Canoo Inc

GOEV

Equity

ISIN US13803R2013 / Valor 133548926

NASDAQ (2024-09-18)

USD 1.05+0.96%

Canoo Inc
UMushroom community rating:

0.00 0 votes No rating yet

NegativeNeutralPositive

About company

Canoo Inc. is an electric vehicle (EV) manufacturer focused on developing versatile and innovative transportation solutions. The company has created a modular electric platform designed to maximize interior space and adaptability, catering to various vehicle applications for both consumer and commercial use. Canoo's business model encompasses the entire lifecycle of the vehicle, from design and production to digital ecosystems that enhance user experience. The company leverages the expertise of its team, which includes professionals from leading technology and automotive firms, to drive advancements in EV design and technology.

Summarized from source with an LLMView SourceSector: Consumer Cyclicals

Net Loss Reduction

Canoo Inc. reported a GAAP net loss and comprehensive loss of $29.0 million for the fourth quarter of 2023, a significant improvement compared to the $80.2 million loss in the same period of 2022. For the full fiscal year 2023, the net loss was $302.6 million, down from $487.7 million in 2022.

Adjusted EBITDA Improvement

For the fourth quarter of 2023, Canoo Inc. achieved an adjusted EBITDA of $(54.6) million, compared to $(60.5) million in the fourth quarter of 2022. The annual adjusted EBITDA for 2023 was $(224.4) million, showing a substantial improvement from $(408.6) million in 2022.

Revenue Growth

Canoo Inc. generated $367,000 in revenue for the fourth quarter of 2023, marking the company's initial revenue generation as there was no revenue reported in the same quarter of 2022. For the full year 2023, the company reported $886,000 in revenue.

Cash Flow from Operations

Net cash used in operating activities for Canoo Inc. totaled $251.1 million for the fiscal year 2023, a reduction from $400.5 million used in 2022. This indicates a more efficient use of cash in the company's operations over the past year.

Capital Expenditures

Canoo Inc. reported a reduction in capital expenditures by 40%, amounting to $11.9 million less than the already reduced guidance for the second half of 2023. This reduction is part of the company's strategy to acquire distressed assets at deep discounts, thereby lowering anticipated capital expenditures by approximately 34%.

Summarized from source with an LLMView Source

Key figures

%1Y

%3Y

%5Y

Performance

135%1Y

135%3Y

135%5Y

Volatility