Canoo Reports Q2 Results: Reduced Expenses, Lower Cash Outflow

Canoo Inc. GOEV shares are trading higher after the company reported its second-quarter financial results Wednesday. Here's a look at the details from the report. 

The Details: Canoo reported quarterly revenue of $605,000 and losses of 61 cents per share, up from losses of $3.14 per share in the prior year’s quarter. The company highlighted a 33% reduction in Operating Expenses versus the first quarter of 2024 and a 49% reduction in quarterly cash outflow year-over-year.

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“This quarter represented good progress with U.S. 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,” said Tony Aquila, investor, executive chairman and CEO. “This demonstrates our platform’s versatility and stability, a result of more than 34,000 recent real-world, industrial use customer miles.”

Outlook: Canoo expects its adjusted EBITDA to be between negative $120 million and negative $140 million for the second half of 2024.

GOEV Price Action: According to Benzinga Pro, Canoo shares are up 8.44% after-hours at $1.53 after falling 6% during regular trading Wednesday.

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Photo: Courtesy of Canoo, Inc.