Investors often turn to recommendations made by Wall Street analysts before making a Buy, Sell, or Hold decision about a stock. While media reports about rating changes by these brokerage-firm employed (or sellside) analysts often affect a stock's price, do they really matter? Let's take a look at what these Wall Street heavyweights have to say about Canoo Inc. (GOEV) before we discuss the reliability of brokerage recommendations and how to use them to your advantage. Canoo currently has an average brokerag ...

The most recent trading session ended with Canoo Inc. (GOEV) standing at $2.44, reflecting no shift from the previouse trading day's closing. The stock's performance was behind the S&P 500's daily gain of 1.02%. On the other hand, the Dow registered a gain of 1.09%, and the technology-centric Nasdaq increased by 1.18%. The investment community will be paying close attention to the earnings performance of Canoo Inc. in its upcoming release. On that day, Canoo Inc. is projected to report earnings of -$0.90 pe ...

FTSE Russell is a leading global provider of benchmarking, analytics, and data solutions for investors, giving them a precise view of the market relevant to their investment process. A comprehensive range of reliable and accurate indexes provides investors worldwide with the tools they require to measure and benchmark markets across asset classes, styles, or strategies. For more information, visit https://www.lseg.com/en/ftse-russell. Media Contact JUSTIN, Texas, July 01, 2024 (GLOBE NEWSWIRE) -- Canoo Inc. ...

JUSTIN, Texas, June 27, 2024 (GLOBE NEWSWIRE) -- Canoo Inc. (NASDAQ:GOEV), a high-tech advanced mobility company, today announced that the company has been honored by receiving several Red Dot Design Awards, including the coveted "Best of the Best" award, which is awarded to pioneering designs, in the Red Dot: Design Concept 2024 for its Lifestyle Delivery Vehicle 190 (LDV 190). Canoo received a nomination for the Red Dot: Luminary, the highest recognition awarded at the Red Dot Award: Design Concept for th ...

Canoo received 44 containers with 226 lots of advanced manufacturing assets including state-of-the-art robots along with a suite of comprehensive production infrastructure. These assets will streamline Canoo's production processes, leading to reduced lead times, enhanced production scalability, lower capital expenditures, and eventually lowering unit costs. Canoo Inc.'s (NASDAQ: GOEV) mission is to bring EVs to Everyone. The company has developed breakthrough electric vehicles that are reinventing the autom ...

JUSTIN, Texas, June 24, 2024 (GLOBE NEWSWIRE) -- Canoo Inc. (Nasdaq: GOEV), a high-tech advanced mobility company, today announced that it has received the first of two tranches of new or like-new advanced manufacturing assets, formerly owned by Arrival Automotive UK Limited, at its Foreign Trade Zone (FTZ) designated facility in Oklahoma City, OK. The received assets will bolster in-house processes and enable higher cabin line production volumes in 2025. The Oklahoma City Facility manufactures Canoo's elec ...

JUSTIN, Texas, June 03, 2024 (GLOBE NEWSWIRE) -- Canoo Inc. (Nasdaq: GOEV), a high-tech advanced mobility company, today announced that company leadership will participate in the following investor conferences in June: Stifel Cross Sector Insight Conference Boston, Massachusetts June 4 -5, 2024 CFO Greg Ethridge will participate in a fireside chat on June 4 at 4:10 p.m. ET. Sidoti Small Cap Conference Virtual June 12-13, 2024 CFO Greg Ethridge and Vice President of Capital Markets and Investor Relations Jon ...

The future of electric vehicles (EVs) is starting to sift out the winners and losers. That means you need to be careful when you choose companies in which to invest. That's particularly true when it comes to EV penny stocks. These are stocks that are trading for $5 or less. A low price isn't a disqualification by itself. However, EV transition is hitting a few speed bumps. Affordability and range anxiety remain primary concerns of prospective consumers. However, with so much investment already having been s ...

Part I - Financial Information [Item 1. Financial Statements (Unaudited)](index=6&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) The company's unaudited statements show no revenue, a net loss of $110.7 million, and substantial doubt about its ability to continue as a going concern - The company effected a **1-for-23 reverse stock split** of its Common Stock on March 8, 2024[45](index=45&type=chunk) - Management has identified **substantial doubt about the Company's ability to continue as a going concern** for the next twelve months[47](index=47&type=chunk)[49](index=49&type=chunk) [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The balance sheet reflects a significant increase in total liabilities to $360.4 million and a corresponding decrease in stockholders' equity to $184.3 million Condensed Consolidated Balance Sheets (in thousands) | | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $3,656 | $6,394 | | Total current assets | $32,393 | $32,551 | | Total assets | $544,676 | $542,005 | | **Liabilities and Stockholders' Equity** | | | | Total current liabilities | $201,222 | $184,447 | | Total liabilities | $360,414 | $292,429 | | Total stockholders' equity | $184,262 | $249,576 | | Total liabilities, preferred stock and stockholders' equity | $544,676 | $542,005 | [Condensed Consolidated Statements of Operations](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) The company reported zero revenue and an increased net loss of $110.7 million for Q1 2024, driven by non-operating expenses Condensed Consolidated Statements of Operations (in thousands) | | Three months ended March 31, 2024 | Three months ended March 31, 2023 | | :--- | :--- | :--- | | Revenue | $— | $— | | Total operating expenses | $62,648 | $81,528 | | Loss from operations | $(62,648) | $(81,528) | | Net loss | $(110,687) | $(90,732) | | Net loss per share, basic and diluted | $(2.20) | $(4.99) | [Condensed Consolidated Statements of Stockholders' Equity](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders'%20Equity) Stockholders' equity declined to $184.3 million, primarily due to the quarterly net loss of $110.7 million - The company issued **21,935 thousand shares** under the PPA and **4,672 thousand shares** under Convertible Debentures during the three months ended March 31, 2024[29](index=29&type=chunk) - The **net loss of $110.7 million** was the primary driver for the reduction in total stockholders' equity during the quarter[29](index=29&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from financing activities of $49.8 million funded operating and investing cash outflows, resulting in a $2.7 million decrease in total cash Condensed Consolidated Statements of Cash Flows (in thousands) | | Three months ended March 31, 2024 | Three months ended March 31, 2023 | | :--- | :--- | :--- | | Net cash used in operating activities | $(47,519) | $(67,216) | | Net cash used in investing activities | $(4,923) | $(18,435) | | Net cash provided by financing activities | $49,785 | $56,076 | | Net decrease in cash, cash equivalents, and restricted cash | $(2,657) | $(29,575) | | Cash, cash equivalents, and restricted cash, end of period | $18,242 | $21,040 | [Notes to Condensed Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail significant accounting policies, financing agreements, legal proceedings, and the company's 'going concern' warning - The company is heavily reliant on financing from Yorkville through a Pre-Paid Advance Agreement (PPA) and convertible debentures, with a principal balance of **$45.0 million** outstanding[86](index=86&type=chunk)[98](index=98&type=chunk) - The company is a defendant in several legal proceedings, which are not currently considered material to its business[126](index=126&type=chunk)[128](index=128&type=chunk)[130](index=130&type=chunk) - New equity awards for the CEO resulted in an incremental stock-based compensation expense of **$3.7 million** in Q1 2024[149](index=149&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=37&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management highlights the need for substantial additional capital and expresses doubt about the company's ability to continue as a going concern - Canoo positions itself as a technology equipment manufacturer focused on commercial, government, and military customers[203](index=203&type=chunk)[207](index=207&type=chunk) - Management states that existing cash resources are not sufficient to support planned operations for the next 12 months, creating **substantial doubt about its going concern status**[216](index=216&type=chunk)[259](index=259&type=chunk) Results of Operations Comparison (in thousands) | | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Research and development expenses | $26,390 | $47,104 | $(20,714) | (44)% | | Selling, general and administrative expenses | $32,868 | $29,849 | $3,019 | 10% | | Loss from operations | $(62,648) | $(81,528) | $18,880 | (23)% | | Net loss | $(110,687) | $(90,732) | $(19,955) | 22% | - The decrease in R&D expenses by **$20.7 million (44%)** was primarily due to reduced spending as the company shifted focus to low-volume production initiatives[234](index=234&type=chunk)[235](index=235&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=46&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company's exposure to market risks, including interest rate and inflation risks, is not considered material at its current early stage - Interest rate risk is limited to the company's **$3.7 million in cash and cash equivalents** and is not considered material[268](index=268&type=chunk) - Inflation has not had a material effect, but future increases in material costs could adversely affect operations[268](index=268&type=chunk) [Item 4. Controls and Procedures](index=47&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of the end of the first quarter 2024 - Based on their evaluation, the CEO and CFO concluded that the company's disclosure controls and procedures were **effective as of March 31, 2024**[271](index=271&type=chunk) - There were **no material changes** to the company's internal control over financial reporting during the first quarter of 2024[272](index=272&type=chunk) Part II - Other Information [Item 1. Legal Proceedings](index=48&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to Note 11 of the financial statements for details on pending legal proceedings, which are not deemed material - For a description of material pending legal proceedings, the report directs readers to **Note 11** in the financial statements[275](index=275&type=chunk) [Item 1A. Risk Factors](index=48&type=section&id=Item%201A.%20Risk%20Factors) The company reports no material changes to the risk factors previously disclosed in its 2023 Annual Report on Form 10-K - There have been **no material changes** to the company's risk factors as disclosed in the most recent Annual Report on Form 10-K[276](index=276&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=48&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company issued 94,673 shares of common stock to consultants during Q1 2024 through unregistered private placements - In Q1 2024, the company issued **94,673 shares of Common Stock** to consultants through unregistered sales exempt from registration[277](index=277&type=chunk) [Item 3. Defaults Upon Senior Securities](index=48&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon senior securities during the reporting period - None[279](index=279&type=chunk) [Item 4. Mine Safety Disclosures](index=48&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This section is not applicable to the company's operations - Not applicable[280](index=280&type=chunk) [Item 5. Other Information](index=48&type=section&id=Item%205.%20Other%20Information) No directors or officers adopted, modified, or terminated any Rule 10b5-1 trading arrangements during the first quarter - No director or officer made changes to any **Rule 10b5-1 trading arrangements** during the quarter[281](index=281&type=chunk) [Item 6. Exhibits](index=48&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including financing agreements and officer certifications - The report includes numerous exhibits, such as supplemental agreements with YA II PN, Ltd, warrant cancellation agreements, and certifications by the CEO and CFO[282](index=282&type=chunk)[283](index=283&type=chunk)

"EBITDA" is defined as net loss before interest expense, income tax expense or benefit, and depreciation and amortization. "Adjusted EBITDA" is defined as EBITDA adjusted for stock-based compensation, restructuring charges, asset impairments, and other costs associated with exit and disposal activities, acquisition and related costs, changes to the fair value of contingent earnout shares liability, changes to the fair value of warrant and derivative liability, changes to the fair value of convertible debt, ...