Canoo trimmed its loss by 57% in Q2

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on Aug 14, 2023
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  • Canoo ended its second quarter with $5.0 million in cash and equivalents.
  • The electric vehicles company launched the LDV 190 on Monday as well.
  • Canoo shares are currently down over 60% versus the start of the year.

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Canoo Inc (NASDAQ: GOEV) just recorded a huge year-on-year decline in its quarterly loss. Its shares are trading up in extended hours.

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Notable figures in Canoo Q2 earnings release

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  • Lost $70.9 million versus the year-ago $164.4 million
  • Per-share loss also narrowed from 68 cents to 14 cents
  • Adjusted loss per share came in at 14 cents as well
  • Ended the second quarter of 2023 with no revenue

The EV company is now left with $5.0 million in cash and equivalents. Tony Aquila – its Chief Executive said today in the press release:

Our facilities are nearing substantial completion as we’ve achieved a 20,000 unit run rate for our battery module line in Pryor and robotics and assembly line in Oklahoma City for our MPP1 platform.

Canoo shares are down over 60% for the year at writing.

Canoo Inc issues guidance for the second half

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Also on Monday, Canoo launched the LDV 190 – a new lifestyle delivery vehicle to expand its footprint in Class 2 battery-powered cargo vans. CEO Aquila also said today:

We entered the revenue and income generation phase with the advancement of our contract with the Department of Defence, and we delivered vehicles to NASA.

For the back half of the current year, the electric vehicles company now forecasts up to $140 million in adjusted EBITDA and $70 million to $100 million of capital expenditures.

Canoo was recently fined $1.5 million by the U.S. Securities & Exchange Commission – a matter it says is now settled. Wall Street currently has a consensus “overweight rating on the EV stock.

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