XOS, Inc. Announces Disappointing Q4 Earnings, Misses Projections

XOS Inc. (XOS) Reports Q4 Loss, Misses Revenue Estimates

XOS Inc. (XOS), a leading provider of software and services for the sports and entertainment industries, reported a loss in the fourth quarter of 2022, missing revenue estimates.

According to the company's latest earnings report, XOS reported a net loss of $13.4 million, or $0.23 per share, in the fourth quarter. This compares to a net loss of $6.1 million, or $0.11 per share, in the same period a year ago.

Revenue for the quarter came in at $24.4 million, falling short of the $27.6 million estimated by analysts. This represents a 12% decrease from the same period in 2021.

Despite the disappointing quarterly results, XOS CEO, Shimon Ratcow, expressed optimism about the company's future prospects. "We are making significant progress in our efforts to drive growth and improve profitability," Ratcow said. "Our focus on expanding our software offerings and building out our sales and marketing capabilities will help us to better capitalize on the growing demand for our products and services."

XOS's shares fell 10% in after-hours trading following the release of the quarterly results. The company's stock has been trading near its 52-week low in recent weeks, and the disappointing quarterly results have likely added to the pressure on the stock.