In the latest update from the business technology sector, Xos, Inc. (Nasdaq: XOS) has achieved a significant milestone, ranking 51st on the Deloitte Technology Fast 500™. This prestigious list identifies the fastest-growing technology, media, telecommunications, life sciences, fintech, and energy tech companies in North America. Now in its 29th edition, the ranking reflects significant achievements in the technology domain.
Xos, Inc., known for its innovative approach in the electric truck manufacturing sector, demonstrated a remarkable revenue growth of 3,071% from 2019 to 2022. This growth underlines the company’s robust strategies and its successful adaptation to the dynamic market demands.
The company’s Chief Executive Officer, Dakota Semler, expressed pride in this recognition. “We are proud to be recognized by Deloitte for our well-earned successes. We have continued to produce great results in 2023 and are proud of the work it took all of our teams to achieve positive gross margins on our newest 2023 SV stepvan model,” Semler stated.
Deloitte’s Vice Chair, Paul Silverglate, highlighted the importance of such achievements, especially in a slow economy. “Congratulations to all the winners who show us how creativity, hard work and perseverance can lead to success,” he remarked.
Christie Simons, a partner at Deloitte & Touche LLP, also praised the winners’ ability to navigate challenges and transform their businesses. “We are proud of all the winners for achieving this well-deserved honor,” she said.
Xos’s previous ranking was 102 on the 2022 Technology Fast 500 list, showing a significant jump in their position this year. The 2023 Technology Fast 500 companies showcased an average growth rate of 1,934% and a median growth rate of 497%, with growth ranging from 201% to 222,189% over a three-year period.
The Deloitte Technology Fast 500, now in its 29th year, continues to be a barometer for technological innovation and entrepreneurial success in North America. To qualify for this ranking, companies must meet specific criteria, including owning proprietary technology that contributes to a majority of their revenues and achieving significant operating revenues over a four-year period.
About Xos, Inc.: Xos is a leading technology company and electric truck manufacturer. The company specializes in battery-electric fleets, offering vehicles and fleet management software optimized for medium- and heavy-duty commercial vehicles. Xos’s focus on proprietary technologies provides cost-efficient and maintenance-friendly solutions for commercial fleets. For more details, visit www.xostrucks.com.