Business Description

Overview Xos, Inc., together with its wholly owned subsidiaries (collectively, the “Company” or “Xos”), aims to be the industrial accelerant for the modern energy era, transforming dated power infrastructures into easy-to-deploy solutions for today’s rapidly changing needs. Xos offers a portfolio of power options, from flexible to fixed to fleet solutions. The Company’s flagship technology replaces years of grid construction and the logistical headaches of diesel generators with a scalable platform to increase efficiency and decrease expense, whether supporting temporary needs or long-term installations. This patented technology powers large-scale loads by consolidating power delivery, rapid charging, and smart energy management into one system, scalable to meet nearly any operational need. Xos produces three complementary primary product lines, Xos Energy Solutions™, which includes the Xos Hub™ mobile charging and energy storage platform, Xos Vehicles, which includes the Company’s Class 5 and Class 6 medium-duty electric commercial vehicles, and the Powered by Xos™ powertrain business. The Company also offers Xosphere™, its fleet management software platform. On March 26, 2024, Xos completed the previously announced business combination involving ElectraMeccanica, whereby Xos acquired all of the issued and outstanding common shares of ElectraMeccanica (the “ElectraMeccanica Shares”) pursuant to a plan of arrangement (the “Plan of Arrangement”) under the Business Corporations Act (British Columbia) (the “Arrangement”) in accordance with the terms of an arrangement agreement entered into by Xos and ElectraMeccanica on January 11, 2024, as amended on January 31, 2024 (the “Arrangement Agreement”). 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 Common Stock, for total consideration of 1,766,388 shares of Common Stock. See Note 5 — Acquisition of ElectraMeccanica in the accompanying consolidated financial statements for more information. Our Products & Services 9 Xos Hub™ The Xos Hub is the proactive, movable power source delivering high-capacity output and high-speed charging in one. It supports energy independence anywhere, without the weight. Engineered for true mobility, the lightweight design can be deployed without a commercial driver’s license, offering a faster alternative to traditional grid expansion with integrated peak shaving to lower costs. As a modular architecture that scales as customer needs grow, the Xos Hub ensures mission-critical reliability, suitable for powering everything from AI data centers and construction sites to utilities, major events, and more. In January 2026, Xos announced an expanded product lineup featuring three new Xos Hub configurations to address a broader range of operational requirements: • 210 kWh Xos Hub : Designed for light-duty fleet operations and smaller depot environments where a compact, lower-capacity solution is preferred. • 420 kWh Xos Hub : The next-generation flagship offering, providing a 50% increase in energy storage capacity over the previous 280 kWh generation. The 420 kWh Hub offers charging rates of up to 150 kW per port, enables simultaneous charging of multiple electric vehicles with standard CCS1 connectors, and remains under 10,000 pounds, making it easily transportable via a standard pickup truck or trailer without requiring a commercial driver’s license. • 630 kWh Xos Hub : Designed for heavy-duty fleet applications and high-throughput depot environments requiring maximum energy storage capacity and extended charging availability. The Xos Hub product line has attracted a diverse and growing customer base. Waymo, the self-driving technology division of Alphabet Inc., utilizes the Xos Hub to support its autonomous vehicle fleet charging operations. Caltrans, the California Department of Transportation, has deployed Xos Hub units for transportation infrastructure applications. SparkCharge, a mobile charging solutions provider, operates Xos Hub units for its commercial charging network. Additional Hub customers include Xcel Energy, Florida Power & Light, Duke Energy and RKU Distributing.…