Canoo Inc. reported Q3 2024 financial results with revenue increasing 72% year-over-year to $0.9 million, while posting a net income of $3.3 million compared to a net loss of $112 million in Q3 2023. The company achieved a positive gross margin of $0.7 million in Q3. Operating expenses rose 24% to $59.9 million, including $16.1 million in reorganization costs related to the Torrance facility closure.The company's cash position remained critical with only $1.5 million in cash and cash equivalents as of September 30, 2024. Management secured a new $12 million revolving credit facility in November 2024 but indicated substantial doubt about the company's ability to continue as a going concern. Operating cash burn improved to $109.9 million for the nine months, compared to $191.4 million in the prior year period.Looking ahead, Canoo continues to...Show More

Canoo Inc. reported Q3 2024 financial results with revenue increasing 72% year-over-year to $0.9 million, while posting a net income of $3.3 million compared to a net loss of $112 million in Q3 2023. The company achieved a positive gross margin of $0.7 million in Q3. Operating expenses rose 24% to $59.9 million, including $16.1 million in reorganization costs related to the Torrance facility closure.The company's cash position remained critical with only $1.5 million in cash and cash equivalents as of September 30, 2024. Management secured a new $12 million revolving credit facility in November 2024 but indicated substantial doubt about the company's ability to continue as a going concern. Operating cash burn improved to $109.9 million for the nine months, compared to $191.4 million in the prior year period.Looking ahead, Canoo continues to focus on commercializing its electric vehicles while implementing cost reduction initiatives. The company announced a temporary 23% workforce reduction at its Oklahoma City facility and is seeking additional capital through debt and equity financing to fund operations through 2024. Management emphasized the need to raise substantial additional capital to sustain operations and meet near-term obligations.