Canoo Q1 earnings: up to $100 million in revenue expected in 2024

Canoo Inc (NASDAQ: GOEV) is trading down in extended hours on Tuesday after reporting disappointing financial results for its first quarter.

Canoo reiterates guidance for 2024

Investors are concerned because the future guidance failed to impress as well. $GOEV continues to see its annual revenue coming in the range of $50 million and $100 million in 2024.

Cash outflow, the electric vehicles company added, will be capped at $75 million per quarter. Tony Aquila – the chief executive of Canoo Inc said in a press release today:

The Nasdaq-listed firm ended its Q1 with $18.2 million in cash including cash equivalents and restricted cash. Canoo stock is now down well over 50% versus its year-to-date high.

Notable figures in Canoo Q1 earnings release

Canoo lost $57.3 million (adjusted) in its fiscal first quarter that translates to $1.13 per share. In comparison, it had $72 million loss or $3.96 a share last year.

The EV company did not generate any revenue in Q1. CEO Aquila also said on Tuesday:

The earnings report arrives more than a month after $GOEV management said it has identified substantial doubt the company's ability to continue as a going concern as Invezz reported here. Still, Wall Street has a consensus "buy" rating on Canoo stock at writing.