Canoo Inc. ( (GOEV) ) has released its Q3 earnings. Here is a breakdown of the information Canoo Inc. presented to its investors.
Pick the best stocks and maximize your portfolio:
- Discover top-rated stocks from highly ranked analysts with Analyst Top Stocks!
- Easily identify outperforming stocks and invest smarter with Top Smart Score Stocks
Canoo Inc., a high-tech advanced mobility company, specializes in manufacturing innovative electric cargo vehicles for commercial, government, and fleet customers globally, leveraging a unique modular platform and steer-by-wire technology.
In its third-quarter 2024 financial report, Canoo Inc. reported a modest revenue of $0.9 million, marking a year-to-date total of $1.5 million. The company also highlighted an improvement in its adjusted EBITDA by 2% compared to the same period in 2023.
Key financial highlights for Canoo include a significant reduction in cash outflow by 58.6% compared to Q3 2023, with a quarterly figure of $31.3 million. The firm also achieved a 67% improvement in adjusted net loss per share, which now stands at $(0.54), reflecting enhanced financial management despite ongoing operational challenges.
Strategically, Canoo is consolidating its operations by relocating its headquarters from California to Texas and Oklahoma, anticipating annual savings of $12 million to $14 million. The company is also expanding its presence in the UK, launching commercial operations and securing regulatory approvals.
Looking ahead, Canoo remains focused on cost reduction and operational consolidation, aiming to stabilize its financial footing and accelerate its manufacturing plans. The company projects a cash outflow of $30 million to $40 million and an adjusted EBITDA loss of $(30) million to $(35) million in the fourth quarter of 2024.
