Canoo Inc. Announces Third Quarter 2024 Results
Canoo reported Q3 2024 financial results with revenue of $0.9 million and year-to-date revenue of $1.50 million. The company showed improvements in several metrics, including a 67% better Adjusted Net Loss Per Share at $(0.54) compared to $(1.71) in Q3 2023. Cash outflow reduced by 20.7% to $31.3 million from Q2 2024. The company is consolidating operations from California to Texas and Oklahoma, expecting annual savings of $12-14 million. Key developments include UK market entry, Oklahoma City facility Foreign Trade Zone activation, and headquarters relocation to Texas. Cash position stands at $16 million as of September 30, 2024.
Canoo ha riportato i risultati finanziari del terzo trimestre 2024 con un fatturato di 0,9 milioni di dollari e un fatturato da inizio anno di 1,50 milioni di dollari. L'azienda ha mostrato miglioramenti in diversi parametri, tra cui una perdita netta per azione rettificata migliore del 67% a $(0,54) rispetto a $(1,71) nel terzo trimestre 2023. Il flusso di cassa in uscita è diminuito del 20,7%, scendendo a 31,3 milioni di dollari rispetto al secondo trimestre 2024. L'azienda sta consolidando le operazioni dalla California al Texas e all'Oklahoma, prevedendo risparmi annuali tra 12 e 14 milioni di dollari. Gli sviluppi chiave includono l'ingresso nel mercato britannico, l'attivazione della Zona di Commercio Estero presso l'impianto di Oklahoma City e il trasferimento della sede in Texas. La posizione di cassa si attesta a 16 milioni di dollari al 30 settembre 2024.
Canoo reportó los resultados financieros del tercer trimestre de 2024, con ingresos de 0,9 millones de dólares y un ingreso acumulado de 1,50 millones de dólares. La empresa mostró mejoras en varios indicadores, incluida una pérdida neta ajustada por acción 67% mejor de $(0,54) en comparación con $(1,71) en el tercer trimestre de 2023. El flujo de efectivo salió reducido en un 20,7%, alcanzando los 31,3 millones de dólares desde el segundo trimestre de 2024. La empresa está consolidando operaciones desde California a Texas y Oklahoma, esperando ahorros anuales de 12 a 14 millones de dólares. Los desarrollos clave incluyen la entrada al mercado del Reino Unido, la activación de la Zona de Comercio Exterior en la instalación de Oklahoma City y el traslado de la sede a Texas. La posición de efectivo se sitúa en 16 millones de dólares al 30 de septiembre de 2024.
Canoo는 2024년 3분기 재무 결과를 보고했으며, 수익은 90만 달러, 올해 누적 수익은 150만 달러입니다. 회사는 여러 지표에서 개선을 보였으며, 조정된 주당 순손실이 67% 개선되어 $(0.54)로, 2023년 3분기의 $(1.71)과 비교됩니다. 현금 유출은 2024년 2분기 대비 20.7% 감소하여 3130만 달러에 이릅니다. 회사는 운영을 캘리포니아에서 텍사스와 오클라호마로 통합하고 있으며, 연간 1200만에서 1400만 달러의 절감을 기대하고 있습니다. 주요 개발 내용에는 영국 시장 진입, 오클라호마시티 시설 외국무역구역 활성화, 그리고 텍사스로의 본사 이전이 포함됩니다. 현금 위치는 2024년 9월 30일 기준으로 1600만 달러입니다.
Canoo a rapporté les résultats financiers du troisième trimestre 2024, avec un chiffre d'affaires de 0,9 million de dollars et un chiffre d'affaires cumulé de 1,50 million de dollars depuis le début de l'année. L'entreprise a montré des améliorations dans plusieurs indicateurs, y compris une perte nette ajustée par action améliorée de 67%, à $(0,54) par rapport à $(1,71) au troisième trimestre 2023. L'écoulement de trésorerie a diminué de 20,7 % pour atteindre 31,3 millions de dollars par rapport au deuxième trimestre 2024. L'entreprise consolide ses opérations de Californie vers le Texas et l'Oklahoma, avec des économies annuelles prévues de 12 à 14 millions de dollars. Les développements clés incluent l'entrée sur le marché britannique, l'activation de la zone de commerce extérieur de l'installation d'Oklahoma City, et le déménagement du siège social au Texas. La position de trésorerie est de 16 millions de dollars au 30 septembre 2024.
Canoo hat die finanziellen Ergebnisse für das dritte Quartal 2024 veröffentlicht, mit einem Umsatz von 0,9 Millionen Dollar und einem Umsatz von 1,50 Millionen Dollar seit Jahresbeginn. Das Unternehmen zeigte Verbesserungen in mehreren Kennzahlen, darunter ein 67% besserer adjustierter Nettoverlust pro Aktie von $(0,54) im Vergleich zu $(1,71) im dritten Quartal 2023. Der Cashflow verringerte sich um 20,7% auf 31,3 Millionen Dollar im Vergleich zum zweiten Quartal 2024. Das Unternehmen konsolidiert seine Aktivitäten von Kalifornien nach Texas und Oklahoma und erwartet jährliche Einsparungen von 12 bis 14 Millionen Dollar. Wichtige Entwicklungen umfassen den Markteintritt im Vereinigten Königreich, die Aktivierung der Freihandelszone der Einrichtung in Oklahoma City und den Umzug der Zentrale nach Texas. Die Cash-Position beträgt zum 30. September 2024 16 Millionen Dollar.
- 67% improvement in Adjusted Net Loss Per Share year-over-year
- 20.7% reduction in quarterly cash outflow compared to Q2 2024
- Expected annual savings of $12-14 million from operations consolidation
- Successful UK market entry with regulatory approval and fleet operator pilot
- Low quarterly revenue of only $0.9 million
- Negative Adjusted EBITDA of $(37.7) million
- Low cash position of $16 million
- Workforce reductions due to facility consolidation
- Net cash used in operating activities of $110 million for nine months
Insights
The Q3 results paint a concerning picture for Canoo. With only
The cost-cutting initiatives, including headquarters relocation and facility consolidation, could save
The
- Quarterly revenue of
$0.9 million , and year-to-date revenue of$1.50 million - Quarterly Adjusted EBITDA was
$(37.7) million , an improvement of2% versus Q3 2023 - Adjusted Net Loss Per Share was
$(0.54) , a67% improvement versus$(1.71) in Q3 2023 and comparable to$(0.61) per share in Q2 2024 - Quarterly cash outflow of
$31.3 million in Q3 2024, compared to cash outflow of$39.4 million in Q2, 2024, a20.7% reduction between Q3 and Q2 2024, and a58.6% reduction from Q3 2023. - Our consolidation of operations from California to Texas and Oklahoma will result in estimated future savings of approximately
$12 million -$14 million on an annualized basis, with potential for additional savings.
JUSTIN, Texas, Nov. 13, 2024 (GLOBE NEWSWIRE) -- Canoo Inc. (Nasdaq: GOEV), a high-tech advanced mobility company, today announced its financial results for the third quarter of 2024.
“We are grateful for the support of our customers, partners, their belief in us, and in our amazing product. While we focus on our core markets we must continue to take aggressive actions to consolidate our operations, reduce costs, and catch-up to our plan. This starts from the top led by a committed Executive team, which is willing to take short-term pay cuts for long-term incentives and believes in the value we create for our customers, associates and shareholders.” said Tony Aquila, Investor, Executive Chairman, and CEO. “This will continue to be a difficult and critical period as we do everything we can to get the capital in place, bring jobs back online, and get back on track with our step-level manufacturing plan.”
Third Quarter and Recent Business Updates:
- North America realignment and relocation of corporate headquarters from California to Texas
- Consolidating our facilities from six to three, which has and will continue to impact our workforce until we are back on track with our step level manufacturing
- Achieved final activation of Oklahoma City facility Foreign Trade Zone
- UK Market: Established legal entity, launched commercial operations, received regulatory Individual Vehicle Approval with less than
2% changes to bill of materials, and signed service partners - Commenced first pilot in the UK with one of the country’s largest fleet operators
Third Quarter Financial Highlights:
- As of September 30, 2024, we had cash, cash equivalents and restricted cash of
$16 million . - GAAP net income (loss) and comprehensive income (loss) of
$3 million and$(112) million for the three and nine months ended September 30, 2024, compared to a GAAP net loss and comprehensive loss of$(112) million and$(274) million for the three and nine months ended September 30, 2023. The GAAP net loss and comprehensive loss for the three and nine months ended September 30, 2024 included a gain of$62 million and gain of$101 million on the fair value change of the warrant and derivative liability, respectively. - Adjusted EBITDA of
$(38) million and$(125) million for the three and nine months ended September 30, 2024, compared to$(40) million and$(170) million for the three and nine months ended September 30, 2023. - Adjusted Net Loss of
$(43) million and$(143) million for the three and nine months ended September 30, 2024, compared to$(46) million and$(187) million for the three and nine months ended September 30, 2023. - Adjusted EPS per share of
$(0.54) and$(2.14) for the three and nine months ended September 30, 2024, compared to$(1.71) and$(8.34) for the three and nine months ended September 30, 2023. - Net cash used in operating activities totaled
$110 million for the nine months ended September 30, 2024, compared to$191 million for the nine months ended September 30, 2023. - Net cash used in investing activities was
$10 million during the nine months ended September 30, 2024, compared to$45 million during the nine months ended September 30, 2023. - Net cash provided by financing activities was
$115 million during the nine months ended September 30, 2024, compared to$209 million during the nine months ended September 30, 2023.
Q4 2024 Business Outlook
Based on our current projections, Canoo expects the following guidance for Q4, 2024:
- Cash Outflow -
$30 million to$40 million - Adjusted EBITDA -
$(30) million to$(35) million
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, November 13, 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 13750015. To listen to the webcast, please go to investors.canoo.com. A telephone replay will be available until November 27, 2024, at (877) 660-6853 (U.S.) and (201) 612-7415 (international callers/U.S. toll), with Conference ID number 13750015. To listen to the webcast replay, please go to investors.canoo.com.
About Canoo
Founded in 2017, Canoo Inc. (NASDAQ: GOEV) is an automotive tech company that manufactures electric cargo vehicles, built to deliver, for large commercial, government and fleet customers globally. The company has developed design-forward innovative electric vehicles with steer-by-wire technology on its common modular platform with end-to-end software plus power solutions. Canoo’s platform is purpose-built to maximize the vehicle interior space and is customizable to support a wide range of business and government applications. Headquartered in Justin, Texas, Canoo has teams located in California, Michigan and Oklahoma with world-class vehicle and battery facilities in Oklahoma City. For more information please visit www.canoo.com and investors.canoo.com.
Third Quarter 2024 Financial Results
CANOO INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except par values)
UNAUDITED
September 30, 2024 | December 31, 2023 | ||||||
Assets | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | 1,533 | $ | 6,394 | |||
Restricted cash, current | 3,936 | 3,905 | |||||
Inventory | 9,913 | 6,153 | |||||
Prepaids and other current assets | 13,597 | 16,099 | |||||
Total current assets | 28,979 | 32,551 | |||||
Property and equipment, net | 368,740 | 377,100 | |||||
Restricted cash, non-current | 10,600 | 10,600 | |||||
Operating lease right-of-use assets | 30,194 | 36,241 | |||||
Deferred warrant asset | 50,175 | 50,175 | |||||
Deferred battery supplier cost, non-current | 28,900 | 30,000 | |||||
Other non-current assets | 5,701 | 5,338 | |||||
Total assets | $ | 523,289 | $ | 542,005 | |||
Liabilities and stockholders' equity | |||||||
Liabilities | |||||||
Current liabilities | |||||||
Accounts payable | $ | 81,015 | $ | 65,306 | |||
Accrued expenses and other current liabilities | 75,085 | 63,901 | |||||
Convertible debt, current | 42,640 | 51,180 | |||||
Derivative liability, current | — | 860 | |||||
Financing liability, current | 3,604 | 3,200 | |||||
Total current liabilities | 202,344 | 184,447 | |||||
Contingent earnout shares liability | — | 41 | |||||
Operating lease liabilities, non-current | 33,158 | 35,722 | |||||
Derivative liability, non-current | 9,888 | 25,919 | |||||
Financing liability, non-current | 28,620 | 28,910 | |||||
Warrant liability, non-current | 26,618 | 17,390 | |||||
Other liabilities | 702 | — | |||||
Total liabilities | $ | 301,330 | $ | 292,429 | |||
Commitments and contingencies (Note 12) | |||||||
Redeemable preferred stock, | $ | 8,780 | $ | 5,607 | |||
Stockholders’ equity | |||||||
Common stock, | 9 | 4 | |||||
Additional paid-in capital (1) | 1,807,403 | 1,725,809 | |||||
Accumulated deficit | (1,594,233) | (1,481,844) | |||||
Total preferred stock and stockholders’ equity | 221,959 | 249,576 | |||||
Total liabilities, preferred stock and stockholders’ equity | $ | 523,289 | $ | 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 September 30, | Nine months ended September 30, | ||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||
Revenue | $ | 891 | $ | 519 | $ | 1,497 | $ | 519 | |||||||
Cost of revenue | 170 | 903 | 2,015 | 903 | |||||||||||
Gross margin | 721 | (384) | (518) | (384) | |||||||||||
Operating Expenses | |||||||||||||||
Research and development expenses, excluding depreciation | 17,502 | 21,965 | 60,676 | 107,651 | |||||||||||
Selling, general and administrative expenses, excluding depreciation | 22,604 | 24,925 | 77,276 | 85,195 | |||||||||||
Depreciation | 3,752 | 1,495 | 10,505 | 10,632 | |||||||||||
Reorganization and related exit costs | 16,055 | — | 16,055 | — | |||||||||||
Total operating expenses | 59,913 | 48,385 | 164,512 | 203,478 | |||||||||||
Loss from operations | (59,192) | (48,769) | (165,030) | (203,862) | |||||||||||
Other (Expense) Income | |||||||||||||||
Interest expense | (2,398) | (4,195) | (9,572) | (6,755) | |||||||||||
Gain on fair value change in contingent earnout shares liability | — | 279 | 41 | 2,843 | |||||||||||
Gain on fair value change in warrant and derivative liability | 61,771 | 17,126 | 100,607 | 40,091 | |||||||||||
Loss on fair value change in derivative asset | — | (3,761) | — | (3,761) | |||||||||||
Gain (Loss) on fair value change in convertible debt and other | 4,890 | (69,615) | (62,226) | (69,615) | |||||||||||
Gain (Loss) on extinguishment of debt and other | (1,812) | (2,573) | 22,650 | (30,261) | |||||||||||
Other income (expense), net | (1) | (466) | 1,141 | (2,256) | |||||||||||
Income (Loss) before income taxes | 3,258 | (111,974) | (112,389) | (273,576) | |||||||||||
Provision for income taxes | — | — | — | — | |||||||||||
Net income (loss) and comprehensive income (loss) attributable to Canoo | 3,258 | $ | (111,974) | (112,389) | (273,576) | ||||||||||
Less: dividends on redeemable preferred stock | 1,235 | — | 3,174 | — | |||||||||||
Net income (loss) and comprehensive loss available to common shareholders | $ | 2,023 | $ | (111,974) | $ | (115,563) | $ | (273,576) | |||||||
Per Share Data (1): | |||||||||||||||
Net income (loss) per share, basic | $ | 0.03 | $ | (4.15) | $ | (1.73) | $ | (12.20) | |||||||
Net income (loss) per share, diluted | $ | (0.31) | $ | (4.15) | $ | (1.73) | $ | (12.20) | |||||||
Weighted-average shares outstanding, basic | 79,395 | 27,012 | 66,645 | 22,430 | |||||||||||
Weighted-average shares outstanding, diluted | 93,004 | 27,012 | 66,645 | 22,430 |
(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
Nine months ended September 30, | |||||||
2024 | 2023 | ||||||
Cash flows from operating activities: | |||||||
Net loss | $ | (112,389) | $ | (273,576) | |||
Adjustments to reconcile net loss to net cash used in operating activities: | — | ||||||
Depreciation and amortization | 10,597 | 10,632 | |||||
Non-cash operating lease expense | 2,647 | 2,504 | |||||
Reorganization and related exit costs | 16,055 | — | |||||
Inventory write-downs | — | 366 | |||||
Stock-based compensation expense | 13,730 | 23,451 | |||||
Gain on fair value change of contingent earnout shares liability | (41) | (2,843) | |||||
Gain on fair value change in warrants liability | (60,463) | (37,093) | |||||
Gain on fair value change in derivative liability | (40,144) | (2,998) | |||||
Gain on extinguishment of debt and other | (22,650) | 30,261 | |||||
Loss on fair value change in derivative asset | — | 3,761 | |||||
Loss on in fair value change in convertible debt and other | 62,226 | 69,615 | |||||
Non-cash debt discount | 3,142 | 5,010 | |||||
Non-cash interest expense | 4,220 | 2,234 | |||||
Financing charges incurred upon issuance of PPAs | 1,820 | — | |||||
Other | 849 | 839 | |||||
Changes in assets and liabilities: | |||||||
Inventory | (3,759) | (3,096) | |||||
Prepaid expenses and other current assets | 2,502 | (3,445) | |||||
Other assets | 737 | (2,511) | |||||
Accounts payable, accrued expenses, and other current liabilities | 10,983 | (14,546) | |||||
Net cash used in operating activities | (109,938) | (191,435) | |||||
Cash flows from investing activities: | |||||||
Purchases of property and equipment | (9,730) | (45,376) | |||||
Net cash used in investing activities | (9,730) | (45,376) | |||||
Cash flows from financing activities: | |||||||
Proceeds from sale of employee retention credits | 9,013 | — | |||||
Payment of offering costs | — | (400) | |||||
Proceeds from exercise of YA warrants | — | 21,223 | |||||
Proceeds from issuance of shares under PIPEs | — | 11,750 | |||||
Proceeds from employee stock purchase plan | 128 | 866 | |||||
Proceeds from issuance of shares under RDO, net of issuance cost | — | 50,961 | |||||
Proceeds from convertible debenture | — | 107,545 | |||||
Payment of transaction costs | — | (949) | |||||
Proceeds for issuance of shares under ATM | 3,681 | 1,155 | |||||
Payment made on I-40 lease | (2,314) | — | |||||
Proceeds from PPA, net of issuance costs | 135,995 | 16,751 | |||||
Repayment of PPAs | (48,165) | — | |||||
Proceeds from preferred shares transaction | 16,500 | — | |||||
Net cash provided by financing activities | 114,838 | 208,902 | |||||
Net decrease in cash, cash equivalents, and restricted cash | (4,830) | (27,909) | |||||
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 | $ | 16,069 | $ | 22,706 | |||
— | |||||||
Reconciliation of cash, cash equivalents, and restricted cash to the Condensed Consolidated Balance Sheets | — | ||||||
Cash and cash equivalents at end of period | 1,533 | 8,260 | |||||
Restricted cash, current at end of period | 3,936 | 3,846 | |||||
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 | $ | 16,069 | $ | 22,706 | |||
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 and nine months ended September 30, 2024 and 2023, respectively (in thousands):
Three Months Ended September 30, | |||||||||||||||||||||||
2024 | 2023 | ||||||||||||||||||||||
EBITDA | Adjusted EBITDA | Adjusted Net Loss | EBITDA | Adjusted EBITDA | Adjusted Net Loss | ||||||||||||||||||
Net income (loss) | $ | 3,258 | $ | 3,258 | $ | 3,258 | $ | (111,974) | $ | (111,974) | $ | (111,974) | |||||||||||
Interest expense (a) | 1,138 | 1,138 | — | 4,195 | 4,195 | — | |||||||||||||||||
Provision for income taxes | — | — | — | — | — | — | |||||||||||||||||
Depreciation | 3,752 | 3,752 | — | 1,495 | 1,495 | — | |||||||||||||||||
Reorganization and related exit costs | — | 16,055 | 16,055 | — | — | — | |||||||||||||||||
Gain on fair value change in contingent earnout shares liability | — | — | — | — | (279) | (279) | |||||||||||||||||
Gain on fair value change in warrant and derivative liability | — | (61,771) | (61,771) | — | (17,126) | (17,126) | |||||||||||||||||
Loss on fair value change in derivative asset | — | — | — | 3,761 | 3,761 | ||||||||||||||||||
Gain (Loss) on fair value change in convertible debt and other | — | (4,890) | (4,890) | — | 69,615 | 69,615 | |||||||||||||||||
Gain (Loss) on extinguishment of debt and other | — | 1,812 | 1,812 | — | 2,573 | 2,573 | |||||||||||||||||
Other income (expense), net | — | 1 | 1 | — | 466 | 466 | |||||||||||||||||
Financing charges incurred upon issuance of PPAs | — | 1,260 | 1,260 | — | — | — | |||||||||||||||||
Stock-based compensation | — | 1,647 | 1,647 | — | 6,908 | 6,908 | |||||||||||||||||
Adjusted Non-GAAP amount | $ | 8,148 | $ | (37,737) | $ | (42,627) | $ | (106,284) | $ | (40,366) | $ | (46,056) | |||||||||||
(a) Excluding | |||||||||||||||||||||||
US GAAP net income (loss) per share | |||||||||||||||||||||||
Basic | N/A | N/A | $ | 0.03 | N/A | N/A | $ | (4.15) | |||||||||||||||
Diluted | N/A | N/A | $ | (0.31) | N/A | N/A | $ | (4.15) | |||||||||||||||
Adjusted Non-GAAP net income (loss) per share (Adjusted EPS): | |||||||||||||||||||||||
Basic | N/A | N/A | $ | (0.54) | N/A | N/A | $ | (1.71) | |||||||||||||||
Diluted | N/A | N/A | $ | (0.54) | N/A | N/A | $ | (1.71) | |||||||||||||||
Weighted-average common shares outstanding: | |||||||||||||||||||||||
Diluted | N/A | N/A | 93,004 | N/A | N/A | 27,012 |
Nine Months Ended September 30, | ||||||||||||||||||||||||
2024 | 2023 | |||||||||||||||||||||||
EBITDA | Adjusted EBITDA | Adjusted Net Loss | EBITDA | Adjusted EBITDA | Adjusted Net Loss | |||||||||||||||||||
Net income (loss) | (112,389) | (112,389) | (112,389) | $ | (273,576) | $ | (273,576) | $ | (273,576) | |||||||||||||||
Interest expense (a) | 7,402 | 7,402 | — | 6,755 | 6,755 | — | ||||||||||||||||||
Provision for income taxes | — | — | — | — | — | — | ||||||||||||||||||
Depreciation (b) | 10,506 | 10,506 | — | 10,632 | 10,632 | — | ||||||||||||||||||
Reorganization and related exit costs | — | 16,055 | 16,055 | — | — | — | ||||||||||||||||||
Gain on fair value change in contingent earnout shares liability | — | (41) | (41) | — | (2,843) | (2,843) | ||||||||||||||||||
Gain on fair value change in warrant and derivative liability | — | (100,607) | (100,607) | — | (40,091) | (40,091) | ||||||||||||||||||
Loss on fair value change in derivative asset | — | — | — | — | 3,761 | 3,761 | ||||||||||||||||||
Gain (Loss) on fair value change in convertible debt and other | — | 62,226 | 62,226 | — | 69,615 | 69,615 | ||||||||||||||||||
Gain (Loss) on extinguishment of debt and other | — | (22,650) | (22,650) | — | 30,261 | 30,261 | ||||||||||||||||||
Other income (expense), net | — | (1,141) | (1,141) | — | 2,256 | 2,256 | ||||||||||||||||||
Financing charges incurred upon issuance of PPAs | — | 2,170 | 2,170 | — | — | — | ||||||||||||||||||
Stock-based compensation | — | 13,730 | 13,730 | — | 23,451 | 23,451 | ||||||||||||||||||
Adjusted Non-GAAP amount | $ | (94,481) | $ | (124,740) | $ | (142,648) | $ | (256,189) | $ | (169,779) | $ | (187,166) | ||||||||||||
(a) Excluding (b) Includes $ | ||||||||||||||||||||||||
US GAAP net loss per share | ||||||||||||||||||||||||
Basic | N/A | N/A | $ | (1.73) | N/A | N/A | $ | (12.20) | ||||||||||||||||
Diluted | N/A | N/A | $ | (1.73) | N/A | N/A | $ | (12.20) | ||||||||||||||||
Adjusted Non-GAAP net loss per share (Adjusted EPS): | ||||||||||||||||||||||||
Basic | N/A | N/A | $ | (2.14) | N/A | N/A | $ | (8.34) | ||||||||||||||||
Diluted | N/A | N/A | $ | (2.14) | N/A | N/A | $ | (8.34) | ||||||||||||||||
Weighted-average common shares outstanding: | ||||||||||||||||||||||||
Basic | N/A | N/A | 66,645 | N/A | N/A | 22,430 | ||||||||||||||||||
Diluted | N/A | N/A | 66,645 | N/A | N/A | 22,430 |
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.
FAQ
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