the second half of 2025 with 50% of each participant's total annual target bonus amount serving as the baseline payout applicable to each half year. The 2025 Bonus Plan targeted payouts for August 2025 with respect to the first half of 2025 and March 2026 with respect to the second half of 2025, provided that we have a minimum cash balance of $6 million at the time of payment.

The tables below show, for each of the first and second halves of 2025, the selected financial performance measures, their respective weightings, and their respective performance goals.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | **First Half 2025 Performance Goals** | **First Half 2025 Performance Goals** | **First Half 2025 Performance Goals** | **First Half 2025 Performance Goals** |
|<br>**Performance Criteria** |<br>**Weighting** |<br>**Unit** | **Below Low** | **Low** | **Baseline** | **High**<sup>(5)</sup> |
| Operating Cash Flow<sup>(1)</sup> | 25% | USD *(in thousands)* | <$(9000) | $(9000) | $(6401) | n/a |
| Revenue<sup>(2)</sup> | 25% | USD *(in thousands)* | <$28,200 | $28200 | $37774.50 | n/a |
| Gross Margin<sup>(3)</sup> | 25% | USD *(in thousands)* | <$3,350 | $3350 | $8519.50 | n/a |
| Unit Delivery Volume<sup>(4)</sup> | 25% | # | <148 | 148 | 250 | n/a |
| Payout as Percentage of Weighted Portion of Target Annual Bonus |  | % | 0% | 50% | 100% |  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | **Second Half 2025 Performance Goals** | **Second Half 2025 Performance Goals** | **Second Half 2025 Performance Goals** | **Second Half 2025 Performance Goals** |
|<br>**Performance Criteria** |<br>**Weighting** |<br>**Unit** | **Below Low** | **Low** | **Baseline** | **High**<sup>(5)</sup> |
| Operating Cash Flow<sup>(1)</sup> | 25% | USD *(in thousands)* | <$(9000) | $(9000) | $(6401) | $401 |
| Revenue<sup>(2)</sup> | 25% | USD *(in thousands)* | <$28,200 | $28200 | $37774.50 | $75549 |
| Gross Margin<sup>(3)</sup> | 25% | USD *(in thousands)* | <$3,350 | $3350 | $8519.50 | $17039 |
| Unit Delivery Volume<sup>(4)</sup> | 25% | # | <149 | 149 | 250 | 500 |
| Payout as Percentage of Weighted Portion of Target Annual Bonus |  | % | 0% | 50% | 100% | 200% |

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__________________

(1)"Operating Cash Flow" is defined as net cash used in operating activities.

(2)"Revenue" consists of product sales, inclusive of shipping and handling charges, net of estimates for customer allowances.

(3)"Gross Margin" is defined as net cash used in operating activities minus purchase of property and equipment.

(4)"Unit Delivery Volume" includes the number of vehicles (including leases) and powertrains delivered.

(5)Any excess in performance above Baseline in the First Half shall be added to the performance in Second Half for purposes of calculating Second Half achievement.

The tables below show the achievement in each of the first and second halves of 2025 for the selected financial performance measures, their respective weightings, and the total percentage payouts.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **First Half 2025 Results** | **First Half 2025 Results** | **First Half 2025 Results** | **First Half 2025 Results** | |
|<br>**Performance Criteria** |<br>**Unit** | **Achievement** | **Criteria Payout<br>Percentage** | **Weighting** | **Half Year Payout<br>Percentage** |<br>**Annual Payout<br>Percentage** |
| Operating Cash Flow | USD *(in thousands)* | $(111) | >100% | 25% | 25% | 12.5% |
| Revenue | USD *(in thousands)* | $24376 | —% | 25% | —% | —% |
| Gross Margin | USD *(in thousands)* | $2946 | —% | 25% | —% | —% |
| Unit Deliveries | # | 164 | 57.8% | 25% | 14.5% | 7.2% |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Second Half 2025 Results** | **Second Half 2025 Results** | **Second Half 2025 Results** | **Second Half 2025 Results** | |
|<br>**Performance Criteria** |<br>**Unit** | **Achievement** | **Criteria Payout<br>Percentage** | **Weighting** | **Half Year Payout<br>Percentage** |<br>**Annual Payout<br>Percentage** |
| Operating Cash Flow | USD *(in thousands)* | $700 | 200% | 25% | 50% | 25% |
| Revenue | USD *(in thousands)* | $21600 | —% | 25% | —% | —% |
| Gross Margin | USD *(in thousands)* | $2600 | —% | 25% | —% | —% |
| Unit Deliveries | # | 164 | 57.4% | 25% | 14.4% | 7.2% |

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The table below shows the (i) 2025 target annual bonus amount (in the aggregate for the First Half and Second Half of 2025) and (ii) the 2025 actual aggregate payouts for each of our named executive officers under the 2025 Bonus Plan:

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| | | | |
|:---|:---|:---|:---|
| | **2025 Target Amount** | **Total Payout Percentage** | **2025 Actual Total Payout** |
| **Dakota Semler**<br>Chief Executive Officer | $450000 | 51.91% | $233589 |
| **Giordano Sordoni**<br>*Chief Operating Officer* | $450000 | 51.91% | $233583 |
| **Liana Pogosyan**<br>*Chief Financial Officer* | $245000 | 51.91% | $127176 |

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**Benefits and Perquisites**

We provide benefits to our named executive officers on the same basis as provided to all of our employees, including health, dental and vision insurance; life insurance; accidental death and dismemberment insurance; employee assistance program; life planning, financial and legal resources; and worldwide emergency travel assistance. We do not maintain any executive-specific benefit or executive perquisite programs other than as provided in the agreements described in "Agreements with Xos Named Executive Officers" below.

Other than the director and officer indemnity insurance coverage we maintain for our directors and officers, we do not maintain any executive-specific health and welfare benefit or perquisites.

Executive officers have access to an administrative assistant who, from time to time, may provide administrative support for personal matters of the executive officer, the benefit of which is based on the actual time spent.

**Equity Awards**

Xos, Inc. was initially incorporated on July 29, 2020 as a Cayman Islands exempted company under the name "NextGen Acquisition Corporation" ("NextGen"). On August 20, 2021, the transactions contemplated by the Agreement and Plan of Merger, as amended on May 14, 2021, by and among NextGen, Sky Merger Sub I, Inc., a Delaware corporation and a direct wholly owned subsidiary of NextGen ("Merger Sub"), and Xos, Inc., a Delaware corporation (now known as Xos Fleet, Inc., "Legacy Xos"), were consummated, whereby Merger Sub merged with and into Legacy Xos, the separate corporate existence of Merger Sub ceased and Legacy Xos became the surviving corporation and a wholly owned subsidiary of NextGen (the "Business Combination"). In connection with the Business Combination, NextGen's name was changed to "Xos, Inc."

Prior to the completion of the Business Combination, Legacy Xos issued options to purchase Legacy Xos common stock to employees and nonemployees, including our named executive officers, under the Xos, Inc. 2018 Stock Plan (the "2018 Plan"). Following the Business Combination, we issued and plan to continue issuing Restricted Stock Units ("RSUs") to our employees and eligible nonemployees, including our named executive officers, under the 2021 Plan. Additionally, a significant portion of total compensation has traditionally been in the form of equity awards. In 2025, the Compensation Committee granted each of the named executive officers RSUs in amounts set forth in the table below. One-third of the RSUs granted on

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September 10, 2025, vested on March 10, 2026, with the remainder to vest ratably on a monthly basis over the twenty-four months immediately thereafter, subject to the individual's continued service.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Grant**<br>**Date** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Number of**<br>**RSUs granted** |
| Dakota Semler | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646158 |
| Giordano Sordoni | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646158 |
| Liana Pogosyan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154516 |

---

The Compensation Committee meets from time to time to consider and act with respect to equity compensation awards for the Company's executive officers. The grant date is the date on which the Compensation Committee acts to approve the award, unless the Compensation Committee establishes the grant date at a specified future date, such as following the release of earnings or other potentially material nonpublic information. Board and Compensation Committee meetings are generally scheduled a year in advance and without regard to anticipated earnings or other major announcements by the Company. Neither the Board nor the Compensation Committee takes material nonpublic information into account when determining the timing and terms of any equity compensation awards, and the Company does not time the disclosure of material nonpublic information to affect the value of its executive compensation.

The Company did not grant stock options (or similar awards) during 2025 to any named executive officer during any period beginning four business days before and ending one business day after the filing of any Company periodic report on Form 10-Q or Form 10-K, or the filing or furnishing of any Company Form 8-K that disclosed any material non-public information.

**Outstanding Equity Awards at 2025 Fiscal Year-End**

The following table presents information regarding outstanding equity awards held by our named executive officers as of December 31, 2025. Award amounts in the following table and footnotes have been adjusted for the Reverse Stock Split, as necessary.

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| | | | | |
|:---|:---|:---|:---|:---|
| | | **Stock Awards** | **Stock Awards** | **Stock Awards** |
|<br>**Name** |<br>**Grant<br>Date** | **Number of<br>shares or units<br>of stock that<br>have not vested (#)** | **Number of<br>shares or units<br>of stock that<br>have not vested (#)** | **Market value**<br>**of shares or**<br>**units of stock**<br>**that have not**<br>**vested ($)**<sup>(1)</sup> |
| Dakota Semler | 9/10/2025 | 646158 | <sup>(2)</sup> | $1169546 |
|  | 8/10/2024 | 116864 | <sup>(3)</sup> | $211524 |
|  | 5/10/2023 | 35222 | <sup>(4)</sup> | $63752 |
|  | 8/3/2022 | 466 | <sup>(5)</sup> | $843 |
| Giordano Sordoni | 9/10/2025 | 646158 | <sup>(2)</sup> | $1169546 |
|  | 8/10/2024 | 107212 | <sup>(3)</sup> | $194054 |
|  | 5/10/2023 | 35222 | <sup>(4)</sup> | $63752 |
|  | 7/11/2022 | 873 | <sup>(5)</sup> | $1580 |
| Liana Pogosyan | 9/10/2025 | 154516 | <sup>(2)</sup> | $279674 |
|  | 8/10/2024 | 26885 | <sup>(3)</sup> | $48662 |
|  | 2/10/2022 | 144 | <sup>(6)</sup> | $261 |

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__________________

(1)Market value reflects the number of RSUs multiplied by $1.81 per share, which was the closing price of the Common Stock on December 31, 2025.

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(2)One-third of the RSU vested on March 10, 2026, with the remainder to vest ratably on a monthly basis over the twenty-four months immediately thereafter, subject to continued service.

(3)One-third of the RSU vested on April 10, 2025, with the remainder to vest ratably on a monthly basis over the twenty-four months immediately thereafter, subject to continued service.

(4)Twenty-five percent (25%) of the RSUs vested on April 10, 2024, with the remainder to vest ratably on a monthly basis over the thirty-six months immediately thereafter, subject to continued service.

(5)Twenty-five percent (25%) of the RSUs vested on April 10, 2023, with the remainder to vest ratably on a monthly basis over the thirty-six months immediately thereafter, subject to continued service.

(6)Twenty-five percent (25%) of the RSUs vested on February 10, 2023, with the remainder to vest ratably on a monthly basis over the thirty-six months immediately thereafter, subject to continued service.

**Agreements with Xos Named Executive Officers**

We were party to agreements with each of our named executive officers, as summarized below.

***Offer letter agreement with Dakota Semler***

On September 6, 2016, Mr. Semler entered into an offer letter agreement with Legacy Xos to serve as its Chief Executive Officer. Mr. Semler's employment would continue until terminated in accordance with the terms of the offer letter agreement.

***Offer letter agreement with Giordano Sordoni***

On September 7, 2016, Mr. Sordoni entered into an offer letter agreement with Legacy Xos to serve as Director of Business Development. Mr. Sordoni's employment would continue until terminated in accordance with the terms of the offer letter agreement. Mr. Sordoni was subsequently promoted to Chief Operating Officer.

***Executive Employment Agreements with each of Dakota Semler and Giordano Sordoni***

On June 26, 2025, we entered into Executive Employment Agreements (the "Employment Agreements") with each of Mr. Semler and Mr. Sordoni (the "Executive Employees"). Other than certain compensation in connection with a qualifying termination as described below, the Employment Agreements generally provide for the same terms of employment as the Executive Employees were subject to immediately prior to entering such Employment Agreements, including without limitation: annualized base salaries of $450,000; an annual short-term incentive compensation plan with target amounts equal to 100% of base salary ("Target Bonus"); equity awards at the discretion of the board; and certain other benefits and perquisites.

In the event an Executive Employee's employment is terminated for any reason, the Executive Employee shall be paid all accrued but unpaid base salary and accumulated but unused paid time off, and reimbursement for any business expenses incurred by the Executive Employee and not yet reimbursed as of the date of termination (collectively, the "Accrued Payments").

In addition to the Accrued Payments, in the event an Executive Employee's employment is terminated by us without Cause (as defined in the Employment Agreements) or by the Executive Employee either with Good Reason (as defined in the Employment Agreements) or within six months prior to, or twenty-four months after, a Change in Control or Corporate Transaction (as such terms are defined in the 2021 Plan, then, subject to conditions including the Executive Employee's compliance with his Employment Agreement and entry into a release and waiver, we shall provide the terminated Executive Employee with the following severance benefits:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Cash severance payments equal to (i) twelve (12) months of base salary plus (ii) the greater of (A) the average short term incentive plan ("STIP") bonus earned by the Executive Employee in the two prior years and (B) 100% of the target annual STIP bonus for the fiscal year in which the termination of employment occurs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Payment of a severance amount equal to the Target Bonus the Executive Employee would have earned had they achieved all objective and subjective performance conditions for the year in which their employment was terminated (or, if no Target Bonus was established for that year, then the Target Bonus for the last performance year during which the Executive Employee had a Target Bonus), prorated for the portion of the year that the Executive Employee remained employed (the "Pro-Rata Bonus Amount");

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Payment of the Executive Employee's health care insurance premiums for six months for an individual plan purchased by the Executive Employee, or up to twelve months if the Executive Employee elects continuation coverage under COBRA; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) All of the Executive Employee's unvested equity awards (the "Awards") under the 2021 Plan will accelerate and vest, and any Performance Awards (as defined in the 2021 Plan) that have multiple vesting levels depending on the level of performance will accelerate at 100% of the target level.

In the event an Executive Employee's employment is terminated due to the Executive Employee's death or Disability (as defined in the Employment Agreements), the Executive Employee (or his estate) will receive the Accrued Payments and the Pro-Rata Bonus Amount, and all such Executive Employee's Awards under the 2021 Plan shall continue to vest for a period of twelve months following the date of such termination.

The Employment Agreements also clarify that the temporary reductions in salary accepted by Messrs. Semler and Sordoni effective October 28, 2024, as adjusted by the Compensation Committee of our board of directors on May 9, 2025, only reduce the actual monthly salaries to be paid to such Executive Employees and have no effect on the rate of base salary used to calculate any other benefits, including without limitation the amounts of target bonuses and the amounts of any payments due upon termination of employment.

***Offer letter agreement with Liana Pogosyan***

On January 5, 2022, Ms. Pogosyan entered into an offer letter agreement with us to serve as Corporate Controller. Ms. Pogosyan was subsequently promoted to Vice President of Finance and Acting Chief Financial Officer. On November 21, 2023, we and Ms. Pogosyan entered into an amendment (the "2023 Offer Letter Amendment") to the offer letter dated January 5, 2022. On August 11, 2025, we and Ms. Pogosyan executed a Promotion Letter in connection with her appointment as Chief Financial Officer, which amended her offer letter to reflect her new titles. The 2023 Offer Letter Amendment provides certain payments and benefits upon any termination of employment without Cause (as defined in the 2023 Offer Letter Amendment) or upon resignation for Good Reason (as defined in the 2023 Offer Letter Agreement) during the period commencing one year prior to a Change of Control (as defined in the 2023 Offer Letter Agreement) and ending two years following such Change of Control (i.e., a double trigger). These payments and benefits include (i) a lump-sum cash payment of one-half of Ms. Pogosyan's annual base salary in effect immediately prior to the termination, (ii) a cash payment of Ms. Pogosyan's target yearly cash bonus then in effect for the performance year in which such termination occurs (or, if no such target has been set, then no less than the target yearly cash bonus for the prior year) and (iii) immediate vesting of Ms. Pogosyan's unvested time-vesting equity awards and prorated vesting of performance-vesting equity awards based on the level of achievement of such performance goals as of Ms. Pogosyan's termination of employment.

**Clawbacks**

In November 2023, our Board adopted our Incentive Compensation Recoupment Policy, which is intended to comply with the final clawback rules adopted by Nasdaq and approved by the SEC pursuant to Section 10D and Rule 10D-1 of the Exchange Act and the related Nasdaq listing requirements.

**Pay Versus Performance Disclosure**

As required by Item 402(v) of Regulation S-K, which was mandated by Section 953(a) of the Dodd-Frank Act, we are providing the following information about the relationship between "compensation actually paid" to our principal executive officer ("PEO") and average "compensation actually paid" to our named executive officers ("NEOs") and the financial performance of the Company for 2025 and 2024, in each case calculated in a manner consistent with SEC rules.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Year** | **Summary Compensation Table Total for PEO(1)** | **Compensation Actually Paid to PEO (1)(2)** | **Average Summary Compensation Table Total for Non-PEO NEOs (2)(3)** | **Average Compensation Actually Paid to Non-PEO NEOs (3)** | **Value of Initial Fixed $100 Investment Based On Total Shareholder Return(4)** | **Net Income *(in millions)*** |
| 2025 | $2480274 | $1493297 | $1657452 | $1058348 | $22.68 | $(25.3) |
| 2024 | $2690833 | $1336815 | $1922673 | $893038 | $40.60 | $(50.2) |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The PEO reflected in these columns for 2024 and 2025 is Dakota Semler.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Compensation actually paid ("CAP") to our PEO and Non-PEO NEOs is calculated based on the "Total Compensation" reported in the Summary Compensation Table ("SCT") for each of the applicable fiscal years, adjusted to exclude and include certain items in accordance with Item 402(v) of Regulation S-K, as follows.

**<u>PEO SCT Total to CAP Reconciliation:</u>**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Fiscal Year | SCT Total | Deductions from SCT Total (i) | Additions to SCT Total<br>(ii) | Additions to SCT Total<br>(ii) | Additions to SCT Total<br>(ii) | Additions to SCT Total<br>(ii) | CAP |
|  |  |  | Fair Value of Current Year Equity Awards for Covered Fiscal Year | Change in Value of Prior Years' Awards Unvested for Covered Fiscal Year | Vesting Date Fair Value of Awards vesting in Year Granted | Change in Value of Prior Years' Awards that Vested in Covered Fiscal Year |  |
| 2025 | $2480274 | $1938474 | $1169546 | $(218149) | $— | $101 | $1493297 |
| 2024 | $2690833 | $2103950 | $976212 | $(303246) | $105870 | $(28903) | $1336815 |

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**<u>Average Non-PEO NEOs SCT Total to CAP Reconciliation:</u>**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Fiscal Year | SCT Total | Deductions from SCT Total (i) | Additions to SCT Total<br>(ii) | Additions to SCT Total<br>(ii) | Additions to SCT Total<br>(ii) | Additions to SCT Total<br>(ii) | CAP |
|  |  |  | Fair Value of Current Year Equity Awards for Covered Fiscal Year | Change in Value of Prior Years' Awards Unvested for Covered Fiscal Year | Vesting Date Fair Value of Awards vesting in Year Granted | Change in Value of Prior Years' Awards that Vested in Covered Fiscal Year |  |
| 2025 | $1657452 | $1201011 | $724610 | $(121790) | $— | $(912) | $1058348 |
| 2024 | $1922673 | $1507374 | $694079 | $(248530) | $60934 | $(28744) | $893038 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;Represents the grant date fair value of equity-based awards granted each year. The fair values of equity compensation, including such amounts described in the tables below, are calculated in accordance with FASB ASC Topic 718. All assumptions made in the valuations are contained and described in footnote 13 to the Company's financial statements for 2025 contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on March 30, 2026. The amounts shown in the table reflect the total fair value on the date of grant and do not necessarily reflect the actual value, if any, that may be realized by the NEOs.

We did not report a change in pension value for any of the years reflected in this table because the Company does not maintain a pension plan and therefore a deduction from SCT related to pension value is not needed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;Reflects the value of equity calculated in accordance with the SEC methodology for determining CAP for each year shown. The fair values of equity compensation, including such amounts described in the tables below, are calculated in accordance with FASB ASC Topic 718. All assumptions made in the valuations are contained and described in footnote 13 to the Company's financial statements for 2025 contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on March 31, 2026. The amounts shown in the table reflect the total fair value on the applicable date(s) listed in the table above, and do not necessarily reflect the actual value, if any, that may be realized by the NEOs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)The non-PEO NEOs reflected in these columns are, (i) for 2025: Giordano Sordoni and Liana Pogosyan; and (ii) for 2024: Giordano Sordoni and Christen Romero.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)Represents cumulative total return to holders of our common stock, from December 29, 2023 (the last trading day before 2024) through December 31, 2025, calculated from the market close on the last trading day before Fiscal 2024 through and including the end of each applicable fiscal year in the table above for which the total shareholder return is

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being calculated. The total shareholder return assumes that $100 was invested in our common stock on December 29, 2023 through December 31, 2025, including reinvestment of any dividends.

**Director Compensation**

Commencing on October 1, 2021, our lead independent director receives an annual cash retainer of $25,000 for his or her service in that role. The chairs of the Audit Committee, Compensation Committee and Nominating and Corporate Governance Committee receive annual cash retainers of $20,000, $10,000 and $10,000, respectively, for their respective committee service. The annual cash retainers are payable in equal quarterly installments in arrears on the last day of each fiscal quarter in which service occurred, prorated for any partial quarter of service.

In January 2022, the Compensation Committee approved a program pursuant to which non-employee directors may elect to receive their annual cash retainers and any other cash compensation they become entitled to receive for serving on our Board in the form of fully vested restricted stock unit awards rather than in cash by executing a form of election and timely delivering the same to the Company.

On August 8, 2022, our Board adopted the Xos, Inc. Third Amended and Restated Non-Employee Director Compensation Policy (as amended from time to time, the "Director Compensation Policy"). Pursuant to this policy, each member of our Board who is not our employee, and who was not otherwise precluded from participation in the Director Compensation Policy, receives the following equity compensation for his or her service as a member of our Board:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Following each annual meeting of our stockholders if the non-employee director remains in service through the applicable grant date, an annual restricted stock unit award with a value equal to $200,000, which fully vests on the earlier of (i) the first anniversary of the applicable grant date and (ii) the day before the next annual meeting of our stockholders, following the applicable grant date, subject to the individual's continued service through the vesting date (the "Annual Grant").

If a Change in Control (as defined in the 2021 Plan) occurs, each non-employee director's then-outstanding equity awards granted under the policy will vest in full immediately prior to the Change in Control so long as the non-employee director continues to provide service to us through such time.

On March 11, 2026, our Board adopted the Xos, Inc. Fourth Amended and Restated Non-Employee Director Compensation Policy, which added an annual cash retainer of $20,000 for service as a non-employee director of the Company. This annual cash retainer, like those for leadership roles, is payable in equal quarterly installments in arrears on the last day of each fiscal quarter in which service occurred, prorated for any partial quarter of service.

Our policy is to reimburse directors for reasonable and necessary out-of-pocket expenses incurred in connection with attending Board and committee meetings or performing other services in their capacities as directors.

Messrs. Semler and Sordoni do not receive additional compensation for their services as directors.

The following table contains information concerning the compensation of our non-employee directors in fiscal year 2025.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name** | **Fees Earned<br>or Paid in Cash ($)** | **Fees Earned<br>or Paid in Cash ($)** | **Stock Awards ($)(1)(2)(3)** | **All Other<br>Compensation ($)** | **Total ($)** |
| Stuart Bernstein | - |  | $199606 | - | $199606 |
| George Mattson | $15000 | (4) | $213445 | - | $213445 |
| Dietmar Ostermann | $20000 | (5) | $199606 | - | $219606 |
| Ed Rapp | $20000 | (6) | $219298 | - | $219298 |
| Michael Richardson | - |  | $199606 | - | $199606 |
| John F. Smith | - |  | $142511 | - | $142511 |
| Alice Yake | $10000 | (7) | $204566 | - | $209566 |

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__________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Amounts reported represent the aggregate grant date fair value of the RSUs granted to our non-employee directors during 2025 under the 2021 Plan, in each case computed in accordance with ASC 718. The assumptions used in

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calculating the grant-date fair value of the RSUs reported in this column are set forth in the notes to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2025. This amount does not reflect the actual economic value that may be realized by the director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)On July 10, 2025, pursuant to the Director Compensation Policy, Mr. Mattson, Mr. Bernstein, Mr. Ostermann, Mr. Rapp, Mr. Richardson and Ms. Yake were each granted 62,377 RSUs as an Annual Grant. Mr. Smith joined the Board in August 2025, and on October 10, 2025, the Compensation Committee granted Mr. Smith 52,978 RSUs representing a *pro rata* portion of the Annual Grants received by the other non-employee directors in accordance with the estimated days he would be serving on the board from the 2025 Annual Meeting to the 2026 Annual Meeting. For Mr. Mattson, Mr. Rapp and Ms. Yake, includes awards of RSUs in lieu of quarterly cash fees for service as committee chair and/or lead independent director which are also reported in the "Fees Earned... in Cash" column (see footnotes 4, 6 and 7).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)The table below shows the aggregate number of shares of Common Stock subject to equity awards outstanding for each of our non-employee directors as of December 31, 2025:

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| | |
|:---|:---|
| **Name** | **Stock Awards (#)** |
| Stuart Bernstein | 62,377 |
| George Mattson | 62,377 |
| Dietmar Osterman | 62,377 |
| Ed Rapp | 62,377 |
| Michael Richardson | 62,377 |
| John F. Smith | 52,978 |
| Alice Yake | 62,377 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)Mr. Mattson earned $15,000 of annual cash retainers during 2025; however, he elected to receive such amounts in fully vested RSUs under the 2021 Plan in lieu of cash payments, in accordance with the Director Compensation Policy described above. On March 31, 2026, Mr. Mattson amended his election to exclude the new annual cash retainer for service as a non-employee director and to terminate his election entirely at the end of calendar 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)Mr. Ostermann earned $20,000 of annual cash retainers during 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)Mr. Rapp earned $20,000 of annual cash retainers during 2025; however, he elected to receive such amounts in fully vested RSUs under the 2021 Plan in lieu of cash payments, in accordance with the Director Compensation Policy described above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)Ms. Yake earned $10,000 of annual cash retainers during 2025; however, she elected to receive 50% of such amounts in fully vested RSUs under the 2021 Plan in lieu of cash payments, in accordance with the Director Compensation Policy described above.

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**Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters**

**Equity Compensation Plan Information**

The following table provides certain information with respect to all of the Company's equity compensation plans in effect as of December 31, 2025.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Plan category** | **Number of securities to be<br>issued upon exercise of<br>outstanding options,<br>warrants and rights** | **Number of securities to be<br>issued upon exercise of<br>outstanding options,<br>warrants and rights** | **Weighted-average**<br>**exercise price of**<br>**outstanding options,**<br>**warrants and rights**<sup>(1)</sup> | **Number of securities remaining**<br>**available for future issuance**<br>**under equity compensation**<br>**plans (excluding securities**<br>**reflected in column (a))** <sup>(4)</sup> | **Number of securities remaining**<br>**available for future issuance**<br>**under equity compensation**<br>**plans (excluding securities**<br>**reflected in column (a))** <sup>(4)</sup> |
|  | (a) | (a) | (b) | (c) | (c) |
| Equity compensation plans approved by security holders | **3097278** | <sup>(2)</sup> | $0.66 | **2299760** | <sup>(3)</sup> |
| Equity compensation plans not approved by security holders | - |  | $— | - |  |
| Total | **3097278** |  | $0.66 | **2299760** |  |

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(1)The weighted average exercise price is calculated based solely on outstanding stock options. It does not take into account the 3,096,067 shares issuable upon vesting of outstanding RSU awards without any cash consideration payable for those shares.

(2)Consists of outstanding RSU awards under the 2021 Plan and 1,211 shares of Common Stock underlying Options previously granted under the 2018 Plan. The 2018 Plan was terminated in connection with the Business Combination and no additional awards may be granted under the 2018 Plan. Excludes purchase rights (if any) accruing under the Xos, Inc. 2021 Employee Stock Purchase Plan (the "ESPP").

(3)As of December 31, 2025, 1,725,374 shares of Common Stock remained available for future issuance under the 2021 Plan, and 574,386 shares of Common Stock remained available for future issuance under the ESPP. The number of shares remaining available for future issuance under the 2021 Plan automatically increases on January 1st each year, through and including January 1, 2031 in an amount equal to 5% of the total number of shares of the Common Stock outstanding on December 31st of the preceding year, or a lesser number of shares as determined by our Board of Directors prior to January 1st of a given year. The number of shares remaining available for future issuance under the ESPP automatically increases on January 1st of each year through and including January 1, 2031, in an amount equal to the least of (i) 1.5% of the total number of shares of the Company's Common Stock outstanding on December 31st of the preceding calendar year, (ii) 200,000 shares of Common Stock (as adjusted for the Reverse Stock Split effected on December 4, 2023), or (iii) a number of shares as determined by our Board of Directors prior to January 1st of a given year. On January 1, 2026, the number of shares available for issuance under the ESPP automatically increased by 171,051 shares.

(4)Subsequent to December 31, 2025, an additional 570,172 shares of Common Stock became available for issuance under the 2021 Plan as of January 1, 2026 pursuant to an automatic increase.

**Certain Beneficial Owners, Directors and Executive Officers**

The following table sets forth information known to us regarding the beneficial ownership of our Common Stock as of April 16, 2026 (the "Measurement Date"), by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each person who is known by us to be the beneficial owner of more than 5% of the outstanding shares of Common Stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each of our named executive officers and directors; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all of our current executive officers and directors, as a group.

Beneficial ownership is determined according to the rules of the SEC, which generally provide that a person has beneficial ownership of a security if he, she or it possesses sole or shared voting or investment power over that security, including options and warrants that are currently exercisable or exercisable within 60 days and RSUs that vest within 60 days. We have relied upon information provided to us by our current directors and executive officers and copies of documents that have been filed with the SEC by others for purposes of determining the number of shares each person beneficially owns.

The beneficial ownership percentages set forth in the table below are based on 12,004,597 shares of our Common Stock issued and outstanding as of the Measurement Date. In computing the number of shares beneficially owned by a person and the percentage ownership of such person, we deemed to be outstanding all shares subject to stock awards held by that person that are issuable upon settlement of RSUs and all shares subject to options and/or warrants, as applicable, held by the person that vest within the next 60 days, in the case of RSUs, or that are currently exercisable or would be exercisable within 60 days of the Measurement Date. However, except as described above, we did not deem such shares outstanding for the purpose of computing the percentage ownership of any other person. Unless otherwise noted in the footnotes to the following table, and subject to applicable community property laws, the persons and entities named in the table have sole voting and investment power with respect to their beneficially owned Common Stock.

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| | | |
|:---|:---|:---|
| **Name and Address of Beneficial Owner**<sup>(1)</sup> | **Number of Shares of Common<br>Stock<br>Beneficially Owned** | **Percentage of<br>Outstanding<br>Common<br>Stock** |
| ***Directors and Named Executive Officers:*** | | |
| Dakota Semler<sup>(2)</sup> | 419624 | 3.5% |
| Giordano Sordoni<sup>(3)</sup> | 1179736 | 9.8% |
| Liana Pogosyan<sup>(4)</sup> | 59977 | \* |
| Stuart Bernstein<sup>(5)</sup> | 37509 | \* |
| George N. Mattson<sup>(6)</sup> | 322635 | 2.7% |
| Dietmar Ostermann<sup>(7)</sup> | 20567 | \* |
| Ed Rapp<sup>(8)</sup> | 90821 | \* |
| Michael Richardson<sup>(9)</sup> | 24887 | \* |
| John F. Smith<sup>(10)</sup> | 0 | \* |
| Alice Yake<sup>(11)</sup> | 42308 | \* |
| **All Directors and Current Executive Officers of the Company as a Group (ten individuals)**<sup>(12)</sup> | 2198064 | 18.0% |
| ***Five Percent Holders:*** |  |  |
| Aljomaih Automotive Co.<sup>(13)</sup> | 2684682 | 21.9% |
| Emerald Green Trust<sup>(14)</sup> | 1561229 | 13.0% |

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__________________

\* Less than one percent.

(1)Unless otherwise noted, the business address of those listed in the table above is 3550 Tyburn Street, Los Angeles, California 90065.

(2)Consists of: (i) 364,714 shares of Common Stock held directly by Mr. Semler; and (ii) 54,910 shares of Common Stock that may be acquired upon the settlement of outstanding RSUs within 60 days of the Measurement Date. Does not include: (a) 471,975 shares of Common Stock that may be acquired upon settlement of outstanding RSUs more than 60 days after the Measurement Date; or (b) any shares held by the Emerald Green Trust, of which Mr. Semler is the beneficiary, because he has no voting or dispositive power over the shares held by Emerald Green Trust.

(3)Consists of: (i) 1,126,033 shares of Common Stock held by Mr. Sordoni; and (ii) 53,703 shares of Common Stock that may be acquired upon the settlement of outstanding RSUs within 60 days of the Measurement Date. Does not include 465,944 shares of Common Stock that may be acquired upon settlement of outstanding RSUs more than 60 days after the Measurement Date.

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(4)Consists of: (i) 48,032 shares of Common Stock held by Ms. Pogosyan; and (ii) 11,945 shares of Common Stock that may be acquired upon the settlement of outstanding RSUs within 60 days of the Measurement Date. Does not include 106,938 shares of Common Stock that may be acquired upon settlement of outstanding RSUs more than 60 days after the Measurement Date.

(5)Consists of: (i) 31,710 shares of Common Stock held directly by Mr. Bernstein; (ii) 4,133 shares of Common Stock held by Bernstein Investment Partners LLC, an entity of which Mr. Bernstein is a managing member; and (iii) 1,666 shares of Common Stock issuable upon exercise of 50,002 public warrants (every 30 public warrants are exercisable for one share of Common Stock) held by Bernstein Investment Partners LLC. Does not include 62,377 shares of Common Stock that may be acquired upon settlement of outstanding RSUs more than 60 days after the Measurement Date.

(6)Consists of: (i) 131,250 shares of Common Stock held by NGAC GNM Feeder LLC ("NGAC"), which Mr. Mattson may be deemed to beneficially own by virtue of his shared control over NGAC; (ii) 88,667 shares of Common Stock issuable upon exercise of and 2,660,020 public warrants (every 30 public warrants are exercisable for one share of Common Stock) held by NGAC; (iii) 33,333 shares of Common Stock held by GNM ICBC LLC ("GNM"), which Mr. Mattson may be deemed to beneficially own by virtue of his shared control over GNM; and (iv) 69,385 shares held directly by Mr. Mattson. Does not include 62,377 shares of Common Stock that may be acquired upon settlement of outstanding RSUs more than 60 days after the Measurement Date.

(7)Consists of 20,567 shares of Common Stock held directly by Mr. Ostermann. Does not include 62,377 shares of Common Stock that may be acquired upon settlement of outstanding RSUs more than 60 days after the Measurement Date.

(8)Consists of (i) 21,172 shares of Common Stock held by Edward Joseph Rapp TTEE U/A DTD 02/07/2005 ("EJR Trust"), of which Mr. Rapp is trustee; (ii) 666 shares of common stock issuable upon exercise of 20,000 public warrants (every 30 public warrants are exercisable for one share of Common Stock) held by the EJR Trust; and (iii) 68,983 shares of Common Stock held directly by Mr. Rapp. Does not include 62,377 shares of Common Stock that may be acquired upon settlement of outstanding RSUs more than 60 days after the Measurement Date.

(9)Consists of 24,887 shares of Common Stock held directly by Mr. Richardson. Does not include 62,377 shares of Common Stock that may be acquired upon settlement of outstanding RSUs more than 60 days after the Measurement Date.

(10)Does not include 52,978 shares of Common Stock that may be acquired upon settlement of outstanding RSUs more than 60 days after the Measurement Date.

(11)Consists of 42,308 shares of Common Stock held directly by Ms. Yake. Does not include 62,377 shares of Common Stock that may be acquired upon settlement of outstanding RSUs more than 60 days after the Measurement Date.

(12)Consists of (i) 1,986,507 outstanding shares of Common Stock beneficially owned by our current executive officers and directors; (ii) 120,558 shares of Common Stock that may be acquired upon the settlement of outstanding RSUs within 60 days of the Measurement Date; and (iii) 90,999 shares of Common Stock issuable upon exercise of 2,730,022 public warrants (every 30 public warrants are exercisable for one share of Common Stock). Does not include 1,472,097 shares of Common Stock that may be acquired upon settlement of outstanding RSUs more than 60 days after the Measurement Date.

(13)Based solely on information obtained from a Schedule 13D/A filed with the SEC on November 16, 2022 on behalf of Aljomaih Automotive Co. ("Aljomaih") as adjusted for the Reverse Stock Split of our Common Stock on December 6, 2023, and transactions directly between us and Aljomaih. Consists of (i) 2,446,637 shares held directly by Aljomaih and (ii) 238,045 shares that Aljomaih has the right to acquire upon conversion of the $17.0 million outstanding principal amount of the Note. Does not include shares issuable by us in payment of interest accrued on the Note. Aljomaih is wholly owned by Aljomaih Holding Co. The board of directors of Aljomaih has the power to dispose of and the power to vote the shares of Common Stock beneficially owned by Aljomaih. Mohammed Al-Abdullah Aljomaih, Mohammed Abdulaziz Aljomaih, Abdulrahman Abdulaziz Aljomaih, Hamad Abdulaziz Aljomaih are each a stockholder and a director of Aljomaih Holding Co. and may be deemed to beneficially own securities held by Aljomaih Automotive. The business address of the reporting person is P.O. Box 224, Dammam Postal Code 31411, Saudi Arabia.

(14)Based solely on information obtained from a Schedule 13D/A filed with the SEC on January 20, 2026. Consists of 1,561,229 shares of Common Stock held directly by Emerald Green Trust. As co-trustees of Emerald Green Trust, Sarah Bardo and Shane Semler share voting and dispositive power over the securities held by Emerald Green Trust.

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Shane Semler is also the beneficial owner of 6,003 shares of Common Stock that he holds directly. The business address of the reporting person is 32111 Mulholland Hwy, Malibu, CA 90265.

**Item 13. Certain Relationships and Related Transactions, and Director Independence**

**Related Person Transactions Policy and Procedures**

Our Board adopted a written Related Person Transactions Policy that sets forth our policies and procedures regarding the identification, review, consideration and oversight of related-person transactions. For purposes of our policy, a related-person transaction is a transaction, arrangement or relationship (or any series of similar transactions, arrangements or relationships) in which we and any related person are, were or will be participants, in which the amount involved exceeds the lesser of (i) $120,000 or (ii) 1% of the average of our total assets at year end for the last two completed fiscal years. Transactions involving compensation for services provided to us as an employee, consultant or director will not be considered related-person transactions under this policy.

Under the policy, a related person is any executive officer, director, nominee to become a director or a security holder known by us to beneficially own more than 5% of any class of our voting securities (a "significant stockholder"), including any of their immediate family members and affiliates, including entities controlled by such persons or such person has a 5% or greater beneficial ownership interest.

Each director and executive officer shall identify, and we shall request each significant stockholder to identify, any related-person transaction involving such director, executive officer or significant stockholder or his, her or its immediate family members and inform the Audit Committee pursuant to this policy before such related person may engage in the transaction.

In considering related-person transactions, the Audit Committee takes into account the relevant available facts and circumstances, which may include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the risk, cost and benefits to us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact on a director's independence in the event the related person is a director, immediate family member of a director or an entity with which a director is affiliated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the terms of the transaction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the availability of other sources for comparable services or products.

The Audit Committee shall approve only those related-party transactions that, in light of known circumstances, are in, or are not inconsistent with, the best interests of us and our stockholders, as the Audit Committee determines in the good faith exercise of its discretion.

**Certain Related Person Transactions**

***Hub sales to Xcel Energy***

During the year ended December 31, 2024, we sold two Hubs to Xcel Energy in the ordinary course of business for an aggregate of approximately $0.5 million. At that time, our director, Alice Yake, was serving as the Senior Vice President, System Strategy and Chief Planning Officer of Xcel Energy. We believe these transactions were conducted on terms consistent with those that prevail in arm's length transactions with unrelated third-parties.

***Convertible Promissory Notes***

On August 9, 2022, we entered into a Note Purchase Agreement with Aljomaih Automotive Co. ("Aljomaih") under which we agreed to sell and issue to Aljomaih a convertible promissory note in the principal amount of $20.0 million. On August 11, 2022, pursuant to the Note Purchase Agreement, we sold and issued to Aljomaih the Original Note. On September 28, 2022, we and Aljomaih agreed to amend and restate the Original Note to the Aljomaih Note to, among other things, adjust the calculation of the shares of our Common Stock issuable as interest, as described further below.

The Aljomaih Note bears interest at a rate of 10.0% per annum, payable at maturity in shares of our Common Stock ("Interest Shares"), unless earlier converted or paid. If the 10-day VWAP ending on the trading day immediately prior to the applicable payment date is greater than or equal to the Minimum Price (as defined in Nasdaq Rule 5635(d)) or we have received the requisite approval from our stockholders, the number of Interest Shares to be issued will be calculated based on the 10-day; otherwise, the number of Interest Shares to be issued will be based on the Minimum Price. The conversion price for the Aljomaih Note was initially equal to $71.451 per share, as adjusted for our Reverse Stock Split that occurred on December 6,

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2023, subject to adjustment in some events pursuant to the terms of the Aljomaih Note. We will have the right, in our sole discretion and exercisable at our election by sending notice of such exercise to Aljomaih, to irrevocably fix the method of settlement that will apply to all conversions of Aljomaih Notes. Methods of settlement include (i) physical settlement in shares of our Common Stock, (ii) cash settlement determined by multiplying the principal being converted by the 10-day VWAP ending on the trading day immediately prior to the conversion date and dividing by the conversion price, or (iii) a combination of shares or our Common Stock and cash.

On August 8, 2025, we and Aljomaih entered into Amendment Number One to the Note Purchase Agreement and amended and restated the Note issued thereunder, and, on August 14, 2025, we and Aljomaih entered into a Letter Agreement regarding certain restrictions on convertibility of the Note (collectively, the "August 2025 Amendments"). Among other things, the August 2025 Amendments extended the maturity of the Note so that it is now due in ten quarterly installments payable between November 11, 2025 and February 11, 2028. The first four such installments are $1.5 million each, the fifth through eighth installments are $2.0 million each and the final two installments are $3.0 million each; provided that such installments may be increased in the event certain financing activities result in proceeds to us in excess of four times the aggregate amount of Note principal payments otherwise required on or prior to any installment date. Pursuant to the August 2025 Amendments, and notwithstanding the postponement of maturity of the Note, the interest accrued on the Note through August 11, 2025, of approximately $6.0 million in the aggregate, was converted into 1,803,262 shares of Common Stock at the 10-day VWAP (as defined in the Note) on August 25, 2025.

Pursuant to the August 2025 Amendments, at any time when the conversion price would be less than the New Nasdaq Minimum Price (as defined below), the aggregate number of Interest Shares deliverable or previously delivered upon any interest payments under the Note plus the number of shares of Common Stock that may be issued or were previously issued in respect of conversion of principal or any other portion of the Note, shall not exceed 1,737,247 shares of our Common Stock (subject to adjustment) (the "Limit"), which was 19.99% of the outstanding shares of our Common Stock on August 8, 2025, immediately prior to the August 2025 Amendments. Any interest amounts payable in excess of the amount payable with Interest Shares, shall instead be payable within five business days of the earlier of (x) August 11, 2026 and (y) the date we receive stockholder approval to issue more than the Limit in respect of conversion of the Note, as amended.

The Aljomaih Note also includes an optional prepayment feature that provides us, on or after August 11, 2024, or as otherwise agreed to between us and Aljomaih in writing, the right to prepay the outstanding principal and accrued and unpaid interest, upon written notice not less than five trading days prior to exercise of the option, in full or in part and without penalty.

Prior to the August 2025 Amendments, Aljomaih had a right to designate one individual for nomination (the "Designated Director") to our Board, subject to the approval of us and our Board and satisfaction of certain conditions. However, Aljomaih never designated any Designated Director, and the August 25 Amendments eliminated this right.

We have agreed to give Aljomaih a right of first offer ("Right of First Offer") with respect to any future distribution of products or services offered by us in Cooperation Council for the Arab States of the Gulf (Saudi Arabia, Bahrain, Kuwait, United Arab Emirates, Qatar and Oman), Jordan, Iraq, Syria, Lebanon, Egypt and Yemen. The Right of First Offer will terminate upon the later of (i) the date the principal amount of the Note is repaid in full, and (ii) February 11, 2028.

***NextGen Related Transactions and Agreements***

*Registration Rights Agreement*

In connection with the Business Combination, Xos, NextGen Sponsor LLC ("NextGen Sponsor") and certain other parties entered into the Amended and Restated Registration Rights Agreement (the "A&R Registration Rights Agreement"), pursuant to which we agreed to register for resale, pursuant to Rule 415 under the Securities Act, certain shares of Common Stock and other equity securities of Xos that are held by the parties thereto from time to time, subject to the restrictions on transfer therein. The A&R Registration Rights Agreement amends and restates that certain Registration Rights Agreement by and among NextGen, NextGen Sponsor and the other parties thereto, dated October 6, 2020 and entered into in connection with NextGen's initial public offering and that certain Investor Rights Agreement by and among Legacy Xos and the other parties thereto, dated December 31, 2020. The A&R Registration Rights Agreement will terminate on the earlier of (i) the tenth anniversary of the date of the A&R Registration Rights Agreement or (ii) with respect to any party thereto, on the date that such party no longer holds any Registrable Securities (as defined therein).

*Private Placement Warrants*

Simultaneously with the consummation of the initial public offering of NextGen, NextGen Sponsor purchased 6,000,000 Private Placement Warrants at a price of $1.50 per warrant, or $9.0 million in the aggregate, in a private placement. On November 13, 2020, the underwriters partially exercised the over-allotment option and on November 17, 2020, simultaneously with the closing of the over-allotment, NextGen consummated the second closing of the private placement, resulting in the purchase of an aggregate of an additional 333,334 Private Placement Warrants by NextGen Sponsor, generating

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gross proceeds to the NextGen of $500,000. Each Private Placement Warrant entitles the holder to purchase one-thirtieth of one share of our Common Stock for $345.00 per whole share (as adjusted for the Reverse Stock Split). A portion of the proceeds from the sale of the Private Placement Warrants was placed in the trust account of NextGen. The Private Placement Warrants may not be redeemed by us so long as they are held by NextGen Sponsor or its permitted transferees. If the Private Placement Warrants are held by holders other than NextGen Sponsor or its permitted transferees, the Private Placement Warrants will be redeemable by us and exercisable by the holders on the same basis as the Public Warrants. NextGen Sponsor, or its permitted transferees, has the option to exercise the Private Placement Warrants on a cashless basis.

The Private Placement Warrants are identical to the Public Warrants except that the Private Placement Warrants: (i) are not redeemable by NextGen, (ii) may be exercised for cash or on a cashless basis so long as they are held by NextGen Sponsor or any of its permitted transferees and (iii) are entitled to registration rights (including the ordinary shares issuable upon the exercise of the Private Placement Warrants).

**Independence**

The Board has determined that Messrs. Bernstein, Mattson, Ostermann, Rapp, Richardson and Smith, and Ms. Yake are independent applying the Nasdaq listing rules. See the discussion under "Director Independence" in Part III, Item 10 of this Report for more information.

**Item 14. Principal Accountant Fees and Services**

**Principal Accountant Fees and Services**

The Audit Committee of our Board retained Grant Thornton LLP ("Grant Thornton") as the Company's independent registered public accounting firm for the fiscal years ended December 31, 2025 and 2024. The following tables summarize the aggregate fees billed by Grant Thornton for services performed for the Company for the fiscal years ended December 31, 2025 and 2024, respectively (in thousands):

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| | | |
|:---|:---|:---|
| | **Fiscal Year Ended** | **Fiscal Year Ended** |
| | **December 31, 2025** | **December 31, 2024** |
| Audit Fees<sup>(1)</sup> | $667 | $687 |
| Audit-Related Fees |  |  |
| Tax Fees |  |  |
| All Other Fees |  |  |
| Total | $667 | $687 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Audit Fees include actual fees for the audit of our annual consolidated financial statements, the reviews of interim financial statements included in our Quarterly Reports on Form 10-Q and consents.

**Pre-Approval Policies and Procedures.**

The charter of the Audit Committee provides that the Committee will approve all audit and non-audit related services that the Company's independent registered public accounting firm provides to the Company before the engagement begins, unless applicable law and stock exchange listing requirements allow otherwise. The charter also provides that the Audit Committee may establish pre-approval policies and procedures or delegate pre-approval authority to one or more Audit Committee members as permitted by applicable law and stock exchange listing requirements.

All fees billed by Grant Thornton in 2025 and 2024 were pre-approved by the Audit Committee.

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**PART IV**

**Item 15. Exhibits and Financial Statement Schedules**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(a)***Financial Statements

See Index to Consolidated Financial Statements in Item 8 of this Annual Report on Form 10-K.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(b)***Financial Statement Schedule

All financial statement schedules are omitted because the information required to be set forth therein is not applicable or is shown in the consolidated financial statements or notes thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(c)***Exhibits

The documents listed in the Exhibit Index of this Report are incorporated by reference or are filed with this Report.

**EXHIBIT INDEX**

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| | |
|:---|:---|
| **Exhibit Number** | **Description** |
| 2.1+ | <u>[Agreement and Plan of Merger, dated as of February 21, 2021, as amended on May 14, 2021, by and among NextGen, Sky Merger Sub I, Inc. and Legacy Xos (incorporated by reference to Exhibit 2.1 of the Company's Current Report on Form 8-K filed on August 26, 2021).](https://www.sec.gov/Archives/edgar/data/1819493/000121390021045049/ea146322ex2-1_xosinc.htm)</u> |
| 2.2 | <u>[Amendment to the Agreement and Plan of Merger, dated as of May 14, 2021 (incorporated by reference to Exhibit 2.2 of the Company's Current Report on Form 8-K filed on August 26, 2021).](https://www.sec.gov/Archives/edgar/data/1819493/000121390021045049/ea146322ex2-2_xosinc.htm)</u> |
| 2.3 | Arrangement Agreement by and between Xos, Inc. and ElectraMeccanica Vehicles Corp., dated as of January 11, 2024 <u>[(incorporated by reference to Exhibit 2.1 of the Company's Current Report on Form 8-K filed on January 12, 2024).](https://www.sec.gov/Archives/edgar/data/0001819493/000121390024003084/ea191507ex2-1_xosinc.htm)</u> |
| 2.4 | <u>[Amendment Agreement by and between Xos, Inc. and ElectraMeccanica Vehicles Corp., dated as of January 31, 2024 (incorporated by reference to Exhibit 2.1 of the Company's Current Report on Form 8-K filed on February 1, 2024).](https://www.sec.gov/Archives/edgar/data/0001819493/000114036124004967/ny20019231x2_ex2-1.htm)</u> |
| 3.1 | <u>[Certificate of Incorporation of the Company (incorporated by reference to Exhibit 3.1 of the Company's Current Report on Form 8-K filed on August 26, 2021).](https://www.sec.gov/Archives/edgar/data/1819493/000121390021045049/ea146322ex3-1_xosinc.htm)</u> |
| 3.2 | <u>[Certificate of Amendment to Certificate of Incorporation of the Company (incorporated by reference to Exhibit 3.1 of the Company's Current Report on Form 8-K filed on December 6, 2023).](https://www.sec.gov/Archives/edgar/data/1819493/000181949323000270/a20231206form8-kexhibit31.htm)</u> |
| 3.3 | <u>[Bylaws of the Company (incorporated by reference to Exhibit 3.2 of the Company's Current Report on Form 8-K filed on August 26, 2021).](https://www.sec.gov/Archives/edgar/data/1819493/000121390021045049/ea146322ex3-2_xosinc.htm)</u> |
| 4.1 | <u>[Form of Specimen Common Stock Certificate of the Company (incorporated by reference to Exhibit 4.1 of the Company's Current Report on Form 8-K filed on August 26, 2021).](https://www.sec.gov/Archives/edgar/data/1819493/000121390021045049/ea146322ex4-1_xosinc.htm)</u> |
| 4.2 | <u>[Form of Warrant Certificate of the Company (incorporated by reference to Exhibit 4.2 of the Company's Current Report on Form 8-K filed on August 26, 2021).](https://www.sec.gov/Archives/edgar/data/1819493/000121390021045049/ea146322ex4-2_xosinc.htm)</u> |
| 4.3 | <u>[Warrant Agreement, dated October 6, 2020, between NextGen and Continental Stock Transfer & Trust Company, as warrant agent (incorporated by reference to Exhibit 4.3 of the Company's Current Report on Form 8-K filed on August 26, 2021).](https://www.sec.gov/Archives/edgar/data/1819493/000121390021045049/ea146322ex4-3_xosinc.htm)</u> |
| 4.4 | <u>[Description of Securities (incorporated by reference to Exhibit 4.4 of the Company's Annual Report on Form 10-K filed on March 30, 2022).](https://www.sec.gov/Archives/edgar/data/1819493/000181949322000013/a202110-kexhibit44.htm)</u> |
| 4.5 | <u>[Amended and Restated Convertible Promissory Note, dated as of September 28, 2022, by and between Xos, Inc. and Aljomaih Automotive Co. (incorporated by reference to Exhibit 4.1 of the Company's Current Report on Form 8-K filed on September 30, 2022).](https://www.sec.gov/Archives/edgar/data/1819493/000181949322000113/a20220930exhibit41.htm)</u> |
| 4.6 | <u>[Form of Convertible Debenture, by and between Xos, Inc. and YA II PN, Ltd. (incorporated by reference to Exhibit 4.2 of the Company's Current Report on Form 8-K filed on August 11, 2022).](https://www.sec.gov/Archives/edgar/data/1819493/000181949322000073/exhibit42formofconvertible.htm)</u> |
| 4.7 | <u>[First Amendment to the Convertible Debentures, dated June 22, 2023, between Xos, Inc. and YA II PN, Ltd. (incorporated by reference to Exhibit 10.3 of the Company's Current Report on Form 8-K filed on June 23, 2023).](https://www.sec.gov/Archives/edgar/data/1819493/000181949323000164/ex103-xosxfirstamendmentto.htm)</u> |
| 4.8 | <u>[Second Amended and Restated Convertible Promissory Note, dated as of August 8, 2025, by and among Xos, Inc. and Aljomaih Automotive Co. (incorporated by reference to Exhibit 10.5 to the Company's Quarterly Report on Form 10-Q filed on August 13, 2025).](https://www.sec.gov/Archives/edgar/data/1819493/000181949325000128/ex-105aljomaihsecondarnote.htm)</u> |

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| | |
|:---|:---|
| **Exhibit Number** | **Description** |
| 10.1 | <u>[Form of Subscription Agreement, by and between NextGen and the undersigned subscriber party thereto (incorporated by reference to Exhibit 10.1 of the Company's Current Report on Form 8-K filed on August 26, 2021).](https://www.sec.gov/Archives/edgar/data/1819493/000121390021045049/ea146322ex10-1_xosinc.htm)</u> |
| 10.2 | <u>[Amended and Restated Registration Rights Agreement, by and among the Company, NextGen Sponsor and certain former stockholders of Legacy Xos (incorporated by reference to Exhibit 10.2 of the Company's Current Report on Form 8-K filed on August 26, 2021).](https://www.sec.gov/Archives/edgar/data/1819493/000121390021045049/ea146322ex10-2_xosinc.htm)</u> |
| 10.3 | <u>[Form of Lock-Up Agreement (incorporated by reference to Exhibit 10.3 of the Company's Current Report on Form 8-K filed on August 26, 2021).](https://www.sec.gov/Archives/edgar/data/1819493/000121390021045049/ea146322ex10-3_xosinc.htm)</u> |
| 10.4 | <u>[Letter Agreement, dated October 6, 2020, among NextGen, NextGen Sponsor and the Registrant's officers and directors (incorporated by reference to Exhibit 10.4 of the Company's Current Report on Form 8-K filed on August 26, 2021).](https://www.sec.gov/Archives/edgar/data/1819493/000121390021045049/ea146322ex10-4_xosinc.htm)</u> |
| 10.5 | <u>[Form of Indemnification Agreement by and between the Company and its directors and officers (incorporated by reference to Exhibit 10.5 of the Company's Current Report on Form 8-K filed on August 26, 2021).](https://www.sec.gov/Archives/edgar/data/1819493/000121390021045049/ea146322ex10-5_xosinc.htm)</u> |
| 10.6# | <u>[Xos, Inc. Amended and Restated 2021 Equity Incentive Plan (incorporated by reference to Exhibit 10.1 of the Company's Current Report on Form 8-K filed on July 23, 2024)](https://www.sec.gov/Archives/edgar/data/1819493/000181949324000135/a20240723form8-kexhibit101.htm)</u>. |
| 10.6a# | <u>[Form of Global Option Grant Notice (incorporated by reference to Exhibit 10.6a of the Company's Current Report on Form 8-K filed on August 26, 2021).](https://www.sec.gov/Archives/edgar/data/1819493/000121390021045049/ea146322ex10-6a_xosinc.htm)</u> |
| 10.6b# | <u>[Form of Global RSU Award Grant Notice (incorporated by reference to Exhibit 10.6b of the Company's Current Report on Form 8-K filed on August 26, 2021).](https://www.sec.gov/Archives/edgar/data/1819493/000121390021045049/ea146322ex10-6b_xosinc.htm)</u> |
| 10.7# | <u>[Xos, Inc. 2021 Employee Stock Purchase Plan (incorporated by reference to Exhibit 10.7 of the Company's Current Report on Form 8-K filed on August 26, 2021).](https://www.sec.gov/Archives/edgar/data/1819493/000121390021045049/ea146322ex10-7_xosinc.htm)</u> |
| 10.8# | <u>[Third Amended and Restated Non-Employee Director Compensation Policy (incorporated by reference to Exhibit 10.1 of the Company's Quarterly Report on Form 10-Q filed on August 11, 2022).](https://www.sec.gov/Archives/edgar/data/1819493/000181949322000076/ex-101xthirdamendedrestate.htm)</u> |
| 10.9# | <u>[Offer Letter between Dakota Semler and Thor Trucks Inc. (now known as Xos Fleet, Inc.), dated September 6, 2016 (incorporated by reference to Exhibit 10.10 of the Company's Registration Statement on Form S-1 filed on September 13, 2021).](https://www.sec.gov/Archives/edgar/data/0001819493/000121390021047798/fs12021ex10-10_xosinc.htm)</u> |
| 10.10# | <u>[Offer Letter between Giordano Sordoni and Thor Trucks Inc. (now known as Xos Fleet, Inc.), dated September 7, 2016 (incorporated by reference to Exhibit 10.11 of the Company's Registration Statement on Form S-1 filed on September 13, 2021).](https://www.sec.gov/Archives/edgar/data/0001819493/000121390021047798/fs12021ex10-11_xosinc.htm)</u> |
| 10.11# | <u>[Offer Letter between Liana Pogosyan and Xos, Inc., dated January 5, 2022 (incorporated by reference to Exhibit 10.3 of the Company's Quarterly Report on Form 10-Q filed on August 11, 2023)](https://www.sec.gov/Archives/edgar/data/1819493/000181949323000203/ex-103xlianapogosyanofferl.htm)</u>. |
| 10.12# | <u>[Amendment to Offer Letter between Liana Pogosyan and Xos, Inc., dated November 21, 2023 (incorporated by reference to Exhibit 10.1 of the Company's Current Report on Form 8-K filed on November 22, 2023).](https://www.sec.gov/Archives/edgar/data/1819493/000181949323000266/a20231122form8-kexhibit101.htm)</u> |
| 10.13# | <u>[Offer Letter between Christen Romero and Xos, Inc. (now known as Xos Fleet, Inc.), dated December 6, 2020](https://www.sec.gov/Archives/edgar/data/1819493/000181949322000013/a202110-kexhibit1014.htm)</u> <u>[(incorporated by reference to Exhibit 4.4 of the Company's Annual Report on Form 10-K filed on March 30, 2022)](https://www.sec.gov/Archives/edgar/data/1819493/000181949322000013/a202110-kexhibit44.htm)[.](https://www.sec.gov/Archives/edgar/data/1819493/000181949322000013/a202110-kexhibit1014.htm)</u> |
| 10.14# | <u>[Amendment to Offer Letter between Christen Romero and Xos, Inc., dated November 21, 2023 (incorporated by reference to Exhibit 10.14 to the Company's Annual Report on Form 10-K filed on March 29, 2024).](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001819493/000181949324000050/xos-20231231.htm)</u> |
| 10.15 | <u>[Lease between Legacy Xos and RIF V – Glendale Commerce Center, LLC, dated August 6, 2021 (incorporated by reference to Exhibit 10.9 of the Company's Registration Statement on Form S-1 filed on September 13, 2021).](https://www.sec.gov/Archives/edgar/data/0001819493/000121390021047798/fs12021ex10-9_xosinc.htm)</u> |
| 10.16 | <u>[Standby Equity Purchase Agreement, dated March 23, 2022 between Xos, Inc. and YA II PN, LTD (incorporated by reference to Exhibit 10.1 of the Company's Current Report on Form 8-K filed on March 28, 2022).](https://www.sec.gov/Archives/edgar/data/1819493/000181949322000007/form8-k20220328exhibit101.htm)</u> |
| 10.17 | <u>[First Amendment to Standby Equity Purchase Agreement, dated June 22, 2023, between Xos, Inc. and YA II PN, Ltd. (incorporated by reference to Exhibit 10.1 of the Company's Current Report on Form 8-K filed on June 23, 2023).](https://www.sec.gov/Archives/edgar/data/1819493/000181949323000164/ex101-xosxyorkvillesepaame.htm)</u> |
| 10.18 | <u>[Note Purchase Agreement, dated as of August 9, 2022, by and between Xos, Inc. and Aljomaih Automotive Co. (incorporated by reference to Exhibit 10.1 of the Company's Current Report on Form 8-K filed on August 11, 2022).](https://www.sec.gov/Archives/edgar/data/1819493/000181949322000073/exhibit101notepurchaseagre.htm)</u> |
| 10.19 | <u>[Securities Purchase Agreement, dated as of August 9, 2022, by and between Xos, Inc. and YA II PN, Ltd. (incorporated by reference to Exhibit 10.2 of the Company's Current Report on Form 8-K filed on August 11, 2022).](https://www.sec.gov/Archives/edgar/data/1819493/000181949322000073/exhibit102securitiespurcha.htm)</u> |
| 10.20 | <u>[Side Letter to the Securities Purchase Agreement, dated June 22, 2023, between Xos, Inc. and YA II PN, Ltd. (incorporated by reference to Exhibit 10.2 of the Company's Current Report on Form 8-K filed on June 23, 2023).](https://www.sec.gov/Archives/edgar/data/1819493/000181949323000164/ex102-xosxyorkvillespaside.htm)</u> |
| 10.21 | <u>[Registration Rights Agreement, dated as of August 9, 2022, by and between Xos, Inc. and YA II PN, Ltd. (incorporated by reference to Exhibit 10.3 of the Company's Current Report on Form 8-K filed on August 11, 2022).](https://www.sec.gov/Archives/edgar/data/1819493/000181949322000073/exhibit103registrationrigh.htm)</u> |
| 10.22 | <u>[Form of Voting Support and Lock-Up Agreement, dated as of January 11, 2024, by and between ElectraMeccanica Vehicles Corp. and certain holders of shares of common stock of Xos, Inc. (incorporated by reference to Exhibit 10.2 of the Company's Current Report on Form 8-K filed on January 12, 2024).](https://www.sec.gov/Archives/edgar/data/0001819493/000121390024003084/ea191507ex10-2_xosinc.htm)</u> |

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**<u>[**Table of Contents**](#id0ea1358ebd947d6a0a02c7ccd3fecc8_7)</u>**

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| | |
|:---|:---|
| **Exhibit Number** | **Description** |
| 10.23 | <u>[Form of Voting Support and Lock-Up Agreement, dated as of January 11, 2024, by and between Xos, Inc. and certain holders of shares of common stock of ElectraMeccanica Vehicles Corp. (incorporated by reference to Exhibit 10.1 of the Company's Current Report on Form 8-K filed on January 12, 2024).](https://www.sec.gov/Archives/edgar/data/0001819493/000121390024003084/ea191507ex10-1_xosinc.htm)</u> |
| 10.24# | <u>[Xos, Inc. 2018 Stock Plan (incorporated by reference to Exhibit 99.3 of the Company's Registration Statement on Form S-8 filed on October 26, 2021).](https://www.sec.gov/Archives/edgar/data/1819493/000121390021054636/ea149317ex99-3_xosinc.htm)</u> |
| 10.25# | <u>[Executive Employment Agreement between Xos Fleet, Inc. and Dakota Semler, dated as of June 26, 2025 (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on June 27, 2025).](https://www.sec.gov/Archives/edgar/data/1819493/000181949325000093/exh_101executiveemployment.htm)</u> |
| 10.26# | <u>[Executive Employment Agreement between Xos Fleet, Inc. and Giordano Sordoni, dated as of June 26, 2025 (incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K filed on June 27, 2025).](https://www.sec.gov/Archives/edgar/data/1819493/000181949325000093/exh_102executiveemployment.htm)</u> |
| 10.27# | <u>[2025 Amendment to the Xos, Inc. Amended and Restated 2021 Equity Incentive Plan (incorporated by reference to Appendix B to the Company's Definitive Proxy Statement on Schedule 14A filed on May 12, 2025).](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001819493/000181949325000062/xos-20250512.htm#i6b5f15bf89cd4a43ac3df6cb9146504c_736)</u> |
| 10.28 | <u>[Amendment Number One to Note Purchase Agreement, dated August 8, 2025, by and among Xos, Inc. and Aljomaih Automotive Co. (incorporated by reference to Exhibit 10.4 to the Company's Quarterly Report on Form 10-Q filed on August 13, 2025)](https://www.sec.gov/Archives/edgar/data/1819493/000181949325000128/ex-104xaljomaihautomotivea.htm)</u>. |
| 10.29# | <u>[Promotion Letter, signed August 11, 2025, amending Offer Letter between Liana Pogosyan and Xos, Inc. dated January 5, 2022, as amended to date (incorporated by reference to Exhibit 10.6 to the Company's Quarterly Report on Form 10-Q filed on August 13, 2025).](https://www.sec.gov/Archives/edgar/data/1819493/000181949325000128/ex-106promotionletter.htm)</u> |
| 10.30 | <u>[Sales Agreement, dated as of August 14, 2025, between Xos, Inc. and Roth Capital Partners, LLC (incorporated by reference to Exhibit 1.1 to the Company's first Current Report on Form 8-K filed on August 14, 2025).](https://www.sec.gov/Archives/edgar/data/1819493/000121390025076702/ea025323001ex1-1_xosinc.htm)</u> |
| 10.31 | <u>[Letter Agreement between Xos, Inc. and Aljomaih Automotive Co., executed on August 14, 2025 (incorporated by reference to Exhibit 10.1 to the Company's second Current Report on Form 8-K filed on August 14, 2025).](https://www.sec.gov/Archives/edgar/data/1819493/000181949325000131/exhibit101-aacletteragreem.htm)</u> |
| 10.32 | <u>[Lease Amendment - Termination Agreement between Landing 4 Industrial, LLC and EMV Automotive USA Inc., dated August 21, 2025](https://www.sec.gov/Archives/edgar/data/1819493/000181949325000143/exhibit101emvxosleaseamend.htm)</u> (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed August 27, 2025). |
| 19.1 | <u>[Xos, Inc. Amended and Restated Insider Trading Policy, adopted and effective March 7, 2023.](https://www.sec.gov/Archives/edgar/data/1819493/000181949325000043/xosarinsidertradingpolicy2.htm)</u> (incorporated by reference to Exhibit 19.1 to the Company's Annual Report on Form 10-K filed March 31, 2025). |
| 19.2± | <u>[Amendment No. 1 to the Xos, Inc. Amended and Restated Insider Trading Policy, adopted and effective September 4, 2025](https://www.sec.gov/Archives/edgar/data/1819493/000181949326000008/ex-192xamendmenttoinsidert.htm)[.](https://www.sec.gov/Archives/edgar/data/1819493/000181949326000008/ex-192xamendmenttoinsidert.htm)</u> |
| 21.1± | <u>[List of Subsidiaries.](https://www.sec.gov/Archives/edgar/data/1819493/000181949326000008/a202510-kexhibit211.htm)</u> |
| 23.1\* | <u>[Consent of Grant Thornton LLP.](ex231-consentofindependent.htm)</u> |
| 24.1± | <u>[Power of Attorney (included on signature page hereto).](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001819493/000181949326000008/xos-20251231.htm#i7df97edd21794141a791acf99d90855e_235)</u> |
| 31.1± | <u>[Certification of the Chief Executive Officer required by Rule 13a-14(a) or Rule 15d-14(a).](https://www.sec.gov/Archives/edgar/data/1819493/000181949326000008/ex-311xceosec302certificat.htm)</u> |
| 31.2± | <u>[Certification of the Chief Financial Officer required by Rule 13a-14(a) or Rule 15d-14(a).](https://www.sec.gov/Archives/edgar/data/1819493/000181949326000008/ex-312xcfosec302certificat.htm)</u> |
| 31.3\* | <u>[Certification of the Chief Executive Officer required by Rule 13a-14(a) or Rule 15d-14(a).](ex-313xceosec302certificat.htm)</u> |
| 31.4\* | <u>[Certification of the Chief Financial Officer required by Rule 13a-14(a) or Rule 15d-14(a).](ex-314xcfosec302certificat.htm)</u> |
| 32.1\*\* | <u>[Certification of the Chief Executive Officer and Chief Financial Officer required by Rule 13a-14(b) or Rule 15d-14(b) and 18 U.S.C. 1350.](https://www.sec.gov/Archives/edgar/data/1819493/000181949326000008/ex-321xceocfosec906certifi.htm)</u> |
| 32.2\* | <u>[Certification of the Chief Executive Officer and Chief Financial Officer required by Rule 13a-14(b) or Rule 15d-14(b) and 18 U.S.C. 1350.](ex-322xceocfosec906certifi.htm)</u> |
| 97.1 | <u>[Xos, Inc. Incentive Compensation Recoupment Policy effective as of November 15, 2023](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001819493/000181949324000050/xos-20231231.htm)</u> (incorporated by reference to Exhibit 97.1 to the Company's Annual Report on Form 10-K filed March 29, 2024). |
| 101.INS\* | XBRL Instance Document. |
| 101.SCH\* | XBRL Taxonomy Extension Schema Document. |
| 101.CAL\* | XBRL Taxonomy Extension Calculation Linkbase Document. |
| 101.DEF\* | XBRL Taxonomy Extension Definition Linkbase Document. |

---

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**<u>[**Table of Contents**](#id0ea1358ebd947d6a0a02c7ccd3fecc8_7)</u>**

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| | |
|:---|:---|
| **Exhibit Number** | **Description** |
| 101.LAB\* | XBRL Taxonomy Extension Label Linkbase Document. |
| 101.PRE\* | XBRL Taxonomy Extension Presentation Linkbase Document. |

---

____________

\* Filed or furnished herewith.

\*\* Previously furnished with the Original Form 10-K.

+ Schedules and exhibits have been omitted pursuant to Item 601 (b)(2) of Regulation S-K. The Registrant agrees to furnish supplementally a copy of any omitted schedule or exhibit to the SEC upon request.

± Previously filed with the Original Form 10-K

# Indicates management contract or compensatory plan or arrangement.

------

**<u>[**Table of Contents**](#id0ea1358ebd947d6a0a02c7ccd3fecc8_7)</u>**

**SIGNATURES**

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized on April 21, 2026.

---

| | |
|:---|:---|
| **XOS, INC.** | **XOS, INC.** |
| By: | /s/ Dakota Semler |
| Name: | Dakota Semler |
| Title: | Chief Executive Officer<br>(Principal Executive Officer) |

---

## Exhibit 23.1

**Exhibit 23.1**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We have issued our report dated April 21, 2026, with respect to the consolidated financial statements included in the Annual Report of Xos, Inc. on Form 10-K for the year ended December 31, 2025. We consent to the incorporation by reference of said report in the Registration Statements of Xos, Inc. on Forms S-3 (File No. 333-259509, File No. 333-267690 and File No. 333-272284) and on Forms S-8 (File No. 333-260502, File No. 333-266014, File No. 333-267714, File No. 333-271450, File No. 333-276781, File No. 333-281051, and File No. 333-290144).

/s/ GRANT THORNTON LLP

Los Angeles, California

April 21, 2026

## Exhibit 31.3

**Exhibit 31.3**

**CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT**

**TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Dakota Semler, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this Amendment No. 1 to the Annual Report on Form 10-K of Xos, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

------

---

| | |
|:---|:---|
| Date: April 21, 2026 | /s/ DAKOTA SEMLER |
| | Dakota Semler |
| | Chief Executive Officer |
| | (Principal Executive Officer) |

---

## Exhibit 31.4

**Exhibit 31.4**

**CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT**

**TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Liana Pogosyan, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this Amendment No. 1 to the Annual Report on Form 10-K of Xos, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

------

---

| | |
|:---|:---|
| Date: April 21, 2026 | /s/ LIANA POGOSYAN |
| | Liana Pogosyan |
| | Chief Financial Officer |
| | (Principal Financial Officer and Principal Accounting Officer) |

---

## Exhibit 32.2

**Exhibit 32.2**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with Amendment No. 1 to the Annual Report of Xos, Inc. (the "Company") on Form 10-K for the period ended December 31, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Dakota Semler, the Chief Executive Officer of the Company, and I, Liana Pogosyan, the Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of our knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.the Report fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Date: April 21, 2026 | /s/ DAKOTA SEMLER |
| | Dakota Semler |
| | Chief Executive Officer |
| | (Principal Executive Officer) |
| | /s/ LIANA POGOSYAN |
| | Liana Pogosyan |
| | Chief Financial Officer |
| | (Principal Financial Officer and Principal Accounting Officer) |

---

This certification accompanies Amendment No. 1 to the Form 10-K to which it relates, is not deemed filed with the Securities and Exchange Commission and is not to be incorporated by reference into any filing of Xos, Inc. under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended (whether made before or after the date of the Form 10-K), irrespective of any general incorporation language contained in such filing.

<br>