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Canoo (Nasdaq: GOEV) announced its Q1 2024 financial results, showing a 28% improvement in adjusted EBITDA to $(48.3) million from Q1 2023. Adjusted net loss per share improved by 34.6% from Q4 2023 to $(1.13) per share. The company increased purchases of long lead-time equipment at large discounts, reducing future capital expenditures by around $50 million in 2024. Canoo delivered customized LDV 190 vehicles to the USPS and entered the Saudi Arabian and UK commercial vehicle markets. The Oklahoma City facility was designated as a Foreign Trade Zone, potentially saving up to $70 million in vehicle costs. As of March 31, 2024, Canoo had $18.2 million in cash, cash equivalents, and restricted cash, potentially increasing to $34.7 million after a Series C Preferred Stock Purchase Agreement for $16.5 million. Despite these positives, the GAAP net loss for Q1 2024 was $(110.7) million, up from $(90.7) million in Q1 2023. Operating cash flow was negative at $47.5 million.
Canoo Inc. (Nasdaq: GOEV) will announce its financial results for the first quarter of 2024 on May 14, 2024, after market close. The company, a high-tech advanced mobility company, will host a conference call and live webcast to discuss the results, followed by a question-and-answer period. Interested individuals can listen to the live webcast online and access a replay shortly after the event.