Property and Equipment, net

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Property and equipment, net consisted of the following at December 31, 2025 and 2024 (in thousands):


	December 31, 2025		December 31, 2024
Equipment	$	5,705	$	5,705
Finance lease assets	1,339		1,609
Furniture and fixtures	173		173
Company vehicles(1)	3,442		2,817
Leasehold improvements	1,401		1,401
Computers, software and related equipment	3,128		3,128
Property and equipment, gross	15,188		14,833
Accumulated depreciation	(10,868)		(8,722)
Property and equipment, net	$	4,320	$	6,111

(1)Amounts include operating lease assets (stepvans and Hubs) for which the Company is a lessor. As of December 31, 2025, gross operating lease assets and accumulated depreciation on operating lease assets were $0.3 million and $0.1 million, respectively. As of December 31, 2024, gross operating lease assets and accumulated depreciation on operating lease assets were $0.4 million and $0.1 million, respectively.

Depreciation expense during the years ended December 31, 2025 and 2024 totaled approximately $2.2 million and $3.3 million, respectively.

Xos, Inc. 10-K