Canoo achieved quarterly revenue of $605K and improved Adjusted EBITDA by 38% YoY to $(38.6) million in Q2 2024. Operating expenses decreased by 33% QoQ to $20.7 million, while total quarterly cash outflow reduced by 49% YoY to $39 million. The company's Adjusted Net Loss Per Share improved to $(0.61), a 46% reduction from Q1 2024.The company made significant operational progress, successfully concluding pilots with Red Sea Global and advancing customer acquisition of large commercial fleets in the US, UK, and Middle East. Notable developments include deliveries to US Postal Service, entering the Saudi Arabian market through commercial vehicle sales to Jazeera Paints, and completing initial milestones with the Defense Innovation Unit.As of June 30, 2024, Canoo had cash and restricted cash of $19.1 million, which would have been $33.2 million including July 2024 PPA proceeds of $14.1 million. The company reaffirmed its cash flow guidance and expects Adjusted EBITDA between $(120) million to $(140) million for H2 2024.

Canoo achieved quarterly revenue of $605K and improved Adjusted EBITDA by 38% YoY to $(38.6) million in Q2 2024. Operating expenses decreased by 33% QoQ to $20.7 million, while total quarterly cash outflow reduced by 49% YoY to $39 million. The company's Adjusted Net Loss Per Share improved to $(0.61), a 46% reduction from Q1 2024.The company made significant operational progress, successfully concluding pilots with Red Sea Global and advancing customer acquisition of large commercial fleets in the US, UK, and Middle East. Notable developments include deliveries to US Postal Service, entering the Saudi Arabian market through commercial vehicle sales to Jazeera Paints, and completing initial milestones with the Defense Innovation Unit.As of June 30, 2024, Canoo had cash and restricted cash of $19.1 million, which would have been $33.2 million including July 2024 PPA proceeds of $14.1 million. The company reaffirmed its cash flow guidance and expects Adjusted EBITDA between $(120) million to $(140) million for H2 2024.