Alvie
3 days ago
Canoo Inc. Announces First Quarter 2024 Results
GLOBENEWSWIRE
7 mins ago
Quarterly Adjusted EBITDA was $(48.3) million, an improvement of 28.0% (or $18.8 million) versus Q1 2023 and an improvement of 11.5% (or $6.3 million) versus Q4 2023
Adjusted Net Loss Per Share was $(1.13) per share, a 34.6% Improvement from $(1.73) per share in Q4 2023
Increased Purchases of Long Lead Time New and Like New Equipment at Large Discounts by Six Times in Q1 2024 versus Q4 2023; Reduces Future Capital Expenditures by Approximately $50 million in 2024
Active Discussions on Additional Purchases of Deeply Discounted Equipment
Deliveries to US Postal Service of Right-Hand Drive LDV 190s; On the Road Delivering Mail
Enters $30 Billion TAM Saudi Arabia Market with Commercial Vehicle Sales
Debut of LDV’s in the UK Market Introducing Products to Customers Representing Over One Million Units
Received Great British Fleet Award™
JUSTIN, Texas, May 14, 2024 (GLOBE NEWSWIRE) -- Canoo Inc. (GOEV.NaE) , a high-tech advanced mobility company, today announced its financial results for the first quarter of 2024.
“We are proud that our LDV190 vehicles have been delivered to the USPS South Atlanta Sorting and Delivery Center and are already delivering mail. These vehicles speak to the differentiation of our model where we deliver unique customized configurations to meet the needs of our large fleet customers and their associates,” said Tony Aquila, Investor, Executive Chairman and CEO of Canoo. “We continue to execute on our strategy of acquiring deeply discounted long-lead time assets as we prepare for step level manufacturing.”
First Quarter Business Updates:
Appointed Former NASA Chief Technology Officer Deborah Diaz and Veteran EV Transportation Leader James Chen to Board of Directors
Received Non-Dilutive Incentives from Oklahoma After Successfully Completing First Hiring Milestone
Oklahoma City Manufacturing Facility Designated as Foreign Trade Zone (“FTZ”) Opening International Expansion and Delivers up to $70.0 million in Estimated Vehicle Cost Savings and Duty Deferrals in 2024 and 2025
Entered Phase 3 of the Contract with Defense Innovation Unit, a Division of the U.S. Department of Defense Supporting the Government’s Advanced Energy Systems Research Needs
First Quarter Financial Highlights:
As of March 31, 2024, we had cash, cash equivalents and restricted cash of $18.2 million. After giving effect to the Series C Preferred Stock Purchase Agreement for a total of $16.5 million, our cash, cash equivalents and restricted cash balance would have been $34.7 million on March 31, 2024.
GAAP net loss and comprehensive loss of $(110.7) million for the three months ended March 31, 2024, compared to a GAAP net loss and comprehensive loss of $(90.7) million for the three months ended March 31, 2023. The GAAP net loss and comprehensive loss for the three months ended March 31, 2024 and March 31, 2023 included a loss of $(9.5) million and gain of $17.3 million on the fair value change of the warrant and derivative liability, respectively, a loss on fair value change of convertible debt of $(58.6) million and $0.0 million, respectively, and a gain on extinguishment of debt of $24.5 million and loss on extinguishment of debt of $(26.7) million respectively.
Adjusted EBITDA of $(48.3) million for the three months ended March 31, 2024, compared to $(67.1) million for the three months ended March 31, 2023.
Adjusted Net Loss of $(57.3) million for the three months ended March 31, 2024, compared to $(72.0) million for the three months ended March 31, 2023.
Adjusted EPS per share of $(1.13) for the three months ended March 31, 2024, compared to $(3.96) for the three months ended March 31, 2023.
Net cash used in operating activities totaled $47.5 million for the three months ended March 31, 2024, compared to $67.2 million for the three months ended March 31, 2023.
Net cash used in investing activities was $4.9 million during the three months ended March 31, 2024, compared to $18.4 million during the three months ended March 31, 2023.
2024 Business Outlook
Our previously issued guidance remains unchanged.
See “Non-GAAP Financial Measures” section herein for an explanation of Adjusted EBITDA. The Company is unable to provide a reconciliation for forward-looking guidance of Adjusted EBITDA to net loss, the most closely comparable GAAP measure, because certain material reconciling items, such as depreciation and amortization and interest expense cannot be estimated due to factors outside of the Company's control and could have a material impact on the reported results. A reconciliation is not available without unreasonable effort.
Alvie
2 weeks ago
"On May 3, 2024, the Company closed its previously announced sale to the Purchasers of 10,000 shares of the Preferred Shares and warrants to purchase 4,473,272 shares of the Company’s common stock, par value $0.0001 per share, for a total aggregate purchase price of $10 million. The Company received net proceeds of approximately $9.9 million after deducting expenses. The Company intends to use the net proceeds for working capital and general corporate purposes."
This is the equivalent of $2.2355 per share.
Alvie
1 month ago
Canoo Further Expands its International Market Presence through the Red Sea Global Partnership in the Kingdom of Saudi Arabia
April 08 2024 - 06:00AM
Canoo Inc. (NASDAQ: GOEV), a high-tech advanced mobility company, announced its innovative electric vehicles will be used in a pilot program by Red Sea Global (RSG), the developer behind the regenerative tourism destinations The Red Sea and AMAALA.
Red Sea Global will pilot Canoo’s Lifestyle Vehicle (LV), Lifestyle Delivery Vehicle (LDV) 190, and the Bulldog pickup truck. The Canoo vehicles will be piloted for travel between Red Sea Global’s international airport, its various resorts, facilities, and excursions. This trial will help tailor Canoo’s zero-emission vehicles to RSG’s use cases and mobility needs.
Canoo’s premium LV will provide transportation for guests traveling between Red Sea International Airport (RSI) and its resorts and residential properties. Likewise, Canoo’s LDV 190 can help with the movement of guest luggage items between RSI and the various properties. Canoo’s Bulldog fits the use case and needs of RSG’s experience companies, Akun, WAMA, and Galaxea, for transporting guests to their various excursions.
“Red Sea Global is an inspiring development illustrating the Crown Prince’s Vision 2030 goal to responsibly diversify its economy in an eco-friendly way. This resort will further transform the Kingdom showing the world the beauty of the Red Sea, which is a cornerstone of his vision. If you’ve been there in the last few years you would marvel at the scale and pace that his team has progressed the project with unique experiences.” said Tony Aquila, Investor, Executive Chairman, and CEO of Canoo. “This pilot is an important step in further aligning our product portfolio to deliver climate-friendly, all-terrain, and climatic-conditioned versions of our platform. We are excited and honored to return to this important region with our first Red Sea edition pilot vehicles!”
“When we first laid out our vision of regenerative tourism, we knew that not all of the solutions we’d need to achieve our goals yet existed. That is why we seek to work with forward-thinking partners who are pioneering the technology that could help us in the fight against climate change. Canoo is an innovator in the world of clean mobility and we’re proud to be putting their ideas and technology to the test at our unique destinations,” said John Pagano, Group CEO at Red Sea Global.
Alvie
1 month ago
The detail of Canoo's response:
“Had Reuters called Canoo for comment we would have told them that we raised $324 million in 2022, and $288 million in 2023 and we are currently in discussions with several entities and individuals about investing in the company this year,” Canoo wrote in the post. “We would have also told them that we have begun manufacturing, expect to step up our manufacturing effort this year, and have a backlog of orders. And, that we are not in the consumer market, we are in the commercial market.”
In addition, the EV maker highlighted the fact that the company’s executives firmly believe in the company’s future, adding that CEO Tony Aquila has personally contributed to the automaker.
“Canoo executives, including its CEO, have every confidence in the company. In fact, since mid-2020 and through 2023, Mr. Aquila has invested more than $350 million in the company’s stock.”
The automaker just began initial deliveries of its latest Oklahoma-produced commercial Lifestyle Delivery Vehicles (LDVs) in December, delivering a total of 17 vehicles in Q4 and an additional 5 that were produced in Texas earlier in the year. The initial deliveries went out to a few offices in the state of Oklahoma, as well as companies Kingbee and Zeeba. Earlier in the year, Canoo made deliveries to the U.S. Army and to NASA, though its Oklahoma production facility wasn’t yet running.
“We will continue to make progress towards accessing additional forms of debt and other non-dilutive forms of capital as we move into 2024,” said Canoo CFO Greg Ethridge in a call following the earnings report. “Let’s be very clear. We’ll only raise the capital that we need.”
Alvie
1 month ago
Canoo Analyst Remains Bullish While Investors Punish The Stock On Disappointing Outlook
BENZINGA
12:09 PM ET 04/02/2024
Canoo Inc (GOEV) shares were tanking in early trading on Tuesday after the company issued weak 2024 revenue guidance. In early March, the company had announced a 1-for-23 reverse stock split.
The company was following a "prudent" approach to scale its manufacturing while building resiliency in its supply chain, according to H.C. Wainwright & Co.
The Canoo (GOEV) Analyst: Amit Dayal maintained a Buy rating for Canoo (GOEV) while raising the price target from $3 to $7.
The Canoo Thesis: The company reported its fourth-quarter revenues at $0.4 million, with an adjusted EBITDA loss of $54.0 million, versus $60.7 million in the year-ago quarter, Dayal said in a note.
"The company's 2024 revenue guidance of $50[M]-100M implies production of roughly 1,000-2,000 vehicles during the year; we believe management is targeting quarterly production levels of 4,000-5,000 by mid-2025," the analyst wrote. "During the last few months, the company has taken steps that position the company for long-term profitable execution," he added.
The change in price target reflects the 1-for-23 reverse stock split, investments from foreign strategic institutional investors, and "other advances against the Pre-Paid Advance Agreement (PPA)," Dayal further stated.
Alvie
1 month ago
"Wedbush Adjusts Canoo's Price Target to $5 From $4, Maintains Outperform Rating"
"Canoo Remains Cost Conscious Amid Capital Concerns, Wedbush Says
MT NEWSWIRES
1:40 PM ET 04/02/2024
01:40 PM EDT, 04/02/2024 (MT Newswires) -- Canoo (GOEV) has remained cost conscious amid concerns over its capital needs after the electric vehicles maker missed revenue expectations while beating consensus on the bottom line in Q4, Wedbush said in a report Tuesday.
"From a cost perspective, the company remains extremely cost conscious, lowering its overall R&D expense by 53% y/y while turning a corner to cautious expansion," Wedbush analysts, including Daniel Ives, said, adding that Canoo (GOEV) is also disciplined in its capital deployment approach by raising only the amounts of capital it needs for each milestone.
"We estimate the company needs to raise roughly $200 million to $250 million to navigate through this period and emerge in a stronger position into 2025 as this remains a key investor concern," the analysts said.
"We still remain positive in the long-term Canoo (GOEV) growth story, its key partnerships, and its supply chain strategy," they said.
Wedbush kept its outperform rating on Canoo (GOEV) while raising its price target to $5 from $4.
Alvie
1 month ago
Canoo Enters a $30 Billion Market with Multiple Commercial Vehicle Sales in Saudi Arabia
April 02 2024 - 06:00AM
Canoo Inc. (NASDAQ: GOEV), a leading high-tech advanced mobility company, today signed a vehicle sales agreement with Jazeera Paints, a pioneering paint manufacturer in the Gulf Cooperation Council (GCC) and Middle East and North Africa (MENA). Jazeera Paints will initially purchase 20 Canoo's electric vehicles (EVs) into its fleet in 2024, with the option to expand up to 180 additional vehicles. This agreement taps into the Saudi Arabian EV market, which commands a total addressable market (TAM) of over $30 billion, and aligns with initiatives within the GCC region to enhance sustainable mobility solutions.
These vehicles will be one of Canoo’s first international sales exported to Saudi Arabia utilizing Canoo’s recently approved Foreign Trade Zone (FTZ) which contributes to lower unit cost and higher margins as announced in Canoo’s press release on March 18, 2024. In addition, these electric commercial delivery vehicles provide Canoo with a first mover advantage in the Saudi market and a competitive position in the Gulf Cooperation Council (GCC) region.
Jazeera Paints will be deploying Canoo's LDV 130 and LDV 190 delivery vehicles within its existing fleet, which operate throughout the Kingdom of Saudi Arabia and MENA and support Jazeera Paints' commitment to the Saudi Green Initiative’s imperative that 30 percent of new car sales in the Kingdom are electric by 2030.
Canoo’s delivery vehicles are built on a proprietary multi-purpose platform with steer-by-wire technology. Canoo’s software stack allows for end-to-end integration into Jazeera Paints' workflow and its custom-built shelving eliminates the need for third-party upfitting, thereby reducing downtime for operations.
"This partnership is a key milestone in our targeted geographic expansion to the KSA region with a large and important fleet that is focused on deploying sustainable technologies across the fast-growing industry it serves. I have had the pleasure of working closely with Abdullah bin Saud Al-Romaih, the CEO of Jazeera Paints, on how we can partner together to deliver on the Crown Prince’s environmental initiatives for the Kingdom’s Vision 2030,” said Tony Aquila, Investor, Executive Chairman, and CEO of Canoo.
“I am delighted to announce this agreement to purchase electric vehicles from Canoo, which symbolizes Jazeera Paints' commitment to sustainability and eco-friendly technologies and materials,” said CEO of Jazeera Paints, Abdullah bin Saud Al-Romaih. “Tony and I have been working on this partnership for over a year and are excited about the future possibilities of ways we can work together to achieve our sustainability goals.”
Looking ahead, this partnership between Canoo and Jazeera Paints represents the beginning of a transformative journey in the realm of electric mobility. Both companies anticipate this alliance will catalyze further innovation and collaboration, paving the way for a more sustainable and technologically advanced future in commercial transportation within the GCC and beyond.
Alvie
2 months ago
Canoo Acquires Additional Advanced Manufacturing Assets at Deep Discounts
GLOBENEWSWIRE
6:00 AM ET Mar-25-2024
Justin, TX, March 25, 2024 (GLOBE NEWSWIRE) -- Canoo Inc. (GOEV.NaE) , a leading high-tech advanced mobility company, today announced that it completed the acquisition of a substantial portion of the advanced manufacturing assets that were previously owned by Arrival Automotive UK Limited. The purchased assets will be collected into more than 20 containers and shipped by sea to Canoo’s manufacturing facilities in Oklahoma. As announced in January 2024, Canoo (GOEV.NaE) previously acquired substantially all of the new and like-new assets owned by Arrival Automotive USA, Inc. These assets were transported from Arrival’s North Carolina facility and received at Canoo’s Oklahoma facility where commissioning is underway.
Canoo (GOEV.NaE) has the necessary manufacturing equipment to deliver 2024 production and this acquisition expands its capabilities to deliver its 2025 production at significantly lower costs. The assets purchased in this opportunistic transaction will accelerate Canoo’s transition to automated processes by shortening purchase lead times by over 40%, reducing capital expenditures by 20%, and eventually lowering unit costs. Canoo’s strategy in the near term is to improve its processes and product quality while it is producing at low volumes, allowing for simultaneous completion of supply chain harmonization and implementation of customer feedback before entering high-volume production. By prioritizing deployment of capital to its highest and best use, the company will ultimately achieve the fastest path to achieving positive unit margins.
“Our current strategy will save our shareholders tens of millions of dollars, which today, is not properly reflected in the value of our company. We remain focused on capital discipline and the smartest way to invest and create value,” said Tony Aquila, Investor, Executive Chairman, and CEO of Canoo.
The advanced manufacturing assets include equipment supporting cabin production processes such as robots, dispensing systems, advance control equipment, PLC controllers and equipment supporting general assembly capacity expansion such as advanced safety equipment, manipulators, high-tech dynamic vehicle testing equipment and other spare equipment parts. These assets enable the company to increase its general assembly and vehicle cabin build capacity and provide redundancy in the event of equipment malfunction, thereby increasing efficiency and productivity. These assets were all purchased at a discounted price of over 80 percent of the estimated value and are new and like-new assets that were carefully reviewed, inspected and selected by Canoo’s team on multiple on-site visits conducted over several months.
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