Canoo Inc. Announces First Quarter 2024 Results
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.
- Adjusted EBITDA improved by 28% to $(48.3) million from Q1 2023.
- Adjusted net loss per share improved by 34.6% from Q4 2023 to $(1.13) per share.
- Increased purchases of long lead-time equipment at large discounts, reducing future capital expenditures by approximately $50 million in 2024.
- Delivered customized LDV 190 vehicles to the USPS.
- Entered the $30 billion TAM Saudi Arabian market with commercial vehicle sales.
- Debut of LDV’s in the UK market, introducing products to customers representing over one million units.
- Designated Oklahoma City manufacturing facility as a Foreign Trade Zone, potentially saving up to $70 million in vehicle costs.
- Received non-dilutive incentives from Oklahoma after successfully completing the first hiring milestone.
- GAAP net loss for Q1 2024 was $(110.7) million, up from $(90.7) million in Q1 2023.
- As of March 31, 2024, cash, cash equivalents, and restricted cash were only $18.2 million.
- Operating cash flow was negative at $47.5 million for Q1 2024.
- Net cash used in investing activities was $4.9 million during Q1 2024.
Insights
Canoo's Q1 2024 financial results show significant improvements in some key areas, yet highlight ongoing challenges in others. The adjusted EBITDA improvement by
The adjusted net loss per share improved to
Overall, financially cautious investors need to weigh these improvements against the ongoing challenges in reaching profitability.
Canoo's recent entry into the $30 billion total addressable market (TAM) in Saudi Arabia and the introduction of their products to the UK market are significant strides in their international expansion strategy. These moves potentially open up lucrative markets, yet it is essential to monitor how quickly and effectively Canoo can penetrate these regions. Each market has its own set of regulatory challenges and consumer preferences, which Canoo must navigate carefully.
The active discussions on additional purchases of deeply discounted equipment and the establishment of a Foreign Trade Zone in Oklahoma City also indicate strategic operational planning to curb costs and enhance manufacturing capabilities. The designation could deliver up to
Prospective investors should note these expansions and cost-saving measures could enhance Canoo’s competitive edge, but there are risks associated with executing these strategies successfully.
The debut of the LDV190 vehicles for the USPS service is a pivotal development for Canoo, showcasing the company's ability to deliver customized configurations for large fleet customers. This operational milestone signals Canoo's technical capabilities and potential for substantial contracts in the logistics and public sectors. However, the execution of these deliveries and the performance of the vehicles in real-world conditions will be under scrutiny.
Receiving the Great British Fleet Award™ further validates Canoo's vehicle technology and design in a competitive market. For tech-savvy investors, the ongoing innovation and adaptation of Canoo's product line should be a point of interest, yet the transition from prototype to mass production remains a critical challenge that needs to be closely monitored.
With Canoo's focus on acquiring long-lead time assets at discounts, the company is setting up its manufacturing infrastructure to support future growth. Investors should be aware that while these strategic purchases may reduce future capital expenditures, the real test lies in Canoo's ability to scale production and meet market demand efficiently.
- Quarterly Adjusted EBITDA was
$(48.3) million , an improvement of28.0% (or$18.8 million ) versus Q1 2023 and an improvement of11.5% (or$6.3 million ) versus Q4 2023 - Adjusted Net Loss Per Share was
$(1.13) per share, a34.6% Improvement from$(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. (Nasdaq: GOEV), 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.
Conference Call Information
Canoo will host a conference call to discuss the results today, May 14, 2024, at 5:00 PM ET.
To listen to the conference call via telephone dial (877) 407-9169 (U.S.) and (201) 493-6755 (international callers/U.S. toll) and enter the conference ID number 13746555. To listen to the webcast, please click here. A telephone replay will be available until May 28, 2024, at (877) 660-6853 (U.S.) and (201) 612-7415 (international callers/U.S. toll), with Conference ID number 13746555. To listen to the webcast replay, please click here.
About Canoo
Canoo Inc.'s (NASDAQ: GOEV) mission is to bring EVs to Everyone. The company has developed breakthrough electric vehicles that are reinventing the automotive landscape with their pioneering technologies, unique design, and business model that spans multiple owners across the full lifecycle of the vehicle. Canoo designed a modular electric platform that is purpose-built to maximize the vehicle interior space and is customizable for all owners in the vehicle lifecycle, to support a wide range of business and consumer applications. Canoo has teams in California, Texas, Oklahoma, and Michigan. For more information, visit www.canoo.com and investors.canoo.com.
| First Quarter 2024 Financial Results CANOO INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except par values) UNAUDITED | |||||||
| March 31, 2024 | December 31, 2023 | ||||||
| Assets | |||||||
| Current assets | |||||||
| Cash and cash equivalents | $ | 3,656 | $ | 6,394 | |||
| Restricted cash, current | 3,986 | 3,905 | |||||
| Inventory | 6,805 | 6,153 | |||||
| Prepaids and other current assets | 17,946 | 16,099 | |||||
| Total current assets | 32,393 | 32,551 | |||||
| Property and equipment, net | 380,740 | 377,100 | |||||
| Restricted cash, non-current | 10,600 | 10,600 | |||||
| Operating lease right-of-use assets | 35,372 | 36,241 | |||||
| Deferred warrant asset | 50,175 | 50,175 | |||||
| Deferred battery supplier cost | 30,000 | 30,000 | |||||
| Other non-current assets | 5,396 | 5,338 | |||||
| Total assets | $ | 544,676 | $ | 542,005 | |||
| Liabilities and stockholders' equity | |||||||
| Liabilities | |||||||
| Current liabilities | |||||||
| Accounts payable | $ | 67,770 | $ | 65,306 | |||
| Accrued expenses and other current liabilities | 65,017 | 63,901 | |||||
| Convertible debt, current | 63,289 | 51,180 | |||||
| Derivative liability, current | 1,604 | 860 | |||||
| Financing liability, current | 3,542 | 3,200 | |||||
| Total current liabilities | 201,222 | 184,447 | |||||
| Contingent earnout shares liability | 15 | 41 | |||||
| Operating lease liabilities | 34,893 | 35,722 | |||||
| Derivative liability, non-current | 15,138 | 25,919 | |||||
| Financing liability, non-current | 28,832 | 28,910 | |||||
| Warrant liability, non-current | 80,314 | 17,390 | |||||
| Total liabilities | 360,414 | 292,429 | |||||
| Stockholders’ equity | |||||||
| Preferred stock, | 6,469 | 5,607 | |||||
| Common stock, | 6 | 4 | |||||
| Additional paid-in capital (1) | 1,770,318 | 1,725,809 | |||||
| Accumulated deficit | (1,592,531 | ) | (1,481,844 | ) | |||
| Total preferred stock and stockholders’ equity | 184,262 | 249,576 | |||||
| Total liabilities, preferred stock and stockholders’ equity | $ | 544,676 | $ | 542,005 | |||
(1) Periods presented have been adjusted to reflect the 1-for-23 reverse stock split on March 8, 2024.
| CANOO INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share values) UNAUDITED | |||||||
| Three months ended March 31, | |||||||
| 2024 | 2023 | ||||||
| Revenue | $ | — | $ | — | |||
| Cost of revenue | — | — | |||||
| Gross margin | — | — | |||||
| Operating Expenses | |||||||
| Research and development expenses, excluding depreciation | 26,390 | 47,104 | |||||
| Selling, general and administrative expenses, excluding depreciation | 32,868 | 29,849 | |||||
| Depreciation | 3,390 | 4,575 | |||||
| Total operating expenses | 62,648 | 81,528 | |||||
| Loss from operations | (62,648 | ) | (81,528 | ) | |||
| Other (expense) income | |||||||
| Interest expense | (5,624 | ) | (296 | ) | |||
| Gain on fair value change in contingent earnout shares liability | 26 | 2,505 | |||||
| (Loss) Gain on fair value change in warrant and derivative liability | (9,471 | ) | 17,342 | ||||
| Loss on fair value change in convertible debt | (58,584 | ) | — | ||||
| Gain (Loss) on extinguishment of debt | 24,466 | (26,739 | ) | ||||
| Other income (expense), net | 1,148 | (2,016 | ) | ||||
| Loss before income taxes | (110,687 | ) | (90,732 | ) | |||
| Provision for income taxes | — | — | |||||
| Net loss and comprehensive loss attributable to Canoo | $ | (110,687 | ) | $ | (90,732 | ) | |
| Less: dividend on redeemable preferred stock | 862 | — | |||||
| Less: additional deemed dividend on redeemable preferred stock | — | — | |||||
| Net loss and comprehensive loss available to common shareholders | $ | (111,549 | ) | $ | (90,732 | ) | |
| Per Share Data: | |||||||
| Net loss per share, basic and diluted (1) | $ | (2.20 | ) | $ | (4.99 | ) | |
| Weighted-average shares outstanding, basic and diluted (1) | 50,746 | 18,177 | |||||
(1) Periods presented have been adjusted to reflect the 1-for-23 reverse stock split on March 8, 2024.
| CANOO INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) UNAUDITED | |||||||
| Three months ended March 31, | |||||||
| 2024 | 2023 | ||||||
| Cash flows from operating activities: | |||||||
| Net loss | $ | (110,687 | ) | $ | (90,732 | ) | |
| Adjustments to reconcile net loss to net cash used in operating activities: | |||||||
| Depreciation | 3,390 | 4,575 | |||||
| Non-cash operating lease expense | 870 | 821 | |||||
| Stock-based compensation expense | 10,954 | 9,836 | |||||
| Gain on fair value change of contingent earnout shares liability | (26 | ) | (2,505 | ) | |||
| Loss (Gain) on fair value change in warrants liability | 19,508 | (17,342 | ) | ||||
| Gain on fair value change in derivative liability | (10,037 | ) | — | ||||
| Loss (Gain) on extinguishment of debt | (24,466 | ) | 26,739 | ||||
| Loss on fair value change in convertible debt | 58,584 | — | |||||
| Non-cash debt discount | 3,142 | — | |||||
| Non-cash interest expense | 2,599 | 503 | |||||
| Other | 437 | 800 | |||||
| Changes in assets and liabilities: | |||||||
| Inventory | (652 | ) | (2,151 | ) | |||
| Prepaid expenses and other current assets | (1,847 | ) | (2,102 | ) | |||
| Other assets | (58 | ) | (8 | ) | |||
| Accounts payable, accrued expenses and other current liabilities | 770 | 4,350 | |||||
| Net cash used in operating activities | (47,519 | ) | (67,216 | ) | |||
| Cash flows from investing activities: | |||||||
| Purchases of property and equipment | (4,923 | ) | (18,435 | ) | |||
| Net cash used in investing activities | (4,923 | ) | (18,435 | ) | |||
| Cash flows from financing activities: | |||||||
| Payment of offering costs | — | (275 | ) | ||||
| Proceeds from issuance of shares under SEPA agreement | — | 50,961 | |||||
| Proceeds from employee stock purchase plan | 78 | 389 | |||||
| Payment made on I-40 lease | (543 | ) | — | ||||
| Proceeds from PPA, net of issuance costs | 83,257 | 5,001 | |||||
| Repayment of PPAs | (33,007 | ) | — | ||||
| Net cash provided by financing activities | 49,785 | 56,076 | |||||
| Net decrease in cash, cash equivalents, and restricted cash | (2,657 | ) | (29,575 | ) | |||
| Cash, cash equivalents, and restricted cash | |||||||
| Cash, cash equivalents, and restricted cash, beginning of period | 20,899 | 50,615 | |||||
| Cash, cash equivalents, and restricted cash, end of period | $ | 18,242 | $ | 21,040 | |||
| Reconciliation of cash, cash equivalents, and restricted cash to the Condensed Consolidated Balance Sheets | |||||||
| Cash and cash equivalents at end of period | $ | 3,656 | $ | 6,715 | |||
| Restricted cash, current at end of period | 3,986 | 3,725 | |||||
| Restricted cash, non-current at end of period | $ | 10,600 | $ | 10,600 | |||
| Total cash, cash equivalents, and restricted cash at end of period shown in the Condensed Consolidated Statements of Cash Flows | $ | 18,242 | $ | 21,040 | |||
Non-GAAP Financial Measures
EBITDA, Adjusted EBITDA, Adjusted Net Loss and Adjusted Earnings Per Share ("EPS")
“EBITDA” is defined as net loss before interest expense, income tax expense or benefit, and depreciation and amortization. “Adjusted EBITDA” is defined as EBITDA adjusted for stock-based compensation, restructuring charges, asset impairments, non-routine legal fees, and other costs associated with exit and disposal activities, acquisition and related costs, changes to the fair value of contingent earnout shares liability, changes to the fair value of warrant and derivative liability, changes to the fair value of the derivative asset, changes to the fair value of convertible debt, loss on extinguishment of debt, and any other one-time non-recurring transaction amounts impacting the statement of operations during the year. "Adjusted Net Loss" is defined as net loss adjusted for stock-based compensation, restructuring charges, asset impairments, non-routine legal fees, and other costs associated with exit and disposal activities, acquisition and related costs, changes to the fair value of contingent earnout shares liability, changes to the fair value of warrants and derivative liability, changes to the fair value of the derivative asset, changes to the fair value of convertible debt, loss on extinguishment of debt, and any other one-time non-recurring transaction amounts impacting the statement of operations during the year. "Adjusted EPS" is defined as Adjusted Net Loss on a per share basis using the weighted average shares outstanding.
EBITDA, Adjusted EBITDA, Adjusted Net Loss, and Adjusted EPS are intended as a supplemental measure of our performance that is neither required by, nor presented in accordance with, GAAP. We believe EBITDA, Adjusted EBITDA, Adjusted Net Loss, and Adjusted EPS when combined with net loss and net loss per share are beneficial to an investor’s complete understanding of our operating performance. We believe that the use of EBITDA, Adjusted EBITDA, Adjusted Net Loss, and Adjusted EPS provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing our financial measures with those of comparable companies, which may present similar non-GAAP financial measures to investors. However, you should be aware that when evaluating EBITDA, Adjusted EBITDA, Adjusted Net Loss, and Adjusted EPS we may incur future expenses similar to those excluded when calculating these measures. In addition, our presentation of these measures should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. Our computation of EBITDA, Adjusted EBITDA, Adjusted Net Loss, and Adjusted EPS may not be comparable to other similarly titled measures computed by other companies, because all companies may not calculate EBITDA, Adjusted EBITDA, Adjusted Net Loss, and Adjusted EPS in the same fashion.
Because of these limitations, EBITDA, Adjusted EBITDA Adjusted Net Loss, and Adjusted EPS should not be considered in isolation or as a substitute for performance measures calculated in accordance with GAAP. We manage our business utilizing EBITDA, Adjusted EBITDA, Adjusted Net Loss, and Adjusted EPS as supplemental performance measures.
CANOO INC.
NON-GAAP RECONCILIATION TABLE
(in thousands)
These non-GAAP financial measures, when presented, are reconciled to the most closely comparable U.S. GAAP measure as disclosed below for the three months ended March 31, 2024 and 2023, respectively (in thousands):
| Three Months Ended March 31, | ||||||||||||||||||||||||
| 2024 | 2023 | |||||||||||||||||||||||
| EBITDA | Adjusted EBITDA | Adjusted Net Loss | EBITDA | Adjusted EBITDA | Adjusted Net Loss | |||||||||||||||||||
| Net loss | $ | (110,687 | ) | $ | (110,687 | ) | $ | (110,687 | ) | $ | (90,732 | ) | $ | (90,732 | ) | $ | (90,732 | ) | ||||||
| Interest expense (income) | 5,624 | 5,624 | — | 296 | 296 | — | ||||||||||||||||||
| Provision for income taxes | — | — | — | — | — | — | ||||||||||||||||||
| Depreciation | 3,390 | 3,390 | — | 4,575 | 4,575 | — | ||||||||||||||||||
| Gain on fair value change in contingent earnout shares liability | — | (26 | ) | (26 | ) | — | (2,505 | ) | (2,505 | ) | ||||||||||||||
| (Loss) Gain on fair value change in warrant and derivative liability | — | 9,471 | 9,471 | — | (17,342 | ) | (17,342 | ) | ||||||||||||||||
| Gain (Loss) on extinguishment of debt | — | (24,466 | ) | (24,466 | ) | — | 26,739 | 26,739 | ||||||||||||||||
| Loss on fair value change in convertible debt | — | 58,584 | 58,584 | — | — | — | ||||||||||||||||||
| Other income (expense), net | — | (1,148 | ) | (1,148 | ) | — | 2,016 | 2,016 | ||||||||||||||||
| Stock-based compensation | — | 10,954 | 10,954 | — | 9,836 | 9,836 | ||||||||||||||||||
| Non-cash legal settlement | — | — | — | — | — | — | ||||||||||||||||||
| Adjusted Non-GAAP amount | (101,673 | ) | (48,304 | ) | (57,318 | ) | (85,861 | ) | (67,117 | ) | (71,988 | ) | ||||||||||||
| US GAAP net loss per share | ||||||||||||||||||||||||
| Basic | N/A | N/A | (2.20 | ) | N/A | N/A | (4.99 | ) | ||||||||||||||||
| Diluted | N/A | N/A | (2.20 | ) | N/A | N/A | (4.99 | ) | ||||||||||||||||
| Adjusted Non-GAAP net loss per share (Adjusted EPS): | ||||||||||||||||||||||||
| Basic | N/A | N/A | (1.13 | ) | N/A | N/A | (3.96 | ) | ||||||||||||||||
| Diluted | N/A | N/A | (1.13 | ) | N/A | N/A | (3.96 | ) | ||||||||||||||||
| Weighted-average common shares outstanding: | ||||||||||||||||||||||||
| Basic | N/A | N/A | 50,746 | N/A | N/A | 18,177 | ||||||||||||||||||
| Diluted | N/A | N/A | 50,746 | N/A | N/A | 18,177 | ||||||||||||||||||
Forward-Looking Statements
The information in this press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding access to capital, estimates and forecasts of financial and performance metrics, expectations and timing related to commercial product launches and the achievement of operational milestones, including the ability to meet and/or accelerate anticipated production timelines, Canoo's ability to capitalize on commercial opportunities, current or anticipated customer orders, and expectations regarding the development of facilities. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Canoo’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Canoo. These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political and legal conditions; Canoo's ability to continue as a going concern; Canoo's ability to access existing and future sources of capital via debt or equity markets, which will impact execution of its business plans and could require Canoo to terminate or significantly curtail its operations; Canoo's history of losses; Canoo's ability to adequately control the costs associated with its operations; Canoo's ability to successfully build and tool its manufacturing facilities, establish or continue a relationship with a contract manufacturer or failure of operation of Canoo's facilities ; the rollout of Canoo's business and the timing of expected business milestones and commercial launch; future market adoption of Canoo's offerings; risks related to Canoo's go-to-market strategy and manufacturing strategy; the effects of competition on Canoo's future business, and those factors discussed under the captions “Risk Factors” and “Management's Discussion and Analysis of Financial Condition and Results of Operations" in Canoo's Annual Report on Form 10-K for the fiscal year ended December 31, 2023 filed with the U.S. Securities and Exchange Commission (the “SEC”) on April 1, 2024, as well as its past and future Quarterly Reports on Form 10-Q and other filings with the SEC, copies of which may be obtained by visiting Canoo's Investors Relations website at investors.canoo.com or the SEC's website at www.sec.gov. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Canoo does not presently know or that Canoo currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Canoo’s expectations, plans or forecasts of future events and views as of the date of this press release. Canoo anticipates that subsequent events and developments will cause Canoo’s assessments to change. However, while Canoo may elect to update these forward-looking statements at some point in the future, Canoo specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Canoo’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.
Contacts:
Media Relations
Press@canoo.com
Investor Relations
IR@canoo.com
FAQ
What were Canoo's Q1 2024 adjusted EBITDA results?
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What impact did Canoo's purchases of long lead-time equipment have?
What markets did Canoo enter in Q1 2024?
What was Canoo's GAAP net loss for Q1 2024?
What are the financial implications of the Oklahoma City facility designation for Canoo?
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