Registered direct offering of 1,090,910 shares of common stock at $5.50 per share
Net proceeds intended to fund the Company's growth plans, including expansion into the data center and industrial power markets

LOS ANGELES, June 04, 2026 (GLOBE NEWSWIRE) -- Xos, Inc. (NASDAQ:XOS) ("Xos" or the "Company"), a leader in electric commercial vehicles and mobile charging solutions, today announced that it has entered into a securities purchase agreement with institutional investors for the purchase and sale of 1,090,910 shares of its common stock at a purchase price of $5.50 per share in a registered direct offering priced at-the-market under Nasdaq rules. The offering is expected to result in gross proceeds to the Company of approximately $6.0 million, before deducting offering expenses.

Xos intends to use the net proceeds from the offering to fund its growth plans, including the continued expansion of its Power Hub and energy storage business into the grid-independent power markets serving AI data centers, industrial facilities, and other mission-critical power users, as well as for working capital, general corporate purposes and repayment of debt.

Roth Capital Partners is acting as the exclusive placement agent for the offering.

The offering is expected to close on or about June 5, 2026, subject to the satisfaction of customary closing conditions.

The shares described above are being offered by the Company pursuant to a "shelf" registration statement on Form S-3 (File No. 333-272284) previously filed with and declared effective by the U.S. Securities and Exchange Commission (the "SEC"). The offering is being made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. A final prospectus supplement and accompanying prospectus relating to the offering will be filed with the SEC and will be available on the SEC's website at www.sec.gov. Electronic copies may be obtained when available, from Roth Capital Partners, LLC, 888 San Clemente, Suite 400, Newport Beach, CA 92660, (800) 678-9147 or by email at rothecm@roth.com, or by accessing the SEC's website, www.sec.gov.

This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, any of these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Xos, Inc.

Xos designs, manufactures, and sells fully electric commercial vehicles and energy storage systems purpose-built for the demanding requirements of commercial fleet operations. The Company's product portfolio includes the Xos Stepvan for last-mile delivery, Class 8 electric trucks for regional haul and drayage, electric powertrains, and the Xos Hub™ and Power Hub mobile and stationary energy storage systems, which enable customers to deploy power and charging infrastructure without costly utility upgrades. Headquartered in Los Angeles, California, with production operations in Byrdstown, Tennessee, Xos is driving the transition to sustainable commercial transportation and grid-independent power. For more information, visit www.xostrucks.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions, and include statements regarding the completion, timing, and size of the offering, the anticipated use of proceeds, and the Company's growth plans. These statements are based on the current expectations and beliefs of Xos management and are subject to uncertainty and changes in circumstances. Actual results may differ materially from those expressed or implied by these forward-looking statements due to risks and uncertainties, including the satisfaction of customary closing conditions for the offering, market and other conditions, market demand, competitive conditions, manufacturing capabilities, supply chain constraints, tariff impacts, regulatory changes, and other factors described in Xos's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Xos undertakes no obligation to update these forward-looking statements except as required by law.

Investor Contact

Xos Investor Relations

ir@xostrucks.com