Electric truck maker Xos says it opened 2026 with record gross margins and its lowest operating loss since going public, while tripling deliveries year over year and expanding its focus beyond trucks into powertrains and mobile energy storage.

The company delivered 95 units in the first quarter, up from 29 units a year earlier. Revenue nearly doubled to $11.2 million.

Much of the operational momentum came from higher-margin products such as powertrains and the Xos Hub mobile charging system, which helped gross margins climb to a record 38.6%.

The company also highlighted growing real-world use of its electrification products. Xos said fleets using its Xos Hub energy storage systems have collectively charged gigawatt-hours of energy, while some units have completed thousands of charging cycles in field operations.

Xos launched new 210-kWh, 420-kWh and 630-kWh Hub variants during the quarter, with production of the 420-kWh model beginning during Q1. The company said the expanded lineup is aimed at serving a wider range of fleet charging applications.

The company also said multiple fleets have now surpassed “millions of cumulative miles” on Xos electric vehicles, which it says validates vehicle reliability and total cost of ownership performance in commercial applications.

Xos is also leaning heavily into affordability as fleets scrutinize EV economics amid an uncertain incentive environment. The company said it began offering its electric truck chassis for $99,000 during the quarter, calling it the industry’s most competitively priced battery-electric commercial chassis.

“We’re now selling the most competitively priced electric truck chassis in the industry, for under $100,000,” said Dakota Semler, chief executive officer of Xos. “Xos is building a multi-product platform that wins on reliability, wins on economics, and wins regardless of where the incentive landscape goes.”