Canoo trimmed its loss by 57% in Q2

August 15, 2023 07:43 AM AEST | By Invezz

Canoo trimmed its loss by 57% in Q2 — Image source: Invezz

Notable figures in Canoo Q2 earnings release

Lost $70.9 million versus the year-ago $164.4 million
Per-share loss also narrowed from 68 cents to 14 cents
Adjusted loss per share came in at 14 cents as well
Ended the second quarter of 2023 with no revenue

The EV company is now left with $5.0 million in cash and equivalents. Tony Aquila – its Chief Executive said today in the press release:

Our facilities are nearing substantial completion as we’ve achieved a 20,000 unit run rate for our battery module line in Pryor and robotics and assembly line in Oklahoma City for our MPP1 platform.

Canoo shares are down over 60% for the year at writing.

Canoo Inc issues guidance for the second half

Also on Monday, Canoo launched the LDV 190 – a new lifestyle delivery vehicle to expand its footprint in Class 2 battery-powered cargo vans. CEO Aquila also said today:

We entered the revenue and income generation phase with the advancement of our contract with the Department of Defence, and we delivered vehicles to NASA.

For the back half of the current year, the electric vehicles company now forecasts up to $140 million in adjusted EBITDA and $70 million to $100 million of capital expenditures.

Canoo was recently fined $1.5 million by the U.S. Securities & Exchange Commission – a matter it says is now settled. Wall Street currently has a consensus “overweight rating on the EV stock.

The post Canoo trimmed its loss by 57% in Q2 appeared first on Invezz.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.