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

By:
on May 14, 2024
Listen
  • Canoo reported its financial results for the first quarter on Tuesday.
  • Here's what its CEO Tony Aquila said in a press release today.
  • Canoo stock is currently down well over 50% versus its YTD high.

Follow Invezz on Telegram, Twitter, and Google News for instant updates >

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

Are you looking for signals & alerts from pro-traders? Sign-up to Invezz Signals™ for FREE. Takes 2 mins.

Canoo reiterates guidance for 2024

Copy link to section

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:

We continue to execute on our strategy of acquiring deeply discounted long-lead time assets as we prepare for step level manufacturing.

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

Copy link to section

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:

We are proud that our LDV190 vehicles have been delivered to the USPS South Atlanta Sorting and Delivery Center and are already delivering mail.

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.

Ad

Want easy-to-follow crypto, forex & stock trading signals? Make trading simple by copying our team of pro-traders. Consistent results. Sign-up today at Invezz Signals™.

0/10
Learn more
USA Earnings Reports Electric Vehicle (EV) Manufacturing Stock Market Tech