v3.24.2.u1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
OPERATING ACTIVITIES:          
Net loss $ (9,663) $ (23,578) $ (20,666) $ (47,909)  
Adjustments to reconcile net loss to net cash used in operating activities:          
Depreciation 900 400 1,780 1,389  
Amortization of right-of-use assets     814 771  
Amortization of debt discounts and issuance costs     24 4,330  
Amortization of insurance premiums     1,433 2,390  
Inventory reserve     (1,236) (58)  
Impairment of assets held for sale     0 1,543  
Change in fair value of derivative instruments (128) (307) 40 (210)  
Change in fair value of earn-out shares liability (36) (563) (33) (511)  
Net realized losses on marketable debt securities, available-for-sale     0 91  
Stock-based compensation expense     3,640 4,066  
Other non-cash items     572 (371)  
Changes in operating assets and liabilities:          
Accounts receivable     (14,628) 2,015  
Inventories     (2,353) 2,130  
Prepaid expenses and other current assets     (1,655) 930  
Other assets     (2,071) 0  
Accounts payable     (428) (616)  
Other liabilities     (5,809) (22)  
Net cash used in operating activities     (40,576) (30,042) $ (39,300)
INVESTING ACTIVITIES:          
Purchase of property and equipment     (156) (1,354)  
Proceeds from the disposal of assets held for sale     0 497  
Proceeds from sales and maturities of marketable debt securities, available-for-sale     0 37,465  
Net cash acquired in acquisition of ElectraMeccanica Vehicles Corp.     51,355 0  
Net cash provided by investing activities     51,199 36,608  
FINANCING ACTIVITIES:          
Principal payment of equipment leases     (1,150) (1,205)  
Proceeds from short-term insurance financing note     1,785 2,187  
Payment for short-term insurance financing note     (1,448) (2,877)  
Payments of convertible notes     0 (14,969)  
Payments of prepayment premiums     0 (748)  
Stock options exercised     10 7  
Taxes paid related to net share settlement of stock-based awards     (821) (756)  
Proceeds from issuance of common stock under Standby Equity Purchase Agreement     47 924  
Net cash used in financing activities     (1,577) (17,437)  
Net increase (decrease) in cash, cash equivalents and restricted cash     9,046 (10,871)  
Cash, cash equivalents and restricted cash, beginning of period     11,640 38,675 38,675
Cash, cash equivalents and restricted cash, end of period 20,686 27,804 20,686 27,804 11,640
Reconciliation of Cash, Cash Equivalents and Restricted Cash to Unaudited Condensed Consolidated Balance Sheets:          
Cash and cash equivalents 19,656 27,804 19,656 27,804 11,640
Restricted cash 1,030 0 1,030 0 0
Total cash, cash equivalents and restricted cash $ 20,686 $ 27,804 20,686 27,804 $ 11,640
Supplemental disclosure of cash flow information          
Cash paid for interest     0 1,261  
Cash paid for income taxes     16 0  
Supplemental disclosure of non-cash investing and financing activities          
Purchase of property and equipment in accounts payable     (35) 44  
Conversion of interest payable on convertible notes     0 12  
Conversion of notes payable     0 200  
Net assets acquired in acquisition of ElectraMeccanica Vehicles Corp.     54,630 0  
Xos common stock issued in exchange for ElectraMeccanica Vehicles Corp.     $ (31,856) $ 0