Xos Secures 30-Truck Purchase Order From Repeat Customer UniFirst

LOS ANGELES, Aug. 01, 2023 (GLOBE NEWSWIRE) -- Xos, Inc. (NASDAQ: XOS) today announced that repeat customer, UniFirst Corporation (UniFirst), has signed a purchase order for 30 additional 2023 Xos SV Stepvans. The order comes as part of UniFirst’s Memorandum of Understanding to purchase 200 vehicles from Xos. Deliveries are expected to take place at UniFirst's Ontario, San Diego, and Stockton, CA locations between Q4 2023 and Q1 2024.

In addition to the purchase of vehicles, Xos Energy Solutions™ will support charging infrastructure, with a charging purchase order already in place for UniFirst's Ontario, CA location.

UniFirst’s purchase order follows additional Xos stepvan purchases and energy infrastructure installations at UniFirst's Santa Fe (2022) and Boston (2023) locations. As part of these previous collaborations, Xosphere®—Xos’ fleet management software—has been implemented to provide valuable insights into the deployment of UniFirst’s electric fleet. Future deployments will continue to benefit from Xosphere as the software helps optimize Total Cost of Ownership (TCO) and reduce vehicle charging costs.

"We are excited to continue our collaboration with Xos and harness the power of their state-of-the-art electric stepvans. Xos' comprehensive solutions, including vehicles, software, and infrastructure, have proven instrumental in driving our successful electrification program," stated Michael Croatti, UniFirst's Executive Vice President of Operations.

“There is nothing more satisfying than seeing a world-class customer return to make another purchase order,” said Dakota Semler, CEO & Co-Founder at Xos. “It is a testament to the quality of our products and services, and confirms that we are delivering the value our customers expect. We are thrilled to continue this partnership and look forward to providing UniFirst continued quality vehicles and service in the future."

About Xos, Inc.
Xos, Inc. (NASDAQ: XOS) is a North American leader in the production of Class 5 to Class 8 battery-electric vehicles and electric fleet services. Xos vehicles and fleet management software are purpose-built for medium- and heavy-duty commercial vehicles that travel on return-to-base routes of up to 270 miles per day. The company leverages proprietary technologies to provide commercial fleets with battery-electric vehicles that are easier to maintain and more cost-efficient on a total cost of ownership (TCO) basis than their internal combustion engine counterparts. For more information, visit www.xostrucks.com.

About UniFirst
Headquartered in Wilmington, Mass., UniFirst Corporation (NYSE: UNF) is a North American leader in the supply and servicing of uniform and workwear programs, facility service products, as well as first aid and safety supplies and services. Together with its subsidiaries, the Company also manages specialized garment programs for the cleanroom and nuclear industries. In addition to partnering with leading brands, UniFirst manufactures its own branded workwear, protective clothing, and floorcare products at its five company-owned ISO-9001-certified manufacturing facilities. With more than 270 service locations, over 300,000 customer locations, and 14,000-plus employee Team Partners, the Company outfits more than 2 million workers every day. For additional information, contact UniFirst at 888.296.2740 or visit UniFirst.com.

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Cautionary Statement Regarding Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements regarding expectations and timing related to manufacturing quality, production yields, product deployments and launches; sufficiency of existing cash reserves; customer acquisition and order metrics. These forward-looking statements may be identified by the words “believe,” “plan,” “project,” “potential,” “seem,” “seek,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “target,” “opportunity,” “plan,” “may,” “could,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions and any other statements that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (i) Xos’ ability to implement business plans, forecasts, and other expectations, and identify and realize additional opportunities, (ii) Xos’ limited operating history, (iii) cost increases and delays in production due to supply chain shortages in the components needed for the production of Xos’ vehicle chassis and battery system, (iv) Xos’ ability to meet production milestones and fulfill backlog orders, (v) changes in the industries in which Xos operates, (vi) variations in operating performance across competitors, (vii) changes in laws and regulations affecting Xos’ business, (viii) Xos’ ability to implement its business plan or meet or exceed its financial projections, (ix) Xos’ ability to retain key personnel and hire additional personnel, particularly in light of current and potential labor shortages, (x) the risk of downturns and a changing regulatory landscape in the highly competitive electric vehicle industry, (xi) Xos’ ability to service its indebtedness, (xii) macroeconomic and political conditions, and (xiii) the outcome of any legal proceedings that may be instituted against Xos. All forward-looking statements included in this press release are expressly qualified in their entirety by, and you should carefully consider, the foregoing factors and the other risks and uncertainties described under the heading “Risk Factors” included in Xos’ Annual Report on Form 10-K for the fiscal year ended December 31, 2022 filed with the Securities and Exchange Commission (the “SEC”) on March 31, 2023 and Xos’ other filings with the SEC copies of which may be obtained by visiting Xos’ Investors Relations website at https://investors.xostrucks.com/ or the SEC's website at www.sec.gov. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Xos assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Xos does not give any assurance that it will achieve its expectations.

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