Written by Cláudio Afonso | LinkedIn | X
The EV startup Canoo published on Tuesday its first-quarter earnings reporting an adjusted Net Loss Per Share of $1.13, a 34.6 percent improvement from $1.73 per share in the last quarter of 2023. In a statement, the CEO Tony Aquila said the company “prepares for step-level manufacturing”.
As of the time of writing, Canoo shares are trading 1.08 percent higher at $2.82 per share following the results. The stock closed 2.57 percent higher on Tuesday at $2.72 per share.
Quarterly Adjusted EBITDA was $48.3 million, an improvement of 28 percent ($18.8 million) versus the first quarter of 2023 and a sequential improvement of 11.5 percent ($6.3 million).
As of the end of the first quarter, the company held cash, cash equivalents, and restricted cash of $18.2 million while the net cash used in operating activities totaled $47.5 million.
For the full-year outlook, the company stated that it is “unable to provide a reconciliation for forward-looking guidance of Adjusted EBITDA to net loss”.
Canoo mentions that “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”.
“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, 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,” he added.
Last month, Stifel analyst reaffirmed its Buy rating on Canoo shares while setting a $4.5 price target.
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By then, the firm emphasized that Canoo’s focus on last-mile delivery and fleet management aligns with the burgeoning demand for innovative and sustainable transportation solutions, as stated in a new research note.
Last month, the manufacturer did a tour in the United Kingdom to attend the Great British Fleet Show on April 17th, the Bicester Heritage Scramble on April 21, and the Commercial Vehicle Show from April 23rd until the 25th.
In early March, the EV startup executed a 1 for 23 reverse stock split with the goal of appealing to a wider range of investors.
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Canoo announced in early April a partnership with Red Sea Global to conduct trials on three models, namely Canoo‘s Lifestyle Vehicle (LV), Lifestyle Delivery Vehicle (LDV) 190, and the Bulldog pickup truck.
These trials aim to facilitate transportation of visitors between Saudi Arabia’s international airport, resorts, and excursions — the company said in a statement.
In April, the company inked a deal with Jazeera Paints for a electric vehicle deal in Saudi Arabia. Jazeera Paints will initially purchase 20 EVs (LDV 130 and LDV 190 ), with the potential for 160 more, marking the entrance of Canoo into the $30 billion Saudi EV market.
Written by Cláudio Afonso | [email protected] | LinkedIn | X
