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Fair Value Measurements (Tables) | 12 Months Ended
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Dec. 31, 2021
Fair Value Disclosures [Abstract] |
Assets measured at fair value of a recurring basis | Assets and liabilities carried at fair value on a recurring basis as of December 31, 2021 and 2020 consisted of the following (in thousands):
| December 31, 2021
| Fair Value |  | Level 1 |  | Level 2 |  | Level 3
Assets |  |  |  |  |  |  |
Cash and Cash Equivalents(1): |  |  |  |  |  |  |
Money market funds | $ | 5,868 |  |  | $ | 5,868 |  |  | $ | — |  |  | $ | — |
Non-U.S. government and supranational bonds | 647 |  |  | — |  |  | 647 |  |  | — |
Corporate debt security | 1,805 |  |  | — |  |  | 1,805 |  |  | — |
| $ | 8,320 |  |  | $ | 5,868 |  |  | $ | 2,452 |  |  | $ | — |
Short-Term Investments: |  |  |  |  |  |  |
U.S. treasuries | $ | 3,408 |  |  | $ | 3,408 |  |  | $ | — |  |  | $ | — |
Corporate debt security | 71,349 |  |  | — |  |  | 71,349 |  |  | — |
Asset-backed security and other | 2,551 |  |  | — |  |  | 2,551 |  |  | — |
Non-U.S. government and supranational bonds | 16,387 |  |  | — |  |  | 16,387 |  |  | — |
Certificate of Deposit | 1,001 |  |  | — |  |  | 1,001 |  |  | — |
| $ | 94,696 |  |  | $ | 3,408 |  |  | $ | 91,288 |  |  | $ | — |
Long-Term Investments: |  |  |  |  |  |  |
U.S. treasuries | $ | 2,196 |  |  | $ | 2,196 |  |  | $ | — |  |  | $ | — |
Corporate debt security | 42,457 |  |  | — |  |  | 42,457 |  |  | — |
Asset-backed security and other | 5,410 |  |  | — |  |  | 5,410 |  |  | — |
Non-U.S. government and supranational bonds | 3,753 |  |  | — |  |  | 3,753 |  |  | — |
Certificate of Deposit | 1,000 |  |  | — |  |  | 1,000 |  |  | — |
| $ | 54,816 |  |  | $ | 2,196 |  |  | $ | 52,620 |  |  | $ | — |
Financial Liabilities: |  |  |  |  |  |  |
Private Placement Warrants | $ | 140 |  |  | $ | — |  |  | $ | 140 |  |  | $ | — |
Public Warrants | 7,356 |  |  | 7,356 |  |  | — |  |  | — |
Contingent Earn-out Shares liability | 29,240 |  |  | — |  |  | — |  |  | 29,240 |
Total Financial Liabilities | $ | 36,736 |  |  | $ | 7,356 |  |  | $ | 140 |  |  | $ | 29,240 |
____________ (1) Included in total cash and cash equivalents on the Consolidated Balance Sheets.
| December 31, 2020
| Total |  | Level 1 |  | Level 2 |  | Level 3
Financial Liabilities: |  |  |  |  |  |  |
Derivative liability on convertible notes | $ | 6,394 |  |  | $ | — |  |  | $ | — |  |  | $ | 6,394 |
Legacy Xos Preferred Stock Warrant | 1,707 |  |  | — |  |  | — |  |  | 1,707 |
Total | $ | 8,101 |  |  | $ | — |  |  | $ | — |  |  | $ | 8,101 |
Liabilities measured at fair value of a recurring basis | Assets and liabilities carried at fair value on a recurring basis as of December 31, 2021 and 2020 consisted of the following (in thousands):
| December 31, 2021
| Fair Value |  | Level 1 |  | Level 2 |  | Level 3
Assets |  |  |  |  |  |  |
Cash and Cash Equivalents(1): |  |  |  |  |  |  |
Money market funds | $ | 5,868 |  |  | $ | 5,868 |  |  | $ | — |  |  | $ | — |
Non-U.S. government and supranational bonds | 647 |  |  | — |  |  | 647 |  |  | — |
Corporate debt security | 1,805 |  |  | — |  |  | 1,805 |  |  | — |
| $ | 8,320 |  |  | $ | 5,868 |  |  | $ | 2,452 |  |  | $ | — |
Short-Term Investments: |  |  |  |  |  |  |
U.S. treasuries | $ | 3,408 |  |  | $ | 3,408 |  |  | $ | — |  |  | $ | — |
Corporate debt security | 71,349 |  |  | — |  |  | 71,349 |  |  | — |
Asset-backed security and other | 2,551 |  |  | — |  |  | 2,551 |  |  | — |
Non-U.S. government and supranational bonds | 16,387 |  |  | — |  |  | 16,387 |  |  | — |
Certificate of Deposit | 1,001 |  |  | — |  |  | 1,001 |  |  | — |
| $ | 94,696 |  |  | $ | 3,408 |  |  | $ | 91,288 |  |  | $ | — |
Long-Term Investments: |  |  |  |  |  |  |
U.S. treasuries | $ | 2,196 |  |  | $ | 2,196 |  |  | $ | — |  |  | $ | — |
Corporate debt security | 42,457 |  |  | — |  |  | 42,457 |  |  | — |
Asset-backed security and other | 5,410 |  |  | — |  |  | 5,410 |  |  | — |
Non-U.S. government and supranational bonds | 3,753 |  |  | — |  |  | 3,753 |  |  | — |
Certificate of Deposit | 1,000 |  |  | — |  |  | 1,000 |  |  | — |
| $ | 54,816 |  |  | $ | 2,196 |  |  | $ | 52,620 |  |  | $ | — |
Financial Liabilities: |  |  |  |  |  |  |
Private Placement Warrants | $ | 140 |  |  | $ | — |  |  | $ | 140 |  |  | $ | — |
Public Warrants | 7,356 |  |  | 7,356 |  |  | — |  |  | — |
Contingent Earn-out Shares liability | 29,240 |  |  | — |  |  | — |  |  | 29,240 |
Total Financial Liabilities | $ | 36,736 |  |  | $ | 7,356 |  |  | $ | 140 |  |  | $ | 29,240 |
____________ (1) Included in total cash and cash equivalents on the Consolidated Balance Sheets.
| December 31, 2020
| Total |  | Level 1 |  | Level 2 |  | Level 3
Financial Liabilities: |  |  |  |  |  |  |
Derivative liability on convertible notes | $ | 6,394 |  |  | $ | — |  |  | $ | — |  |  | $ | 6,394 |
Legacy Xos Preferred Stock Warrant | 1,707 |  |  | — |  |  | — |  |  | 1,707 |
Total | $ | 8,101 |  |  | $ | — |  |  | $ | — |  |  | $ | 8,101 |
Schedule of Changes on Fair Value of Financial Liabilities | The changes in the fair value of the financial liabilities during the year ended December 31, 2021 consisted of the following (in thousands):
| Private Placement Warrants |  | Public Warrants |  | Contingent Earn-out Shares Liability |  | Derivative Liability on Convertible Notes |  | Legacy Xos Preferred Stock Warrant
Fair value at December 31, 2020 | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 6,394 |  |  | $ | 1,707 |
Release due to extinguishment of convertible notes | — |  |  | — |  |  | — |  |  | (6,394) |  |  | — |
Release due to warrant exercise | — |  |  | — |  |  | — |  |  | — |  |  | (3,136) |
Initial recognition upon merger consummation | 6,017 |  |  | 11,875 |  |  | 101,744 |  |  | — |  |  | — |
Change in fair value during the period | (5,877) |  |  | (4,519) |  |  | (72,504) |  |  | — |  |  | 1,429 |
Fair value at December 31, 2021 | $ | 140 |  |  | $ | 7,356 |  |  | $ | 29,240 |  |  | $ | — |  |  | $ | — |

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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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