On May 14, 2024, Canoo Inc., a high-tech advanced mobility company, released its financial results for the first quarter of 2024. The company reported a quarterly Adjusted EBITDA of $(48.3) million, marking a 28.0% improvement from Q1 2023, and an Adjusted Net Loss Per Share of $(1.13), a 34.6% improvement from Q4 2023. Canoo highlighted its strategic acquisitions of discounted long-lead time assets, which are expected to reduce future capital expenditures by approximately $50 million in 2024. The company also announced deliveries of right-hand drive LDV 190s to the US Postal Service and its entry into the Saudi Arabian market with commercial vehicle sales. Additionally, Canoo's LDV vehicles debuted in the UK market. The company appointed new board members, received non-dilutive incentives from Oklahoma, and its Oklahoma City manufacturing...Show More

On May 14, 2024, Canoo Inc., a high-tech advanced mobility company, released its financial results for the first quarter of 2024. The company reported a quarterly Adjusted EBITDA of $(48.3) million, marking a 28.0% improvement from Q1 2023, and an Adjusted Net Loss Per Share of $(1.13), a 34.6% improvement from Q4 2023. Canoo highlighted its strategic acquisitions of discounted long-lead time assets, which are expected to reduce future capital expenditures by approximately $50 million in 2024. The company also announced deliveries of right-hand drive LDV 190s to the US Postal Service and its entry into the Saudi Arabian market with commercial vehicle sales. Additionally, Canoo's LDV vehicles debuted in the UK market. The company appointed new board members, received non-dilutive incentives from Oklahoma, and its Oklahoma City manufacturing facility was designated as a Foreign Trade Zone, projecting up to $70.0 million in vehicle cost savings and duty deferrals for 2024 and 2025. Canoo's cash and cash equivalents stood at $18.2 million as of March 31, 2024. The GAAP net loss for Q1 2024 was $(110.7) million, compared to $(90.7) million for Q1 2023. The company's business outlook for 2024 remains unchanged, and a conference call was held on May 14, 2024, to discuss the results.