Canoo trimmed its loss by 57% in Q2

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

Notable figures in Canoo Q2 earnings release

• 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:

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

Canoo Inc issues guidance for the second half

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:

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.