Summary by Futu AI
On August 14, 2024, Canoo Inc., a high-tech advanced mobility company, reported its financial results for the second quarter ended June 30, 2024. The company announced a quarterly revenue of $605K and an Adjusted EBITDA loss of $(38.6) million, which is a 38% improvement compared to Q2 2023. The Adjusted Net Loss Per Share was $(0.61), marking a 46% improvement from Q1 2024. Canoo also highlighted a 33% reduction in Operating Expenses versus Q1 2024 and a 49% reduction in total quarterly cash outflow compared to Q2 2023. The company is relocating its headquarters from California to Texas and continuing its migration to facilities in Oklahoma City and Pryor, OK. Canoo successfully concluded a pilot with Red Sea Global in extreme conditions and is advancing customer acquisition of large commercial fleets in the US, UK, and Middle-East. The company received 50 containers of Arrival UK assets and had its Oklahoma City facility approved for Foreign Trade Zone activation. Canoo reaffirmed its cash flow guidance for 2024 and expects its Adjusted EBITDA to be between $(120) million to $(140) million for the second half of the year.
