Canoo Q1 Results: EV Manufacturer Misses Wall Street Forecasts

Canoo Inc. GOEV reported first-quarter financial results after the bell Tuesday. Here's a look at the details. 

The Details: Canoo reported quarterly losses of $1.13 per share, which missed the analyst consensus estimate of losses of 97 cents by 16.49%. The company reported zero in quarterly sales, in line with estimates.

Net cash used in operating activities totaled $47.5 million for the quarter compared to $67.2 million in the prior year’s quarter. Net cash used in investing activities totaled $4.9 million vs. $18.4 million one year ago.

Canoo reported cash, cash equivalents and restricted cash of $18.2 million as of March 31.

The company said its previously issued guidance has not changed.

“We are proud that our LDV190 vehicles have been delivered to the USPS South Atlanta Sorting and Delivery Center and are already delivering mail. These vehicles speak to the differentiation of our model where we deliver unique customized configurations to meet the needs of our large fleet customers and their associates,” said Tony Aquila, CEO of Canoo.

“We continue to execute on our strategy of acquiring deeply discounted long-lead time assets as we prepare for step level manufacturing.”

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GOEV Price Action: According to Benzinga Pro, Canoo shares are down 1.79% at $2.74 in aftermarket trading Tuesday.

Image: Courtesy of Canoo, Inc.