Canoo Inc. (Nasdaq: GOEV), a high-tech advanced mobility
company, today announced its financial results for the second
quarter of 2024.
“This quarter represented good progress with US and
international customers completing pilots and testing. We are
focused on left-hand drive and right-hand drive large fleet
customers and finalizing their configurations,” said Tony Aquila,
Investor, Executive Chairman and CEO. “This demonstrates our
platform's versatility and stability, a result of more than 34,000
recent real world, industrial use customer miles.”
Second Quarter and Recent Business
Updates:
- Deliveries to US Postal Service of
right-hand drive LDV 190s; on the road delivering mail
- Successful Supplier Engagement Days
with approximately half of bill of materials represented in
Oklahoma City
- Announced entering of Saudi Arabia
market with commercial vehicle sales to Jazeera Paints
- 23% of capital raised in Q2 2024
from non-dilutive sources
- Completed initial milestone of
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
Second Quarter Financial
Highlights:
- As of
June 30, 2024, we had cash, cash equivalents and restricted
cash of $19.1 million. After giving effect to net proceeds from the
July 2024 PPA totaling $14.1 million, our cash, cash equivalents
and restricted cash balance would have been $33.2 million on
June 30, 2024.
- GAAP net loss and comprehensive
loss of $(5.0) million and $(115.6) million for the three and six
months ended June 30, 2024, compared to a GAAP net loss and
comprehensive loss of $(70.9) million and $(161.6) million for the
three and six months ended June 30, 2023. The GAAP net loss
and comprehensive loss for the three and six months ended
June 30, 2024 included a gain of $48.3 million and gain of
$38.8 million on the fair value change of the warrant and
derivative liability, respectively, a loss on fair value change of
convertible debt of $(8.5) million and $(67.1) million,
respectively, and a loss on extinguishment of debt of $0.0 million
and gain on extinguishment of debt of $24.5 million
respectively.
- Adjusted EBITDA of $(38.6) million
and $(86.9) million for the three and six months ended
June 30, 2024, compared to $(62.3) million and $(129.4)
million for the three and six months ended June 30, 2023.
- Adjusted Net Loss of $(42.7)
million and $(100.0) million for the three and six months ended
June 30, 2024, compared to $(69.1) million and $(141.1)
million for the three and six months ended June 30, 2023.
- Adjusted EPS per share of $(0.61)
and $(1.66) for the three and six months ended June 30, 2024,
compared to $(3.14) and $(7.02) for the three and six months ended
June 30, 2023.
- Net cash used in operating
activities totaled $83.4 million for the six months ended
June 30, 2024, compared to $129.5 million for the six months
ended June 30, 2023.
- Net cash used in investing
activities was $6.9 million during the six months ended
June 30, 2024, compared to $33.9 million during the six months
ended June 30, 2023.
- Net cash provided by financing
activities was $88.5 million during the six months ended
June 30, 2024, compared to $132.2 million during the six
months ended June 30, 2023.
2024 Business Outlook
Based on our current projections, Canoo
reaffirms its prior cash flow guidance. Additionally, due to the
pacing of capital and supply chain harmonization, Canoo expects its
Adjusted EBITDA to be between $(120) million to $(140) million for
the second half of 2024.
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, August 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 13748003. To
listen to the webcast, please go to investors.canoo.com. A
telephone replay will be available until August 28, 2024, at (877)
660-6853 (U.S.) and (201) 612-7415 (international callers/U.S.
toll), with Conference ID number 13748003. To listen to the webcast
replay, please go to investors.canoo.com.
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.
Second Quarter 2024 Financial Results |
|
CANOO INC.CONDENSED CONSOLIDATED BALANCE
SHEETS(in thousands, except par
values)UNAUDITED |
|
|
June 30,2024 |
|
December 31,2023 |
Assets |
|
|
|
Current assets |
|
|
|
Cash and cash equivalents |
$ |
4,513 |
|
|
$ |
6,394 |
|
Restricted cash, current |
|
3,983 |
|
|
|
3,905 |
|
Inventory |
|
9,302 |
|
|
|
6,153 |
|
Prepaids and other current assets |
|
15,557 |
|
|
|
16,099 |
|
Total current assets |
|
33,355 |
|
|
|
32,551 |
|
Property and equipment, net |
|
380,129 |
|
|
|
377,100 |
|
Restricted cash, non-current |
|
10,600 |
|
|
|
10,600 |
|
Operating lease right-of-use assets |
|
34,489 |
|
|
|
36,241 |
|
Deferred warrant asset |
|
50,175 |
|
|
|
50,175 |
|
Deferred battery supplier cost, non-current |
|
28,900 |
|
|
|
30,000 |
|
Other non-current assets |
|
5,674 |
|
|
|
5,338 |
|
Total assets |
$ |
543,322 |
|
|
$ |
542,005 |
|
|
|
|
|
Liabilities and
stockholders' equity |
|
|
|
Liabilities |
|
|
|
Current liabilities |
|
|
|
Accounts payable |
$ |
73,634 |
|
|
$ |
65,306 |
|
Accrued expenses and other current liabilities |
|
70,591 |
|
|
|
63,901 |
|
Convertible debt, current |
|
47,228 |
|
|
|
51,180 |
|
Derivative liability, current |
|
— |
|
|
|
860 |
|
Financing liability, current |
|
3,573 |
|
|
|
3,200 |
|
Total current liabilities |
|
195,026 |
|
|
|
184,447 |
|
Contingent earnout shares
liability |
|
— |
|
|
|
41 |
|
Operating lease liabilities,
non-current |
|
34,035 |
|
|
|
35,722 |
|
Derivative liability,
non-current |
|
33,242 |
|
|
|
25,919 |
|
Financing liability,
non-current |
|
28,727 |
|
|
|
28,910 |
|
Warrant liability,
non-current |
|
55,995 |
|
|
|
17,390 |
|
Total liabilities |
$ |
347,025 |
|
|
$ |
292,429 |
|
|
|
|
|
Commitments and contingencies
(Note 11) |
|
|
|
|
|
|
|
Redeemable preferred stock,
$0.0001 par value; 10,000 authorized, 62 and 45 shares issued and
outstanding as of June 30, 2024, and December 31, 2023
respectively. |
$ |
7,546 |
|
|
$ |
5,607 |
|
|
|
|
|
Stockholders’
equity |
|
|
|
Common stock, $0.0001 par
value; 2,000,000 authorized as of June 30, 2024 and
December 31, 2023, respectively; 72,902 and 37,591 issued and
outstanding as of June 30, 2024 and December 31, 2023,
respectively (1) |
|
7 |
|
|
|
4 |
|
Additional paid-in capital (1) |
|
1,786,235 |
|
|
|
1,725,809 |
|
Accumulated deficit |
|
(1,597,491 |
) |
|
|
(1,481,844 |
) |
Total preferred stock and stockholders’ equity |
|
196,297 |
|
|
|
249,576 |
|
Total liabilities, preferred stock and stockholders’
equity |
$ |
543,322 |
|
|
$ |
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 June 30, |
|
Six months ended June 30, |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
|
|
|
|
Revenue |
$ |
605 |
|
|
$ |
— |
|
|
$ |
605 |
|
|
$ |
— |
|
Cost of
revenue |
|
1,845 |
|
|
|
— |
|
|
|
1,845 |
|
|
|
— |
|
Gross
margin |
|
(1,240 |
) |
|
|
— |
|
|
|
(1,240 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
Operating Expenses |
|
|
|
|
|
|
|
Research and development expenses, excluding depreciation |
|
16,784 |
|
|
|
38,582 |
|
|
|
43,174 |
|
|
|
85,686 |
|
Selling, general and administrative expenses, excluding
depreciation |
|
21,804 |
|
|
|
30,421 |
|
|
|
54,672 |
|
|
|
60,270 |
|
Depreciation |
|
3,364 |
|
|
|
4,562 |
|
|
|
6,753 |
|
|
|
9,137 |
|
Total operating expenses |
|
41,952 |
|
|
|
73,565 |
|
|
|
104,599 |
|
|
|
155,093 |
|
Loss from operations |
|
(43,192 |
) |
|
|
(73,565 |
) |
|
|
(105,839 |
) |
|
|
(155,093 |
) |
|
|
|
|
|
|
|
|
Other (expense) income |
|
|
|
|
|
|
|
Interest expense |
|
(1,551 |
) |
|
|
(2,264 |
) |
|
|
(7,174 |
) |
|
|
(2,560 |
) |
Gain on fair value change in contingent earnout shares
liability |
|
15 |
|
|
|
59 |
|
|
|
41 |
|
|
|
2,564 |
|
Gain on fair value change in warrant and derivative liability |
|
48,308 |
|
|
|
5,623 |
|
|
|
38,836 |
|
|
|
22,965 |
|
Loss on fair value change in convertible debt and other |
|
(8,532 |
) |
|
|
— |
|
|
|
(67,116 |
) |
|
|
— |
|
Gain (Loss) on extinguishment of debt and other |
|
(4 |
) |
|
|
(949 |
) |
|
|
24,462 |
|
|
|
(27,688 |
) |
Other income (expense), net |
|
(4 |
) |
|
|
226 |
|
|
|
1,143 |
|
|
|
(1,790 |
) |
Loss before income taxes |
|
(4,960 |
) |
|
|
(70,870 |
) |
|
|
(115,647 |
) |
|
|
(161,602 |
) |
Provision for income taxes |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Net loss and comprehensive loss attributable to
Canoo |
$ |
(4,960 |
) |
|
$ |
(70,870 |
) |
|
|
(115,647 |
) |
|
|
(161,602 |
) |
Less: dividend on redeemable preferred stock |
|
1,077 |
|
|
|
— |
|
|
|
1,939 |
|
|
|
— |
|
Less: additional deemed dividend on redeemable preferred stock |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Net loss and comprehensive loss available to common
shareholders |
|
(6,037 |
) |
|
|
(70,870 |
) |
|
|
(117,586 |
) |
|
|
(161,602 |
) |
|
|
|
|
|
|
|
|
Per Share
Data: |
|
|
|
|
|
|
|
Net loss per share,
basic and diluted (1) |
$ |
(0.09 |
) |
|
$ |
(3.22 |
) |
|
$ |
(1.95 |
) |
|
$ |
(8.04 |
) |
Weighted-average
shares outstanding, basic and diluted
(1) |
|
69,619 |
|
|
|
21,982 |
|
|
|
60,199 |
|
|
|
20,100 |
|
(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 |
|
|
Six months ended
June 30, |
|
|
2024 |
|
|
|
2023 |
|
Cash flows from
operating activities: |
|
|
|
Net loss |
$ |
(115,647 |
) |
|
$ |
(161,602 |
) |
Adjustments to reconcile net
loss to net cash used in operating activities: |
|
|
|
Depreciation |
|
6,845 |
|
|
|
9,137 |
|
Non-cash operating lease expense |
|
1,752 |
|
|
|
1,658 |
|
Stock-based compensation expense |
|
12,082 |
|
|
|
16,543 |
|
Gain on fair value change of contingent earnout shares
liability |
|
(41 |
) |
|
|
(2,564 |
) |
Loss (Gain) on fair value change in warrants liability |
|
(22,046 |
) |
|
|
(23,015 |
) |
Loss (Gain) on fair value change in derivative liability |
|
(16,790 |
) |
|
|
50 |
|
Loss (Gain) on extinguishment of debt and other |
|
(24,462 |
) |
|
|
27,688 |
|
Loss on fair value change in convertible debt and other |
|
67,116 |
|
|
|
— |
|
Non-cash debt discount |
|
3,142 |
|
|
|
1,538 |
|
Non-cash interest expense |
|
3,410 |
|
|
|
1,386 |
|
Financing charges incurred upon issuance of PPAs |
|
910 |
|
|
|
800 |
|
Common shares issued to vendor for services |
|
658 |
|
|
|
250 |
|
Changes in assets and
liabilities: |
|
|
|
Inventory |
|
(3,149 |
) |
|
|
(2,358 |
) |
Prepaid expenses and other current assets |
|
543 |
|
|
|
(2,060 |
) |
Other assets |
|
764 |
|
|
|
(2,614 |
) |
Accounts payable, accrued expenses and other current
liabilities |
|
1,494 |
|
|
|
5,619 |
|
Net cash used in operating activities |
|
(83,419 |
) |
|
|
(129,544 |
) |
|
|
|
|
Cash flows from
investing activities: |
|
|
|
Purchases of property and
equipment |
|
(6,923 |
) |
|
|
(33,905 |
) |
Net cash used in investing activities |
|
(6,923 |
) |
|
|
(33,905 |
) |
|
|
|
|
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 |
|
— |
|
|
|
8,750 |
|
Proceeds from employee stock
purchase plan |
|
114 |
|
|
|
635 |
|
Proceeds from issuance of
shares under RDO, net of issuance cost |
|
— |
|
|
|
50,961 |
|
Proceeds from convertible
debenture |
|
— |
|
|
|
45,120 |
|
Payment of transaction
costs |
|
— |
|
|
|
(25 |
) |
Payment made on financing
arrangement |
|
— |
|
|
|
(205 |
) |
Proceeds for issuance of
shares under ATM |
|
— |
|
|
|
1,155 |
|
Payment made on I-40
lease |
|
(1,428 |
) |
|
|
— |
|
Proceeds from PPA, net of
issuance costs |
|
97,347 |
|
|
|
5,001 |
|
Repayment of PPAs |
|
(33,007 |
) |
|
|
— |
|
Proceeds from preferred shares
transaction |
|
16,500 |
|
|
|
— |
|
Net cash provided by financing activities |
|
88,539 |
|
|
|
132,215 |
|
Net decrease in cash, cash equivalents, and restricted cash |
|
(1,803 |
) |
|
|
(31,234 |
) |
|
|
|
|
|
|
|
|
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 |
$ |
19,096 |
|
|
$ |
19,381 |
|
|
|
|
|
Reconciliation of
cash, cash equivalents, and restricted cash to the Condensed
Consolidated Balance Sheets |
|
|
|
Cash and cash equivalents at
end of period |
$ |
4,513 |
|
|
$ |
4,993 |
|
Restricted cash, current at
end of period |
|
3,983 |
|
|
|
3,788 |
|
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 |
$ |
19,096 |
|
|
$ |
19,381 |
|
|
|
|
|
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 six months ended June 30, 2024 and 2023,
respectively (in thousands): |
|
|
|
Three Months Ended June 30, |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
EBITDA |
|
Adjusted EBITDA |
|
Adjusted Net Loss |
|
EBITDA |
|
Adjusted EBITDA |
|
Adjusted Net Loss |
Net loss |
|
$ |
(4,960 |
) |
|
$ |
(4,960 |
) |
|
$ |
(4,960 |
) |
|
$ |
(70,870 |
) |
|
$ |
(70,870 |
) |
|
$ |
(70,870 |
) |
Interest expense (a) |
|
|
641 |
|
|
|
641 |
|
|
|
— |
|
|
|
2,264 |
|
|
|
2,264 |
|
|
|
— |
|
Provision for income
taxes |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Depreciation (b) |
|
|
3,456 |
|
|
|
3,456 |
|
|
|
— |
|
|
|
4,562 |
|
|
|
4,562 |
|
|
|
— |
|
Gain on fair value change in
contingent earnout shares liability |
|
|
— |
|
|
|
(15 |
) |
|
|
(15 |
) |
|
|
— |
|
|
|
(59 |
) |
|
|
(59 |
) |
Gain on fair value change in
warrant and derivative liability |
|
|
— |
|
|
|
(48,308 |
) |
|
|
(48,308 |
) |
|
|
— |
|
|
|
(5,623 |
) |
|
|
(5,623 |
) |
Gain (Loss) on extinguishment
of debt and other |
|
|
— |
|
|
|
4 |
|
|
|
4 |
|
|
|
— |
|
|
|
949 |
|
|
|
949 |
|
Loss on fair value change in
convertible debt and other |
|
|
— |
|
|
|
8,532 |
|
|
|
8,532 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Financing charges incurred
upon issuance of PPAs |
|
|
— |
|
|
|
910 |
|
|
|
910 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Other (income) expense,
net |
|
|
— |
|
|
|
4 |
|
|
|
4 |
|
|
|
— |
|
|
|
(226 |
) |
|
|
(226 |
) |
Stock-based compensation |
|
|
— |
|
|
|
1,128 |
|
|
|
1,128 |
|
|
|
— |
|
|
|
6,707 |
|
|
|
6,707 |
|
Adjusted Non-GAAP amount |
|
$ |
(863 |
) |
|
$ |
(38,608 |
) |
|
$ |
(42,705 |
) |
|
$ |
(64,044 |
) |
|
$ |
(62,296 |
) |
|
$ |
(69,122 |
) |
(a) Excluding
$910 in non-recurring financing charges incurred upon issuance of
PPAs shown separately above, as applicable. (b) Includes $92
recorded in cost of revenue. |
|
|
|
|
|
|
|
|
|
|
|
|
|
US GAAP net loss per
share |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
N/A |
|
N/A |
|
|
(0.09 |
) |
|
N/A |
|
N/A |
|
|
(3.22 |
) |
Diluted |
|
N/A |
|
N/A |
|
|
(0.09 |
) |
|
N/A |
|
N/A |
|
|
(3.22 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Non-GAAP net
loss per share (Adjusted EPS): |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
N/A |
|
N/A |
|
|
(0.61 |
) |
|
N/A |
|
N/A |
|
|
(3.14 |
) |
Diluted |
|
N/A |
|
N/A |
|
|
(0.61 |
) |
|
N/A |
|
N/A |
|
|
(3.14 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average
common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
N/A |
|
N/A |
|
|
69,619 |
|
|
N/A |
|
N/A |
|
|
21,982 |
|
Diluted |
|
N/A |
|
N/A |
|
|
69,619 |
|
|
N/A |
|
N/A |
|
|
21,982 |
|
|
|
Six Months Ended June 30, |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
EBITDA |
|
Adjusted EBITDA |
|
Adjusted Net Loss |
|
EBITDA |
|
Adjusted EBITDA |
|
Adjusted Net Loss |
Net loss |
|
$ |
(115,647 |
) |
|
$ |
(115,647 |
) |
|
$ |
(115,647 |
) |
|
$ |
(161,602 |
) |
|
$ |
(161,602 |
) |
|
$ |
(161,602 |
) |
Interest expense (a) |
|
|
6,264 |
|
|
|
6,264 |
|
|
|
— |
|
|
|
2,560 |
|
|
|
2,560 |
|
|
|
— |
|
Provision for income
taxes |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Depreciation (b) |
|
|
6,845 |
|
|
|
6,845 |
|
|
|
— |
|
|
|
9,137 |
|
|
|
9,137 |
|
|
|
— |
|
Gain on fair value change in
contingent earnout shares liability |
|
|
— |
|
|
|
(41 |
) |
|
|
(41 |
) |
|
|
— |
|
|
|
(2,564 |
) |
|
|
(2,564 |
) |
Gain on fair value change in
warrant and derivative liability |
|
|
— |
|
|
|
(38,836 |
) |
|
|
(38,836 |
) |
|
|
— |
|
|
|
(22,965 |
) |
|
|
(22,965 |
) |
Loss on fair value change in
convertible debt and other |
|
|
— |
|
|
|
67,116 |
|
|
|
67,116 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
(Gain) Loss on extinguishment
of debt and other |
|
|
— |
|
|
|
(24,462 |
) |
|
|
(24,462 |
) |
|
|
— |
|
|
|
27,688 |
|
|
|
27,688 |
|
Financing charges incurred
upon issuance of PPAs |
|
|
— |
|
|
|
910 |
|
|
|
910 |
|
|
|
— |
|
|
|
— |
|
|
|
Other (income) expense,
net |
|
|
— |
|
|
|
(1,143 |
) |
|
|
(1,143 |
) |
|
|
— |
|
|
|
1,790 |
|
|
|
1,790 |
|
Stock-based compensation |
|
|
— |
|
|
|
12,082 |
|
|
|
12,082 |
|
|
|
— |
|
|
|
16,543 |
|
|
|
16,543 |
|
Adjusted Non-GAAP amount |
|
$ |
(102,538 |
) |
|
$ |
(86,912 |
) |
|
$ |
(100,021 |
) |
|
$ |
(149,905 |
) |
|
$ |
(129,413 |
) |
|
$ |
(141,110 |
) |
(a) Excluding
$910 in non-recurring financing charges incurred upon issuance of
PPAs shown separately above, as applicable. (b) Includes $92
recorded in cost of revenue. |
|
|
|
|
|
|
|
|
|
|
|
|
|
US GAAP net loss per
share |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
N/A |
|
N/A |
|
|
(1.95 |
) |
|
N/A |
|
N/A |
|
|
(8.04 |
) |
Diluted |
|
N/A |
|
N/A |
|
|
(1.95 |
) |
|
N/A |
|
N/A |
|
|
(8.04 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Non-GAAP net loss per
share (Adjusted EPS): |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
N/A |
|
N/A |
|
|
(1.66 |
) |
|
N/A |
|
N/A |
|
|
(7.02 |
) |
Diluted |
|
N/A |
|
N/A |
|
|
(1.66 |
) |
|
N/A |
|
N/A |
|
|
(7.02 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average common shares
outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
N/A |
|
N/A |
|
|
60,199 |
|
|
N/A |
|
N/A |
|
|
20,100 |
|
Diluted |
|
N/A |
|
N/A |
|
|
60,199 |
|
|
N/A |
|
N/A |
|
|
20,100 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
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