On April 1, 2024, Canoo Inc., a high-tech advanced mobility company, released its financial results for the fiscal year ended December 31, 2023. The company reported a 45% improvement in annual Adjusted EBITDA, reducing losses from $408.6 million in 2022 to $224.4 million in 2023. Capital expenditures saw a 40% reduction compared to the second-half guidance of 2023. Canoo also announced the start of commercial fleet customer deliveries and the acquisition of advanced manufacturing assets, which are expected to reduce future capital expenditures by approximately 34%. The Oklahoma City manufacturing facility has been designated as a Foreign Trade Zone, which is anticipated to provide up to $70.0 million in vehicle cost savings and duty deferrals over 2024 and 2025. Additionally, Canoo appointed two new members to its Board of Directors. The company's...Show More

On April 1, 2024, Canoo Inc., a high-tech advanced mobility company, released its financial results for the fiscal year ended December 31, 2023. The company reported a 45% improvement in annual Adjusted EBITDA, reducing losses from $408.6 million in 2022 to $224.4 million in 2023. Capital expenditures saw a 40% reduction compared to the second-half guidance of 2023. Canoo also announced the start of commercial fleet customer deliveries and the acquisition of advanced manufacturing assets, which are expected to reduce future capital expenditures by approximately 34%. The Oklahoma City manufacturing facility has been designated as a Foreign Trade Zone, which is anticipated to provide up to $70.0 million in vehicle cost savings and duty deferrals over 2024 and 2025. Additionally, Canoo appointed two new members to its Board of Directors. The company's financial highlights for the fourth quarter and fiscal year 2023 include a GAAP net loss of $29.0 million and $302.6 million, respectively, which is an improvement from the previous year's losses. Canoo's cash outflow is projected to be between $45 million to $75 million per quarter for 2024, with annual revenue expected to be between $50 million to $100 million. The company's conference call to discuss these results was scheduled for April 1, 2024, at 5:00 PM ET.