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Canoo Inc. (NASDAQ:GOEV) said Q3 highlights included crossing above 10,000 industrial and commercial-use miles in pilot and customer delivery testing and landing an EPA permit for the Oklahoma City facility.
Revenue for the quarter was $519K. Adjusted EBITDA was -$40.4M vs. -$80.8M a year ago. Adjusted EPS was -$0.07 vs. -$0.31 a year ago and -$0.13 consensus.
Canoo (GOEV) CEO Tony Aquila said the company is now in the manufacturing and revenue-generation phase of its evolution. “The bets we have made around the redesign and functionality of our platform are beginning to play out successfully at multiple levels,” he added. GOEV continues to move toward its goal of achieving 20,000 annual unit capacity.
The electric vehicle maker ended the quarter with cash position of $8.3M. Canoo (GOEV) noted that after accounting for the preferred stock and warrant subscription agreement for a total of $45.0M, the cash balance would have been $53.3M on September 30.
Looking ahead, Canoo (GOEV) now expects second-half adjusted EBITDA of -$85M to -$105M and capital expenditures of $30M to $40M.
Shares of Canoo (GOEV) were down 1.11% in the postmarket session after gaining 6.85% during the regular session. The EV stock is down more than 75% on a year-to-date basis.