Written by Cláudio Afonso | LinkedIn | X
Canoo on Tuesday posted quarterly revenue record of $605,000 and an adjusted net loss per share of negative $0.61, a 46% improvement quarter over quarter.
Adjusted EBITDA was a loss of $38.6 million for the three months ended June 30, 2024, and $86.9 million for the six months. This compares to losses of $62.3 million and $129.4 million for the same periods in 2023.
The company’s CEO, Tony Aquila, said the results represent “good progress” with customers.
“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. This demonstrates our platform’s versatility and stability, a result of more than 34,000 recent real world, industrial use customer miles,” he said.
The Oklahoma-based startup said it “successfully concluded” the Red Sea Global pilot in extreme terrains and climatic conditions following the announcement with the Middle East partner earlier this year.
The company reported cash, cash equivalents, and restricted cash of $19.1 million. Including net proceeds from a July 2024 private placement agreement totaling $14.1 million, this balance would have been $33.2 million as of the end of Q2.
Canoo’s shares closed at $1.41 on Wednesday, down 6%. The stock has lost more than 86% of its value in the last 12 months.
The stock reached a record low at $1.22 per share in March reflecting concerns over the lack of progress in the pilot programs announced over the last two years.
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Earlier this week, the company shared on social media pictures from the three-day partner event at its facility.
In a social media post, Canoo announced it is “taking a different approach” on its journey — without sharing any details —while expressing gratitude to the partners who participated in their three-day event in Oklahoma.
On January 17, CFO Greg Ethridge publicly projected deliveries of 3,000 to 5,000 vehicles for the year. However, as reported by EV, a confidential document filed the same day revealed that the company actually anticipated delivering only “roughly 100 units” of each of its two main models, the LDV130 and LDV190.
Geode, the index fund arm of Fidelity, has published the quarterly update of its portfolio revealing that increased its stake in the EV startup by 150.61% over the last three months.
As of today, and according to Fintel, the company has 130 institutional shareholders holding a total of 15,574,349 million shares.
Geode Capital Management operates independently but is closely integrated with Fidelity Investments, as it oversees a substantial portion of Fidelity’s index and passive investment strategies.
Last week, Fidelity published its updated portfolio as of the end of the second quarter disclosing that has drastically reduced its position in the EV startup across four funds.
Written by Cláudio Afonso | LinkedIn | X
