Canoo Inc GOEV shares are trading higher in Monday's after-hours session on the heels of the company's second-quarter results. Here's a rundown of the report.
What Happened: Canoo reported an adjusted quarterly loss of 14 cents per share, which beat analyst estimates for a loss of 19 cents per share, according to Benzinga Pro.
Canoo noted that it generated its first revenues from vehicle deliveries and government contracts during the quarter. The company also said it closed an agreement with a Fortune 100 customer in which the customer will purchase vehicles for its national fleet.
"Our facilities are nearing substantial completion as we've achieved a 20,000 unit run rate for our battery module line in Pryor and robotics and assembly line in Oklahoma City for our MPP1 platform," said Tony Aquila, chairman and CEO at Canoo.
"We entered the revenue and income generation phase with the advancement of our contract with the Department of Defense, and we delivered vehicles to NASA."
Canoo said it expects adjusted EBITDA in the second half of the year to be between $120 million and $140 million. The company anticipates capital expenditures in the range of $70 million to $100 million.
Canoo also announced that it's expanding into the Class 2 electric cargo van segment with the launch of its new Lifestyle Delivery Vehicle 190.
"This newest vehicle offers even greater space and flexibility for fleet owners with the same unique technologically advanced performance of our original LDV 130," Aquila said.
Management will hold a conference call to discuss these results at 5 p.m. ET.
GOEV Price Action: Canoo shares were up 4.83% after hours at 53 cents at the time of publication, according to Benzinga Pro.
Photo: Courtesy of Canoo.
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