FTZ activation insulates Canoo from import tariffs and allows for deferments and exemptions as the company expands its global presence The approval of Canoo's FTZ allows other vendors and partners to relocate into Canoo's user-driven site thereby broadening the benefits to Canoo and its partners Effective immediately providing a 5% reduction in BOM costs for imported parts significantly improving margins JUSTIN, Texas, Sept. 19, 2024 (GLOBE NEWSWIRE) -- Canoo Inc. (NASDAQ: GOEV), a high-tech advanced mobili ...

Canoo Inc. (GOEV) closed the latest trading day at $1.05, indicating a +0.96% change from the previous session's end. The stock exceeded the S&P 500, which registered a loss of 0.29% for the day. Meanwhile, the Dow experienced a drop of 0.25%, and the technology-dominated Nasdaq saw a decrease of 0.31%. Heading into today, shares of the company had lost 24.64% over the past month, lagging the Auto-Tires-Trucks sector's gain of 2.42% and the S&P 500's gain of 1.57% in that time. Analysts and investors alike ...

Core Insights - Canoo Inc. is relocating its engineering workforce to Oklahoma and its corporate headquarters to northern Texas to enhance operational efficiencies and collaboration [1][3][4] Company Relocation - Approximately 137 engineering positions will move from California to Oklahoma and Texas, with most roles based in Oklahoma [2] - The relocation aims to co-locate engineering and manufacturing within a nearly 500,000 square foot facility in Oklahoma City [3] Hiring and Expansion - Canoo is actively hiring for numerous positions in Texas and Oklahoma City, with plans to expand to approximately 150 open positions soon [4] - The company has been operating vehicles for clients such as USPS, NASA, and the U.S. Army [4] Company Overview - Founded in 2017, Canoo specializes in manufacturing electric cargo vehicles for commercial, government, and fleet customers globally [5] - The company utilizes a common modular platform with steer-by-wire technology and customizable designs to maximize vehicle interior space [5]

Core Insights - Canoo's chief technology officer Sohel Merchant has left the company, leaving only one founding team member remaining [1] - The company is undergoing a significant reorganization, closing its Los Angeles headquarters and relocating employees to Texas or Oklahoma [2] - Canoo has been in a state of transformation since going public in late 2020, shifting its focus from selling electric vans to targeting the commercial EV market [3] Company Developments - CEO Tony Aquila announced plans to move the headquarters to Bentonville, Arkansas, to attract Walmart as a customer, but this move has not materialized [4] - Although Walmart signed a deal with Canoo in 2022, it was a low-risk arrangement, and Canoo has not delivered significant vehicle volumes under this agreement [5] - Canoo is currently testing vehicles for various government agencies but is facing financial challenges, reporting only $19.1 million in cash as of June 30 [5] Leadership Changes - The company has seen a steady loss of its founding team, with key figures such as co-founder and former CEO Stefan Krause and chief designer Richard Kim leaving in recent years [6]

Core Viewpoint - Canoo Inc. is actively engaging with investors through a series of upcoming conferences, showcasing its commitment to transparency and investor relations [1]. Group 1: Upcoming Investor Conferences - Canoo Inc. will participate in the Emerging Growth Conference on August 22, 2024, with CFO Greg Ethridge scheduled to speak at 2:20 p.m. EST [1]. - The company will also attend the HC Wainwright Global Investment Conference in New York City from September 9 to September 11, 2024 [1]. - Additional conferences include the LD Micro Main Event in Los Angeles from October 28 to October 30, 2024, and the Benchmark Discovery Conference in New York City on December 11, 2024 [1]. - Canoo will host one-on-one investor meetings at HC Wainwright, LD Micro, Benchmark Discovery Conference, and ROTH Deer Valley Conference, which runs from December 11 to December 14, 2024 [1]. Group 2: Company Overview - Canoo Inc. aims to make electric vehicles (EVs) accessible to everyone, focusing on innovative technologies and a unique business model that accommodates multiple ownership throughout the vehicle lifecycle [3]. - The company has developed a modular electric platform designed to optimize interior space and is customizable for various applications, catering to both business and consumer needs [3]. - Canoo operates teams across several states, including California, Texas, Oklahoma, and Michigan, indicating a broad operational footprint [3].

Financial Data and Key Metrics Changes - The company reported record revenue of $605,000 for Q2 2024, marking the largest revenue quarter to date [4] - Cash outflow was approximately 50% lower than Q2 2023, with cash, cash equivalents, and restricted cash ending at $19.1 million [4][18] - Research and development expenses decreased by 56% to $16.8 million compared to $38.6 million in Q2 2023 [16] - SG&A expenses, excluding stock-based compensation, totaled $20 million, a 16% reduction from the prior year [16] - Adjusted EBITDA improved by 38% from negative $62.3 million in Q2 2023 to negative $38.6 million in Q2 2024 [17] Business Line Data and Key Metrics Changes - Revenue was derived from USPS deliveries and the Defense Innovation Unit contract, indicating a focus on government and military contracts [16] - The company is finalizing build specifications and configurations with significant fleet customers, which will inform production and allocation schedules for 2025 and 2026 [4][6] Market Data and Key Metrics Changes - The company is targeting large fleet customers in the UK, with positive initial feedback on its LDV 130 and LDV 190 vehicles [9] - The company engaged with eight of the fifteen largest fleets in the UK during commercial fleet shows [9] Company Strategy and Development Direction - The company is focused on vertical integration and has received advanced manufacturing assets to enhance production capabilities [6] - The strategy includes a strong emphasis on customer engagement and refining specifications to align with customer needs [7][9] - The company aims to build a sustainable business model by focusing on high-volume, multiyear buyers [39] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's long-term strategy despite a challenging macro environment [12] - The company anticipates continued progress in capital raising efforts while minimizing shareholder dilution [14] - Future projections indicate an adjusted EBITDA range of negative $120 million to negative $140 million for the second half of 2024 [19] Other Important Information - The company successfully deployed its first OTA updates to enhance vehicle functionality [5] - The company was added to the Russell Indexes, which is expected to attract institutional investors [14] Q&A Session Summary Question: Will the capital raise strategy remain consistent in the coming quarters? - Management confirmed that the focus will be on raising incremental capital based on milestones and key events to manage burn rate effectively [21][22] Question: How has order flow and demand changed over the past six months? - Management noted that conversations with customers have progressed, particularly in aligning specifications for fleet and government contracts [23][24] Question: What is the current status of the supply chain and supplier relationships? - Management acknowledged the need to harmonize with suppliers after changing the company's direction and emphasized the importance of aligning production with high-volume customer specifications [27][29] Question: What are the anticipated milestones for production and customer commitments? - Management indicated that customers will begin to announce their commitments, with expectations for some announcements in the upcoming quarter [40] Question: How is the relationship with Walmart progressing? - Management highlighted the importance of long-term relationships and the need for real testing before formal commitments, indicating a positive alignment with Walmart's long-term view [42][43]

Canoo Inc. (GOEV) came out with a quarterly loss of $0.61 per share versus the Zacks Consensus Estimate of a loss of $0.77. This compares to loss of $3.22 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 20.78%. A quarter ago, it was expected that this company would post a loss of $0.97 per share when it actually produced a loss of $1.13, delivering a surprise of -16.49%. Over the last four quarters, the company has surpassed ...

Quarterly revenue record of $605K Quarterly Adjusted EBITDA was $(38.6) million, an improvement of 38% versus Q2 2023, and an improvement of 20% versus Q1 2024 Adjusted Net Loss Per Share was $(0.61), a 46% improvement from $(1.13) per share in Q1 2024 33% or $20.7 million reduction in Operating Expenses versus Q1 2024 Reduced total quarterly cash outflow by $39 million or 49% in Q2 2024 versus Q2 2023 Relocating headquarters from California to Texas and continued migration to our Oklahoma City and Pryor, O ...

Company Performance - Canoo Inc. (GOEV) closed at $1.68, reflecting a +0.6% change from the previous day, outperforming the S&P 500's loss of 0.77% [1] - The stock has experienced a significant decline of 31.56% over the past month, compared to the Auto-Tires-Trucks sector's loss of 16.52% and the S&P 500's loss of 5.85% [1] Upcoming Earnings - The earnings report for Canoo Inc. is scheduled for August 14, 2024, with an expected EPS of -$0.77, indicating a 76.09% increase from the same quarter last year [2] - For the annual period, the Zacks Consensus Estimates predict an EPS of -$4.10 and revenue of $68.65 million, representing increases of +57.86% and +7648.73% respectively from the previous year [2] Analyst Estimates - Recent adjustments to analyst estimates for Canoo Inc. are noteworthy, as they reflect current business trends and analysts' confidence in the company's performance [3] - The Zacks Rank system, which evaluates these estimate changes, indicates that Canoo Inc. currently holds a Zacks Rank of 3 (Hold) [5] Industry Context - The Automotive - Domestic industry, which includes Canoo Inc., ranks in the bottom 17% of all industries according to the Zacks Industry Rank, which measures the average Zacks Rank of individual stocks within the group [6] - The top 50% rated industries are shown to outperform the bottom half by a factor of 2 to 1 [6]

Canoo Inc. (GOEV) is scheduled to release second-quarter 2024 results on Aug 14, after the closing bell. The Zacks Consensus Estimate for the to-be-reported quarter's loss per share and revenues is pegged at 77 cents and $1.99 million, respectively. The consensus mark for Canoo's second-quarter loss per share has remained unchanged in the past 90 days. The electric vehicle (EV) maker's bottom-line estimates imply growth of 76.09% from the year-ago quarter's reported figure. In the last reported quarter, it ...