EV-Maker Canoo's Stock Falls On Mixed Q4 Results

Canoo Inc. GOEV reported its fourth-quarter financial results after the bell Monday. Here's a look at the details. 

The Details: The company reported quarterly adjusted losses of $1.73 per share which beat the analyst consensus estimate of losses of $1.77 by 2.26%.

Quarterly sales clocked in at $367,000 which missed the analyst consensus estimate of $703,800 by 47.85%.

Canoo produced 22 vehicles in 2023 and 17 of those were completed in the fourth quarter.

"In Q4 2023, we started our first commercial fleet customer deliveries from our Oklahoma City manufacturing facility while we continue to prepare the site for our 20,000 unit run-rate production target. Our strategy to purchase manufacturing assets at deep discounts creates immediate shareholder value,” said Tony Aquila, CEO of Canoo.

“We recently announced our OKC facility has received FTZ designation. With positive customer validation, we are now focused on harmonizing our supply chain to align with our step level manufacturing goals while maintaining disciplined capital allocation," Aquila added.

Outlook:  Canoo saw fiscal year 2024 revenue between $50 million and $100 million and cash outflows of between $45 million and $75 million per quarter.

The company said it will continue to seek opportunities to acquire distressed assets, and capital expenditures guidance will be provided in future quarters.

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GOEV Price Action: According to Benzinga Pro, Canoo shares are down 24.81% after-hours at $2.91 at the time of publication Monday.

Image: Courtesy of Canoo, Inc.