Written by Cláudio Afonso | LinkedIn | X
Electric vehicle startup Canoo filed a new 8k form with the SEC on Friday, announcing that it is withdrawing its revenue guidance for this year.
Additionally, the company, led by Tony Aquila, is withdrawing its guidance for manufacturing run rates, as well as the production and delivery of vehicles for 2024 and subsequent periods.
“The Company is withdrawing its previously-issued revenue guidance for the year ending December 31, 2024. The Company is also withdrawing its previously-issued operational guidance relating to the manufacturing run rate, production and delivery of vehicles in 2024 and subsequent periods,” Canoo said in the SEC filing.
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For the current quarter, Canoo expects its revenues to be between $100,000 and $1.2 million versus the consensus from Wall Street analysts of $2.45 million.
On the first of April, when reporting the earnings results from the last quarter of 2023, the company said it expected the annual revenue to be between $50 million and $100 million in 2024 while cash outflow should be between $45 million and $75 million per quarter.
Four months later, in mid-August, Canoo reported the second quarter earnings results and said it “reaffirmed its prior cash flow guidance.”
“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,” the company stated last month.
Greg Ehtridge, the chief financial officer of the electric vehicle (EV) startup, said last month that the company expects “to have vehicles” in the UK and “pilot with them by the end of the year”.
Last month, the co-founder and Chief Technology Officer Sohel Merchant left the company seven years after helping founding it.
Written by Cláudio Afonso | LinkedIn | X
