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Xos cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$2.7M in Q2 2026 · $1.2M over twelve months

Operating cash flow−$2.7M
Capital spending−$19K
Free cash flow−$2.7M
Cash conversion cycle593 days

Analysis

In Q2 2026, Xos generated −$2.7M of operating cash flow and spent $19K on capital projects, leaving free cash flow of −$2.7M. That is $7.4M less than in Q2 2025 ($4.6M).

Over the twelve months to Jun 30, 2026, operating cash flow was $1.2M; the largest uses were capital spending ($38K); besides operations, cash came from net borrowing (+) / repaid (−) ($1.9M), other financing ($941K); the cash balance rose by $4.5M.

Operating cash flow was −$2.7M against net income of −$6.9M. The largest differences: receivables +$2.9M, stock-based pay +$2.0M, other liabilities −$1.6M.

Its cash conversion cycle was 593 days (receivables 114 + inventory 515 − payables 36).

Free cash flow

Xos: free cash flow by quarterXos: free cash flow by quarter−$11.7MQ3 2024$3.3MQ4 2024−$4.8MQ1 2025$4.6MQ2 2025$3.1MQ3 2025$2.4MQ4 2025−$1.6MQ1 2026−$2.7MQ2 2026
Operating cash flow less capital spending.
Xos: operating cash flow against capital spendingXos: operating cash flow against capital spendingOperating cash flowCapital spending−$11.5M$148KQ3 2024$3.3M$0Q4 2024−$4.8M$0Q1 2025$4.6M$0Q2 2025$3.1M$0Q3 2025$2.4M$0Q4 2025−$1.6M$19KQ1 2026−$2.7M$19KQ2 2026
Latest (Q2 2026): Operating cash flow −$2.7M, Capital spending $19K.

Capital allocation, year by year

Xos: where the cash came from (up) and went (down), by fiscal yearXos: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingFY2021: Operating cash flow −$88.9MFY2021: Shares issued $11KFY2021: Capital spending −$4.9M$11KFY2021FY2022: Operating cash flow −$128MFY2022: Net borrowing $56.4MFY2022: Shares issued $4.3MFY2022: Capital spending −$14.1M$60.7MFY2022FY2023: Operating cash flow −$39.3MFY2023: Net borrowing −$37.6MFY2023: Shares issued $1.2MFY2023: Asset sales $1.3MFY2023: Capital spending −$1.4M$2.5MFY2023FY2024: Operating cash flow −$48.8MFY2024: Net borrowing −$2.8MFY2024: Shares issued $57KFY2024: Asset sales $125KFY2024: Capital spending −$304K$182KFY2024FY2025: Operating cash flow $5.4MFY2025: Net borrowing −$2.9MFY2025: Shares issued $2.4MFY2025: Asset sales $61K$7.9MFY2025
Over these 5 years operating cash flow totalled −$300M; the largest uses were operating cash flow ($305M) and net borrowing ($43.4M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$13.2M
Debt$670K
Net cash$12.6M
Cash runway15 months

Xos is burning cash: its operations consume cash, a free cash flow of −$10.8M a year at the current rate against $13.2M of cash and investments: a runway of about 15 months before any new financing.

Where the cash came from and went

Xos: sources (+) and uses (−) of cash, Q2 2026Xos: sources (+) and uses (−) of cash, Q2 2026Other financing$7.6MCash drawn (+) / kept (−)−$3.4MOperating cash flow−$2.7MNet borrowing (+) / repaid (−)−$1.1MTaxes on employees’ shares−$375KCapital spending−$19KAsset & business sales$19K
Xos: sources (+) and uses (−) of cash, TTM to Q2 2026Xos: sources (+) and uses (−) of cash, TTM to Q2 2026Cash drawn (+) / kept (−)−$4.5MNet borrowing (+) / repaid (−)$1.9MOperating cash flow$1.2MOther financing$941KOther investing$411KCapital spending−$38KNot reconciled−$35K

From profit to cash

Xos: net income to operating cash flow, Q2 2026Xos: net income to operating cash flow, Q2 2026Net income−$6.9MDepreciation & amortization$500KStock-based pay$2.0MOther non-cash−$2KReceivables$2.9MInventory$527KPayables−$852KPrepaid and other assets$342KOther liabilities−$1.6MOperating cash flow−$2.7M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 202611451536593
Q1 20265431829343
Q4 202518929443440
Q3 20259318532246
Q2 202510018731256
Q1 2025376719149946
Q4 202425423954439
Q3 202419329843448

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026−$2.7M−$19K−$1.1M—−$3.4M−$2.7M
Q1 2026−$1.6M−$19K−$2.2M—$4.2M−$1.6M
Q4 2025$2.4M—−$664K−$36K$26K$2.4M
Q3 2025$3.1M—$586K$2.4M−$5.3M$3.1M
Q2 2025$4.6M—$532K—−$4.0M$4.6M
Q1 2025−$4.8M—−$744K—$6.2M−$4.8M
Q4 2024$3.3M—−$806K—−$1.8M$3.3M
Q3 2024−$11.5M−$148K$746K—$11.5M−$11.7M

Xos: income statement and cash flow

Xos, Q2 2026: revenue $4.7M (-74% year over year), operating margin -167.7%. The chart follows the revenue to costs, profit and cash.

Xos: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.