On November 13, 2024, Canoo Inc., a Delaware-incorporated electric vehicle company, released its financial results for the third quarter ending September 30, 2024. The company reported a quarterly revenue of $0.9 million and a year-to-date revenue of $1.50 million. Despite a quarterly Adjusted EBITDA loss of $(37.7) million, this represented a 2% improvement compared to the third quarter of 2023. The Adjusted Net Loss Per Share improved significantly by 67% to $(0.54) from $(1.71) in the same quarter of the previous year. Canoo also reduced its quarterly cash outflow by 20.7% from the second quarter of 2024 and by 58.6% from the third quarter of 2023. The company is undergoing a consolidation of operations, moving from California to Texas and Oklahoma, which is expected to save approximately $12 million to $14 million annually. Canoo's...Show More

On November 13, 2024, Canoo Inc., a Delaware-incorporated electric vehicle company, released its financial results for the third quarter ending September 30, 2024. The company reported a quarterly revenue of $0.9 million and a year-to-date revenue of $1.50 million. Despite a quarterly Adjusted EBITDA loss of $(37.7) million, this represented a 2% improvement compared to the third quarter of 2023. The Adjusted Net Loss Per Share improved significantly by 67% to $(0.54) from $(1.71) in the same quarter of the previous year. Canoo also reduced its quarterly cash outflow by 20.7% from the second quarter of 2024 and by 58.6% from the third quarter of 2023. The company is undergoing a consolidation of operations, moving from California to Texas and Oklahoma, which is expected to save approximately $12 million to $14 million annually. Canoo's CEO, Tony Aquila, emphasized the importance of reducing costs and consolidating operations to meet their manufacturing plan. The company's realignment includes reducing facilities from six to three and relocating its headquarters to Texas. Canoo also activated its Oklahoma City facility and expanded into the UK market. As of September 30, 2024, Canoo had $16 million in cash and cash equivalents. The company provided guidance for the fourth quarter of 2024, projecting a cash outflow of $30 million to $40 million and an Adjusted EBITDA loss of $(30) million to $(35) million. A conference call was held on the same day to discuss the results.