Canoo Inc up by 25% after announcing its third-quarter financial results for 2021
- Recorded $414.9 million worth of cash and cash equivalents
- The company also expanded its Oklahoma Partnership.
- The company accelerated its production timelines in America.
Canoo Inc (NASDAQ: GOEV) is a company that develops breakthrough electric cars with a highly versatile and proprietary EV platform designed for both business and personal use that announced its third-quarter financials for 2021 and went up 25% pre-market trading.
What top management says
Canoo Inc’s Chairman and Chief Executive Officer, Tony Aquila, believes that their discipline continues to be either No News or Big News. Mr. Aquila said:
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In June we announced Pryor, Oklahoma as the location for our owned manufacturing facility. We have expanded this partnership to include Arkansas and additional locations in Oklahoma.
The investor and CEO continued to say:
We will now focus on completing the definitive agreements with each state, which will include approximately $100 million in additional non-dilutive financial incentives, making the total approximately $400 million.
He claimed that they’re targeting roughly $100 million in electric vehicle purchase orders with both universities and states where they’re building these facilities. This, he explained, was in addition to the agreements the company has already made.
The company’s recent business updates
Canoo Inc chose to put its corporate headquarters in Bentonville, Arkansas. Its research and development center will be housed in the Advanced Industrialization Facility it has in Fayetteville, Arkansas.
The company also expanded its Oklahoma Partnership to include Customer Support, Finance, Software Development, and R&D centers. The company also has roughly $100 million of Local Financial and Anticipated Additional Non-Dilutive State Incentives.
Canoo made Panasonic its selected battery supply partner and accelerated its production timelines in America as well.
The company’s financial highlights
Canoo recorded $89.9 million in GAAP net loss and a comprehensive loss of around $208.7 million in the third quarter of 2021. Both figures were a lot higher than what they recorded in the same quarter of the previous financial year. It had an Adjusted EBITDA of $212.3 million in the same quarter.
On the other hand, operating expenses came to a total of $180.6 million in the third quarter of this financial year. This was more than the $65.1 million it reported in the same quarter of the previous fiscal year.