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Canoo Q3 Results Show Narrowed Losses, More Cash on Hand

2 min read

Electric-vehicle maker Canoo Inc. of Torrence, California, on Tuesday reported a third-quarter loss of $112 million, an improvement from the $117 million loss the company reported in the same quarter last year.

The company (Nasdaq: GOEV), which has said it plans to move its headquarters and some production to northwest Arkansas, said that as of Sept. 30, 2023, it had $8.3 million in cash and cash equivalents, up from the $5 million in reported for the second quarter of this year. The company said that it has “crossed above 10,000 industrial and commercial-use miles in pilot and customer delivery testing.”

It also said that environmental permits had been approved for its manufacturing facility in Oklahoma City, and that it has begun hiring employees there. Canoo expects up to 25% of the company’s workforce to be based in Oklahoma by the end of 2024, it said in a news release.

“We are now in our manufacturing and revenue-generation phase, while we still have things left to prove,” Chairman and CEO Tony Aquila said in a statement. “We have worked nearly three years to get to this point. The bets we have made around the redesign and functionality of our platform are beginning to play out successfully at multiple levels.”

Canoo posted quarterly adjusted earnings before interest, taxes, depreciation and amortization of -$40.4 million compared to -$80.8 million in the same quarter last year.

For the second half of its fiscal year, the company expects adjusted EBITDA of -$85 million to -$105 million and capital expenditures of $30 million to $40 million.

In October, the company announced that it had received a $45 million investment from an unnamed “foreign strategic institutional investor” that would be completed via the purchase of convertible preferred stock.

Canoo has contracts with Walmart Inc. of Bentonville, NASA and the Department of Defense.

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