JUSTIN, Texas, Dec. 18, 2024 (GLOBE NEWSWIRE) -- Canoo Inc. (Nasdaq: GOEV), a high-tech advanced mobility company today announced the company has furloughed 82 employees, both salaried and hourly, and idling its factories in Oklahoma while it works to finalize securing the capital necessary to move forward with its operations. The company is in advanced discussions with various capital sources. Canoo said, “We regret having to furlough our employees, especially during the holidays, but we have no choice at ...

JUSTIN, Texas and LONDON, Nov. 18, 2024 (GLOBE NEWSWIRE) -- Canoo Inc. (Nasdaq: GOEV), a high-tech advanced mobility company, today announced a new service, maintenance, and repair (SMR) agreement with Northside Truck & Van Ltd. (“Northside”), a premier automotive service provider in the United Kingdom. With a current aftersales portfolio of over 280 garages in the country, Northside will provide support and maintenance of Canoo’s light commercial vehicles (LCVs) for commercial fleet and government customer ...

Financial Performance - Canoo Inc. reported revenue of $891,000 for the three months ended September 30, 2024, compared to $519,000 for the same period in 2023, representing a 71.7% increase[18]. - The gross margin for the three months ended September 30, 2024, was $721,000, a significant improvement from a gross loss of $384,000 in the same period last year[18]. - Total operating expenses for the three months ended September 30, 2024, were $59,913,000, compared to $48,385,000 for the same period in 2023, reflecting an increase of 23.7%[18]. - Research and development expenses for the three months ended September 30, 2024, were $17,502,000, down from $21,965,000 in the same period last year, a decrease of 20.9%[18]. - Canoo Inc. reported a net loss of $3,258,000 for the three months ended September 30, 2024, compared to a net loss of $111,974,000 for the same period in 2023, indicating a significant reduction in losses[18]. - The net loss for the nine months ended September 30, 2023, was $273,576 thousand, compared to a net loss of $112,389 thousand for the same period in 2024[27]. - The company incurred negative cash flows from operating activities of $109.9 million for the nine months ended September 30, 2024[35]. - The company expects to continue incurring net losses and negative cash flows in accordance with its operating plan[35]. Financial Position - The company’s cash and cash equivalents decreased to $1,533,000 as of September 30, 2024, down from $6,394,000 as of December 31, 2023[16]. - Total liabilities increased to $301,330,000 as of September 30, 2024, compared to $292,429,000 as of December 31, 2023, marking a rise of 3.1%[16]. - The accumulated deficit as of September 30, 2024, was $(1,594,233,000), compared to $(1,481,844,000) as of December 31, 2023, reflecting an increase in the deficit of 7.6%[16]. - The company’s total assets decreased to $523,289,000 as of September 30, 2024, from $542,005,000 as of December 31, 2023, a decline of 3.4%[16]. - As of September 30, 2024, the total stockholders' equity was $221,959,000, with a net loss of $110,687,000 for the nine months ended[21]. - The company has a working capital deficit, raising substantial doubt about its ability to continue as a going concern[39]. Capital Structure and Financing - The company is exploring raising additional capital through a combination of debt financing, non-dilutive financing, and/or equity financing[38]. - The company executed a 1-for-23 reverse stock split on March 8, 2024, affecting the number of shares outstanding but not the total authorized shares[34]. - The company raised $135,995 thousand from PPA transactions, net of issuance costs[27]. - The company entered into a securities purchase agreement with Yorkville for convertible debentures totaling $48.0 million, with a 6.0% discount applied[123]. - The company approved an amendment to increase the number of authorized shares of Common Stock from 1.0 billion to 2.0 billion shares[171]. Employee and Management Considerations - The company is highly dependent on key employees and senior management, and failure to attract and retain qualified personnel could harm its competitiveness[7]. - The company reported stock-based compensation expenses totaling $10,954,000 for the nine months ended September 30, 2024[21]. - The company’s stock-based compensation expense is recognized over a service period of typically four years[54]. Market and Competitive Environment - The automotive market is highly competitive, and technological developments by competitors may adversely affect the demand for the company's EVs[11]. - The company faces significant barriers to manufacture and bring its electric vehicles (EVs) to market, which could negatively impact its business[9]. - Current adverse macroeconomic conditions, including inflation and supply chain challenges, could negatively impact the company's business[40]. Strategic Relationships and Risks - The company is subject to risks associated with strategic alliances or acquisitions, which may impact its ability to identify and form adequate relationships in the future[9]. - The company may not be able to obtain acceptable terms for government grants, loans, and other incentives, which could affect its financial stability[11]. Inventory and Assets - Inventory increased to $9.9 million as of September 30, 2024, from $6.2 million as of December 31, 2023, with no write-downs recorded during the current period[86]. - The company incurred depreciation expenses of $3.8 million and $10.6 million for the three and nine months ended September 30, 2024, respectively[89]. Legal and Regulatory Matters - The company is seeking to recover an estimated $61.1 million in profits from DD Global Holdings Ltd. due to violations of Section 16(b) of the Exchange Act[152]. - The company was named as a defendant in a lawsuit seeking compensatory damages in excess of $23.0 million related to a breach of a registration rights agreement[153]. Strategic Partnerships - Walmart agreed to purchase at least 4,500 EVs, with an option for an additional 5,500 EVs, under a five-year Electric Vehicle Fleet Purchase Agreement[200]. - A warrant was issued to Walmart to purchase 2.7 million shares of Common Stock at an exercise price of $49.45 per share, representing approximately 20.0% ownership on a fully diluted basis[201].

Canoo Inc. (GOEV) came out with a quarterly loss of $0.54 per share versus the Zacks Consensus Estimate of a loss of $0.90. This compares to loss of $1.61 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 40%. A quarter ago, it was expected that this company would post a loss of $0.77 per share when it actually produced a loss of $0.61, delivering a surprise of 20.78%.Over the last four quarters, the company has surpassed consen ...

CANOO INC. ANNOUNCES THIRD QUARTER 2024 RESULTS About Canoo Founded in 2017, Canoo Inc. (NASDAQ: GOEV) is an automotive tech company that manufactures electric cargo vehicles, built to deliver, for large commercial, government and fleet customers globally. The company has developed design-forward innovative electric vehicles with steer-by-wire technology on its common modular platform with end-to-end software plus power solutions. Canoo's platform is purpose-built to maximize the vehicle interior space and ...

Quarterly revenue of $0.9 million, and year-to-date revenue of $1.50 millionQuarterly Adjusted EBITDA was $(37.7) million, an improvement of 2% versus Q3 2023Adjusted Net Loss Per Share was $(0.54), a 67% improvement versus $(1.71) in Q3 2023 and comparable to $(0.61) per share in Q2 2024Quarterly cash outflow of $31.3 million in Q3 2024, compared to cash outflow of $39.4 million in Q2, 2024, a 20.7% reduction between Q3 and Q2 2024, and a 58.6% reduction from Q3 2023.Our consolidation of operations from Ca ...

Executive Departures - Canoo has lost its chief financial officer, Greg Ethridge, and general counsel, Hector Ruiz, as part of ongoing executive departures amid struggles for mass adoption of its electric work vans [1][2] - Ethridge has been replaced by Kunal Bhalla, who previously served as chief of staff to CEO Tony Aquila, with a base salary of $300,000 [2] - The company has also seen the departure of its last remaining co-founder and chief technology officer around the same time [3] Operational Changes - Canoo has furloughed 30 workers in Oklahoma for 12 weeks as part of a broader realignment of its North American operations [2] - The company closed its original headquarters in Los Angeles to prioritize operations in Texas and Oklahoma [3] Financial Struggles - As of June 30, 2024, Canoo reported approximately $19 million in total cash, with only $4.5 million being unrestricted [4] - In October, Canoo disclosed a loan of around $1.2 million from a fund connected to CEO Aquila at an 11% interest rate, followed by an additional borrowing of $2.7 million from the same fund [4] - Canoo has entered into a revolving credit facility with Aquila's fund [4] Legal Issues - Canoo is facing multiple lawsuits from suppliers alleging unpaid bills, including a recent lawsuit from Kistler Instrument Corporation seeking $56,000 in damages [5]

Canoo Inc. (GOEV) ended the recent trading session at $0.92, demonstrating a +0.57% swing from the preceding day's closing price. This move outpaced the S&P 500's daily gain of 0.27%. Elsewhere, the Dow saw an upswing of 0.65%, while the tech-heavy Nasdaq appreciated by 0.26%.Shares of the company have depreciated by 14.73% over the course of the past month, underperforming the Auto-Tires-Trucks sector's loss of 1.49% and the S&P 500's gain of 2%.Investors will be eagerly watching for the performance of Can ...

JUSTIN, Texas, Oct. 21, 2024 (GLOBE NEWSWIRE) -- Canoo Inc. (Nasdaq: GOEV), a high-tech advanced mobility company, today announced that it has received the IVA (Individual Vehicle Approval) regulatory certificates, meeting the national technical requirements for its Right-Hand Drive (RHD) electric commercial delivery vans in the United Kingdom. This marks a significant milestone for Canoo as the company prepares for pilot testing the RHD variants of its LDV 130 and LDV 190 electric commercial delivery vans ...

Canoo Inc. (GOEV) ended the recent trading session at $0.92, demonstrating a +1.53% swing from the preceding day's closing price. The stock outpaced the S&P 500's daily gain of 0.01%. Elsewhere, the Dow saw an upswing of 0.09%, while the tech-heavy Nasdaq appreciated by 0.08%. Heading into today, shares of the company had lost 41.72% over the past month, lagging the Auto-Tires-Trucks sector's gain of 8.09% and the S&P 500's gain of 1.21% in that time. The investment community will be paying close attention ...